Electronic Scoring Committee
Report to the Board
October 8, 2010
Submitted by Merlin Vilhauer, Chair
The District voted in May to accept John Gramís proposal for the purchase of Bridgemates to be used in District regionals.†
Since that time the Finance Committee negotiated terms for a loan from the District to John to enable him to purchase them.† As you recall, the Bridgemate price was very good if they were purchased by John and not the District.
On July 1, a loan was made to John in the amount of $9,415.56.† The loan is secured by the Bridgemates and will be recorded with the State of Oregon under the Uniform Commercial Code.
†The terms of the loan are:
Repayment in annual installments of $1,569.26 with interest at 4.75%.
First payment due in full by July 1, 2011 with a like amount due each July 1 until 7/1/2016.
The District will rent the units for each of its four Regionals at the rate of $.60 per table played in pair events. The rental amounts will apply to the loan.