1988, October 22
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1988, October 22
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Red Bank Oaks Meeting Minutes
22 October 1988
RED BANK OAKS PROPERTY OWNERS ASSOCIATION Annual Meeting: Saturday, October 22, 1988
The meeting was called to order by Haskel Young at 2:35 pm at the home place on Balis Bell Road. The following property owners were present:
The first order of business was a discussion of the electrical extension. Haskel Young reported the Federal Government has reduced the tax on new electrical extensions from 67% down to 28% of what the PG&E cost is to install the line or approximately $28,000. We do not have enough money to build this line so we will continue to save the surplus grazing money as provided in the CC&R’s and when there is enough for taxes and cost, we will put in the electrical line.
The treasurer’s report was handed out to all owners present. The balance in the bank as of October 15, 1988 is $49,248.71 with all bills and taxes paid for 1988. This report is to accompany the minutes of the October 22, 1988 meeting.
The pasture has been rented to Skeet Gould for $15,000 this year. He seems to be a nice fellow so lets all treat him right. He wants to rent the pasture for at least three years.
The next discussion was where to put the money we now have in the bank and what interest we are receiving. A motion was made by LANDOWNER and seconded to put the funds into a one or two year time certificate with higher interest rates. Motion was carried. Haskel Young is to check and get the best rate of interest for the shortest time. ($50,000 was put into Bank of America in November for one year @7.90% interest)
LANDOWNER nominated Haskel Young, Bob Frank, and Patricia Young to the Board for the 1988-89 year. Being no other nominations, LANDOWNER made a motion to cast a unanimous ballot to elect all three. It was seconded by LANDOWNER. Motion carried. Haskel Young, Bob Frank and Patricia Young will be the Board Members for the ensuing year.
A heavy wind storm hit the barn this year and took off the roof and did other considerable damage. Since the barn and corrals are necessary for the ranch rental operations, Red Bank Oak Property Owners Association paid for the repairs at a cost of $4,000. This is the first major repairs we have made at the ranch since 1980. We spent $2,000 on grading the roads this year and $1,000 for gravel needed in the trouble spots.
The property owner’s Liability Insurance was discussed. The premium was raised from $133.00 in 1987 to $944.15 for the same coverage of $500,000.
It was noted that exploratory work is continuing for construction of the dam and canal to bring water to the reservoir. There was equipment at the narrows at the time of the meeting.
A motion was made and seconded to make the October meeting flexible. The meeting can be held on the 2nd, 3rd or 4th Saturday of October. A notice is to be sent to all property owners as to the date. The motion was seconded and the motion carried.
A reminder was made that it is almost time to change the combination on the locks. Try X-X-X-X first and if it does not work, use X-X-X-X.
Being no further business, the meeting was adjourned at 3:30 pm and we all had a fabulous barbecue.
Respectfully submitted,
PATRICIA YOUNG Secretary-Treasurer
This is just a note of sadness to let all of you know that LANDOWNER passed away on Saturday, December 3, 1988. We will all miss him.
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Red Bank Oaks Property Owners' Association
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