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 January 11, 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 6:00 p.m.

           

            Present were:                Carolyn Sudar

                                                Ardis Rovelstad

                                                                Frank Corbeil

                                                                Ray Biggart

                                                                Norm Moffitt

           

            Unit Owners present:    Sign-in sheet attached

                       

Minutes of the 11-08-05 and 11-15-2005 Board meeting:

Motion to approve as posted:  Frank Corbeil Second:  Ardis Rovelstad Unanimous approval.

 

Treasurer’s Report:

Treasure Ardis Rovelstad reported that at the end of 2005 we had a balance in the reserve account of $170,195.93.  Due to the increase in the insurance premium the Association was over budget in that category.  All assessment fees are coming in on time. 

Motion to approve:  Ardis Rovelstad Second:  Carolyn Sudar Unanimous approval

 

Surplus of Operating Account:

The surplus in the operating account will be put in the Equipment Fund of the Reserves.

Motion to approve:  Frank Corbeil Second:  Ardis Rovelstad Unanimous approval 

  

Approve sale of 902:

The sale of Unit #902 was approved.  All background checks and interview have been completed.

Motion to approve:  Carolyn Sudar Second:  Frank Corbeil Unanimous approval

 

Approve rental of 702:

All background checks and interview have been completed.  

Motion to approve:  Carolyn Sudar Second:  Frank Corbeil Unanimous approval

 

Motion to adjourn:  Carolyn Sudar Second:  Frank Corbeil   Adjourned 6:06 P.M.

 

Respectfully Submitted

 

Norm Moffitt

Secretary

 

Minutes not approved.