Call to Order: The meeting was called to order at 10:00 AM by Bob Toth, President, at the Burnt Store Presbyterian Church.

Establish a Quorum: A quorum was established with the following present: Bob Toth, Dan Langone, Al DiSessa, Linda Huber, and Jay Ward. Also present was Sherry Danko, Star Hospitality Management.

Notice of Meeting: The meeting notice was posted in accordance with the Association Bylaws and Florida Statute 720.

Disposal of Minutes: Jay Ward moved, and Dan Langone seconded to approve the October 8, 2007 Board meeting minutes. The motion carried.

President’s Report: Bob Toth reported that Jay Ward made a presentation at the City of Punta Gorda Town Hall meeting regarding the poor drainage behind the new building at the Seminole Lakes Plaza. Rudco advised the problem was due to clogged drains that were cleaned out. The Board asked the City to monitor the situation. Bob Toth also asked the City about the light glaring from the new Plaza lights. City Code states there will not be light pollution from the existing lights. The City was asked to re-evaluate the ordinance as the current one is inadequate. The 2006 POA financial audit is complete and copies are available from Star Hospitality at no charge.

Treasurer’s Report: Al DiSessa reported that October had a $174.94 surplus bringing the year-to-date surplus to $32,982.71. He recommended those owners planning to sell their homes have a copy of the 2007 audit on hand for potential buyers. Al DiSessa gave a power point presentation of the proposed budget. It included the 2007 budget, anticipated 2007 actual expenses, and the 2008 proposed budget. The 2008 budget provides for a $120.00 per lot monthly maintenance fee and $17.00 per lot for Lake A Maintenance (same as 2007). Jay Ward moved, and Dan Langone seconded to approve the budget as presented and distributed to all owners. Discussion continued as follows: Bob Toth noted it was a good presentation. He also felt the 2007 operating surplus would not reach $39,000 based on some outstanding items. A resident expressed some concerns about what constitutes the 2007 operating surplus. It was decided he and Al DiSessa would discuss further at a later time. The Board and Management were in agreement with the budget preparation process. The motion passed unanimously.

As part of the budget approval process, there was discussion regarding the calculation process for determining reserves. In order to establish a standard for the Association, Linda Huber presented a resolution adopting Remaining Useful Life and Threshold Funding as the methodology for calculating reserves for Seminole Lakes (copy attached). Linda Huber moved, and Dan Langone seconded to adopt the resolution. Al DiSessa. noted that the resolution will not change the current methodology but will insure the threshold is maintained. Bob Toth added that it was good to have consistency with this as Boards change over the years. The motion carried unanimously.

Old Business:

Thank You Notes: Linda Huber read a thank you note from the Fire Safety Council for the POA’s contribution to safety presentations for area children. She also thanked James Lacktis for donating $100.00 towards a new TV for the exercise room.

ARC: Dan Langone presented two applications: 26312 Stillwater for painting and 26358 Feathersound for re-screening and a composite roof of screened area. Jay Ward moved, and Dan Langone seconded to approve both requests. Dan Langone read a statement reminding owners of the ARC approval process. Owners must submit a request for review and approval prior to starting the project. This includes storm shutters. The motion carried. An owner inquired about the metal roof being installed. Jay Ward responded that this was being handled by the Association attorney.

Greenscapes Contract: Bob Toth gave a comprehensive power point presentation on the history of landscaping at Seminole Lakes and in particular with Greenscapes. Al DiSessa moved, and Jay Ward seconded to accept the proposed 2008-09 Greenscapes contract which included a 3% increase locked in for two years and with a 30-day cancellation if so desired. Discussion continued as follows: are the backs and sides fertilized and treated with pesticides-yes; hand equipment is used for the small areas; Greenscapes does work not included in the contract; need to be sure they clean the landscape debris from the drains; the cost of fertilizer has increased over the years; Greenscapes has a procedure in place to make sure they use legal employees. The motion carried unanimously.

Resident Recognition: In light of the seven to eight nominations, Wayne & Barb Karlak were chosen. Comments included: excellent activities, brings out more people, party animals. Congratulations Wayne & Barb!   MVP Nov 07

Committee Reports:

Activities: Wayne Karlak reported that there have been several very successful parties with more scheduled. There may be a New Years Eve party at the clubhouse. The committee will pursue further. There will be a Bloody Mary and Sloppy Joe party on New Years day at poolside.

Amenities: Bud Nelson spoke on behalf of the ad-hoc amenities committee. They have been doing their research which included meeting with a golf course management consultant and banks. They will make a presentation at the December 10^th Board meeting. The hand out given to the directors at the meeting gave a Time Line for events including requesting funding to hire a consultant and appraiser. The request for funding will be made at the December 10, board meeting.

Covenants: Nick Cole reported that 34 roofs were noted for mold, 37 yards for weeds, and 105 mailboxes/lights for being dirty. Owners were reminded to perform quick inspections of their mailboxes and post lights to keep clean.

Maintenance: Fred Eyrich reported that the committee completed the following projects: washed exterior walls of pool complex, replaced buoys and tightened ropes, temporary lighting for pool party, checked survey markers, washed and painted interior walls of gatehouse. He gave a reminder to owners to change their bulbs when they see the red marker on the post light.

Pool: Galen Price reported that the first six months of the pool operations have come in $1,590 under budget. Efforts will be made to maintain the pool temperature at 82 degrees until the very cold nights arrive. Galen Price thanked the committee for its assistance with projects and reminded owners the pool is available for friends and family gatherings.

Management: Sherry Danko reported that only 2.2% of owners are delinquent in their monthly fees. Owners were reminded to contact Star when returning for the winter months so they are sure to receive association mailings in a timely manner. She also reported that eleven (11) AVOs had been submitted to Greenscapes this past month along with three work orders from Star. Responses received back from Greenscapes are shared with the applicable owners. Sherry Danko reported that thanks to the detective work of Joe Ring, she was able to follow up with Lowe’s to obtain a full reimbursement for the gate repair due to the damage by a Lowe’s delivery truck in early October.

Next Meeting: Bob Toth reported that the next meeting will be Monday, December 10, 2007 at 10:00am at the Burnt Store Presbyterian Church.

It was announced that the Charlotte County Animal Shelter is looking for pet donations of all kinds and monetary donations. Please call Tish O’Neill at 637-0238, and she will pick up.

Adjournment: With no further business to come before the Board, the meeting adjourned at 12:08 PM.

Submitted for Linda Huber, Secretary

RESOLUTION November 13, 2007

WHEREAS, the Seminole Lakes Board of Directors initiated funding for capital expenditures and deferred maintenance in 2002 on an annual basis based on the estimated useful life and estimated replacement cost of each major component of the commonly owned assets of the Association, and

WHEREAS, the Association’s Board policy is to calculate funding requirements for future major repairs and replacements over the remaining useful lives of these components based on such replacement cost estimates where amounts previously accumulated are also considered in determining the annual funding requirement and interest income is retained by the replacement fund, and

WHEREAS, the Association’s Board conducted an independent study during the preparation of the 2007 operating budget to estimate the remaining useful lives and replacement costs of the components of common property for the Association where replacement costs were based on the estimated costs to repair or replace the common property components as of the date of the review, and

WHEREAS, the Association’s Board evaluates its reserve amount annually through professional estimates for replacement and renewal of components, and

WHEREAS, the Association’s Board methodology has been to use Remaining Useful Life and "Threshold Funding" which is establishing a reserve funding goal of keeping the total reserve balance above a specified dollar or percent funded amount, therefore,

RESOLVED, based on the CAI Institute’s four funding methods, the Seminole Lakes POA Association has adopted the principle of Threshold Funding as the standard for the reserve components with the overall component fund target of at least 70% to be maintained (the calculation used to determine percent funded for each fund is: the fund replacement cost X effective age divided by estimated useful life, that number divided into fund balance at end of year).