The Covenant Committee set two primary goals for 2010. The first was to research whether or not the Santa Fe Trail Ranch (SFTR) governance documents were in conformity to the Colorado Common Interest Ownership Act (CCIOA), effective in 1992 and further amended in 2005 and 2006. The second goal, which is a mandate of the CCIOA, was to develop Policy and Procedure for dealing with SFTR Covenant violations and to set forth remedies appropriate to resolving those violations. The POA Board approved a budget of $1000.00 for the Committee to pursue and achieve these goals.
In pursuing the first goal, the Committee took advantage of a "no cost" review of our Covenants by a Denver law firm specializing in governance and enforcement issues for Home Owner and Property Owner Associations. Their review resulted in the finding that our existing Covenants covered 95% of the requirements outlined in the CCIOA. The review further stated two requirements that our Association did have to address. One was a Resolution of the POA Board that both acknowledges the required provisions of the CCIOA and adopts those provisions into its Covenants. The second was to develop Policy, Procedures and Remedies for Covenant violations.
The firm provided us with two proposals to assist in completing these tasks. The first was to draft the necessary documents for Board approval and adoption and the second was to represent the POA in Covenant enforcement issues, as well as other POA business. As the fee schedule they presented was quite high and beyond our approved budget, the Committee recommended to the Board that local counsel be used.
Local counsel drafted all the necessary documents and after numerous meetings with counsel, representatives of the Committee, the POA Board the Metro Board, the Resolution and accompanying Policy, Procedure and Remedy for Covenant violations were reviewed, discussed and adopted at a joint Special Meeting of the POA and Metro Boards on September 11, 2010. We are very confident in the integrity of our Governance documents.