HPP Biz

[Makona84]

One of the best provisions of the new bond is that dues will not have go up...the old bond mandates increases that will result in fees over $500 in a not so distant few years.
This will be a major benefit to those with limited incomes.

[mermaid53]

quote:

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Originally posted by Makona84

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.

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Good morning JF. If you're going to post about this topic, it'd be ethical to give accurate info. This is exactly why there are suspicions of reckless activity going on w/an item way too important.

The treasurer and GM gave the FC a LOAN proposal at that Special FC mtg, NOT Bond info. Don, NOT Chris, went thoroughly over the LOAN proposal NOT Bond.
The treasurer DID NOT send any documents to the FC about the Bond and had intended to bypass the FC. Evidence also is the lack of this item on the following FC mtg's agenda. The Bond item was added to the FC agenda by an FC member as it was not on the agenda created by the treasurer....again was excluding the FC. While discussing the Bond and asking questions, the treasurer, the FC Chair, walked out on the meeting. The GM was conveniently absent so there was NO ONE giving info to the FC.

Good thing the FC voted to have monthly meetings from now on. Too many important contracts and business decisions were being made w/out FC oversight w/the 3 x's a yr minimum required FC mtgs.

[mermaid53]

P. S. I forgot a very important detail....After the FC was included in the Bond proposal by the board Pres, and the topic added to the FC agenda at the most recent mtg, it was discovered while asking questions about the Bond that the treasurer hadn't even read it.

Edited to add an add'l point: The Treasurer was insistent during the Dec FC mtg that the newly introduced Bond was a LOAN. (A LOAN proposal was given to the FC during the Special FC mtg) Everyone kept saying to him that we are now looking at a BOND. He looked confused.

[leo]

One of the best provisions of the new bond is that dues will not have go up...the old bond mandates increases that will result in fees over $500 in a not so distant few years. This will be a major benefit to those with limited incomes.
This isn't true Makona. Someone recently posted that the treasurer, general manager and another director from district 4 were pushing for another 10% increase on our road fees come January but the board voted for under 5%. The treasurer wanted it to go up 10% every year.

[Chunkster]

There is no requirement under the existing bond for the dues to increase annually. I was there when the representative from the bond company addressed a general meeting and said so. (In fact, I'm pretty sure there was at least one year since then when dues did not go up.) He did say, however, that the funds would not pave all the roads and that we would be foolish not to pave the highest maintenance gravel roads first with the money we had. The BOD then proceeded to not follow that advice through several phases of paving in which they were all over the map in terms of priorities. The directors at that point behaved in a more civil manner than we have become used to, but they weren't any smarter.

[leo]

I think all the arrows are pointing to HPP needing financial advice by someone looking out for the Association before the board of directors goes any further and screws things up. We sure don't want to have any problems coming back to haunt us with a new bond. Lots of conflicting information is problematic. Weird how it parallels what's going on with Trump and congress during a time when people are real busy and rushed to make important decisions. Does anyone remember when the treasurer at a general membership meeting said we need to go after the board of directors that put the current bond together? I have no confidence in this clueless treasurer and the arrogant general manager who forgets he's an employee or those clueless board of directors who are behind this rush job. I don't know if anyone picked up on this but it appears an employee and a couple of directors are in control and the board President and the finance committee are being left out of the loop.

[mermaid53]

Emergency Board of Directors’ Meeting December 18, 2017, 1 PM

Board of Directors:
Lori Laucik (D5), President
Ruth Mizuba (D2), Vice-President
Chris Anderson (D8), Treasurer
David Roe (D9), Secretary
Larry Kawaauhau (D1)
Kathleen Shaw (D3)
Jack Oskins (D4)
Patrick Murdoch (D6)
Leslie Blyth (D7)

Notice is hereby given that an Emergency Board of Directors’ meeting of the Hawaiian Paradise Park Owners’ Association will take place on December 18, 2017 at 1:00pm in the HPPOA Activity Center Library at 15-1570 Maku’u Drive, in the Hawaiian Paradise Park Subdivision, Kea’au, Hawai’i.

AGENDA
I. Call to Order
II. Roll Call
III. Approve Agenda

IV. NEW BUSINESS:
a. Discuss/Approve Steven Gortler Engagement Letter
b. Discuss/Approve Norton Rose Fulbright Engagement Letter
c. Other Bond Engagement Letter Discussion

V. ANNOUNCEMENTS:
a. Next scheduled BOD Regular Meeting is December 20, 2017 at 6 PM

VI. Adjourn to Executive Session (if required)

Please try and attend this very important meeting regarding the refinancing of our Bond. We need to ensure this board gets bond counsel advice from someone who is looking out for OUR best interests, BEFORE signing any forms...NO RUSHING this through w/out ALL the board and Finance Committee overseeing this action that will affect HPP for many years to come.

[Eric1600]

As an outsider, it seems like this bond has been a major problem for HPP and it is a lot of money. It seems odd this is being rushed through at a time when a forensic audit is supposed to be undertaken. Or did they squirm out of the audit too?

[Chunkster]

In an economic environment of rising interest rates and what is likely a limited time offer, expedience is desirable as long as due diligence and transparency are maintained. And I can guarantee you all that no matter how good a deal they get or how many committees review it, an angry group will inevitably pop up later insisting that we were swindled and someone was out for personal gain. No good deed goes unpunished in HPP.

[mermaid53]

Or did they squirm out of the audit too?

Yes, they are trying to squirm out of the forensic analysis. All those involved (including former reps) had to hear was the proposed forensic analyst say, "if it stinks I'll smell it, I've been doing this for over 40 yrs. Yes I can put a pkg together to go to a prosecutor if needed. Yes, I'll be able to find out if all the $ intended for chip seal was allocated as the contract specified. Yes, I can find out if your money was allocated as the budget was specified." I don't believe members will be deterred from wanting the forensic analysis. It's too important.