RHBAA Board OF Directors

Conference CALL

May 15, 2008

Unapproved Minutes

President Ed Hiers call the meeting to order at 7:02 pm.

Called Roll: Present was: Wilburn Williams, Jerome Zahnd, Eddie Barrow, Kelly France, Sammie Tyra, Larry Street, Fred McRoy, Judy Jones, Howard Bellamy, Keith Ailshie, Barbara Johnston, Ed Hiers, Tonya Beaver, Darlene Harris and Jim Morris.

President Hiers explained that the contract to sell had been signed.  An attorney from Huntsville, Mr. Fargo reviewed and everything was in order.  Should close within 90 days or sooner.

Buyer would like to lease until closing date. Lease would include land, buildings, equipment and facility beginning May 31, 2008.

• Buyer would pay loan payment monthly to Regions Bank. and would be deducted from sell price.  President Ed Hiers stated they were still working on this part as President Ed Hiers would like to just deduct principle.  Payments have to be made by the 28^th of each month.
• Buyer is looking into taking over insurance or purchasing his own and is increasing the coverage.
• During lease period the buyer will pay ½ of Donna Kaufmanns salary and the RHBAA would cover her health insurance.  Buyer would be responsible for any over time Donna works as part of the arena events.
• Don Stisher’s salary and insurance would be paid in full by buyer.
• Buyer will pay utilities after May 31, 2008.  RHBAA will pay 50% of the office utilities only. 
• Contract to be sign on or before May 23 at 5pm
• All other terms and conditions as amended

Discussion followed.  Phone will stay with the RHBAA as will the phone number.  Jerome Zahnd brought up that the office meter is in with the arena.  Buyer will be told this and a new meter will have to be installed at the office.  All office equipment and office furniture will stay with the RHBAA.  Darlene Harris brought up insurance and taxes.  It was discussed that everything would be pro-rated at closing.  The RHBAA would just need insurance on the office furniture and liability.

Jim Morris made a motion to lease arena, buildings, land, equipment and facility to buyer as of May 31, 2008 until closing. Contract is to be reviewed and approved by an attorney. 2^nd by Darlene Harris

Wilburn Williams asked that the membership and the board be kept up to date on the procedures.  President Ed Hiers stated he would keep everyone informed and would contact Board members by either email or fax.

Motion to adjourn at 7:51 pm by Barbara Johnston and 2^nd by Darlene Harris.

Respectfully submitted by,

Donna Kaufmann