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Minutes of the Meeting of the Board of Directors


August 17, 2004


I. Call to order

The President called to order the quarterly meeting of the Board of Directors of Stonebridge Homeowners Association at 6:35 pm on August 17, 2004.

II. Attendance

The following directors were present: Shane, Lee, Kevin, and Theresa. A quorum of directors was present.

III. Approval of minutes from last meeting

a)The minutes from the meeting of the Board on May 19, 2004, were included in the Reporting Package distributed to all Directors. These minutes were unanimously approved.
b)On August 4, 2004, the President called to order a special meeting of the Board of Directors of Stonebridge Homeowners Association at 8:15 pm at Cibola High School, Albuquerque, NM. The purpose of the Special Meeting of Directors was to elect officers to serve until the next annual meeting of members pursuant to the provisions of the bylaws. After nomination and election by majority vote of directors, the following individuals were elected to hold the following officer positions until the next annual meeting of members or until duly replaced by the board of directors:

These minutes were unanimously approved.

IV. Monthly Business

a)The board conducted a financial review, discussing the financial statements included in the Reporting Package.

b)A review of the delinquent homeowners’ accounts as reflected in the Reporting Package was conducted.

c) A review of violations of property restrictions and ACC report as reflected in the Reporting Package was conducted.

d) Committee Reports: Theresa reported that the Newsletter/Activities Committee would hold their first meeting August 18, 2004.

V. Unfinished business

a) Lee presented three Reserve Study bids for review by the board of directors.

b) The board discussed the management agreement with HOAMCO. Shane will research CPI trends. If a flat fee increase is proposed this should be validated by Lee W. of HOAMCO. A SHOA proposal will be forthcoming to include clarifying phrasing of $300.00 fee, 50/50 split of late fees, use of June CPI for annual budgeting, and leave in 60 day escape clause.
c) Shane updated the speed hump study indicating research is still being conducted for needs of the community. Discussion was held regarding the top five (5) streets that may warrant speed humps. Shane will provide location proposal on speed humps.

VI. New business

a) Lee reviewed the 2005 proposed budget review. Lee will contact Lee W. of HOAMCO for questions on specific line items. Lee will follow up and finalize 2005 budget.
b) [Motion] A request was made that Lee W. of HOAMCO will follow up on the city tax on land. This was unanimously passed.
c) [Motion] To replace dead plants identified on Bandelier, Quarry, Corundum Ct. and lower Stonebridge. A bill for lower Stonebridge plant replacement will be sent to Centex for payment. The board unanimously passed this motion. [Action Item] Lee W. of HOAMCO will contact landscape company to complete the plant replacement project to include purchase and labor of planting.
d) [Action Item] The board nominated Steve to draft a letter to the City regarding a turn lane off Unser at Black Arroyo.
e) [Motion] We do not enact a lifeguard that we retain a security guard at the pool. The board unanimously passed this motion.
f) [Action Item] The board nominated Steve to research the feasibility of opening the common wall by the park to allow access from Rose Quartz to the park area.

VII. Open Discussion

a) No homeowners were present for open discussion.

VIII. Adjournment

The President adjourned the meeting at approximately 9:00 PM.
Minutes submitted by: Theresa, Secretary


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Anyone wishing to contact any of the members of the Board of Directors may do so by contacting Lee at HOAMCO via email: lee@hoamco.com or phone: 888-4479, ext. 17.