August 5, 2003
11:30 a.m.
The Three Crabs Restaurant
MINUTES FOR THE 2003 SUNLAND DIVISION 17 ANNUAL MEETING
Kevin Estes called the 2003 Annual Meeting of Sunland Division 17 to order at 11:30 a.m. Members present were Kevin Estes and Jerry Strawn.
New business was discussed:
The Board agreed to investigate and get quotes for Director’s and Officers Liability Insurance.
The Board agreed to investigate a formula to determine necessary and adequate financial reserves.
The Board determined the estimated full replacement value of the Units as $81,450 per Unit. The Board confirmed the annual insurance review and appraisal by a representative of the insurance carrier writing the master policy. The Board ratified the estimated 2004 budget for the Association.
The Board agreed to increase annual monthly assessments to $130 per month effective January 1, 2004, on pace with the CPI increase.
The Board reviewed the maintenance agreement implemented in June 2003 for the Association.
The Board ratified the purchase of a $15,000 Certificate of Deposit at First Federal Savings and Loan.
Old business included a discussion of the Irrigation ditch. There were no other items discussed.
The meeting adjourned at 12:30 p.m.
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