TAMPOA Board Agenda for March 1
The TAMPOA Board meets tomorrow, Thursday March 1, at 4:00 p.m. Among other tings, the Board is going to talk about finances and borrowing money. If you are concerned about this, you may want to attend or at least make your wishes known to Board members you know. The big question: is this potential borrowing of $400,000 fiscally responsible. Judge for yourself. Here's the Board Agenda:
The Truman Annex Master Property Owners’ Association, Inc.
Board of Directors Meeting
201 Front Street, Suite 103
Key West, Florida 33040
March 1, 2007
Thursday at
4:00 PM
Purpose: Conduct Business as Properly Brought Before the Board
AGENDA
1. Call Meeting to Order
2. Determination of Quorum
3. Proof of Notice of Meeting
4. Approval of Minutes
January 8, 2007 Board of Directors meeting
January 29, 2007 Annual meeting
January 29, 2007 Organizational Board of Directors meeting
5. Reports of Officers
President’s report: Discussion of Litigation with the City of Key West
Treasurer’s report: Review the year to date financial statements
6. Reports of Committees
Architectural Control Committee
7. Unfinished Business
8. New Business
Approve corporate resolution to authorize borrowing from Marine Bank and to approve of the
terms of their loan commitment for the purpose of establishing a $400,000 credit line to pay
legal fees in reference to the ongoing litigation with the City of Key West and assist the
Association’s cash flow in the future in the event of a catastrophe such as damages resulting
from a server hurricane.
Management items
9. Member Input
10. Adjournment
I, Tom Tukey, as President of The Truman Annex Master Property Owners’ Association, Inc., hereby call a Meeting of the Board of Directors as stated above.
THE TRUMAN ANNEX MASTER PROPERTY
OWNERS' ASSOCIATION, INC.
By: Tom Tukey
President, TAMPOA
Labels: announcements
posted by Conchette at 8:00 AM
5 Comments:
As usualy you twist the facts to inflate your pontification....
The agenda item does NOT call for a loan. It's to set up a LINE OF CREDIT, so that in the case of an emergency where funds are needed rapidly, they can quickly be pulled from the existing line of credit rather than spend time trying to get credit later. This is a very responsible way to prepare for emergencies without having to lock up funds in advance.
Has your posting policy changed? It does not appear that you are posting anyone else's comments.
After hundreds of thousands of dollars collected in multiple special assessments of homeowners, and after supposed promise that legal fees are now capped, it is surprising that an additional $400,000 needs to be obtained to lead Mr. Tukey into his battles. Also, it is amusing how this is apparently being softened by bundling it with future potential storm-related damages (of course, no breakdown of litigation vs. future storm damages is provided). Doesn't TAMPOA carry insurance that would protect it against future storm damages? Also, if past money reserves (originally intended for things like catastrophic damages) had not been squandered on legal costs, then this would not be an issue at this time.
To Annonymous who is worried about the fine distinction between a line of credit and a loan: We agree that we did not call the agenda item "a loan." But why then apply for a line of credit if you have no intention whatsoever of using it? And why put forward the possibility of spending the money on litigation? How long, after all, has it been since the TAMPOA Board has borrowed money? Only once that we can remember; back in 1994 or 1995 to buy out Pritam Singh.
We think you are spliting the hairs too fine, my friend. Let's call a spade a spade. This agenda item is about borrowing, and at least the TAMPOA Board is being straight forward about putting it out there for folks to have a chance to comment on. We'll give them that.
Why not defend your favoitism for borrowing the money on its merits instead of trying to put a spin on it? Maybe it's a good way to prepare for emergencies (although in this instance we don't think newly filed litigation qualifies as an emergency). Maybe it's not a good way to prepare. It is either good fiscal policy or its not. That still remains the question.
To anonymous who wonders about our comment policy: Our policy on publishing comments remains the same. If your comment(s) have not been published, review the policy again. If you have not followed our policy your comment will not see the light of day. In a future post we'll try again to recap the policy so it will be clear to all. We will always publish interesting newsworthy comments consistent with the spirit of good journalism and a free press.
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