Special Board Meeting Agenda -March 5, 2024

 

 

Cape George Colony Club Board of Trustees

Special Meeting Agenda

BYLAW CHANGE: RESERVE FUNDING

Tuesday, March 6, 2024, 6:00 p.m. – 7:30 p.m.

Zoom and in-person at the Clubhouse.

 

A. Call to Order – President Betsy Coddington

 

B. President’s Comments – Betsy Coddington

 

Current Reserve Funding Bylaw Article lll.B.1. Payments Charges, Fees and Assessments: In addition to this assessment for the regular operation and ordinary maintenance of the Club, there shall be an annual reserve assessment collected for the future maintenance, repair or replacement of all or a portion of the Common Areas as set forth in the Club’s then current reserve studies. The initial amount of this annual reserve assessment shall be $180.00 per lot. The annual reserve assessment shall be allocated to reserves on a pro-rata basis using the Club’s then current individual professional reserve studies. This reserve assessment may be increased each year without a vote of the Members if it is not more than two- and one-half percent (2.5%) above reserve assessment for the previous year, with the actual amount determined by the Board. [As Amended at the Special Board Meeting, December 09, 2014, and effective January 1, 2015]

 

C. Fiduciary Responsibility of Cape George Colony Club Board of Directors – Betsy Coddington.

 

D. Submitted proposals to change the reserve funding bylaw (above).  Proposals will be explained by the person or persons proposing that bylaw change.

 

E. Board discussion only – Betsy Coddington. Board Members may ask questions or comment. 

 

G. Member Participation: Members in-person and on the Zoom meeting may ask questions or comment on the topic of reserve funding.  We encourage and wish to promote member participation with the following stipulations: Each member may speak once on any given topic until every member that wishes to speak has done so.  Each member may have one rebuttal with a 2-minute time limit on the same topic.  If another topic is raised the same rules apply.

 

H. Discussion will continue until 7:30 p.m., or when the President chooses to adjourn the meeting. The topic of Reserve Funding will be on the Study Session agenda, Tues., Feb. 20, 2024. Additional member discussion/education meetings will be held on the topic of reserve funding.

 

Announcements:

 

Mon., March 25, 3 p.m. Study Session.

Thurs., March 28, 3 p.m. Board Meeting.