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Robot: Cosmetic changes
There appears not to be any other record of this vote.
There appears not to be any other record of this vote.
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Dear PS: One,
Dear PS: One,
I would not write to you at this hour on a Friday if it wasn't important.
I would not write to you at this hour on a Friday if it wasn't important.
Your votes are imperative to saving PS: One money. *We need a vote from you
Your votes are imperative to saving PS: One money. *We need a vote from you
we were interested in, but since then we found a better deal through Chase
we were interested in, but since then we found a better deal through Chase
(the bank we already use).
(the bank we already use).
The details of each financial arrangement are below for those interested in
The details of each financial arrangement are below for those interested in
the amounts, as are the details of emergency voting procedures. The Chase
the amounts, as are the details of emergency voting procedures. The Chase
these votes does not pass, we will fall back to the lease-to-own agreement
these votes does not pass, we will fall back to the lease-to-own agreement
since the funding is due Monday.
since the funding is due Monday.
These are the two proposed emergency votes. Both are required by Chase for
These are the two proposed emergency votes. Both are required by Chase for
the loan to happen, and the second would also be helpful to secure the
the loan to happen, and the second would also be helpful to secure the
lease-to-own agreement if we had to:
lease-to-own agreement if we had to:
1. Amendment to the bylaws:
1. Amendment to the bylaws:
Pumping Station: One empowers its Board of Directors to negotiate loans in
Pumping Station: One empowers its Board of Directors to negotiate loans in
good faith when it has the support of the membership. The President of
good faith when it has the support of the membership. The President of
Pumping Station: One shall sign any and all financial agreements on behalf
Pumping Station: One shall sign any and all financial agreements on behalf
of Pumping Station: One, NFP.
of Pumping Station: One, NFP.
2. Not an amendment, just a vote:
2. Not an amendment, just a vote:
Pumping Station: One shall enter a financing agreement for the purchase of a
Pumping Station: One shall enter a financing agreement for the purchase of a
used Epilog Mini, at the purchase price of $12,695 (USD) from Fairway Laser.
used Epilog Mini, at the purchase price of $12,695 (USD) from Fairway Laser.
the treasurer will be responsible for making timely payments to the
the treasurer will be responsible for making timely payments to the
financier and maintaining Pumping Station: One's credit standing.
financier and maintaining Pumping Station: One's credit standing.
*Please send your vote of Yes, No, or Present on each proposal to
* Please send your vote of Yes, No, or Present on each proposal to
[email protected] as soon as possible.*
[email protected] as soon as possible.*
Financial details:
Financial details:
Chase loan:
Chase loan:
Principal - $9,521
Principal - $9,521
Down payment - $3,174 (Down payment + origination fee=$3,249)
Down payment - $3,174 (Down payment + origination fee=$3,249)
Effective annual rate - 7.515%
Effective annual rate - 7.515%
Monthly - $191.21 (recommended we pay over this per month to get the better
Monthly - $191.21 (recommended we pay over this per month to get the better
deal overall)
deal overall)
(Origination fee - $75)
(Origination fee - $75)
Term - 5 years
Term - 5 years
Geneva Capital lease-to-own:
Geneva Capital lease-to-own:
Principal - $12,695
Principal - $12,695
Due up front (Security, Advance, Fees) - $3,005.03
Due up front (Security, Advance, Fees) - $3,005.03
Effective annual rate: just over 8%
Effective annual rate: just over 8%
Monthly Payment - $271.03
Monthly Payment - $271.03
(Security Deposit - $271.03
(Security Deposit - $271.03
Advance Payment - $2,539
Advance Payment - $2,539
Documentation Fee - $195.00)
Documentation Fee - $195.00)
10% Fair Market Value purchase option
10% Fair Market Value purchase option
Term - 4 years
Term - 4 years
Emergency voting:
Emergency voting:
If quorum+1 members vote for the amendment via email by the necessary time,
If quorum+1 members vote for the amendment via email by the necessary time,
the vote will pass. This isn't written into the bylaws, but is a necessary
the vote will pass. This isn't written into the bylaws, but is a necessary
voted during the normal voting period, the vote would not pass.
voted during the normal voting period, the vote would not pass.
Thanks for your help, all!
Thanks for your help, all!
Anne
Anne
