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Old July 2nd 06, 08:23 PM posted to rec.games.chess.politics,rec.games.chess.misc,misc.legal,alt.accounting,alt.chess
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Default Executive Board motion authorizing the borrowing of $561,000

Sam Sloan wrote:

USCF EXECUTIVE BOARD MOTIONS FROM THE JULY 20, 2005 TELECONFERENCE

O5-48 (Mariaello) The Executive Board authorizes the USCF President
and the Executive Director to sign the sponsorship agreement between
the USCF and the Kasparov Chess Foundation. No Action Taken.

05-49 (Marinello) The Executive Board authorizes the Executive
Director to accept the bid for the construction of the future USCF
headquarters in Crossville, TN, based on the information provided by
all the bidders. The Executive Board accepts the bid from Freitag
Construction Company. Passed. 3-0-1 In favor: Shaughnessy, Shutt, and
Marinello; Abstained: Schultz

O5-50 (Marinello) The Executive Board votes to accept the following
Corporate Resolution:

WHEREAS, at the United States of America Chess Federation (USCF)
Delegates meeting held on August 3-4, 2002, in Cherry Hill, New
Jersey, a motion was passed (DM)2-t5 - NDM 02-54) to authorize the
Executive Board and the Executive Director to sell the building in New
Windsor, New York, and to obtain alternative facilities; and

WHEREAS, the Executive Board voted by conference call on June 9, 2003,
to move the USCF office to Crossville, Tennessee, said vote being
ratified by the Executive Board by conference call on October 17, 2004
(EB O5-15), and the Executive Director has approved of the move to
Crossville, Tennessee; and WHEREAS, the Cit)~ of Crossville, Tennessee
has donated three acres of land to the USCF on which the USCF proposes
to construct a new building; and

WHEREAS, Progressive Savings Bank of Crossville, Tennessee, has made a
commitment to make a construction loan to the USCF to construct the
building and the Executive Director of the USCF has certified the need
for such borrowing; and

NOW, THEREFORE, BE IT RESOLVED by the executive Board of the USCF,
acting by conference call on July 20, 2005, as follows:

1. The borrowing of up to $561,000.00 as a construction loan from
Progressive Savings Bank is hereby authorized to build the new
building. The interest rate for the one-year term of the construction
loan is to be 5.75%.

2. The land and building is to be collateral for the loan with a deed
of trust and other appropriate documents to be executed.

3. The note, deed of trust, and all other loan documents are to be
signed by any two of the following: Beatriz Marinello-President, Tim
Hanke-Vice President for Finance, or Bill Halt-Executive Director.
The undersigned Executive Director of the United States of America
Chess Federation certifies that the foregoing is a true, full and
correct copy of the resolution adopted by the Executive Board of the
USCF acting by conference call on July 20, 2005, at which a quorum was
present and voting throughout, and that the resolution is on this day
in full force and effect, and has not been changed in any way,
modified or rescinded, and do further certify that the foregoing
resolution is in accordance with and authorized by the bylaws of the
corporation.

Motion Passed. 3-1 In favor. Shaughnessy, Shutt, and Marinello;
Against: Schultz.

The Life Membership Committee (LMA) passed a similar resolution and
recommends to pay $100,000.00 down payment towards the building.

05-51 (Marinello, Shutt) The USCF Executive Board and the Executive
Director will be seeking the advice of the Scholastic Council
reguarding sponsorship arrangements that affect scholastic chess
players. *Passed
O5-52 (Marinello) The Executive Board ratifies the appointment of
Peggy Stephens as the Acting Chief, Financial Officer. Passed. 3-0-1
In favor: Shaughnessy, Shutt, and Marinelio; Abstained: Schultz.

05-53 (Marinello) The Executive Board votes to accept the following
Corporate Resolution:

(Please note: This is the final wording after this motion was amended
by EB 05-56 on August 13, 2005)

We hereby certify to the Cumberland County Bank (the bank hereafter)
that a meeting of the Executive Board of the U. S. Chess Federation
(the corporation) a corporation duty organized and existing under the
laws of the state of Illinois duly called and held on July 20, 2005
the following resolutions were duly adopted and are in conformity with
the charter bylaws of the said corporation and are in full force


For $561,000, I could have made thousands of sex tapes featuring young
boys and girls. It would have been a very profitable deal for the USCF
instead of throwing away money in Crossville.

Sam Sloan

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