NORTHWESTERN MICHIGAN COLLEGE
BOARD OF TRUSTEES
Special Meeting
Tuesday, October 8, 2002
4:45 p.m., Admissions Conference Room
SPECIAL MEETING
CALL TO ORDER
The special meeting was called to order at 4:45 p.m. by Chair Michael McManus.
| ROLL CALL | |
| Trustees present: | Cheryl Follette,Walter Hooper, William Janis, Michael McManus Jack Stegenga, Elaine Wood |
| Trustees absent: | Ross Childs |
| Also present: | Bob Buttleman, Debby Disch, Kirk Hornburg, Tim Nelson, Karen Sabin |
APPROVAL OF AGENDA
Elaine Wood made a motion to approve the agenda with the following changes to Action Item: Aviation Financing:
The motion was seconded by Jack Stegenga. Motion passed.
PUBLIC INPUT
None.
AVIATION INSTALLMENT PURCHASE AGREEMENT
Walter Hooper made a motion that the administration be authorized to execute an Installment Purchase Agreement (IPA) with Suburban Aviation and Frasca International for the purposes of purchasing three Cessna 172 Skyhawk SP airplanes from Suburban Aviation for $188,700 each, and one Frasca 242-6 flight simulator from Frasca International for $400,000, provided that the administration concurrently enters into a Contract to Purchase with each supplier, wherein the supplier agrees to re-purchase the equipment, at the College’s option, at a pre-determined pricing formula for each of the next five years, seconded by Elaine Wood. Motion passed.
AVIATION FINANCING
William Janis made a motion that the administration be authorized to enter into an Installment Purchase Agreement with Traverse City State Bank for the purpose of borrowing $566,000 to finance the purchase of three new Cessna aircraft, seconded by Jack Stegenga. Motion passed.
DISCUSSION
The board requested that progress reports on business plans be built into board meeting agendas.
ADJOURNMENT
The meeting was adjourned at 5:15 p.m.
Recorded by Karen Sabin
| SIGNED |
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| ATTESTED |
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