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NCYC Regular Meeting Minutes
Page 8 of 8
in the email sent to the membership.
Motion:
Moved by Ian Blackburn to approve
the capital projects for 2016. Seconded by Don Reiss.
Motion Carried.
Topic #2
Loan Payoff/Promissory Note
Frank Corcoran stated that the flood insurance, that is required by the bank for our loan,
has been increased from $4,300 to $6,700 for 2016. A way to avoid the flood insurance
cost is to pay off the bank loan. The loan payoff as of November 6th is $77,543. One
concept to be considered is to have 8 members at $10,000 each or 16 members at
$5,000 each pay off the loan and in return they will receive a onetime payment of
principal plus 6% interest, which is the interest rate the bank charges. This initiative was
considered to be presented to the membership at the General Membership Meeting in
November.
Motion:
Moved by PC Hugh Vestal to present this initiative to the membership.
Seconded by Randy Pagel.
Motion Carried.
Good of the Order:
Don Reiss presented a list of the items that the Ancient Mariners have approved for the Club.
These include a wireless barometer for the bar area and a new keg dispenser.
Adjournment
MOTION:
Moved by PC Hugh Vestal to adjourn the meeting. Seconded by RC Pat Carroll
Motion Carried.
Meeting adjourned at 8:50
Next Meeting
Date and Time: December 10, 2015 at 7:00 pm. Location: Rosie O'Grady's
Respectively Submitted,
Sue Reiss
Board Recorder