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OCTOBER 15, 2015
10:00 a.m.

SPECIAL MEETING

President Eileen Bendis
Pres Eileen Bendis
Treasurer Steve Faigin
Treas Steve Faigin
The meeting of the Board of Directors of the Regency Tower was called to order at 10:00 am. by the President, Eileen Bendis.

Roll Call - The roll call showed the following Board Members present: Eileen Bendis, Eric Berkowitz, Fern McBride, Steven Faigin.

Board Members on conference call: Abe Ben Aviv, Richard Robins

Board Members absent: Gene Sicoli

Approval of Minutes - Minutes of the September 8, 2015 were distributed and posted in advance. A motion was made by Steven Faigin to accept the minutes as written.

The motion was seconded and passed by general consent.

Approval of Line of Credit - It is necessary to clarify a few items regarding the $600,000. line of credit we have established with Valley National Bank:

  • Terms and conditions of the line of credit:

    • Secretary Fern McBride
      Secretary Fern McBride

      Interest rate - Wall Street Journal Prime Rate+100% Adjusting Date of change with a rate floor of 4.5%

    • Term - 2 years

    • Costs-Bank fee of $1,250.00

    • Another Board meeting will need to be held in order to discuss/vote on any specific draw requests and repayment schedule.

  • There will be two authorized signers on the account: Eileen Bendis, President, and Steven Faigin, Treasurer.

Click to Valley National Bank website A motion to renew the $600,000 line of credit from Valley National was made by Eric Berkowitz. The motion was seconded and passed by unanimous general consent by the Board Members present. Board Member Gene Sicoli was absent from the meeting.

*Association financial records are available in the Regency Tower office to all association members via official request. - editor*

Adjournment - No further business. Meeting adjourned at 10:06 a.m.


Fern McBride
Board Secretary

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