[Lnc-business] Fwd: motion to add to DC meeting agenda

[Dianna Visek]

For those unfamiliar with the term, a sinking fund is defined as follows:

 "A sinking fund is a fund established by an economic entity
< http://en.wikipedia.org/wiki/Economic_entity> by setting aside revenue
over a period of time to fund a future capital expense
< http://en.wikipedia.org/wiki/Capital_expense> , or repayment of a
long-term debt <http://en.wikipedia.org/wiki/Debt> ."


I would like to add the following motion to the agenda, with prior notice:

Insert: Section 2.03.11 FINANCIAL MATTERS: Mortgage Retirement Fund



Money shall be raised for the restricted purpose of establishing and
replenishing the Mortgage Retirement Fund, a sinking fund with the
objective of retiring the mortgage.  Mortgage payments shall be disbursed
first from the sinking fund in even fully-amortized amounts so as to pay
off the mortgage in ten years, thus avoiding a future balloon payment.  In
the event there are insufficient funds in the sinking fund, payments shall
continue to be disbursed at a ten-year fully-amortized rate from general
funds, except during those times when the National Committee has
specifically declared that a state of financial exigency exists.  This
section shall not preclude the National Committee from making additional
disbursements to accelerate the repayment of the mortgage.  The Party's
budget and interim financial statements shall include a separate report of
the balance and activity of the sinking fund.
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