[Lnc-business] Motion to purchase office building

[Ruth Bennett]

Michael Cloud and I are thrilled to co-sponsor.

Sent from my Verizon Wireless smartphone

Daniel Wiener <wiener at alum.mit.edu> wrote:

>Attached below is a motion to purchase an LP office.  I am requesting
>co-sponsors for an email ballot.
>
>
>
>Daniel Wiener
>
>
>
>*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.*
>
>*
>*
>
>*This motion will constitute authority to incur a mortgage if the above
>conditions are met and if this motion passes by the necessary two-thirds
>vote as specified in the Libertarian Party’s Bylaws.*
>
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