11/27/1985 - Laserfiche WebLink

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NOV 2 7 1995 aoatc .F2 . fK)E_ 8'j Commissioner Bird commended Ron Garl on his design of a fine course that could be maintained and managed at an affordable, economic- level. He explained that they have set up a tentative budget as to what amount of money would be needed for construction of the course, the various buildings, amenities and equipment, along with a certain amount in reserve for the 3-4 months after the course is planted, ready to play and taking in revenues. What they would like'to do, rather than borrow the money on an interim basis, is to initiate a fund-raising effort to purchase a major portion of operating supplies and equipment that will be needed. He asked the Board's permission to set up a special account to receive these tax deductible donations and noted that there already has been a pledge of $10,000 to get this fund going. The goal is to raise $200,000 between now and the time the course is ready to play. Commissioner Bird explained that he wanted to announce the fund raiser now so that any contributions can be taken off for this tax year. Bud Morrison, who will be assisting him in this endeavor, has expressed his optimism that considerable contributions will be received. Attorney Vitunac believed the donations would be tax deductible, but advised contributors to check with their tax consultant. ON MOTION by Commissioner Bird, SECONDED by Commissioner Scurlock, the Board unanimously approved the establishment of a special account to receive donations towards the purchase of supplies and equipment for Sandridge Golf Club. DISCUSSION ON FINANCING OF SANDRIDGE GOLF CLUB Commissioner Scurlock pointed out that the Golf Course Committee has been working very closely with the Finance Committee and staff to find the best options for financing the course, and Art Diamond of M. G. Lewis, financial consultants, is 38 I_ I