[Lnc-business] Revised motion

[Ruth Bennett]

Mr. Wiener informs me that I previously sent out an early draft and the
motion should read as follows:

*Moved, that the LNC approve the purchase of an office in the greater
Washington, D.C. area, to be named in honor of David Nolan, contingent on
the following conditions:*

*
*

   - *A minimum of $400,000 shall be raised from dedicated contributions.  If
   a portion of that is in the form of pledges, the pledges must be converted
   to cash before a purchase contract and mortgage agreement are finalized.*
   - *Any loan must be based on a minimum of a 30% down payment and a loan
   with options extending for a minimum of 10 years before a final balloon
   payment becomes due.*
   - *The most recent financial statement reported unrestricted general
   fund balance must exceed $167,000 before a purchase contract and loan
   agreement are finalized.*
   - *Additional payments towards the principal loan balance of at least
   $60,000 per year above the minimum loan requirement must be made, with this
   requirement structured in such a way that future LNC bodies cannot easily
   circumvent it.  These payments shall be in the form of an additional
   $5,000 per month paid out of the general fund, but reimbursable from
   dedicated building fund contributions.*

 As before, co-sponsors are Vicki Kirkland, Michael Cloud and Ruth Bennett

 Ruth
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