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I just noticed on FB's HPP Next Door thread that some real unscrupulous tactics are being played out right now by the GM, office staff and some directors. I double checked what the commentator said about what is now on the HPP web site.
Now, some of these directors (but who knows who is really behind this) are going to hold a regular board meeting right after the special board meeting. Can't do it! But they will try.
1st, the bylaws in Art. VIII Sec. 9 stipulate (this was referenced by the FB commentator) that the regular board meeting dates,times or location can only be changed by a resolution voted on by the board. This is to change the reg. board meetings permanently, not temporarily, that is what the special board meetings bylaw section allows. After such a board decision to make the changes, keeping in mind that at no board meeting has the board made such a resolution, the membership must be notified of the change first, before the change can take affect.
I would argue that sneaking in the reg. board meeting into the agenda for the special board meeting is not notification even if we ignored the intent of Art. VIII Sec. 9.
2nd, these miscreants are fully aware that at 5:00 the bylaw committee meets in the library and has been for several years. The bylaw committee meeting is and has been on the HPPOA calendar but not these board meetings.
Hope everyone shows up to see the show.
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the bylaws in Art. VIII Sec. 9 stipulate...
Good thing there are written rules for everyone to follow.
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A board member did an excellant job of explaining the refinancing of the HPP bond. This nond will save the Association about $130,000 per year in interest payments as well as other benefit savings that should enable HPP to begin paving sooner than later.
One point about the 150% retention. This is on net receipts, whereas the currnt bond is 115% of gross receipts. Hence, it will be the same. Further due to good stewardship by the boards and management we have hindrefs of thousands of dollars in reserve which can cover the retrntion. Also, there is no requirement to raise dues yearly under the new bond.
Unfortunately, the current president and her board member dramatically left the meeting
Without hearing the presentation.
I encourage everyone to unify and get behind the effort ti adopt the refinancing. It’s all good!!#128515;
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Sorry about the typos...doing this on phone with fat fingers! How do you edit posts?
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I’d like to see the contract after all the blank spaces are filled in.
Puna: Our roosters crow first
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The principle amount should be about 9 million dollars.
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There was a decent turnout of members. The Special BOD mtg was deemed illegal by the board Pres since there was no recording secretary present as the bylaws require. These reps were informed of this before the mtg yet fully intended to pursue holding the mtg regardless. There was a lot of argument over that, as those reps were at the gates ready to go with forms to be signed. Let's be clear, everyone wants to refinance the Bond, but do it right, not hastily or recklessly. The treasurer said the Bond would be paid off in 7 yrs and we'd save $3 million and that it would free up a lot of money...(for chip seal? as some wonder)
It was astounding that there was any argument to deny that the meeting was an illegal action and there is NO DEFENSE for these 5 reps lack of transparency and rogue behavior. In fact their whole demeanor towards the transparent and law abiding reps were that they were obstructionists to their agenda which is to shove the Bond through w/out dotting all their i's and crossing all their t's. These people are NOT financial wizards, not even close, and we should be very concerned when they go rogue. There were members who were very concerned to learn that these reps were trying to bypass the FC.
There was discussion that the non transparency by the treasurer w/the FC appeared intentional and a plan to bypass the FC, until the board Pres thwarted their plan by being transparent and sending Bond documents to the FC just before the FC mtg this week. The treasurer had no plans to discuss the Bond as he didn't put it on the FC mtg agenda nor discussion of the bond broker coming to HPP for the 20 Dec 2017 board mtg. (It's likely he didn't know how to discuss the Bond w/knowledgeable FC members, as the GM wasn't there to do it for him.) The board pres reminded these reps that taking the FC out of the equation is removing the membership from the equation. The FC is the checks and balances for the members. Ironically these reps tried to pretend after getting spanked by the board pres and peanut gallery that they had the membership in mind when going rogue and spending association $$$ w/out board approval.
The treasurer went rogue and signed a $30,000 contract for the broker's services, without board approval at a board mtg and officer signatures which he keeps insisting was approved yet there are NO board minutes to substantiate his or other reps' claims.
Unbelievably Murdoch Dist 6 rep said the bylaws on the FC say they can only see already executed contracts at 6 months and have no right to review contracts before they are to go before the board for approval, as had been done w/ contracts signed by the Treasurer and/or GM. This statement clearly shows he doesn't know his bylaws, nor does he understand FC responsibilities and their role for the membership. He is misinforming members and perpetuating illegal business. Therefore, he'd be wise not to say anything more publicly to the membership if he doesn't know what he's talking about. He still owes $$$ to the association for his rogue behavior w/the mailbox fiasco.
It came out during the meeting that the GM regards association members like credit union members. He said he's equal status to a board member after a board member checked him for interrupting her. He barked disrespectfully at a member he dislikes, who was sharing financial information in a civil manner, and the pres told him not to speak that way to members. He said he can if he wants to, which she replied he is an employee.
The board Pres left along w/another rep since the mtg was illegal. She said she could read the Bond at home. Before leaving she sd she'd try and get hold of the recording secretary so they can have a legal mtg this Monday. Others stayed behind to go over the Bond since they were there any ways and couldn't do any legal business. The GM along w/Murdoch appeared to be running the whole Bond Show.
One can only view these past actions as reckless and hasty which is not how you handle Bond Refinancing and they have NOT come up w/a rational explanation on what the big hurry is. They didn't convince me nor other FC members. Some in the peanut gallery were not convinced and kept telling the board they need to follow the bylaws.
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P. S. The "legal" Special Board mtg is this Monday the 18th at 1 PM.
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I couldn't make the meeting. Thanks mermaid for keeping us clued into whats going on, caveat too. I heard a board director mentioned the treasurer smelled of alcohol and looked inebriated but the Treasurer wouldn't leave the meeting. After the meeting another director said this has been going on for awhile. I've seen him at other meetings and something didn't seem right. This isn't good when it's someone handling the Association's money.
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The FC had the Umpqua propsal on Nov 28 at a special FC meeting. Chris went over it.
The FC had a full discusion re this initial proposal.
The formal indenture and supporting documents came to us in December 6 or 7, the date on the indenture is December 6. Lori sent all 5 documents to us on December 8th.
The time limit is the banks, not ours. Time is always of the essence with financial instruments with a baked-in interest rate. You snooze you lose!
The FC can schedule a special meeting and review, make a recommendation, before the crucial December 20th Board Mereting.
The FC per bylaws is only required to have 3 meetings a year. Advisory panel only.
