JANUARY 2016 BEACON

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