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2nd
Dec 2020

Resolution Regarding Emergency Reserve Expenditure for Silver Ridge Park Westerly Homeowners Corporation

 
THIS RESOLUTION IS MADE THIS 18TH day of September, 2020 by the Board of Trustees of the Silver Ridge Park Westerly Homeowners Association, a not for profit corporation of the State of New Jersey (hereinafter "Silver Ridge") having its principal office in the Township of Berkeley, in the County of Ocean and State of New Jersey is made pursuant to the Silver Ridge Declaration Of Covenants And Restrictions (hereinafter referred to as the "Declarations"), the Silver Ridge By-Laws (hereinafter referred to as the "By-Laws"), the Silver Ridge Certificate of Incorporation (hereinafter referred to as the "Certificate of Incorporation"), and Silver Ridge Rules and Regulations (hereinafter referred to as the "Rules and Regulations") (hereinafter the Declarations, By-Laws, Certificate of Incorporation and Rules and Regulations are collectively referred to as the "Silver Ridge Governing Documents"); and
 
WHEREAS, the Silver Ridge Board of Trustees is authorized pursuant to Article XII of the By-Laws to call a Special Meeting and is authorized to approve the release of an amount in excess of twenty five thousand dollars from the Silver Ridge reserve accounts in the event of an emergency at such Special Meeting by resolution of two-thirds vote of the Silver Ridge Board of Trustees at such Special Meeting provided that such resolution shall completely describe the emergency situation and the damage that may occur if the situation is not acted upon immediately; and
 
WHEREAS, any resolution referred to in the preceding paragraph that is approved at a Special Meeting shall be read at the next Silver Ridge homeowners meeting, followed by publication in the Sign Post after the date of the resolution and the resolution shall become part of the minutes of the Special Meeting; and
 
WHEREAS, on or about August 5, 2020 Tropical Storm Isaias struck New Jersey and devastated the Silver Ridge community with extremely high winds and drenching rain causing many trees and branches to fall which have and continue to cause Silver Ridge to expend substantial monies for tree removal and cleanup which will likely exceed $90,000;
 
WHEREAS, as a result of the expenditures arising from Tropical Storm Isaias the operating account of Silver Ridge has been so depleted that it is now necessary for Silver Ridge to expend monies to both finish the cleanup operations from Tropical Storm Isaias and otherwise continue the day-to-day operations of Silver Ridge, including the payment of insurance and maintaining the Common Property of Silver Ridge to assure the continued overall protection of Silver Ridge and its members, as well as, their respective property, health, safety and welfare; and
 
WHEREAS, the conditions created by the Covid-19 pandemic have created difficulties unanticipated by the Silver Ridge Board of Trustees regarding the administration of the Silver Ridge community;
 
NOW, THEREFORE, by a two-thirds vote or more of the Silver Ridge Board of Trustees this Resolution authorizes Silver Ridge to:
  1. Transfer $80,000 from the Silver Ridge reserve accounts to the Silver Ridge operating accounts to pay for the continued cleanup operations from Tropical Storm Isaias and otherwise continue the day-to-day operations of Silver Ridge;
  2. On or before December 1, 2020 transfer as much money, if any, in the Silver Ridge operating accounts back to the Silver Ridge reserve accounts to the extent such transfer will not interfere with or otherwise prohibit or interfere with the cleanup operations from Tropical Storm Isaias or otherwise prohibit or interfere with the day-to-day operations of Silver Ridge;
  3. Read this resolution at the next Silver Ridge homeowners meeting;
  4. Publish this resolution in the next edition of the Signpost; and
  5. Have a copy of this resolution be made a part of and attached to the minutes of the September 18, 2020 Special Meeting.
 
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