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5/28/2020 4:53:48 PM

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Section 5: OPA Board
Subject: Parks and Board Out of Control Msg# 1084390

From:

Slobodan Trendic Past OPA Board Member 2016-2019

Joined 1/20/2013

To:

Tom Hemmick (Read)

Joined 7/21/2005

Tom,

It not about your or my opinion. It has to do with complying with the CARES Act, with federal laws, rules and regulations.

Do you remember when IRS went after OPA for not paying taxes on the income from beach parking revenue? Surely OPA had plenty opinions / advice from its legal counsel, auditors and CPA. Well, we all know how that vent down and how costly of a mistake that was... homeowners had to pick up the tab.

Slobodan

For reference, the above message is a reply to a message where:
Slobodan

You've got your opinion. But our lawyers, bankers and the SBA had a different opinion. You may see that referred to among the coverage in May issue of Ocean Pines Progress. Articles relevant to the PPP loan on its pages 6, 8, 9, 10, 12, 13 and 29. I can't recall the specific page, but you'll see those opinions of our lawyers, bankers and the SBA discussed, if you read those articles. URL is Click Here

Seems like the SBA's views are the most persuasive, in finalizing this issue. Also the SBA's announcement creating a safe harbor for loans below $2 million appear equivalent to a "case closed" situation. Seems time to move on.

PS That same paper, Ocean Pines Progress, published your START organization request, (page 30) seeking additional backing & donations towards the lawsuit, intended to validate the Petition and Referendum request. This legal action seeks to validate the petition regarding a new $1 million limitation over the OPA's board approval powers to undertake major capital projects, without approvals from the membership. Good Luck with that action.

Tom

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