RHBAA Board OF Directors
Conference CALL
March 10, 2008
Unapproved Minutes
President Ed Hiers call the meeting to order at 7:02 pm.
Called Roll: Present was: Jerome, Zahnd, Eddie Barrow, Ronnie Hooker, Kelly France, Sammie Tyra, Larry Street, Fred McRoy, Judy Jones, Howard Bellamy, Keith Ailshie, Ed Hiers, Tonya Beaver, Darlene Harris, Jim Morris and Tim Toler.
President Hiers explained about the refinancing discussed at the February Board meeting. President Hiers has been working with the bank and the bank should release the money in 7-8 days. Discussion followed and President Hiers stated the interest rate would be about the same. Our monthly payment would be $5000 compared to now which is $9000. This would give us more cash for day to day operations and maintenance.
Darlene Harris made the following motion with a 2nd by Jim Morris.
The Board of Directors of the RHBAA hereby elect to refinance our current mortgage of approximately $372,000 plus an additional amount up to $150,000 with Regions Bank.
New borrowed amount is to be used for current taxes, maintenance, and a new covered outside arena.
The new debt service will be less than $5000 per month as compared to our current $9000 expense.
Motion carried by a vote of 13 yes and 2 no.
Discussion followed as to where the outside covered arena would be and the size. Don Stisher talked about it being behind the office so that events renting the arena would be able to hold two events at the same time without interfering with each other. The size would be 150’ long x 100’ wide. Fences would still be in place around both the warm up area and the new covered arena to control crowds during events.
It was discussed that there would not be bleachers at this time but covered arena could be expanded and added later. The covered arena would have lights and Tim Toler asked Don Stisher to call him to discuss them.
Motion to adjourn at 7:23 pm by Eddie Barrow and 2nd by Keith Ailshie.
Respectfully submitted by,
Donna Kaufmann