American Philatelic Society -- APRL Meeting Minutes

Draft of Minutes of the American Philatelic Research Library
Board of Trustees Meeting

11:00 a.m., EST, Wednesday, June 23, 2004
Telephone Conference Call

The meeting of the Board of Trustees of the American Philatelic Research Library (APRL) was called to order at 11:01 a.m. by Charles J. Peterson, President.

Other Trustees on the conference call were; Peter D. Martin, Treasurer; Herbert A. Trenchard, Kenneth B. Grant, W. Danforth Walker, David L. Straight, William Bauer, and Ken Lawrence. APS/APRL staff on-line were Bob Lamb, Executive Director and Gini Horn, APRL Librarian.

Charles Peterson acknowledged the hard work of Bob Lamb in preparing for the formal resolutions and answering APRL Trustee questions.

There are some errors in the documents circulated to the APRL which will be corrected before the documents are signed. For example, we are described as a for-profit organization without a corporate seal while we are a not-for-profit organization with a corporate seal.

Moved by Bill Bauer and seconded by Ken Lawrence that the APRL Trustees approve the two "Corporate Resolutions to Borrow," one for up to $4,000,000 and one for $175,000.00. Passed unanimously.

The $4,000,000 loan will be used to consolidate the debt on the Match Factory, and the $175,000 is a 24 month interest-only loan to be used for a build-out of Bldg 18D.

Bob Lamb reported that the unanimous recommendation of the Finance Committee is for a three-year as opposed to a five-year loan.

Moved by W. Danforth Walker and seconded by Herbert A. Trenchard that the APRL adopt the 3 year loan term option

Yes 7 (Peterson, Grant, Martin, Trenchard, Grant Walker, Straight, Bauer); No 0; Abstain 1 (Lawrence).

Moved by W. Danforth Walker and seconded by Ken Lawrence that any new loan or any funds drawn from a line of credit will be approved by the APRL before being authorized or expended.

Passed unanimously.

The meeting was adjourned at 11:23 a.m.

Respectfully submitted,
Ken Grant