MINUTES OF THE SPECIAL MEETING OF THE HILLSBORO LE BARON CONDOMINIUM ASSOCIATION, INC. HELD ON TUESDAY, OCTOBER 2, 2007, AT 4:00 PM AT THE ASSOCIATION’S CLUBHOUSE

Present from the Board of Directors were Sam Bowling, President via teleconference, Fred DeJacma, Treasurer, Jack Mahony, Director and Winifred Chambers, Director.  Present from Residential Management Concepts were Gary Palombi, Robert Alter and Shannon Koorse.

CALL TO ORDER

Gary Palombi declared there was a quorum of the Board present at the meeting and called the meeting to order at 4:00 pm.  

APPROVAL OF MINUTES
Fred DeJacma made a motion to approve the minutes of the June 25, 2007, meeting as presented, seconded by Jack Mahony.  All in favor.  Motion carried.

ACCEPTANCE OF RESIGNATION
The meeting was turned over to Sam Bowling and he advised the Board that Robert Stevens has sold his unit and had tendered his resignation from the Board.  A motion was made by Jack Mahony to accept the resignation, seconded by Fred DeJacma.  All in favor.  Motion carried.

ACKNOWLEDGE THE SERVICE OF GEORGE PEARSON
Sam Bowling stated that the Board and owners should honor the memory of George Pearson, a former board member.  Sam reported that George was responsible for all the hard work expended on the Brick Pavers Project.  A moment of silence was held in honor of the life and service of George Pearson.

ASSESSMENT DISCUSSION
Gary Palombi, of Residential Property Management, reported to the Board the receipt and tabulation of 126 Consent Forms from owners in favor of the Parking Lot Brick Pavers Project. 

Sam Bowling stated that seventy-five per-cent of the Le Baron owners totals 121.  Sam Bowling therefore declared the consent votes of owners in favor of the Parking Lot Brick Pavers Project at a projected project cost of $225,000 dollars.  There was no objection from the floor. A motion was made by Jack Mahony to approve the Pavers Project in the amount of $225,000 dollars, seconded by Fred DeJacma. All in favor.  Motion carried.

PAVERS PROJECT ASSESSMENT
Sam Bowling suggested the Pavers Project owner assessment amount would be $1,500 per unit.  A motion was made to assess all unit owners $1,500 per unit for the Pavers Project, with a payment schedule of $500 payable on December 1, 2007, $500 payable on January 1, 2008, and $500 payable on February 1, 2008.  Assessments will be considered delinquent after 30 days by policy.

It was also suggested owners could pay the total $1,500 assessment on December 1, 2007, if they so desired.  A motion was made accordingly by Jack Mahony, seconded by Fred DeJacma.  All in favor.  Motion carried. 

The Board agreed to seek a new $600,000 dollar line of credit from the bank.

ADJOURNMENT
There being no further business before the Board of Directors, Sam Bowling adjourned the meeting at 4:10 pm.