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It was decided by common concensus to change it from one class of shareholders to <br />two clases, Class A voting stock and Class B non-voting stock. <br /> <br />The annual meeting date of shareholders was set as the second Wednesday of <br />January at 8:00 a.m. <br /> <br />It was decided that the Board of Directors shall be changed to eleven (11) and <br />that a Director must be a shareholder. <br /> <br />The annual meeting of the Board of Directors of the Corporation will be on the <br />same date as the annual shareholders meeting, the second Wednesday of January. <br /> <br />Mayor Gamec stated that the Corporation may need another person, such as a retired <br />banker, someone not on the Board, to do the leg work involved. <br /> <br />The fiscal year for the Corporation will end December 31st instead of September <br />30~h. <br /> <br />Commissioner Sentryz asked about liability insurance and City Attorney Goodrich <br />said that he will check on it and get back to the Commission. <br /> <br />Motion by Commissioner Sentryz and seconded by Commissioner Fults to adopt the <br />by-laws of the Ramsey Local Development Company as amended. <br /> <br />Motion carried. Voting yes: Commissioners Sentryz, Fults, Greenberg, Miller, <br />Muller, Guy, Schneider, Menkveld and Schmidt. Voting no: None. <br /> <br />They then discussed the application to register securities. <br /> <br />It was of general concensus to change the cost of a share from $25 to $50 but keep <br />the number of shares at 1,000. <br /> <br />Motion by Commissioner Schmidt and seconded by Commissioner Sentryz to approve of <br />the application and prospectus as amended. <br /> <br />Motion carried. Voting yes: Commissioners Schmidt, Sentryz, Greenberg, Menkveld, <br />Guy, Muller, Schneider, Fults and Miller. Voting no: None. <br /> <br />City Attorney Goodrich stated that he will have approximately 500 stocks printed <br />by the next meeting. <br /> <br />Commissioner Schmidt asked what'the price of non-v6ting~shares will be. <br /> <br />City Attorney Goodrich stated that they will also be $50 per share. <br /> <br />Chairman Greenberg stated that the Commissionmembers should be prepared to buy <br />stocks at the next meeting. <br /> <br />Commissioner Schneider left the meeting at 8:40 a.m. <br /> <br />Case #3: Energy Grant: <br /> <br />Mayor Gamec addressed this issue. He stated that the energy grant that is available <br />to the City of Ramsey is to be used for the development of energy such as the <br /> <br /> Economic Development Commission <br /> Dece~be~ 8~ 1982 <br /> Pa~e 3 of 4 <br /> <br /> <br />