SPECIAL BOARD MEETING
March 7, 2009 AT 1:30PM

PURPOSE:

To discuss the funding for the emergency repairs for Bldg I.

DIRECTORS PRESENT:
Carol Hassebrock
Cathy Tepel
Jim Morehouse
Wayne Holverstott

ABSENT: Arlyn Plagerman, Janet Russell, Deanne Wright

MEETING CALLED TO ORDER: 1:30pm

Wayne brought us up to date on the emergency repairs and extent of the damage to Bldg I which was beyond the Board’s control.

Due to the extensive repairs, costs have exceeded the capacity of the Building Fund. A discussion took place concerning the need for money to cover the repair expenses and how the interests of the owners would best be served.

Wayne made the motion for the Board to authorize an emergency loan transfer from the Insurance Fund to the Building Fund, not to exceed $15,000.00. The loan from the Insurance Fund will be repaid from the expected reimbursement from Birch Bay Water and Sewer Risk Management Pool for the December 2007 flood damage. If that is not the case, the Board will assess the Condo Association Members for the money to repay the Insurance Fund the amount of the loan. Jim seconded. All in favor. Deanne voted in favor by phone call.

MEETING ADJOURNED: 3:15 pm

______________________
Secretary, Cathy Tepel