Finance & Legal minutes: 2011-05-01

Minutes:

F&L Special meeting about Solar Currents Proposal

5-1-11



Present: Aaron, Carl, Mary, Becky, Amy

Brief visit from: Adi





1) Welcome, Becky!

Becky is a new counted member of F&L.



For the record, F&L discussed two non-Solar Currents items:



2) Truck Bed Replacement Funds



F&L supports the use of the Truck Bed Replacement Funds to replace the truck
bed and to make any other needed repairs, up to the amount budgeted.



3) Association Insurance Cost to go down



Our insurance rate will go down by 20% in June because we haven’t filed any
claims recently. Reminder to the committee: We plan to shift the start
date of our policy to January in 2012 so that we can find out the annual
cost during the budget process .



4) Solar Currents Proposal



Goal was to have a two meeting process:

1) Community show interest in pursuing solar currents idea

2) Come back with financial scenario



Last week F&L had a meeting with Elph, Adi, Malcolm, and Judith from the
solar committee and hashed through a spreadsheet to better understand the
funding scenario. We were not able to agree on a funding mechanism at that
time.



Aaron checked in with Elph and Adi about tonight’s meeting. Elph felt that
he had taken it as far as he could and was fine with letting F&L proceed. Adi
felt similarly.



Timeline per Adi: is Wednesday a drop dead date? Answer is no, Sunward is
waiting for us to decide because we’d each get a 5% discount if we use the
same installer (Sur). However, this is not the same installer that would
pay $65K up front (Dovetail). If we go with Dovetail, they will give us an
additional $3,000 discount.



Carl brought Becky up to speed and then we talked at length about various
details and aspects.



In short, we decided we want to go ahead with a proposal to do this project
with the Reserve Fund as the sole investor. We discussed many aspects and
details, including risks, taxes, bookkeeping, etc.



Carl and Becky will be meet after dinner on Monday to draft the proposal. We
plan to present this at the community meeting on Wednesday, May 4. Time is
short but we think it is doable.
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