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9/28/2023 7:07:18 PM
 
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Section 5: OPA Board Subject: Boardroom Replacement? Msg# 1193239
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The expenditure level of the New Capital Reserve is set at $500,000 in any one fiscal year.
In a resolution? If so, then rather meaningless. The board can change any time it chooses. |
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For reference, the above message is a reply to a message where: Regardless, the Board of Directors can vote (2/3rds I believe) to move reserve funds from one category to another. For example, from replacement to new capital. Correct: Section 8.03 of the By-Law, last sentence. Although notice of a proposed transfer is not defined, it would appear to require more than simply publishing an agenda. I have no doubt some association members will question this, Agreed: There are provisions in F-03 Financial Reserve Accounts that can be considered relevant. Is the existing Board Room a Capital Asset that will be replaced? The expenditure level of the New Capital Reserve is set at $500,000 in any one fiscal year. Jim Trummel |
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