March 29, 2017 Country Lane Special Meeting Results Summary:
The Short Version:
The Proposed Change to the Articles of Incorporation Passed. The vote by those present and by proxy was 86.7% in favor and 13.3% opposed. There were 60 votes cast (52 in favor and 8 opposed).
The Condensed Extended Version:
The Proposed Change to the Articles of Incorporation: The proposed change, stated as simply as possible, grants the Country Lane HOA Board of Directors the right to acquire a loan for the community using the Personal property of the community (defined as Monthly Assessments/Dues and Reserve Account monies) as collateral for the loan.
NOTES: No Community Assets (The Pool House, Fence, Common Community property, etc.) would be committed as collateral for the loan. Also, No Homeowner Assets/LOTS are involved in any way.
Concerns Voiced: The most prominent concern voiced about the proposed change was that the new wording would give the Board of Directors a “Blank Check” without any recourse by the Homeowners.
Resolution Proposed: The Board of Directors agreed to work with volunteer homeowners from Country Lane to provide a change to the Articles of Incorporation that would provide at loan threshold that, if exceeded, would require a Special Meeting, similar to meeting just held, to approve going forward with consummating a loan. We had two Owners volunteer to work to held draft a resolution t present by September Annual Meeting.
Loan in Process: With the Completion of the Re-stated Articles of Incorporation, the Board has continued with the Loan Application of a $190,000.00 to help pay for work completed and recoup monies to the Reserves/Savings Accounts.
No Changes in Dues: The Board planned for a Monthly Loan Payment in their 2017 Budget and there will be no 2017 increase in Monthly dues and no Special Assessments to the Community.
Monthly Board Meeting: Should any homeowner have questions or concerns, all are welcomed to attend the Monthly Board meetings at the Pool House on the Third Tuesday of Every month at 7pm.
Your Board of Directors
Joseph Morrisey firstname.lastname@example.org Don Jenkins email@example.com
Dawn Stickler firstname.lastname@example.org Pat Shipley email@example.com