March 17, 2008
NORTH CHATEAU HEIGHTS HOMEOWNERS ASSOCIATION, INC.
ANNUAL MEETING
Location: 301 S. Bales, Unit # 4
Date: Monday, March 17, 2008
Time: 7:00 PM.
The meeting was called to order at 7:32 P.M.
Roll call indicated that property manager Ted Miller Jr. was in attendance as well as the following lot owners: # 4, 5, 6, 9, 19, 23, and 24. 4 proxies were tendered for lots # 3, 7, 8, 10, 16 and 17 there was a quorum present and the meeting was begun.
Proof of notice of meeting was presented by Ted Miller Jr.
There was a reading of the minutes of the Annual Meeting of May 01, 2007. Upon motion, second and unanimous vote the minutes were approved as read.
Mr. Miller then presented the 2007 Financial Report. Upon motion, second and unanimous vote the 2007 Financial Report was approved.
There was a brief comment from the President Oscar Ballesteros.
Mr. Miller the Property Manager made a brief report on the years activities.
There was no Old Business discussed.
A resolution was presented to amend the By-Laws Article III. Section 4, to change the quorum requirements for the Annual Meeting or any Special meeting from a majority of the votes of each class to 6 members in person or by proxy. Upon motion, second and unanimous vote the amendment was approved and the President and Secretary signed the amendment.
There was a lengthy discussion concerning upcoming repairs and maintenance requirements for the subdivision. Upon motion, second and unanimous vote it was decided that the Board as well as Mary Ann Schober and Dalith Garza would, with the assistance of the Property Manager investigate the various maintenance issues and determine possible solutions and costs to be presented to the homeowners at the next annual meeting. Additionally there was discussion concerning the establishment of a maintenance sinking fund to help in funding these repairs and maintenance items. Upon motion, second and unanimous vote it was decided to establish a Maintenance Sinking fund and contribute $ 50.00 per lot per quarter into it.
Mr. Miller then presented the 2008 Annual Budget. After much discussion a motion was made to approve the Budget as amended to reflect a maintenance sinking fund contribution of $ 4,800.00 as well as including the homeowners annual insurance costs into the quarterly assessment. After a second and unanimous vote the Budget was adopted.
There was a motion made, second and unanimous vote to increase the assessment rate from its current level to $500.00.
The was an election for one member to fill a three years position on the Board of Directors. After receiving nominations from the floor there was a unanimous vote taken to elect Patricia Vela for the three year director position
There were several general comments and discussions undertaken with no action taken.
Meeting adjourned at 8:50 P.M.