[Lnc-business] Revised motion

[Daniel Wiener]

The motion shown below is still missing the final paragraph, which reads:

*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.*

Therefore, the entire motion is 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.*

**

*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.*


Daniel Wiener

On Fri, Nov 23, 2012 at 8:01 PM, Ruth Bennett <bennettruthaz at gmail.com>wrote:

> 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
>
> _______________________________________________
> Lnc-business mailing list
> Lnc-business at hq.lp.org
> http://hq.lp.org/mailman/listinfo/lnc-business_hq.lp.org
>
>
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://hq.lp.org/pipermail/lnc-business/attachments/20121123/4cdfc9f8/attachment-0002.html>