MAGNOLIA SQUARE

CONDOMINIUM ASSOCIATION, INC.

MINUTES OF MEETING OF THE BOARD OF DIRECTORS

 

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The meeting of the Board of Directors was held on March 1, 2006, at the Association Clubhouse.Notice of the meeting was posted at various locations within the common property.A copy is attached.

 

The meeting was called to order by Ray Biggart, President at 7:01 p.m.

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††††††††††† Present were:†††††††††††††† Ray Biggart

Frank Corbeil

Norm Moffitt

Ardis Rovelstad

Carolyn Sudar

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††††††††††† Unit Owners present:Sign-in sheet attached

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Minutes of the 1-11-06 Board meeting:

Motion, made by Ardis Rovelstad, seconded by Norm Moffitt and carried to approve the minutes as posted.

 

Treasurerís Report:

Treasure Ardis Rovelstad reported that as of January 31, 2006 assessment fees were being paid on time and the balance in the reserve account was $173,850.27.We are putting $3,243.58 in the reserve account each month from the operating account which allows the reserves to be fully funded.

Motion, made by Ardis Rovelstad, Second Carolyn Sudar and carried to approve the Treasurerís Report.

 

Presidentís Report:

President Ray Biggart reported that a newsletter is being produced once a month and is posted on the bulletin board and at the mailboxes which gives an update of the events and projects that the association is contemplating.He also reported that a computer is available in the office for residents to access the internet.You can also bring your own computer to the recreation room and take advantage of the wireless connection.

 

Approve sale of 3203:

The sale of Unit #3203 was approved.All background checks and interview have been completed.

Motion, made by Frank Corbeil, second by Ardis Rovelstad and carried to approve the sale of unit 3203.

 

Approve rental of 3504:

All background checks and interview have been completed.††

Motion, made by Frank Corbeil, second by Norm Moffitt and carried to approve the rental of unit 3504.

 

 

 

 

Approval of Sales and Rentals:

Discussion was held on whether or not an interview for the sale of a unit can be done by phone, if the prospective buyer or renter is not available for a personal interview.

Motion, made by Carolyn Sudar, second by Ardis Rovelstad and carried to approve the sales and rentals by phone.

 

Minutes on Web Page:

President Ray Biggart reported on an email that was received from one of the unit owners regarding the appropriateness of having the minutes of the meeting posted on the web.After discussion by the board, it was decided that since minutes are not confidential and are posted on the bulletin board, they should continue to be posted on the web.

 

Deposit on Recreation Room:

The Board discussed raising the refundable deposit fee for the use of the recreation room from $25.00 to $100.00.After discussion the Board agreed on an increase to $50.00 for the deposit.

Motion, made by Frank Corbeil, seconded by Ardis Rovelstad and carried with one (1) opposed to raise the refundable deposit fee to $50.00.It was further decided that if the person using the room cannot supply a check that can be held, a $50.00 cash deposit is now required 24 hours prior to the event.

 

Estoppel Letter:

Discussion on charging the mortgage and title companies a fee of $50.00 to complete an estoppel letter for the sale of a unit.

Motion, made by Norm Moffitt, seconded by Frank Corbeil and carried to charge $50.00 to fill out an estoppel letter.

 

Service Contracts:

Vice President Frank Corbeil reported on the cost of the service contract.The contract is for labor and parts on the appliances and the air conditioners and cost $600.00 per year.The contracts have been in effect with Broward Factory Service since 1999.Frank suggested that the association could replace the appliances one at a time for less than the cost of the contract.

Motion, made by Frank Corbeil, seconded by Norm Moffitt and carried to discontinue the service contracts.

 

Motion to adjourn:Ardis RovelstadSecond:Carolyn Sudar†† Adjourned7:20 P.M.

 

Respectfully Submitted

 

 

 

Norm Moffitt

Secretary

 

 

Minutes not Approved.