FIELDCREEK ESTATES

BUDGET RATIFICATION MEETING

Monday, December 27, 2004

Offices of Eugene Burger Management Corporation

5011 Meadowood Mall Way Suite #200, Reno, Nevada

MINUTES OF MEETING

Present:          William Jastrow

Absent:           Pablo Gomez, Leonard Distaso, Barry Ojers, Tim Ottman, George Toto

Also Present:  Stacy Brown (EBMC)

I.          CALL MEETING TO ORDER/ROLL CALL

Property Manager Stacy Brown called the meeting to order at 8:00 a.m. with no quorum requirement for Board members or homeowners present. 

II.        MEMBERSHIP FORUM

            No members were present with comments.

III.       BUDGET RATIFICATION

The proposed budget for 2005 was ratified for lack of majority vote.

Unless at the budget meeting a majority of all homeowners or any larger vote specified in the CC&R’s reject the budget, the budget is ratified, whether or not a quorum is present.  If the proposed budget is rejected, the periodic budget last ratified by the homeowners must be continued until such time as the homeowners ratify a subsequent budget proposed by the board.

IV.       ADJOURNMENT

            There being no further business, the meeting adjourned at approximately 8:30 a.m.