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11/11/2006 6:13:33 PM
 
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Section 5: OPA Board Subject: Community Center Contract Msg# 387537
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Tony, As Treasurer I find it more important for me to be familar with the contract that exists between OPA and the investment firm in which we have $6 Million plus or minus of our money deposited than I am with the details for a $3.1 Million contract which Dan is responsible for. If Dan hadn't such a poor project management history, I'd agree with the above. Obviously, as an "executive with Xerox" you can and should focus on both. I totally agree with your other motion. That penalty amount is very important because it could be THE factor in whether the referendum petition suceeds. If a number was calculated now, it would likely represent the penalty floor and would provide some value in deciding the above.
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For reference, the above message is a reply to a message where: Tony, As Treasurer I find it more important for me to be familar with the contract that exists between OPA and the investment firm in which we have $6 Million plus or minus of our money deposited than I am with the details for a $3.1 Million contract which Dan is responsible for. As for my motions for the November meeting, you quote one which is just housekeeping so to speak; bringing the policy into complience with the practice in place for two or three years. The other motion I'm making is far more important. At present, all interest earned by six of seven reserve accounts (bulkhead fund excepted) is transfered into the general operating funds each month. Right now thats about $100,000 plus per year. My motion will require that all interest earned by each reserve account must stay in that account to be used for future needs. The General Manager has stated that the contracts are signed and that they contain an arbitration clause. One very qualified lawyer has posted here the factors which would be used to determine our liability. I tried to explain the problem with trying to determine the $ degree to which OPA will be committed. There is no fixed cost to cancel the contract that can simply be announced to put this thing to bed. Bill Z |
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OPA Board Meeting - Golf Clubhouse
11/23/2024 - 9:00 A.M. 3 days or less away! |
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Special Board Meeting - Board Room
11/25/2024 - 7:00 P.M. 3 days or less away! |
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OPA Board Meeting - Golf Clubhouse
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OPA Board Meeting - Golf Clubhouse
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OPA Board Meeting - Golf Clubhouse
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