BOYS AND GIRLS CLUBS OF CENTRAL VANCOUVER ISLAND
NOTICE OF SPECIAL GENERAL MEETING
A Special General Meeting of the Society will be held at 6:00 p.m. on Wednesday the 11th day of August, 2010, at 20 Fifth Street in Nanaimo BC. The Board of the Society has called this meeting and is recommending that the members consider the resolutions substantially as follows:
Whereas:
A. The Board of Directors and the Executive Director of the Boys and Girls Clubs of Central Vancouver Island (BGCCVI) have identified Capital and Operating requirements within the organization; and
B. It has been determined that it is in the best interests of BGCCVI to borrow money in order to cover these Capital costs
BGCCVI puts forth the following resolutions to be considered by the General Membership of the organization:
Resolved as Special Resolutions:
1. That the Board of Directors of the Boys and girls Clubs of Central Vnacouver Island (BGCCV) be authorized to secure a demand loan of $276,350.00 to be utilized in the following manner:
a. $100,000.00 towards the renovations that were completed in our Chase River facility
b. $50,000.00 as the BGCCVI contribution towards the Ladysmith Capital project
c. $50,000.00 towards renovations at the Fifth Street location that have not yet been undertaken
d. $76,350.00 as the existing balance of the current mortgage at the Fifth Street location
and that the above amount be secured by using the Fifth street location (20 Fifth Street, Nanaimo BC) as collateral.
2. That the Board of Directors of BGCCVI be authorized to secure a demand loan in the amount of $35,000.00 with the purpose of paying out the end lease for two vehicles currently being leased through Jenner Chevrolet.
3. That the Board of Directors of BGCCVI be authorized to increase the organization's existing line of credit from $85,000.00 to $100,000.00 to assist with the ongoing short-term working capital requirements of the society.
4. That, with regards to the above mentioned loans, the Board of Directors be empowered to choose the financial institution and terms at their own discretion, keeping in mind the best interests of BGCCVI at all times.
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