THE
ANNUAL MEETING MINUTES January 21, 2006
The annual meeting of The Lakeshore Company shareholders was called to order by President Barbara Coulter at 8:10 p.m. at the Clubhouse.
A roll call of the shareholders indicated the presence of a quorum (26 stockholders present in person and 27 represented by proxies).
The Minutes of the 2005 annual meeting were read and approved.
A moment of silence was observed in memory of longtime residents Louise Bowden, Roz Reusser and Gladys Seymour.
New resident Marybeth Garry was welcomed to the community.
The routine operations conducted during 2005 were reviewed. There was discussion of plans to install a backup generator for the well by the playground. Because of State requirements to measure chlorine in the system on a daily basis, the VSAs are currently trained to take such measurements. It was indicated that in the future, we may go to a more mechanized "auto�dispenser (with feedback)" system in order to more rapidly adjust chlorine levels in the water. It was also indicated that additional warning lights would be added.
Jim Irving and George Burd were thanked for their support and work throughout the year.
President Coulter thanked
President
Bobbi Coulter gave the State of the
First, Bobbi reminded everyone that that our overarching priorities were to ensure the smooth operation our water company and the continued safety of our lake and it's associated Dam
Bobbi indicated that the major focuses of 2005 had been the extensive preparations for the Dam/Dredge project and the continued assurance of high quality drinking water. President Coulter said that we could continue for another year without a dues increase but that such an increase was probable in the following year or two. In particular, Bobbi reviewed our financial planning and implementation plans for the anticipated 2006 Dam/Dredge project activities. She indicated that we were currently negotiating with Union Paving following receipt and analysis of several bids. She also indicated that only one bidder was comfortable with the potential re-use of the dredging spoils to further stabilize the dam and that such usage was therefore unlikely.
The maximum loan amount (from the State) is expected to be approximately $725 thousand dollars for the Dam/Dredge project. Work involving the lowering of the lake is expected to be completed by April, 2006 and the work will take place between 6:00AM and 6:00 PM seven days a week during this period. In preparation for the Dam/Dredge project, the old ball field area was prepared to receive dredging spoils and the designs for the Dam/Dredge project were finalized by Langan Engineering during 2005. President Coulter offered special thanks to Chris Allen for all his work in support of the Dam/Dredge project.
President Coulter reminded the community that it is the Board's policy to monitor encroachments to Lakeshore-owned properties by adjacent property owners, and to try to prevent further encroachments. Existing encroachments are at the pleasure of Lakeshore, and Lakeshore reserves the right to withhold or to retract permission in the future.
President Coulter entertained questions concerning the safety and use of the roads during the Dam/Dredge implementation period. She indicated that truck traffic would be less than originally anticipated, that trucks would be advised to drive slowly, that Langan Engineering would be on�site several days each week, and that the Union Paving Supervisor would be present every day. Bobbi indicated that we would alert the community when or if significant planning changes occur.
Fenton Chaney gave the Treasurer's Report: A Statement of Income and Balance Sheet were distributed and discussed. Fenton explained that because the Dam/Dredge activity remained in the planning stage throughout 2005, the Dam/Dredge expenses were less than originally budgeted for 2005. Bob Gray noted that the starting balance for the "Plan for 2005" column inadvertently repeated the 2004 starting balance (rather than the 2004 end-of-year balance). Fenton apologized and said he would make the necessary corrections. Fenton then pointed out that because the Dam/Dredge project is expected to complete during 2006, the proposed 2006 budget includes estimates for repayment of the loan. Under an agreement with the MKL Association, the costs for the loan will be split with Lakeshore on a 50-50 basis
Fenton said that Dam/Dredge-related bills would be submitted to the state as promptly as possible in order to avoid possible cash flow problems.
New Business: There was no formal new business beyond the election of Lakeshore Company Directors for 2006.
The Search Committee consisted of Chairman Betsy Sullivan, Gail Allyn, David Alvey, Terry Dwyer and John Murray. Betsy Sullivan presented the following slate for election: Rick Barrett, George Burd, Fenton Chaney, Bill Manser, Mike McGoldrick and Newton White. A voice vote was taken without objection, and the slate was unanimously approved.
President Coulter thanked Larry Bell, who is stepping down from the Board, for his past service to the community.
President Coulter thanked many past and current Lakeshore Company Directors and supporters for having made her long and productive tenure on Lakeshore a very pleasant and meaningful experience. In particular, Bobbie thanked Jim Irving, Dave Molendyke, Bob Edgar, Bob Gray, Gail Allen, Austin Godfrey and Newton White for their many contributions over the years. Bobbie also thanked current Lakeshore Directors Larry Bell, Bill Manser and Fenton Chaney for their on-going support.
Bobbie then spoke fondly of the supportive community environment here at the lake and that it provides a "village" style of life and a sense of community that is quite special.
The meeting was adjourned at 9:50 p.m.