MINUTES OF THE BUDGET MEETING OF THE BOARD OF DIRECTORS OF THE HILLSBORO LE BARON CONDOMINIUM ASSOCIATION, INC. HELD ON WEDNESDAY, NOVEMBER 12, 2008, AT 4:00 PM AT THE ASSOCIATION'S CLUBHOUSE

Present from the Board of Directors were Sam Bowling, President; Jack Mahoney, Vice President; Fred DeJacma, Treasurer; Ken Koppenhoefer, Secretary; John Reiser, Director and Dick Bergman, Director. Roman Bartkiw, Director, was absent with prior notice. Present from Residential Management were Mark McKnight and Shannon Koorse.

CALL TO ORDER

The meeting was called to order at 4:00 pm.

PROOF OF MAILING

Sam Bowling presented the affidavit of mailing showing that the meeting was properly noticed to all homeowners.

ESTABLISH QUORUM

Sam Bowling stated that with 84 votes in favor of forgiving reserves and 5 votes opposed, there was a quorum. He added that maintenance payments would remain the same for 2009.

APPROVAL OF 2009 BUDGET

Dick Bergman motioned to approve the 2009 budget; seconded by John Reiser. All in favor. Motion carried.

ADJOURNMENT

There being no further business before the Board of Directors, the meeting was adjourned at 4: 15 pm.