COVERED BRIDGE SWIM CLUB

ANNUAL MEMBERSHIP MEETING - MARCH 20, 2001

MINUTES


	The annual membership meeting of the Covered Bridge Swim Club (the “Club”) was held on Tuesday, March 20, 2001 at the Cherry Hill Township Community Center, 820 Mercer Street, Cherry Hill, New Jersey.  The annual membership meeting was originally scheduled for Monday, March 5, 2001, but such meeting was cancelled when the Township closed the Community Center on the evening of March 5, 2001 because of inclement weather.  Notice of the rescheduled meeting was sent to all Club members of record by Joseph G. Maniaci on March 8, 2001.

	All Board members were present:  Lou Moffa, Dan Brown, Rosemary Kates, Patty Keating, Marty King, Tom Lee, Kirk Lind, Joe Maniaci, Jack Ryan, and Jim Styles.

	The annual membership meeting was called to order at 7:05 p.m.  At the time the meeting was called to order, 32 members were in attendance and had signed in.  During the course of the meeting, six additional members arrived and signed in, and three members left before the meeting was adjourned.  The sign in sheets will be attached to these Minutes and filed in the Minute Book.

	After the Board members were introduced, the President, Lou Moffa, pursuant to Article VIII of the Bylaws, made a motion that 10% of the current dues paying members constitute a quorum for voting purposes at the annual meeting.  Such motion was approved by the Board by a 10-0 vote.

	Lou then reported to the membership as follows:

Operations.  Electrical repairs have been approved to the main fuse box and emergency pump shutoff switch.  The Board had also approved the purchase and installation of a new sound system.  Further, the Board has approved repairs to the tennis courts and pool deck.

Swim Team.  Lou advised the membership that the swim team had advanced to the “B” Division, and that spring warmups would begin on March 25, 2001.  The Club had also hired a new assistant swim coach, Kate Donald.

Personnel.  Lou introduced the new assistant pool manager, Jay Young, who is currently a counselor at Rosa Middle School.  Lou explained to the membership that the previous assistant manager, Dina, recently had a baby, and would not be returning as assistant manager this summer.  Lou also advised the membership that the deadline for applications for summer job positions was March 26, 2001, and that such applications should be sent to Jack Ryan.
Membership.  The annual information and dues packet will be sent to all members in mid April.  Lou also announced that the Club would have “proud owners days” for cleanup of the swim club on April 28, 2001 and May 5, 2001.

Food Service/Snack Bar.  The membership was advised that the food concession would now be managed by Don Bart, Les Zuckerman, and Stan Kosta.

Socials.  There would be a number of adult and childrens’ socials this summer, and information would be provided in the upcoming information packet.

Sports.  New basketball backboards will be installed prior to the opening of the swim club and the Club will offer men’s and women’s softball.

Financial Report/Dues.  The 2001 budget was provided to the membership in the March Newsletter.  Lou informed the membership that the annual dues would increase $50 for full members and $25 for special/senior members.  The membership was also advised that swim team fees would be as follows:  $75.00 for the first child and $55.00 for each additional child.

The membership was advised that the Club would like to refinance its current loan with Hudson Bank to take advantage of current lower interest rates.  Lou advised that the Board had authorized studies of the structural condition of the pool, and that Don Bart and Les Zuckerman have been performing weekly water tests, and that it was likely that substantial repairs may be needed in the future.  In order to financially position the Club to make such repairs, the Board was recommending that we reduce and refinance our current debt.

Bylaw Revisions.  Lou explained to the members that the Board was recommending changes to two bylaws:

Elimination of the Escrow Account for Bond Redemption Money.   Any member who purchased a swim club Bond on or after January 19, 1977 is considered a “C” member.  Article III, Section 5 of the current bylaws (last revised in March, 1999) provide as follows:

Upon receipt of Bond payment (C Bonds) and initiation fees, the Club will place this money in an escrow account.  The Bond payment will remain in the escrow for Bond redemption.  After all returned Series C Bonds have been paid, any funds in the escrow
account in excess of $30,000 or in excess of one-third the value of all active Series C Bonds, whichever is less, shall be used to pay off Series A and B Bonds that have been returned to the club for repurchase.  On February 1 of each year, any funds in excess of $30,000 or in excess of the total value of all active Series C Bonds, whichever is less, shall be transferred to the operating account to be used only for capital improvement.

Lou explained that it was the Board’s recommendation that the above referenced language of Article III, Section 5 be deleted from the bylaws, so that the $30,000 would no longer be held in escrow nor be restricted from operating funds.  By removing the escrow requirement, the Board believes that such funds could be used to pay down current debt or otherwise be available for current operating needs of the Club.  After substantial discussion, one of the Club members made a motion that the bylaws be amended so as to eliminate the escrow requirement, and such motion was seconded.  Upon a vote of the membership, the motion was approved by the following vote: 35 in favor, 1 against.

Reduction of the “C” Bond Value from $300.00 to $50.00.  Article III, Section 6 of the current bylaws provide that all bonds purchased after January 1, 1977 shall be valued at $300.00.  Lou explained that it was the recommendation of the Board that such bond value be reduced from $300.00 to $50.00.  By reducing the value of such bonds, the contingent liability of the Club would be reduced, making additional funds available, and making it more likely that the Club will be able to obtain future financing with more favorable terms.  There was substantial discussion about this proposal, with some members expressing their opinion that sufficient notice of this proposed change was not given to the membership, and with some members expressing their dissatisfaction with the reduction of the value of their bonds.  The Board explained that future assessments may be necessary to address structural repairs to the pool, and that a current reduction in the Bond values may help defer the need to do so, or if an assessment becomes necessary, the reduction in Bond values may help reduce the amount of such assessment.  After substantial discussion, a motion was made to revise the bylaws to reduce the bond value to $50.00, and such motion was seconded.  Upon a vote of the membership, the motion to revise the bylaws to reduce the value of the “C” bonds to $50.00 was approved by the following vote:  28 in favor, 6 against, and 3 abstentions.

The meeting continued with discussions concerning noise issues during parties, ball playing on the pool deck, and the need to maintain the club grounds (the suggestion being made that we post “no trespassing” signs and “Curb Your Pet” signs).

No further issues being raised, the meeting was adjourned at 8:45 p.m. 

						Respectfully submitted,


						Joseph G. Maniaci