The MHS Board meeting was held Monday, October 31, 2005, at Pratt Hall, Montgomery Village.

Present: Scott Perry, Sue Wilson, Marijke Dollois, Parma Jewett, Sabra Massey, Bill McGroarty.

At 6:00 PM Scott Perry called the Meeting to order.

Scott brought the members present up-to-date on meetings that he has had with Jay Heaton, Allan Kalsmith and the Executive Committee (Scott, Bill, Sue and Marijke) regarding the acquisition of the house and land adjacent to Pratt Hall at 35 Deuso Road.

Jay Heaton had expressed interest in making a philanthropic contribution to the town and had approached Allan Kalsmith about selling his property to the MHS at a reduced price. In his meetings with Jay, Scott showed him the storage space at Pratt Hall and explained the MHS’ desire to be able to have a proper archival and exhibit facility which is not feasible at the current location.

Parma Jewett did a fee appraisal of the property at $99,000. Jay agreed to sell the property to the MHS for $45,000, closing before December 31, 2005. Since Allan will be representing Jay, Doug DeVries has agreed to represent the MHS.

Some questions were asked about property lines. The Deed of the property gives a description of the boundaries and lay-out.

Sue Wilson provided the following information regarding a loan:

A $9,000 down-payment, commercial loan for $36,000 at a 6.49% fixed interest rate for 5 years. Monthly payments of blended principal and interest would be $267.03 on a 20-year amortization schedule. Sue suggested paying interest only on a monthly basis ($76.41) with a principal reduction amount to be decided and paid July/August.

A discussion took place to look at the possibility of increasing the down-payment, thereby reducing the loan. Sue suggested using the Gordon Jewett CD of $10,700 and the Amy Booth Meyer CD of $7,128 for an increased down-payment of $17,800. There are no instructions or restrictions to the Amy Booth Meyer Scholarship CD; every year the MHS supplements the income from the CD to provide a scholarship and this will be continued.

Sue also suggested buying Title Insurance.

Sue Wilson made a Motion, seconded by Sabra Massey to adopt the Resolution (see below) to purchase the Jonathan J. Heaton property located at 35 Deuso Road in Montgomery for $45.000.00. The Motion was approved 5-0; Parma Jewett recused herself from the vote.

Sue Wilson made a Motion, seconded by Bill McGroarty not to put any contingency in the Purchase & Sales Agreement requiring a home inspection prior to purchase, but to have this done after the closing. The Motion was approved 5-0; Parma Jewett recused herself from the vote.

Sue Wilson made a Motion, seconded by Bill McGroarty to send a check for $500.00 to Allan Kalsmith as a deposit on the Purchase & Sales Agreement. The Motion was unanimously approved.

Sue Wilson made a Motion, seconded by Bill McGroarty to make a down-payment on the purchase of $17,000.00 using the Gordon Jewett and Amy Booth Meyer CD’s. The Motion was unanimously approved.

Scott Perry and Marijke Dollois signed the Resolution as Chairman and Secretary of the Board respectively.

There being no further business, Scott Perry made a Motion at 6:34 PM, seconded by Bill McGroarty, to adjourn the Meeting; the Motion was unanimously approved.
 
Respectfully submitted,
Marijke M. Dollois



RESOLUTION

MINUTES OF MEETING OF
BOARD OF DIRECTORS
OF
MONTGOMERY HISTORICAL SOCIETY

A NON-PROFIT ORGANIZATION
under section 501(c)(3) of the Internal Revenue Code

At a special Meeting of the Board of Directors of the Montgomery Historical Society held on Monday, October 31, 2005 at Pratt Hall, Montgomery, Vermont, the below resolutions were passed:

On Motion made, duly seconded and unanimously passed, the Board approved the purchase of a house and land from Jonathan J. Heaton located at 35 Deuso Road, in the Village of Montgomery, adjacent to Pratt Hall.

The purchase price shall be $45,000.00 with a closing date on or before December 31, 2005.

On Motion made, duly seconded and unanimously passed, the Board approved to borrow up to $36,000.00 from TD-Banknorth, N.A. in Enosburg Falls, Vermont.

On Motion made, duly seconded and unanimously passed, the Board authorized Scott Perry to act as its agent and give him full authority to act thereof and sign all documents to effectuate said purchase, including but not limited to Purchase and Sales Agreement, Bill of Sale, any tax documents, security instruments, notes, and leases.

The Board further decided that the above purchase was in the best interest of the Society and within its purpose and objectives in providing storage and exhibit space for artifacts, structures and memorabilia of historical interest to residents of the Town of Montgomery and friends of the area.

No other resolution was made and there being no other business a Motion was made, seconded and unanimously approved, to adjourn the Meeting.

Signed and dated at:     Montgomery, Vermont
On:             October 31, 2005


                                                                    MONTGOMERY HISTORICAL SOCIETY
                    By: Scott Perry, Chairman of the Board
                           


                                                                    MONTGOMERY HISTORICAL SOCIETY                        By: Marijke M. Dollois, Secretary