The meeting of the Board of Trustees of the American Philatelic
Research Library (APRL) was called to order at 11:07 a.m. by
Charles J. Peterson, President. Other Trustees on the conference
call were Herbert A. Trenchard, Vice President; Hubert C. Skinner,
Kenneth B. Grant, W. Danforth Walker, David L. Straight, Ken
Lawrence and William H. Bauer. APS/APRL staff on line were Bob
Lamb, Executive Director; Gini Horn, APRL Librarian; and Rick
Banks, Comptroller.
Bob Lamb discussed the costs associated with building the Educational
Complex situated in Buildings #s 12 and 17. Building #12 will
house the Sundman-Mystic Hall and six class rooms. Building #17
will hold the Kramer Gallery, a series of named research and
educational rooms, as well as elevator access to the second floor.
Total cost for the project will be $750,000. Currently, the APRL
has $180,000 in the Building Fund designated for these facility
improvements. The APS/APRL conservatively anticipates receiving
$230,000 from existing pledges and $105,000 from its on-going
fund-raising activities by the end of this calendar year. Bob
Lamb believes that the Educational Center will pay for itself,
but the $350,000 loan is necessary as the pledges and fund-raising
contributions come in. Construction on this project began on
April 1, 2005, and is expected to be complete on October 1, 2005.
The $350,000 loan will be used toward the end of the construction
period.
Rick Banks presented a brief overview of the Omega Bank loan.
The APS/APRL should expect an initial rate of 5.7% for the first
three years of this variable rate twenty-year loan. The rate
is adjusted every three years.
Moved by Ken Lawrence and Second by David Straight to approve
the Corporate Resolution to Borrow $350,000 to complete the APS/APRL
Educational Center.
Passed
Unanimously.
Moved
by W. Danforth Walker and Second by William Bauer that it is
the intent of the APRL Trustees to devote
the money raised
for the Educational Center for the retirement of the $350,000
dept. If any moneys are to be used for other purposes, the
Trustees shall be notified before any money is spent.
Passed Unanimously.
Conference
call adjourned at 11:30 a.m.
Respectfully submitted,
Ken
Grant, APRL Secretary
