LTPOA Meeting Report -- February 10, 2004

[This report has been approved by LTPOA Board members: Chris Townsend, Ron Sansone, Matt Holloran, Dale Farwig, and Gary Ryan — jmh]

by Janet Hirsch

Board members present: Gary Ryan, Ron Sansone, Dale Farwig, Chris Townsend

Board members absent: Becky Harper, Ed Mitchell, Carol Kline

Residents present: 38

Handout sheets: January 2004 Financial Statement

Introduction by Pres Chris Townsend — Ed Mitchell (Maintenance Dir) resigned from the Board due to health reasons. We need volunteers to come forward. Thanks to our paid maintenance workers who do a fine job.

Treasurer — outstanding assessments total about $10,000. A collection agency would charge $250 - $300 to collect and our restrictions may not provide for collection agency fees to be passed along. Cash on hand: $9194. Outstanding checks: $2670.

Security — we received $70 reimbursement for a gate breakage incident.

Building — The owner of lots A24-A26 has to obtain a variance from Jefferson County for a building permit. After he has the County building permit he may apply for a Lake Tishomingo building permit.

New Director — Matt Holloran volunteered and was unanimously elected to fill the vacant position of Maintenance Director on the Board.

Website — the website is up-to-date with the most recently approved minutes. The next LTPOA Report will be a combined mailing with LTIA. Deadline for material to be included is Feb 23.

Sewer Committee — the sewer committee is meeting with several engineers and it appears very feasible to implement sewers and water at a reasonable cost. With government assistance we can pay for it over 20 years and also recover some of the cost by charging hook-up fees to latecomers.

Next Sewer Committee Meeting: Friday Feb 20, 7 pm at Schryvers' house.

Finance Committee — to replace the southside bridge will cost about $175,000 - $200,000. A temporary repair will cost about $5,000 - $10,000. The LTPOA board voted unanimously to have the bridge repaired. We should have a firm plan in about a month.

We are importing all the data for this fiscal year into the accounting system. This is a big task and it is being performed by Charlene Sansone and Pat Harting. Dale volunteered the use of his family computer for the accounting system, so we will save the expense of a new computer.

The recommended accelerated payback of the loan is to reduce the principal amount by $50,000 each year. This will shorten the term of the loan from 10 to 4.8 years and save us over $74,000 in interest expense. To generate this extra $50,000 per year the committee recommends an election be held mid-April to pass a permanent special assessment of $1 per front foot.

The Communications Meeting for all lake owners will be held Sunday, Feb 22, 2 pm. At this meeting the financial situation and proposed assessment increase will be discussed. Kathy Hopfer will post a sign announcing the meeting.

Next Finance Committee Meeting: Thursday Feb 19, 7 pm at the Community House.

Volunteer Corps — to become a part of the Volunteer Corps contact Lou Harting. A volunteer signup sheet was circulated at the meeting. All board members present and all lake owners present signed the sheet as volunteers.

New business — Dale is contacting insurance companies to try for lower rates.

The dam has to be inspected in July 2005. By that time we have to clear the dam of shrubs and trees.

We received a contract to purchase lot A-56 for $750. The board voted to accept the offer:

Voted to accept: Gary Ryan, Chris Townsend, Dale Farwig, Matt Holloran

Voted to reject: Ron Sansone

Kenny Allen presented the board with documentation that he claims is evidence from 1962 that he owns the dock in front of lot A-1. He requested a letter from the board confirming his ownership of that dock.