3/24/1976 - Laserfiche WebLink

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11 CHAIRMAN SIEBERT ASKED IF THERE IS ANY POSSIBILITY THAT YOUR OPERATION WILL AGAIN BE EXPANDED AND POSSIBLY CAUSE A NEGATIVE AFFECT ON THE CAPACITY? 5 MELVIN TANEN REPLIED THAT WE CAN'T EXPAND UNLESS THE BOARD OF HEALTH GIVES US PERMISSION. CHAIRMAN SIEBERT STATED THAT IN YOUR ACCOUNTING FIGURES THERE IS A FIGURE INCLUDED ALL THIS TIME F"R DEPRECIATION. WHERE IS THIS MONEY? MR. EDELSTEIN STATED THAT NO DIVIDEND HAS EVER BEEN PAID TO THE STOCKHOLDERS. ANY PROFIT HAS BEEN RETAINED IN THE BUSINESS, AND THERE WERE NO SALARIES UNTIL 1975, THERE HAS NEVER BEEN A RETURN TO THE°IN— VESTOR, ' CHAIRMAN SIEBERT ASKED WOULD THE OWNERS CONSIDER A 24—HOUR EMERGENCY TELEPHONE AND ALSO A RELEASE OF THE RESTRICTIVE COVENANTS? MELVIN TANEN ANSWERED THAT THEY DO HAVE A PHONE NOW AND DON'T BELIEVE THERE ARE MANY EMERGENCIES THAT REQUIRE ANYTHING IN THE MIDDLE OF THE NIGHT. HE STATED THEY WOULD NOT CONSIDER RELEASING THE RESTRICTIVE COVENANTS, CHAIRMAN SIEBERT STATED THAT HE PROPOSED AT THIS POINT TO CLOSE THE PUBLIC HEARING RESERVING THE RIGHT TO ASK FURTHER QUESTIONS OF THE e ENGINEER, THE STOCKHOLDERS, ETC, ON MOTION BY COMMISSIONER MASSEY, SECONDED BY COMMISSIONER SCHMUCKER, THE BOARD UNANIMOUSLY AGREED TO CLOSE THE PUBLIC HEARING AS PROPOSED BY CHAIRMAN SIEBERT. CHAIRMAN SIEBERT ASKED FOR DISCUSSION FROM THE COMMISSIONERS. COMMISSIONER SCHMUCKER NOTED THAT THE OPERATING FIGURES WERE BASED ON THE WORST POSSIBLE YEAR, AND THEY MAY NOT BE THAT HIGH' IN THE FUTURE. HE QUESTIONED THAT IT IS NECESSARY TO RAISE $55,000 A YEAR ON THE PROPOSED RATE INCREASE. f` MEL TANEN STATED IT IS POSSIBLE THE OPERATING COST MAY BE REDUCED WITH A NEW PLANT, BUT WE WILL NOT BE IN THE NEW PLANT RIGHT AWAY, AND WE NEED THE OPERATING MONEY RIGHT NOW. WE ARE GOING TO HAVE TO BORROW AGAINST THIS INCOME. HE NOTED THAT THEY HAD UNDOUBTEDLY GOOFED" IN NOT COMING TO THE BOARD OVER THIS PERIOD OF YEARS AND ASKING FOR PERIODIC INCREASES, 34 25