Laser Cutter Loan
Call for vote here: https://groups.google.com/group/pumping-station-one/browse_thread/thread/4a55bc7a0b8061c3
This message reports that the vote passed: https://groups.google.com/group/pumping-station-one/msg/6968ec21439f05b2
There appears not to be any other record of this vote.
Dear PS: One,
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 by Sunday.* Please send your votes to v...@pumpingstationone.org We recently passed a vote to fund the laser cutter now in the space. That vote didn't quite cover the entire cost of the lease-to-own agreement that we were interested in, but since then we found a better deal through Chase (the bank we already use).
The details of each financial arrangement are below for those interested in the amounts, as are the details of emergency voting procedures. The Chase offer would cost less and we would be able to pay it off early. If either of these votes does not pass, we will fall back to the lease-to-own agreement since the funding is due Monday.
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 lease-to-own agreement if we had to:
1. Amendment to the bylaws:
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 Pumping Station: One shall sign any and all financial agreements on behalf of Pumping Station: One, NFP.
2. Not an amendment, just a vote:
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. The board shall be empowered to select a banking institution to secure financing based on their judgement of merit and cost effectiveness. Following execution of a financing agreement the board of the directors and the treasurer will be responsible for making timely payments to the financier and maintaining Pumping Station: One's credit standing.
- Please send your vote of Yes, No, or Present on each proposal to
v...@pumpingstationone.org as soon as possible.*
Financial details:
Chase loan:
Principal - $9,521
Down payment - $3,174 (Down payment + origination fee=$3,249)
Effective annual rate - 7.515%
Monthly - $191.21 (recommended we pay over this per month to get the better deal overall)
(Origination fee - $75)
Term - 5 years
Geneva Capital lease-to-own:
Principal - $12,695
Due up front (Security, Advance, Fees) - $3,005.03
Effective annual rate: just over 8%
Monthly Payment - $271.03
(Security Deposit - $271.03
Advance Payment - $2,539
Documentation Fee - $195.00)
10% Fair Market Value purchase option
Term - 4 years
Emergency voting:
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 procedure for time-sensitive votes and reflects the reality that if quorum-1 voted during the normal voting period, the vote would not pass. Thanks for your help, all!
Anne