East Channel East Bulkhead
REPLACEMENT PROJECT VOTE RESULTS By Kirk Wooldridge, General Manager
ON BEHALF OF THE TAHOE KEYS PROPERTY OWNERS ASSOCIATION (TKPOA) I would like to thank all the TKPOA members
that submitted a ballot for the 2020 East Channel East Bulkhead Replacement Project Vote. A total of 621 ballots were returned representing over 40% of TKPOA members that were eligible to vote. To achieve a quorum for the vote we needed 509 valid ballots (33 1/3 of eligible owners), which was clearly achieved, and the minimum number of YES votes required was 256. The TKPOA Board of Directors is proud to announce a “YES” vote has been achieved: 537 members voted “Yes”. Details of the ballot count are shown on the table below. EAST CHANNEL EAST BULKHEAD REPLACEMENT PROJECT BALLOT COUNT 7/29/2020 Total TKPOA Members
1,529
TKPOA Members Eligible to Vote as of 6/23/20
1,519
Total Ballots Received by 4:30 pm on 7/27/20
621
Total of Invalid Ballots Received
11
Total of Valid Ballot Envelopes Received*
610
Ballots Required for a Quorum (33 1/3 of Eligible Voters)
509
Votes Required for a Majority (50% of Valid Ballots + 1)
256
Count of Yes Votes
537
Count of No Votes
73
Member approval was needed because our Bylaws prohibit the Board from entering into a contract in excess of $250,000 without approval of a majority of a quorum of the association membership by vote or written assent [TKPOA Bylaws Article IX, Section 2, subsection (a)]. The Board of Directors has authority to enter into a primary construction contract in an amount not to exceed $1,476,644 plus spending authority of up to an additional 10% for contingencies. No change in quarterly assessments will be required to fund this project during the remaining 2020 and 2021 fiscal years, and no special assessment is required for this project. Keys Breeze
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AUGUST 2020
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