03-28-2020, 08:22 AM
BillyB....take a look at this
http://www.hppoa.net/newsite/wp-content/...-18-17.pdf
For some reason there's no minutes for 20 Dec 2017 board meeting. You'd think so since refinancing the Bond was a big deal during this time period and there was some bumbling around going on because it was being done quickly and those involved weren't financially savvy. The FC was purposely excluded. I was on the FC at that time. I have no idea if the Dec 2017 board meeting was cancelled or that the minutes disappeared for some reason.
We are not deferring the bond payment that's already been approved. We are proposing to defer the road fees. Since we haven't been paving and we shouldn't be HIRING a road crew or anyone at this time there should be plenty of money to make one or more payments.
Ref the Bond...I asked to see the indenture of the new bond as a director and was never provided it. The old Bond is in the directors' folders but wasn't replaced with the new bond. The Finance Committee asked for a copy of the indenture as they by right should have this information. The former Treasurer's response to all parties involved is that "we have to ask the Bond company's permission first." Individual board members have to ask permission to get a copy of the Bond? Really? Yet "some" people on the board and the GM has this information?
Some directors have NO idea what the finalized Bond language was since we've never seen it. The requirement to have four seated directors is still a requirement and needs to be filed with the Bond company. I don't know how they got around this during this past term as there aren't 4 officers, only 1...the plaintiff. Even his officer seat is questionable after all these months. We can't pick and choose what we follow on the Bond requirements. HPP was warned of default by the previous bond company because the board president at the time was illegally seated. An unknown member blew the whistle on him. He had to resign immediately.
http://www.hppoa.net/newsite/wp-content/...-18-17.pdf
For some reason there's no minutes for 20 Dec 2017 board meeting. You'd think so since refinancing the Bond was a big deal during this time period and there was some bumbling around going on because it was being done quickly and those involved weren't financially savvy. The FC was purposely excluded. I was on the FC at that time. I have no idea if the Dec 2017 board meeting was cancelled or that the minutes disappeared for some reason.
We are not deferring the bond payment that's already been approved. We are proposing to defer the road fees. Since we haven't been paving and we shouldn't be HIRING a road crew or anyone at this time there should be plenty of money to make one or more payments.
Ref the Bond...I asked to see the indenture of the new bond as a director and was never provided it. The old Bond is in the directors' folders but wasn't replaced with the new bond. The Finance Committee asked for a copy of the indenture as they by right should have this information. The former Treasurer's response to all parties involved is that "we have to ask the Bond company's permission first." Individual board members have to ask permission to get a copy of the Bond? Really? Yet "some" people on the board and the GM has this information?
Some directors have NO idea what the finalized Bond language was since we've never seen it. The requirement to have four seated directors is still a requirement and needs to be filed with the Bond company. I don't know how they got around this during this past term as there aren't 4 officers, only 1...the plaintiff. Even his officer seat is questionable after all these months. We can't pick and choose what we follow on the Bond requirements. HPP was warned of default by the previous bond company because the board president at the time was illegally seated. An unknown member blew the whistle on him. He had to resign immediately.