RECORD OF PROCEEDINGS

BOARD OF DIRECTORS’ REGULAR MEETING
 THE KNOLLS VILLAGE TOWNHOUSE ASSOCIATION

A regular meeting of The Knolls Village Townhouse Association was held on Tuesday, February 1, 2005 at the association clubhouse at 7:00 PM. Present were directors Ken Holloman, Barbara Arnold, Bob Evans, Loren Rohl and Kathleen Sutton; Committee Chair Don Boyson; and Manager Warren Deutsch. Joan Rowe was present to record the proceedings. Also present were Harold Arnold and Bill Omeron.

Ken Holloman made a motion to approve the minutes of the January 4, 2005 meeting as written. The motion was seconded by Barbara Arnold and was passed.

A motion was made by Barbara Arnold and seconded by Loren Rohl to accept the financial statements as presented. The motion was passed.

Bill Omeron, the association’s CPA, distributed draft copies of the annual report. The Board resolution mandating that excess operating income will be transferred to reserves is only needed if there is a tax savings to the association.

Don Boyson, Architectural Control Committee, presented a summary of bids for the next painting cycle. The bids were from Eastern Slope, Columbine Applications, Platte River and Dynasty II. The paint committee would like to Board to consider the bid from Platte River Capital Projects. The committee will inspect other projects done by Platte River and report back to the Board before a contract is signed. The 2005 cycle will include 76 units.

Barbara Arnold made a motion to accept the contract from Brannan Sand & Gravel for corrections to asphalt repairs at no additional cost to the association. The motion was seconded by Ken Holloman and was passed.

A motion was made by Barbara Arnold and seconded by Ken Holloman to authorize the spending of up to $1,200.00 for Arbor Garden to remove hanging branches and deadwood from cottonwood trees throughout the complex. The motion was passed.

Ken Holloman made a motion to purchase a vacuum cleaner for the clubhouse for $150.00. Kathleen Sutton seconded the motion and it was passed.

Some of the ways suggested to save money this pool season are: open after Memorial Day, adjust the hours of operations and reduce the pay-scale for pool attendants. All pool issues will be discussed and decided by the next meeting. This Spring, the remaining $2,500.00 from the 2004 budget for tree replacement will be spent. The Board will schedule a walk through of the area to plan for landscaping expenditures.

Barbara Arnold reported that an electronic vote was conducted on January 23, 2005 and it was approval was given for the association to purchase a 2-year treasury, yielding 3.206%.

The reserve account has a balance of $412,720.00 and the painting escrow balance is $16,440.00.

The March newsletter will be produced at Alphagraphics. Fred Langford will be contacted to update the association web-site.

There being no further business, the meeting was adjourned.