The board discussed, debated and reached a decision on the purchase of the loader based on a specific set of contractual terms with the lender (witnessed by many landowners in an open board meeting on Oct. 6).
Most people would expect the resulting action taken to be based on that decision. However, the lender decided to change the original financing agreement and a deadline was given to accept or reject the revised terms.
Regardless of how favorable the revised terms may have looked to some, no one wants to be pressured into making long-term, enormous financial decisions by vendors or anyone else -- when the president, who is responsible for day-to-day operations, is out of town. In addition, authorization to spend additional association money -- especially when it puts us over the approved annual budget --should be carefully considered by and voted on by ALL directors.
In my opinion, Article X (2) of our bylaws would require a Board resolution - outlining the REVISED terms for the purchase of the loader –to be executed and agreed to by a majority of the directors PRIOR to confirming it through the transfer of funds. That did not happen and has resulted in an alarming precedent for future financial decisions.
A majority of the voting landowners elect directors to represent them. Every director should be provided with opportunity to effectively participate in the decision-making for the association and should be kept fully informed of all financial matters. I cannot defend or explain allowing revisions to an association contract without an opportunity for ALL decision-makers to reconsider and vote.
FPLOA directors should demonstrate more respect for one another and better business judgment as we move forward.
Hiç yorum yok:
Yorum Gönder