[ Association By-Laws ] [ Sinking Fund Resolution ] [ Number of Directors Resolution ] [ Vote to delete co-signing checks ] [ Clarification of Compensating Directors ]

RESOLUTION OF STANFORD ELM PROPERTY OWNERS ASSOCIATION

WHEREAS, Stanford Elm Addition (“Addition”) is a residential addition in the City of Bixby, which is comprised of common areas or reserves, private streets, gates, perimeter fencing, water features, sewer lines, and other infrastructure and improvements (“Substantial Improvements”) which are maintained at the direction and expense of the Stanford Elm Property Owners Association (“Association”);

WHEREAS, the Association is mindful of the fact that construction of and repairs to the Substantial Improvements may be very costly and does hereby desire to create a fund from which such construction and repairs will be paid and desires that such fund will be called THE STANFORD ELM INFRASTRUCTURE SINKING FUND (“Fund”);

WHEREAS, in order to provide for the savings and investment of funds necessary for such construction and repairs to the Substantial Improvements on, under and around the Addition, the Board of Directors of said Association (“Board”) do hereby make this Resolution;

RESOLVED, that the board shall provide for the following:

1. The Fund shall be created and maintained in an appropriate interest-bearing deposit or money-market account in a federally insured financial institution or securities firm which shall be selected by the Board and such account shall earn such rate of interest as the Board deems appropriate (“Fund Account”).  While the Board is not expected to be possessed of expert investment knowledge, it shall endeavor to invest the Fund in an account of the type which customarily pays a regular rate of return or appreciation on the amount invested and the Board will not invest the Fund in any account which would be considered of a high risk or speculative nature insofar as such terms are considered in the investment profession.
2. The fund shall initially be created by the Association’s deposit of the amount of Seven Thousand Five Hundred Dollars ($7,500.00) from the Association’s operating account into the Fund Account.  Thereafter, if the financial condition of the Association shall allow, the Fund Account shall be supplemented by an annual deposit of an amount of Seven Thousand Five Hundred Dollars ($7,500.00); however, nothing herein shall prohibit the Board from making more frequent or larger deposits if the circumstances and financial condition of the Association allow.
3. The Fund shall only be drawn upon for improvements or repairs to Substantial Improvements which are improvements or repairs authorized by a unanimous vote of the Board or an affirmative vote of a simple majority of the members of the Association.

CERTIFICATE OF ADOPTION OF RESOLUTION

I, Doug Waldman, do hereby certify that I am Secretary of The Board of Directors of Stanford Elm Property Owners’ Association, that the foregoing is a true and complete transcript of the Resolution duly adopted on the 6^th day of August, 2001 by the Board of Director’s of said Association at a meeting thereof regularly called and duly held and at which a quorum was present and is as the same appears in the records of said association, and that said resolution has not been amended or rescinded.

IN WITNESS WHEREOF, I have hereunto set my hand this 6^th day of August, 2001.

           SIGNED Douglas R. Waldman   

Doug Waldman

Secretary

[ Home ] [ Up ]

Send mail to info@lionheartmanagement.net with questions or comments about this web site.
Copyright © 2007 Stanford Elm Homeowners Association
Last modified: April 23, 2012
Content Label | Privacy Statement