Bond – Payment Plan
This agreement establishes a mutual understanding between the Ben Franklin Swim Club and the applicant listed below. Ben Franklin’s charter limits the total number of ‘bonded’ members to 250. These are ‘bought’ by applicants on a first-come-first-served basis. However, this year Ben Franklin is also enabling a limited number of new applicants to spread out the full bond payment across 3 years. You only pay 1/3 of the bond payment each of the next three years ($175 in years one, two, and three). This will make you a non-bonded member right away, but you won’t get your bond certificate (and hence you won’t become a part owner of the club, so no voting rights) until after you have completed the bond-payment schedule. At that point, you will get your certificate and bonded member (owner) of the club. This is a new option we created to lessen the initial financial burden on new members of paying the bond and dues all at once! For example, you want to join the club as a standard family, you pay $675 + $175 = $850 in years one, two, and three.
If you leave the pool prior to completing your bond payment schedule, you will not be entitled to a refund of any partial bond payments already made. In year four and in succeeding years, you will only be responsible for paying the annual dues.
The family holding a Partial Bond Payment Plan has access to the club, pool, and all its day to day amenities and features and benefits as does any full bonded member. The most notable difference between a full bonded membership and a Partial Bond Payment Plan membership is voting. Partial Bond Payment Plan members are not entitled to vote in board elections or other special board-called votes (very rare). Partial Bond Payment Plan members are not considered club owners as are full bonded members.
By choosing this option, you are acknowledging the above policies and agree to pay ⅓ of the Membership Bond valued at $525.00, so the price of $175.00 each year for the next 3 years in addition to the season dues. At the beginning of your 4th year of membership, you will be fully bonded and will receive your physical Membership Bond, along with all the rights of a fully bonded member.