Issue No. 1 on the ballot was a vote to reduce the favorable voting percentage required to actually amend the existing covenants.
Per Section 7.1.1 of the covenants, any amendment requires “voting approval” of the owners of not less than 60% of the individual lots. 60% is now 272.
We received 236 valid proxies. Since we received proxies representing less than 60% of the lots, the issue automatically FAILED.
Issue No. 2 on the ballot was a vote to increase the “annual assessment” or POA dues by $225 per year for each lot on the ranch.
Per Section 4.6 of the covenants, the quorum for any meeting to vote to change the dues is proxies or attendees representing 51% of the lots. 51% is now 232. As stated above, we received 236 valid proxies which demonstrated the presence of a quorum.
Per Section 4.3 of the covenants, approving a dues increase greater than the Consumer Price Index for the previous year requires an affirmative vote of at least 51% of the proxies or attendees. 57% voted in favor. The dues increase PASSED.
Submitted by Bill Wenstrom, President
Board of Directors
Santa Fe Trail Ranch POA
10/26/2004