(Feb. 4, 2016) It wasn’t on the agenda, but Director Tom Terry did manage to introduce a first reading to change Ocean Pines’ investment policy during a public meeting on Jan. 28.
The revision was developed by the association’s budget and finance committee, and the rules were suspended in order to allow Chairwoman Pat Supik to explain.
She said Resolution F-01 dealt with both operating reserves and “reserve funds that are for future years.” Supik went on to say a revision introduced by the committee last year included only “minimal” changes to the guidelines, previously adopted in 2008.
“It was some wording and nothing of any substance,” Supik said. “The committee this year reviewed again F-01 and felt the other resolution was not restrictive enough, not clear enough [and] did not define the investment of the funds in a sufficient manner to guide management and the board in the safety of the funds that are invested.”
Supik called the changes “restrictive” and “conservative.”
“Everything recommended is of a fixed nature, insured or collateralized,” she said.
Director Dave Stevens argued that the previous changes were “not inconsequential,” and suggested the bylaws and resolutions committee review the resolution.
Terry said that was not a requirement, but that he did not object to the committee’s review. Stevens is the board liaison to bylaws and resolutions, and Terry is the liaison for the budget and finance committee.
The motion to accept the resolution as a first reading passed 6-1, with Stevens entering the lone “no” vote.
Following the meeting, former Director Marty Clarke called the vote “the most dangerous thing that happened” during the meeting.
“I haven’t seen F-01, which is a requirement of the first reading,” he said. “Every member in the association has the right to review it. It should have been on the published agenda.”
Clarke pointed to the community’s Book of Resolutions, which states, under the section governing “Procedures for Introducing, Approving, and Repealing Resolutions,” that “A proposed Resolution … shall appear on the agenda of each meeting of the Board of Directors at which it is to be considered. Copies shall be distributed to each member of the Board of Directors and made available to OPA members with the notice of the agenda that is released to the membership before each meeting.”
“It must be on the published agenda. It wasn’t. If it had been, I’d have been in that room,” Clarke said. “They’re trying to bamboozle the membership.”
The text of the resolution was including in the public meeting packet, which was available during the meeting.
The revision was developed by the association’s budget and finance committee, and the rules were suspended in order to allow Chairwoman Pat Supik to explain.
She said Resolution F-01 dealt with both operating reserves and “reserve funds that are for future years.” Supik went on to say a revision introduced by the committee last year included only “minimal” changes to the guidelines, previously adopted in 2008.
“It was some wording and nothing of any substance,” Supik said. “The committee this year reviewed again F-01 and felt the other resolution was not restrictive enough, not clear enough [and] did not define the investment of the funds in a sufficient manner to guide management and the board in the safety of the funds that are invested.”
Supik called the changes “restrictive” and “conservative.”
“Everything recommended is of a fixed nature, insured or collateralized,” she said.
Director Dave Stevens argued that the previous changes were “not inconsequential,” and suggested the bylaws and resolutions committee review the resolution.
Terry said that was not a requirement, but that he did not object to the committee’s review. Stevens is the board liaison to bylaws and resolutions, and Terry is the liaison for the budget and finance committee.
The motion to accept the resolution as a first reading passed 6-1, with Stevens entering the lone “no” vote.
Following the meeting, former Director Marty Clarke called the vote “the most dangerous thing that happened” during the meeting.
“I haven’t seen F-01, which is a requirement of the first reading,” he said. “Every member in the association has the right to review it. It should have been on the published agenda.”
Clarke pointed to the community’s Book of Resolutions, which states, under the section governing “Procedures for Introducing, Approving, and Repealing Resolutions,” that “A proposed Resolution … shall appear on the agenda of each meeting of the Board of Directors at which it is to be considered. Copies shall be distributed to each member of the Board of Directors and made available to OPA members with the notice of the agenda that is released to the membership before each meeting.”
“It must be on the published agenda. It wasn’t. If it had been, I’d have been in that room,” Clarke said. “They’re trying to bamboozle the membership.”
The text of the resolution was including in the public meeting packet, which was available during the meeting.