Board Meeting Minutes – 08.31.22

Lake Country Classical Academy Board Meeting

August 31, 2022 – 6 PM

Meeting was Virtual

Open Meeting:

I.) Call to Order:

• Board President Kristina Vourax called the meeting to order at 6:02 PM. All Board

members were present except Taryn Whipple and Tom Gehl

II.) Citizen’s Forum:

• There were no requests to speak

III.) Approval of Agenda:

• Tim Peterson moved approval of the agenda – Motion passed.

A.) Action Items:

I.) Approval of Loan and Line of Credit from Waukesha State Bank:

• Board Treasurer Brian Hastings presented.

• At the Board meeting of August 17, 2022, Board Treasurer Brian Hastings reported

the conclusion of negotiations with Waukesha State Bank.

• These negotiations culminated in agreement to a Term Loan of $400,000, said loan

to support the installation of the mobile classrooms at LCCA East campus.

• They also culminated in agreement to increase LCCA’s Line of Credit from $250,000

to $500,000.

• Board discussion and questions followed.

• Tim Peterson moved approval of both the Term Loan and the revised Letter of

Credit, with said approval to include authorization for Brian Hastings to sign the

appropriate documents on behalf of the Board.

• Motion Passed

II.) Adjournment:

• Tim Peterson moved to Adjourn – motion passed.

• Meeting was adjourned at 6:28 PM.