Mower loan scheme
To: All members of Mylor Bridge Bowling Club
Subject: Purchase of New Lawn Mower
Following a meeting of the executive committee this week it was decided there was a requirement to purchase a new lawn mower. The reasoning for this decision was that in the event of the current main mower breaking down during the summer season, the current ‘back-up’ lawn mower we have, is no longer able to cut the Green to the necessary standard for playing bowls, resulting in the Green being closed. Such a situation could potentially lead to games being forfeited or having to play all games as away matches.
The cost of a new mower is circa £5000.
A number of options for sourcing the funds needed for this purchase were discussed by the committee, including the desire to maintain the ‘Reserve fund’ that would be needed towards costs of any emergency club facility repairs, such as replacement of the clubhouse roof if problems developed.
It was decided that our preferred first option would be to ask club members if they would be prepared to make a loan to the club under the heading of “loan stock”. The loan would be paid back to those members in two tranches, half at the end of the first twelve months and the balance at the end of 24 months. This loan stock would be offered paying a rate of 3% on the amount of the loan outstanding at the end of each year of the two year loan.
For administration purposes the minimum amount for the loan stock would be £250.
Any member wishing to participate in this scheme would you please contact the treasurer – Tony Hill on 01326 753495 or by email at firstname.lastname@example.org.