OLDE CANAL VILLAGE CONDOMINIUM TRUST
MINUTES OF THE BOARD OF TRUSTEES MEETING

(OPEN SESSION)

DECEMBER 11, 2006

  1. Chairman Andy Habe, Jr. opened the meeting at 7:08 PM with all trustees present except Bill Patten.

  2. Chairman Habe welcomed everyone to the 2006 year end meeting. He gave the following Year 2006 Year in Review and identified the reasons that Olde Canal Village remains an affordable place to live:

    1. The Board of Trustees provides the management of the trust at no cost. This is the number one reason for the absence of condo fee increases. It is important that we remember to thank them for their activities and it also important that we remember to thank their wives as well.

    2. We are starting another three year fixed cost contract for snow removal and landscaping. This means we will not have fight the inflation battle except for a possible fuel adjustment cost over the next three years.

    3. Also, we obtained part time workers to paint, stain decks, clean gutters, do general repairs and upkeep. This in itself has saved thousands of dollars and will continue to be a major cost savings for 2007, 2008 and 2009.

    4. Participation by committee members and home owners has been a major contribution to our financial well being.

    5. We successfully negotiated with the builder to pay for various repairs to roofs, underground street water line and basement water leaks which provided substantial cost savings.

    6. The garage dusk-to-dawn lighting program has been completed which has made Olde Canal Village a safer p0lace to live and negated the costly need to install lighting throughout the grounds. We thank everyone for their cooperation and Tom Rogers for his extraordinary effort to complete this major project.

    7. Also, we have just invested another $10,000 in a Certificate of Deposit with a 5% interest rate bringing us up to a total investment of $50,000 and earning considerable income. Our Replacement Reserve Account is building and our Business Investment Cash and Checking accounts remain stable. We are still utilizing the Small Business Checking Account with the Bank of America at no cost to us.

  3. The years 2003 through 2006 were exceptional years with a complement of trustees that are business oriented, committed and utilized their knowledge and experience to make Olde Canal Village a good place to live. The years 2007 through 2009 bring challenges, both economic as well as professional. It appears that we will need replacements for two trustees this coming June. We will need committed and knowledgeable candidates to take on this responsibility of leadership for the Trust. We are requesting that you make your interest in joining the board known to the Trustees with a brief resume of your background.

  4. How beautiful our clubhouse and grounds look, thanks to the Beautification Committee members (Marianne Williams, Nancy Jackson, Merle Lalor, Joan Viens and Lucille Whitehouse for their efforts to keep OCV beautiful all year long. We thank Marlene and Gil Joe for helping out with the wreath decorations on the clubhouse doors.

  5. It would be remiss not to mention the Olde Canal Village Newsletter and it's editor, Bill Oncay. Bill is a major contributor and we appreciate all his efforts. Bill has a few words to say about the Uxbridge Fire Department's File of Life and the Emergency Key Access Programs. You can contact Bill if you wish to participate.

  6. The individual Trustees presented an overview of their activities. Chairman Habe thanked the Trustees and their wives for their efforts.

  7. Chairman Habe introduced new residents Roger and Judy Lange, Marianne Williams and Marie Nappa. Roger has joined the Operations Committee and Marianne has joined the Beautification Committee.

  8. Chairman Habe presented the State of the Trust for 2006 Year in Review and Outlook for 2007 which will be distributed with the next newsletter.

  9. The meeting was adjourned at 7:45 PM.

Andy Habe, Jr.
Chairman

OLDE CANAL VILLAGE CONDOMINIUM TRUST
BOARD OF TRUSTEES MEETING
CLOSED SESSION
DECEMBER 11, 2006

  1. The meeting was opened by Chairman Andy Habe, Jr. at 8:20 with all members present except Bill Patten.

  2. Tom Rogers presented the status of the revision of the condo documents. The Rules and Regulations have been completed and the By Laws should be done by next week. The Declaration of Trust and the Master Deed have not been completed. It was suggested that the Rules and Regulations and By Laws changes should be sent to the Registry of Deeds after January 1, 2007 since they have already been ratified by the residents. Tom Rogers will prepare a plan for presentation at the next Board meeting addressing problems which may arise.

  3. The FY 2006 Cash Flow was reviewed and with only a part of the month to go, our situation looks good going into FY 2007.

  4. Tom Rogers addressed the recent review by the insurance investigator as to possible cost increases associated with a change in the valuation of the complex. The current projection for the 2007 Budget may not be adequate. This will be considered as we obtain additional information.

  5. Merle Ray brought the Board up to date on negotiations with a CPA to do the annual review of our finances. He is waiting for a response as to an estimated cost.

  6. Tom Fermi reported that there has been no progress in negotiations with Maranella regarding the recent water line repair. He will address the issue further after the first of the year. He will also look at the negotiating with Waste Management on our trash pickup/removal costs particularly fuel surcharges.

  7. Tom Rogers advised that the insurance investigator also brought up the need to do annual testing of the fire/smoke alarms and provide evidence of testing completion. The Board agreed that a plan is required and Roger Lange was assigned this task.

  8. There was a discussion on the need to address parking on grass areas by guests of residents attending functions in the clubhouse, visitors not going around the circle as directed by the signs and parking by non-residents for the 4th of July fireworks display. Residents must be responsible for advising their visitors of the rules. As for the 4th of July, it was suggested that a folding sign be purchased advising would-be parkers that parking is not allowed in the Olde Canal Village complex past the utility pole on Warsaw. One or two residents will have to be stationed by the sign to enforce the rule. This will be discussed further.

  9. Andy Habe will produce the schedule of quarterly resident/trustee meetings for 2007.

  10. The meeting was adjourned at 9:00 PM.

Andy Habe, Jr.
Chairman