VILLAGE PALOS VERDES 

HOMEOWNERS ASSOCIATION

BOARD OF DIRECTORS MEETING

JULY 10, 2008

MINUTES

CALL TO ORDER

The meeting was called to order at 7:30 p.m. by Carma Hardin, President.

MEMBERS PRESENT

Carma Hardin President

Joe Grasso Vice President

Mark Bayma Treasurer

Sandra Felando Secretary

Michael Talbot Member at Large

MEMBERS ASBENT

ALSO PRESENT

Phil Greer On-site Maintenance

Joanne Peña Horizon Management

OPEN FORUM

The homeowners in attendance were given the opportunity to address the Board with their questions and concerns, most of which were related to the Exterior Renovation Project and financing options.

EXECUTIVE SESSION

Carma Hardin reported that the Board met with the Exterior Renovation team (ERC, DBA, CSA and PS) in Executive Session on Thursday, June 12^th, and Tuesday, July 8^th, to review preliminary design concepts and the corresponding budgets.  Another Executive Session has been scheduled for Monday, July 21^st in preparation for the Design Concept meeting scheduled for Thursday, July 24^th.

PREVIOUS MINUTES

MOTION (SF,CH) to approve the minutes of the May 8, 2008 board meeting, as submitted.  The motion carried.  There was no board meeting in June.

FINANCIAL REPORT

As of June 30, 2008, there was $40,384 in operating cash and $816,348 in reserve funds.  Operating expenses under budget $15,931 for the first half of the year.  

Reserve Investments.  MOTION (MB,CH) to invest $400,000 from the money market account in to five $80,000 Certificates of Deposit; one for three months and four for six months.  The motion carried.

Delinquencies.  The Board reviewed the status of delinquencies. 

Resolution to Record Lien.  The Board reviewed the Notice of Delinquent Assessment (pre-lien letter) sent to the owner of the property identified as Assessor’s Parcel Number (APN) 7512-010-164.  The owner, as of the date of this board meeting, has not requested internal dispute resolution (IDR). A majority of the board members voted to authorize Horizon Management Company or other designee to record liens for the amount of any delinquent assessments, late charges, interest and/or costs of collection (including the fees and costs of preparing the lien against the owner of the property, fees for coordinating enforcement of the lien between designees, and attorney’s fees), if IDR is not requested and payment in full is not received by the Association by 5:00 p.m. on July 29, 2008.  Thirty (30) days after recordation of the lien, if the delinquency persists, the Board authorizes its designee to enforce the lien.  A copy of the resolution will be kept on file.  VOTE:  Bayma, Felando, Grasso, Hardin and Talbot in favor. 

MAINTENANCE REPORT

Phil Greer provided the Board with a status report with regard to maintenance requests and repairs.   

MANAGEMENT REPORT

Reserve Study.  It was noted that the on-site inspection has been scheduled for August 11^th.

Water Rate Reduction.  It was noted that the Association qualifies for a Service Charge Reduction due to Reduced Water Consumption, and each homeowner will save approximately $15 annually.

Correspondence.  The Board received several letters from homeowners and will formulate the appropriate responses.

NEXT MEETING AND ADJOURNMENT

There being no further business before the Board, the meeting was adjourned at 8:55 p.m.  The next meeting will be held on Thursday, September 11, 2008 at 7:30 p.m. at Resurrection Lutheran Church.

Village Palos Verdes Homeowners Association

Board of Directors Meeting

July 10, 2008