OCEAN PINES—The Ocean Pines Association Board of Directors were scheduled to consider two motions to provide “procedural cleanup” of two financial matters during their Dec. 18 meeting, President Tom Terry said on Dec. 17.
According to an agenda that was released in advance of the meeting, OPA Treasurer Bill Cordwell was scheduled to propose a motion that would amend an Oct. 18, 2006 motion referencing how principal and interest were to be assigned for a loan used to purchase the Sports Core Pool cover. The motion directed that half of the cost of the loan would be paid from an OPA reserve fund and the remaining amount would be financed from a note with Sun Trust Bank. The due date on the note was listed as June 2017 and the interest rate was listed at 7.19 percent.
A report relating to the proposed payoff of the Sports Core Pool loan that was published by the OPA in June showed the remaining balance of principal and interest payments on the loan, from July 2013 to June 2017, would total $248,700 in principal and $39,300 in interest, less $10,000 that was deducted for “interest income on cash funds.”
The report estimated the scheduled payments for fiscal year 2014 would total $55,000 in principal, $17,000 in interest, and $14,700 in net interest expense.
A second motion that Cordwell confirmed he would propose, related to amending the terms of a 25-year OPA self-financed loan for the 2013 golf course drainage system improvement project. The motion would provide clarification on the way capital expenditures are paid for on the loan, which has an annually adjusted interest rate.
Mike Wheatley, CEO of Choptank Electric Cooperative was also scheduled to make a presentation to the board, as were Marie Gilmore, president, and Mary Adair, treasurer, of the Worcester County Veterans Memorial at Ocean Pines Foundation.
According to the Dec. 17 agenda of the Environmental & Natural Assets Advisory Committee, committee members were scheduled to discuss phragmites eradication program, pond fish management and overview of Swim and Racquet Club improvements, and the issue of an overpopulation of resident geese in Ocean Pines.
General Manager Bob Thompson was scheduled to present a report on operations and on compliance, permits and inspections matters.
According to an agenda that was released in advance of the meeting, OPA Treasurer Bill Cordwell was scheduled to propose a motion that would amend an Oct. 18, 2006 motion referencing how principal and interest were to be assigned for a loan used to purchase the Sports Core Pool cover. The motion directed that half of the cost of the loan would be paid from an OPA reserve fund and the remaining amount would be financed from a note with Sun Trust Bank. The due date on the note was listed as June 2017 and the interest rate was listed at 7.19 percent.
A report relating to the proposed payoff of the Sports Core Pool loan that was published by the OPA in June showed the remaining balance of principal and interest payments on the loan, from July 2013 to June 2017, would total $248,700 in principal and $39,300 in interest, less $10,000 that was deducted for “interest income on cash funds.”
The report estimated the scheduled payments for fiscal year 2014 would total $55,000 in principal, $17,000 in interest, and $14,700 in net interest expense.
A second motion that Cordwell confirmed he would propose, related to amending the terms of a 25-year OPA self-financed loan for the 2013 golf course drainage system improvement project. The motion would provide clarification on the way capital expenditures are paid for on the loan, which has an annually adjusted interest rate.
Mike Wheatley, CEO of Choptank Electric Cooperative was also scheduled to make a presentation to the board, as were Marie Gilmore, president, and Mary Adair, treasurer, of the Worcester County Veterans Memorial at Ocean Pines Foundation.
According to the Dec. 17 agenda of the Environmental & Natural Assets Advisory Committee, committee members were scheduled to discuss phragmites eradication program, pond fish management and overview of Swim and Racquet Club improvements, and the issue of an overpopulation of resident geese in Ocean Pines.
General Manager Bob Thompson was scheduled to present a report on operations and on compliance, permits and inspections matters.