OLDE CANAL VILLAGE CONDO TRUST
MINUTES OF CONDO TRUSTEE BOARD MEETING

May 19, 2010

The meeting was called to order by Chairman Andy Habe at 3:20 p.m.

Members of the board present: Andy Habe, Tom Fermi, Roger Lange, and Romeo Berthiaume. Absent: Marianne Williams

  1. April Budget Review: The cash flow for the month of April was checked and approved. It was noted that the reserve fund had to be increased from $18,000 to $19,000. annually as per HUD requirements. Necessary adjustments in the budget will be made.

  2. In preparation for the upcoming June meeting, the Board invited William Oncay to advise it regarding the upcoming election. Two separate ballots will be distributed on the weekend of May 29-30 to all residents/owners. One ballot will be for the election of two Trustees to a three-year term. A quorum of (51%) of the Beneficial Interests (B.I.) is required for this election. It was announced that only 2 candidates had declared their intentions to run (Roger Lange and Marianne Williams—the two incumbents). The other ballot is a question dealing with a Capital Expenditure to install lighting around the rotary. A quorum of 75% of the B.I. is required for this question. To assure the secrecy of the ballots, only the Beneficial Interests will be displayed on the individual ballots. The results will be counted and announced at the June 8 meeting. Mr. Oncay volunteered to help with the administration of this election and he will keep in touch with Tom and Romeo during this process.

  3. A lengthy discussion ensued Re a proposal to amend , Section 8, Item J (page 9) of our “Master Deed”. Item J. deals with the issue of leasing units by owners. Tom Fermi made a very impressive presentation detailing the results of his research which explained the pros and cons of amending the deed. Following the discussion, the Board unanimously decided against amending the deed due to the many complications that could result from such an action. To use the words of Chairman Habe, it was recommended that the Board “does not take any actions at this time to amend the Master Deed but rather wait for specific concerns that would be detrimental to the well-being of the community.”

  4. Open Items:

    1. Romeo will contact Steve Antonine from “Energy Program Management” to arrange for a meeting between the Trustees and this company to discuss a request from 2 unit owners in Building #12 Re the installation of insulation on the outside rear wall of their building. The work would be done at the owners’ expense but the Trustees want re-assurance that the work would not damage the outside of the building in any way whatsoever.

    2. Several Trustee Communication Forms were addressed.

    3. It was re-affirmed (from the April meeting) that the Trustees should use a more definitive voting procedure for the record. In other words, the record should show how the Trustees voted on specific issues such as 3-2 or 5-0 for example.

  5. Trustee Comments:

  6. Roger:
    Tom:
    Romeo
    Andy:
    The meeting adjourned at 6:30 p.m.

    Respectfully submitted,
    Romeo Berthiaume