Trustee of Trust Funds

Meeting Minutes

Tuesday, January 29, 2008  4:06 p.m.

Attendance:      Beth Guyer, Betty Seeler

1.      A review of the December 31, 2007 PDIP report revealed that the funds are yielding 5.08%.  It was noted that the funds are in compliance with the investment policy.

2.      As a follow-up to the July 18, 2007 meeting, Betty mentioned that the Kelley Park land is still managed by the Trustees.  George did contact the State and was informed that the property should not be under the Trust Fund umbrella.  The Trustees were informed in September by email from Elizabeth Corrow that the Town lawyer would handle the transfer.  The Trustees have not been notified that the transfer has occurred.

3.      The investments at December 31, 2007 were valued at $1,152,820.03.  The Town Report has been prepared and submitted.

4.      A member of the Town questioned whether the Trustees had any requests for funds that had not yet been fulfilled.  Betty Seeler responded that there were no outstanding requests.

The same member inquired as to whether the PDIP charged a fee to manage the funds.  Betty responded that there were no fees charged for management of the fund.

Betty mentioned that the Trustees should consider long-term investing of funds in which the principal must remain in tact.

5.      The MS-9 & MS-10 were signed and 7 copies have been provided as follows:

1 – Betty Seeler

1 – Beth Guyer

1- George Tsiopras

1 – Department of Revenue Administration

1 – Office of the Attorney General

1 – Town Auditor

1 – Town Selectmen

No additional business was discussed and the meeting was adjourned at 4:45 p.m.