In October 1972, William Cavalieri submitted a request to the Waterford Board of Education to dedicate the Waterford High School football field as the Arnold E. Holm, Jr. Memorial Field. Captain Holm, a 1962 graduate, was killed in action in Vietnam. To evaluate this request, Chairman Malootian suggested forming a diverse study committee including representatives from the V.F.W., Student Council, and the Board of Selectmen.

Upon review on November 6, 1972, the committee acknowledged Captain Holm's outstanding record but noted that six other Waterford High School graduates had also been killed in Vietnam. The committee expressed concern that singling out one individual might imply their sacrifice was greater than that of the others. Consequently, they recommended the name "Waterford Alumni Memorial Field" to honor all alumni who lost their lives in service. While several local community leaders and fire chiefs supported the specific Captain Holm memorial, and Mr. Cavalieri argued the decision was unjustified, the Board ultimately voted unanimously to adopt the "Waterford Alumni Memorial Field" name. The dedication ceremonies were scheduled to take place on November 11, 1972, prior to a football game.