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Trustee of the Trust Funds

Wednesday 12 May 2010

Meeting Minutes

 

Approved June 16, 2010

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ATTENDANCE:               =

        &= nbsp;           &nbs= p;            &= nbsp;    Mary Gleason, John Kachmor, Cindy Ronning &= nbsp;      Trustees

 

 

ALSO IN ATTENDAN= CE:

        &= nbsp;           &nbs= p;            &= nbsp;    Ed Gleason&nbs= p;                   &= nbsp; Selectman Liaison

 

Meeting Summary

The Trustees met to review pertinent documentation provided by Citizens Bank relative to conversion of the existing portfolio from Prudent Man to Prudent Investor.

This review resulted= in the following:

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The Agency Agreement was marked up to reflect the Trustees recommendations and<= o:p>

concerns and will be provided to Town Legal Counsel for = its opinion. Upon receipt of the

Town’s Legal Counsel’s opinion the Trustees will schedule to reconvene with Citizens’ Representatives to finalize and hopefully execute the Agree= ment.

 

The Citizens recommended Prudent Investor Investment Policy was reviewed without change

 

The Investment Guidelines were reviewed without change

 

The letter of Notification of Policy Change to Prudent Investor issued to the NH Charitable Trust Division, Terry Knowles, will be held pending execution of= the Agency Agreement with Citizens.

 

Related Action Item

Arising from the review was a question as to whether the investment restriction cited under the Prudent Investor Guidelines issued by the Charitable Trust = Division in its yearly seminar preclude CRFs from being included within the current portfolio even though they may be classified separately.=

Since it is not planned to roll these funds into the portfolio initially, it is believed the question can be addressed at the next scheduled seminar on 9 J= une 2010, which the Trustees plan to attend.

 

Next Meeting

The next Trustee Meeting will be scheduled upon completion of legal review with resulting comments received by the Trustees.

Due to the nature and importance of this meeting it is necessary that all trust= ees be in attendance. In the event all Trustees will not be available the meeti= ng will be rescheduled.

 

Adjournment: The meeting convened at 5:30 PM

 

Respectfully submitted,

 

Ed Gleason

Acting Secretary