OLDE CANAL VILLAGE CONDOMINIUM TRUST
ONE NATURE VIEW DRIVE
UXBRIDGE, MA 01569

BOARD OF TRUSTEES MEETING CLOSED SESSION
OCTOBER 9, 2006


  1. The meeting was opened by Chairman Andy Habe at 7:00 PM with all members present. Bill Oncay was present until his departure at 7:40 PM.

  2. Tom Rogers reported that the final version of the re-written Rules and Regulations is being typed and copies will be made available to the Board members for review.

  3. There was a discussion as to the method to be used to obtain owner approval of the re-written Rules and Regulations and Bylaws. The owners have all reviewed the initial output and made their comments however they have not seen all of the changes that were made as part of the review. The Trustees agreed that a copy of the re-written Rules and Regulations should be provided to all owners for their vote of approval. A majority of 75% is required for acceptance. Tom Rogers will prepare the procedures for the voting process.

  4. The current year Cash Flow document was reviewed and the Board recommended changes to some of the estimates. Merle Ray will post these and re-issue the document. Tom Fermi presented some changes to the proposed FY 2007 Budget and Cash Flow. The Board agreed on the revisions and Merle Ray will also re-issue these documents.

  5. Tom Fermi reported on the status of the following:

    1. Water Line Repair - A letter has been written to Marinella in an attempt to get reimbursement for our expenses.

    2. Waste Management - There should be a reduction in costs because of the falling gasoline prices.

    3. Lawn Mowing - There will be a reduction in the number of cuts for the remainder of the season because of seed planting and slowing growth.

    4. Decks - There are 18 decks remaining to be washed and stained. These should be completed soon and there will not be any requirement in next year's Budget.

  6. Merle Ray provided the following information:

    1. We need to think about the annual accounting review for FY 2006. The CPA who had been doing it for several years has not seen fit to respond to our questions on the FY 2005 review so we need to get a different person. He will contact Ms Dawn Kay (an acquaintance of our bookkeeper) and see if she is interested and if so, get a cost estimate.

    2. There have been numerous inquiries from residents regarding check clearance by their banks. Everyone should be aware that the bookkeeper deposits funds around the 1st and 15th of the month. Therefore, a check received on the 2nd or 3rd of the month may not clear for 15 to 20 days. Late fees are not charged as a general rule unless there is a flagrant situation (consistently being late).

    3. He advised the Board of a water problem which occurred in their unit a few days ago. He discovered (by accident) at 1:00AM that the main water line inside the unit had developed a leak in the pressure valve fitting. An article will be put in the newsletter about this incident due to the possibly serious complications that could result in other units.

  7. The meeting was adjourned at 8:55 PM.

Andy Habe, Chairman