MINUTES OF THE BOARD OF DIRECTORS BUDGET and 2008 RESERVE FUNDING MEETING OF THE HILLSBORO LE BARON CONDOMINIUM ASSOCIATION, INC. HELD ON MONDAY, NOVEMBER 19, 2007, AT 3:30 PM AT THE ASSOCIATION’S CLUBHOUSE

Present from the Board of Directors were Sam Bowling, President, Fred DeJacma, Treasurer, and Jack Mahony, Director.  Director Winifred Chambers was absent.  Present from Residential Management Concepts were Gary Palombi, Louis Bailey and Shannon Koorse.

CALL TO ORDER

Gary Palombi declared there was a quorum of the Board present at the meeting and Sam Bowling called the meeting to order at 3:30 pm.

PROOF OF MAILING
Shannon Koorse presented proof of mailing of the 2008 Budget and Reserve Funding notice to all unit owners.

ESTABLISH QUORUM
Shannon Koorse reported that there was a quorum of owner’s proxies represented at the meeting.  Sam Bowling then declared that a quorum of owners were present at the meeting.

UNIT OWNER VOTE TO CONSIDER FORGIVING 2008 RESERVE FUNDING
Shannon Koorse reported 95 owner proxies present and voting to forgive 2008 Reserve Funding, and 3 owners voted for the 2008 Reserve Funding.  President Bowling then declared the majority of owners voting to forgive the 2008 Reserve Funding and to establish the monthly maintenance fee at $350 per month for 2008.

APPROVAL OF 2008 BUDGET
The budget for 2008, having been presented to owners by mail, was discussed and all questions from owners answered. Jack Mahony made a motion to approve the 2008 Budget as presented, seconded by Fred DeJacma.  All in favor.  Motion carried.

ADJOURNMENT
There being no further business before the Board of Directors the meeting was adjourned at 3:50 P. M.