SILVER RIDGE HOA

MEETING OF THE BOARD

MINUTES

17 NOVEMBER 2003

The meeting was called to order at 7:00 P.M.

In attendance were Bonita Martin, President; Charles Bautz, Vice-President, and Shannon Frith, Secretary/Treasurer. Dania Aponte of the ACC was also present.

The minutes of the 27 October 2003 were approved as submitted.

TREASURER’S REPORT

The ending cash balance as of 31 October 2003 was $xxx. Shannon agreed to contact NMA to find out what the $210 of deposits represent and if they could be refunded.

ARCHITECTURAL CONTROL COMMITTEE REPORT

No Report

OLD BUSINESS

Southern Traditions agreed to forgo one month’s fees ($275) for NMA’s failure to notify them that the HOA did not wish to have fall color installed. NMA also agreed to hold its 2004 fees constant at the 2003 level. A motion was made that these two concessions would resolve the outstanding debate over NMA’s error. The motion was seconded and passed.

NEW BUSINESS

2004 Budget – Shannon presented two financial budgets for review. One budget held 2004 assessments at the previous year’s level. The second budget increased assessments by 5%. Shannon moved that we accept the budget with the 5% increase (attached). The motion passed two to one.

Bonita agreed to get three bids for landscaping services to review at the next meeting.

The next Board meeting was schedule for Saturday, January 10 at 10:30 A.M. at Charles’ home.

The meeting was adjourned at 8:10 P.M.