FII STOCKHOLDERS MEETING

JULY 7, 2001

COMMUNITY CENTER

FRYE ISLAND, MAINE

 

The meeting of the Frye Island Stockholders meeting was called to order at 10:30 A. M., by President Thomas.

 

ASSETS TRANSFER REPORT

 

President Thomas made a presentation on the status of the assets transfer. He asked Directors Hommel and Decker to present more detailed reports on the transfer of the Water System and the Ferry System to the Town. Their reports indicated that the transfer was in the best interest of FII and the Town, as FII would not have to pay for liability insurance on these systems, as it is now doing, and that the Town would be eligible for State Grant funds, which would not be available if the systems were privately owned by FII.

 

Director Decker reported that a through inspection the ferries had been conducted this spring by the firm that originally built them, and the verbal report indicated that the ferries were in good shape, considering their age and were being operated safely. They were in need of interior cleaning to remove oil and other material. FII is investigating a system to pull the boats on shore to inspect the bottoms, but since fresh water vessels tend to rust from the inside, rather the outside, this is not critical, since there is evidence that this was done a few years ago.

 

ELECTION OF BOARD OF DIRECTORS

 

Nominations were made for the following to serve on the FII Board of Directors:

D. Babineau #

S. Comley #

D. Decker #

R. Giggey #

C. Hommel #

F. Mueller #

O. Svetlichny #

M. Thomas #

T. Tinsman

 

# Incumbent FII Board Member

 

J. Sullivan Toomey was nominated from the floor. O. Svetlichny withdrew his name from nomination. The slate of nine directors was elected by acclimation.

 

The meeting was adjourned at 11:00 AM.