2012-03-15 TOTF Minutes

Trustee of the Trust Funds

Thursday 15, 2012

Meeting Minutes

Non-Approved

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ATTENDANCE: =

= Mary Gleason, John Kachmor, Cindy Ronning, Trustees

ALSO IN ATTENDANCE:

&= nbsp; Judith Noel = ; &n= bsp; VP, Administrative Officer, Citizens Bank

&= nbsp; Kelley Walker &= nbsp; VP, Portfolio Manager, Citizens Bank

&= nbsp; Susan Snide &n= bsp; = ; Treasurer, Library Trustees

Ed Gleason = &= nbsp; Selectman Liaison

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Meeting Summary

Minutes Review:

The Trustees approved the meeting minutes of 22 February, 2012 as provided.

Investment Portfolio Review/Concentration Account Di= scussion

The Trustees reviewed with the Citizens representatives the performance of the = Investment Portfolio and discussed the potential investment of the funds within the Concentration Account in the bond market.

Based upon the current low interest rates for the bond market as reported by Kell= ey Walker and the necessity to incur account fees which would reduce any poten= tial bond yields to minimal amounts, it was decided by the trustees to defer any action on the Concentration Account funds to the next scheduled portfolio review in October, 2012

The parties agreed to meet again in October 2012 to conduct the next portfolio review and re-look at the Concentration Account for potential investment in short term notes or bonds.

Library Trust Discussion

Susan Snide dropped into the meeting to introduce herself and advise that the Lib= rary Trustees were expecting a donation of approximately $40,000 which they would like the Trustees of the Trust Funds to manage as a new Library Trust. It w= as agreed that a meeting will be convened, probably in May, with the Library Trustees to discuss that arrangement, as well as, review the status of the Library Trusts and get written direction on the distribution of Library Tru= st revenues.

Election of Officers

The Trustees were advised by the Town Clerk that no waiting period was required= for election of officers since the 2012 election for Trustee were uncontested.<= o:p>

Therefore, Mary Gleason was nominated and elected as Chairperson for 2012

John Kachmor was nominated and elected as Bookkeeper for 2012<= /p>

Cindy Ronning was nominated and elected as Secretary for 2012

Next Meeting

The Trustees agreed to meet next in May at a date to be determined by the Chair= .

Adjournment: The meeting adjourned at 4:05 PM

Respectfully submitted,

Cindy Ronning,

Secretary

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