All Board Members were present, Wendy E. Pinkham - Recording.

Public present were Edward Mical, Barbara Proper and Martha Mical.

Chairman Nogues opened the meeting at 7:03 P.M. and the Board met with the Trustees of the Trust Funds - Marlon Baese-Chairman, Richard Senor and Dale Trombley.

Chairman Nogues spoke of the State requirements of filing the Annual Reports MS-9 and MS-10 to the Secretary of State and Attorney General’s Office. If reports remain unfiled up to three years the Town is subject to a minimum fine of $1,000. up to a maximum of $10,000. The past TTF Board has not met the State requirements for filing reports. This Board of Selectmen is very concerned about this situation.

Trustee-Richard Senor asked the Board of Selectmen Recording Secretary to post their upcoming meeting on Thursday, June 22, 2000 at 7:00 P.M. in the lower meeting room of Town Hall.

Chairman Baese stated that historically the Trustees of Trust Funds do not hold many meetings and that the 1998 Reports have been filed and the 1999 Reports have not been filed because the Accounts are not in balance. However, on a good note it appears that there is more money than shown in the Town Report by $25,000.+ . Marlon stated that due to his work schedule he has not had the necessary time to go back over the old records to find when the books went out-of-balance and therefore has also not had time to file the appropriate correct Reports with the State of NH. It is possible that the money maybe in Fidelity - Runnels Funds. Marlon explained the investment process to the Board, the difference between gained (recognized) and ungained (unrecognized) funds.

After the TTF invested with Charter Trust in 1998, in 1999 Charter Trust changed their fees. If they continued to file the MS-9 and MS-10 their fee would be $2,500. If the Town took that filing back we would not be charged the fee, however they would still manage the funds.

Selectman Brayshaw asked if the balancing could be complete by the June 22^nd TTF Meeting? Marlon said not with his work schedule, he couldn’t look at the Accounts until after July 3^rd. After that date he would be able to tackle the balancing of these funds.

Chairman Nogues asked if we are getting the best yield on these funds? Chairman Baese stated that the yield is considerably better than when all the funds were invested in bank C.D.’s. The Board of Selectmen stated that they would like a resolution to the out-of-balance problem and the completion of the State forms by the end of July. The Trustees were asked if they could meet this deadline and Chairman Baese assured the Board that this would be done.

Selectman O’Connor asked that the TTF could give the Board a status on the Accounts twice a year? Richard Senor said that the TTF would like to meet four times a year and therefore the Board of Selectmen could be updated at those meetings.

Chairman Nogues made the motion to go into non-public session per RSA 91-A:3, II(a) regarding compensation issues of a Town employee.

The Public meeting adjourned at 8:02 P.M.