2003, October (B)
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2003, October (B)
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Red Bank Oaks Vote by Mail October 2003
Proposals for Relieving Funding Restrictions to Resolve Funding Issues
SUMMARY:
There continues to be insufficient funds available to cover essential Red Bank Oaks expenses. The 2002-2003 Board of Directors composed proposals for resolving the funding issues. Landowners who were present at the October 2003 meeting were asked to review the proposals and select which of the proposals they most prefer to have implemented. The top 3 proposals selected by the landowners present at the October 2003 meeting are:
Option #1: Eliminate the April barbecue
Option #2: Perform non-emergent (routine or standard) road maintenance every other year versus annually
Option #3: Modify the 2/3rds clause in the CC&Rs to reduce contribution to power fund to ˝ of cattle grazing revenue with 3-year stipulation
The Board of Directors now asks all landowners to now give their input as to which of the top 3 proposals, or combination thereof, they prefer to have implemented.
VOTING CARD:
I want the Landowners’ Association to take the following action(s) to resolve the funding issues!
(YOU MAY CHOOSE MORE THAN ONE ACTION)
q Eliminate the April barbecue
q Perform non-emergent (routine or standard) road maintenance every other year versus annually.
q Modify the 2/3rds clause in the CC&Rs [Article III, Management, paragraph 6] to reduce the contribution to the power fund to ˝ of cattle grazing revenue with a stipulation that the clause may not be considered for reduction again for a minimum of 3 years.
PLEASE NOTE: Modification of the 2/3rds clause requires a majority vote of the landowners to implement. It cannot be implemented unless at least 35 votes are received.
RESULTS:
Whether or not to eliminate the April barbecue to free up approximately $1,050.
Action to be Taken: The April barbecue will be eliminated. In addition, the Board of Directors will discuss whether or not to implement Option #2 as well in consideration of the 15 landowners who preferred both Option #1 and Option #2 be implemented.
Regarding Option #3: Modification of the CC&Rs requires a majority vote of all the landowners since it would effectively amend the CC&Rs 2/3rds clause. The Association has 69 landowners entitled to vote. A majority vote would therefore consist of 35 votes. As only 17 votes were received in favor of modifying the CC&Rs (Option 3), the CC&Rs will not be modified as proposed.
BREAKDOWN OF VOTES AND COMMENTS:
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Copyright © 2008
Red Bank Oaks Property Owners' Association
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