Special Board Meeting Minutes

September 25, 2006

President Richard Greenhill called the Special Board Meeting of the Woodrow-Osceola Water Supply Corporation to order at 6:30 PM, Monday, September 25, 2006. All Directors were present, with the exception of Bill Coleman and Linda Hasselstrom.  Employee Dave Tomlinson was present, along with 2 members.

Item 2: Well #6

Richard Greenhill told the Board after the Special Board Meeting September 18th, 2006, he met with Terri Blevins and was told the interest had been lowered to 3.5%.  Terri said she would re-calculate the loan and would contact either Richard or Johnnie.  Johnnie Bankston was contacted with the re-calculation of a 100% loan at 3.5% interest, with no grant.  The monthly payment would be $6,169.00 with a $616.90 monthly reserve, totaling $6,785.90.  The Corporation would need to collect $37.00 per connection. Tim Rochelle made a motion to rescind his motion, to apply for a 92% loan, at 4.5% interest, with an 8% grant, making a payment of $6584.00 monthly and a $658.40 monthly reserve.  Sandra Chilcutt seconded.  Vote was unanimous. Tim Rochelle made a motion to apply for a 100% loan at 3.5% interest, with no grant, making a monthly payment of $6,169.00 and $616.90 monthly reserve, totaling $6,785.90.  Sandra Chilcutt seconded.  Vote was unanimous.

Item 3:  Public Comment

None.

Item 4:  Executive Session

Adjourned to Executive Session at 7:00 PM.    Upon reconvening at 7:50 PM no action was taken.

Item 5:  Adjourn

7:50 PM

Respectfully submitted,
Johnnie Bankston
Secretary/Treasurer
Woodrow-Osceola Water Supply Corporation 

WOWSC is an equal opportunity provider and employer
To file a complaint of discrimination write USDA, Director of Civil Rights, Room 326-W, Whitten Building, 14th and Independence Ave, S.W.,  Washington, D.C.  20250-941-, or call (800)795-3272 (voice), or (202) 720-6382 (TDD).