2002, October (B)

Red Bank Oaks

Vote by Mail

October 2002

Proposed Use of Power Funds for Road Maintenance (2002-2003)

SUMMARY:

YOUR VOTE IS REQUIRED. We did not have a quorum at the October 2002 meeting. A motion was made at the meeting to override the CC&Rs ²/₃ grazing clause for this fiscal year to allow landowners to draw on the 2002-2003 fiscal year power reserve allocation to allow up to $5,000 to be spent on road maintenance this year. Reference the 19 October 2002 agenda summary regarding funding restrictions and 19 October 2002 meeting minutes regarding road maintenance.

VOTING CARD:

Whether or not to allow funds to be drawn from power reserves to allow up to

$5,000 to be spent on road maintenance and repair this year (October 2002-

October 2003). This action requires a majority vote of all the landowners since it

would effectively override the CC&Rs 2/3rds clause (reference CC&Rs, Article III,

Management, para 6) for the 2002-2003 term. YOUR VOTE COUNTS!

(ONLY ONE ACTION MAY BE TAKEN):

q Yes: Allow funds to be drawn from the power reserves to support

road maintenance and repair expenditures up to $5,000 for the 2002-2003 term.

q No: Do not allow funds to be drawn from the power reserves to

support road maintenance.

q Neutral or Other: _____________________________________

___________________		____________________________
Parcel Number(s)		Landowner Signature

RESULTS:

Whether or not to allow funds to be drawn from power reserves to allow up to $5,000 to be spent on road maintenance and repair this year (October 2002-October 2003). This action requires a majority vote of all the landowners since it would effectively override the CC&Rs 2/3rds clause (reference CC&Rs, Article III, Management, para 6) for the 2002-2003 term. The Association has 69 landowners entitled to vote. A majority vote would therefore consist of 35 votes.

Total Valid Votes Received:	42
Yes: Allow funds to be drawn from power reserves:	35
No: Do not allow funds to be drawn from power reserves:	5
Neutral or Other:	2

Action to be Taken: Up to $5,000 may be spent on road maintenance and repair this year (October 2002 – October 2003). The treasurer may draw on power reserve funds for the 2003-2003 term, if necessary, to allow up to $5,000 to be spent on road maintenance. This does not mean a full $5,000 will be spent on road maintenance, it only means up to $5,000 can be spent on road maintenance if necessary.

BREAKDOWN OF VOTES AND COMMENTS:

No Response	Draw Money from Power Fund for Road Maintenance	Do NOT Draw Money from Power Funds	Neutral or Other	Comments
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	X			No Signature
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X				Ineligible to Vote
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X

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Copyright © 2008 Red Bank Oaks Property Owners' Association Last modified: 02/21/09

Copyright © 2008 Red Bank Oaks Property Owners' Association
Last modified: 02/21/09