Laser Cutter Loan: Difference between revisions
From Pumping Station One
Created page with '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.co…' |
m Robot: Cosmetic changes |
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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 | ||
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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 | ||
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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. | ||
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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 | ||
v...@pumpingstationone.org as soon as possible.* | v...@pumpingstationone.org 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 | ||
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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 | ||
