This afternoon, Sunday, August 12, a special meeting of the Stockholders of the GSYC approved the finance committee's recommendation regarding the refinance of our mortgage by Skylands Community Bank for $ 450,000 at an interest rate of 6% per annum for 5 years with a 25 year payout. The additional $150,000 realized above and beyond our current mortgage will be used to purchase CDs and will be available to the club for capital improvements and maintenance projects. Except for title insurance, which should cost no more than a few hundred dollars, there will be no closing costs involved.