President Ben Givens called the meeting to order at 9:00 a.m. Board members present were Bob Burwell, Ben Givens and Lars Warn.

Minutes of the August 19, 2002, meeting were approved as presented.

Secretary/Treasurer Bob Burwell reviewed the September 30, 2002, Financial Report. The Operating Account had a balance of $39,459.35 however $16,315.51 of that amount was Prepaid Owners Fees. The Reserve Account had a balance of $167,281.23. The first nine months had total expenses of $241,137.89 compared to budget of $256,212. The report showed six (6) owners delinquent for a total of $1,071.10 in monthly maintenance fees. However only two (2) owners were delinquent in maintenance fees while the other four (4) were delinquent in late fees.

Betty Moore from Rampart Properties introduced Bill Martin as the new Director of Management Services responsible for our account.

Betty Moore from Rampart Properties reviewed the October 28, 2002, management report.

An E-Mail dated August 26, 2002, from Ed and Barb Waterstradt, Unit #700 thanking all Board Members, Committee Members, Dan and the Webmaster for a great job.

The following notes were from the Suggestion Boxes:

Sharon Vincent #309 – Inquired about spraying for ants. Bill Martin was requested to contact our pest control service. Sharon also inquired about reserves for balconies. This issue has been addressed in the reserve study provider the Board hired earlier in the year.

Linda Pinch #206 – Requested the Board investigate decorations on the 2nd floor outside the owner’s courtyard. Bob Burwell stated he had investigated and found one plant outside the courtyard, but it was not blocking the walkway and should not be a concern to the fire marshal.

Josephine Edler Unit #205 – Requested a sign in the pool area stating “Please return umbrellas to rack before leaving the pool.” The Board felt that another sign was not necessary.

George Powers Unit #701 – Requested signs at “both” ends of the building informing dog owners to pick up after their dogs. Reminders will be placed in the newsletter and on the bulletin boards.

Cliff Snedeker Unit #1003 – Complained about the inconsistent color of the light bulbs in the common areas. All light bulbs are replaced with “cool white” colored bulbs, but only when they burn out.

Cliff Snedeker Unit #1003 – Stated that the railings on his balcony are faded and in need of painting. The Board explained that all the railings need is to be wiped down with Armorall or any car polish and that should be done by the unit owner.

Dr. Aytekin Ulgen #509 – Complained about the noise from moving chairs and/or furniture in the unit above his. The Board explained that the bylaws does not give the Board authority to assess fines and their only recourse is to write a letter. Bill Martin was instructed to write a letter to unit #609 requesting that they be considerate of their neighbor below them when moving furniture.

None.

Landscaping Committee – Jo Warn reported that the new lawn service is working out very well. The Board thanked the Landscaping Committee for the needed improvements.

Lightning Committee – Joe Giacomini reported that the committee had researched several types of lightning prevention systems and transient voltage surge suppression (TVSS.) They received bids in the neighborhood of $36,000 to install the various systems. The committee concluded that lightning “prevention” or “protection” is impossible and that to obtain the minimal effects of direct and/or indirect lightning consequences we must use a systematic hazardous approach. Since the knowledge within the committee about the various devices is very limited, they recommended the Board hire an electrical consultant to include recommendations as to our basic needs, provide a bidding specification and provide a list of qualified installers and electrical grounding surveyors. The Board thanked the committee for their study and research. The committee was requested to continue their quest by researching for a recommendation for an electrical consultant.

Emergency Committee - Tim Wukie reported that the Clearwater Fire Department does not recommend that keys be provided to the roof access doors. They stated that our building is an up to date design and the enclosed stairwells are fireproof and have exhaust fans to remove smoke. They stated that in case of a fire, our best defense is to evacuate the buildings through the stairwells. Our buildings have a Class B Speaker fire alarm system which provides evacuation instructions inside each unit. If a speaker is disconnected, speakers in other units will not work. It is a felony to disconnect a speaker. The Clearwater Fire Department has offered to make a fire prevention presentation to the owners in an afternoon meeting provided there are enough owners willing to attend.

Bob Burwell reported that the funds for the 680 entrance had been deposited in our attorney’s trust account and that construction should start next week.

Secretary/Treasurer Bob Burwell presented the 2003 proposed budget. The budget is increased $57,772 of which $26,924 is an increase in insurance premiums and $23,569 is an increase in transfers to reserves. The balance of the increases are for minor increases in utilities and maintenance items. Burwell stated that insurance for large buildings has gone up a substantial amount the last two years because of 9/11. He further stated that this past year the Board retained a professional reserve study provider, GAB Robins, to evaluate the adequacy of our reserves. State law requires that we set up reserves for all common elements that have a replacement cost of $10,000 and above. The study showed that we did not have reserves for all items required under state law and that reserves for some other items were light. It was moved and seconded to submit the Proposed 2003 Budget as presented to the owners. Motion carried.

Secretary/Treasurer Bob Burwell stated that state law requires an “audited” annual financial statement when revenues exceed $400,000 per year unless the Board allows a “review” annual financial statement. The cost of a audited statement is considerably more than a review statement. It was moved and seconded to authorize a review financial statement for 2002. Motion carried.

It was moved and seconded to accept an engagement letter from Elizabeth Wadsworth, C.P.A. for a review of the 2002 financial statements at a cost of $2,300 and preparation of federal and state income tax returns for 2002 and state intangible tax return for 2003 at a cost of $170. Motion carried.

Several comments were received by the owners present concerning large parties in the pool area. President Ben Givens pointed out there is nothing in the rules and regulations to prevent such parties. The matter was referred to the Covenants Committee for study and recommendations.

The Annual Meeting will be Wednesday, November 20, 2002 at 7 P.M.

There being no further business, the meeting was adjourned.

Robert A. Burwell, Secretary/Treasurer