An independent source of news and commentary concerning Lake Holiday POA in Cross Junction, VA
Sept 2006 – Issue 09/01
thesummitadvisor.com ... Links & Archive ... Bulletin Board

Editor's Notes (09/01/2006)

Where's the proxy? Over 400 "demands" for a special meeting and proxies were received by Ogunquit regarding replacement of selected Board Directors. But what now? Well, Ogunquit is considering their options as to if and when to exercise their petition. Between the special meeting and the lawsuit, requests for information have yielded 7000 pages to sift through, and depending on the fluid eligible membership list, the 400+ may fall short of a 1/3 member requirement. Further, there is a concern that if only one director is removed, he will simply be reappointed similar to the recent board reappointment maneuver. Ogunquit may (or may not) wait until after the election.

The reappointment maneuver, for lack of a better term, refers to the musical chair-like replacement of resigned director Jim Masland. John Martel, the board treasurer who replaced Chuck James by appointment, first resigned, and was then reappointed to replace Jim Masland. His vacancy was subsequently filled by Steve Locke. Why? To extend Martel's term by a year. Locke is also a pro-developer candidate (per his resume) for the fall election, for which he now runs as an incumbent. The reappointment maneuver was done under advice of counsel.

The August board book documents the preceding, and contains a wealth of other information pertinent to discussions on our bulletin board. In the treasurer's report there is a Revenue and Expense report for July and Year-to-Date. Notably, July's net is in the red by $129k but the YTD shows a plus $10k. Two remarkable YTD expenses are legal fees at $297k and roads at $320k. It is nice to know that part of your assessments go to something tangible. Not shown directly are ongoing LHEUC costs. Recall that the cost-of-operation rate increase was denied last spring. The YTD legal fees far exceed the budgeted $60k. They are attributed to SCC, utility and audit activity and are non-recurring. The board is expected to publish some cost details soon.

Mr. Martel does deserve credit for the clarity and comprehensiveness of the Treasurer's report. Included are some trending graphs which project an increasing negative cash flow for the remainder of 2006. This has spawned the need for a credit line to cover short term deficits. The 2006 road improvement has been capped at $643k due to increases in oil costs, and a few unfinished sections deferred to following years. Fortunately, needed areas were addressed and West end residents in particular now enjoy a contiguous ribbon of asphalt all the way to the gate.

The spillway boom may have some confused. It consists of a string of 10'x15" dia. pontoon like floats linked together in a triangle with one apex centered away from the spillway, and the other two anchored on shore on either side. The idea is that any loose docks, boats or debris will be wedged to one side or the other for retrieval. Intended as a means to prevent clogging of the culverts and subsequent overtopping and failure of the dam, the boom also will serve as a safety device preventing unpowered boats from being swept over the spillway during a high water condition.

As of August 31st, the slate for the fall election contained six names, two of which are incumbents. The community needs representatives on the board who will research, think, question, consider, accept, reject and offer alternatives to propositions and commitments which find their way to the agenda. Candidate's cutoff is Sept 8th. Hurry!

Please be sure to visit our Community Bulletin Board

Links: Lake Holiday POA...Ogunquit Development ...Lake Holiday LLC

thesummitadvisor.com webspace provided by EZ Dezines