AMERICAN TOWERS OWNERS ASSOCIATION

Minutes of the Board of Residential Trustees Meeting

Wednesday, March 9, 2016

7:00 p.m.

Dr. David Parker called the meeting, convened in the Community Room, to order at 7:00 p.m.

Residential Trustees present and participating: Dr. David Parker, Sandra Lee Sterns, Lance Williams, and Melyn Campbell.

The Commercial Trustees were excused.

Resignation and Appointment of Trustees and Officers

On February 8, 2016 the Residential Trustees acknowledged receipt of resignation letters from the Board of Trustees, Bret Marshall and Antonio Mejia. In accordance with Section 4.11 of the American Towers Bylaws and by unanimous written consent of the remaining Residential Trustees, Lance Williams was appointed to serve as Trustee for the remaining term of Bret Marshall and Melyn Campbell was appointed to serve as Trustee for the remaining term of Antonio Mejia.

On February 10, 2016 the Residential Trustees acknowledged receipt of the resignation letter from the Board of Trustees of Paul Carpenter and in accordance with Section 4.11 of the Bylaws, Dr. David Parker was appointed to serve as Trustee for the remaining term of Paul Carpenter.

On February 24, 2016, in accordance with Sections 5.05 and 4.11 of the Bylaws the Trustees by unanimous written consent appointed Dr. David Parker to serve as President, Sandra Lee Sterns to serve as Residential Vice President, Heather Bowen as Commercial Vice President, Melyn Campbell to serve as Treasurer, and Lance Williams to serve as Secretary.

Approval of Previous Minutes

The Minutes of the January 27, 2016 Residential Board Meeting, upon motion duly made and seconded were approved.

Finance Committee

The Board reviewed the un-audited Budget Comparison statement for the Operating Fund for January 31, 2016 which showed a net operating surplus Y-T-D in the amount of $948. The Residential Reserve Fund showed an unaudited balance of $338,176 and the Common Reserve Fund showed an unaudited balance of $383,302.

APP Parking Board Meeting Minutes

Sandra Sterns reported on the latest activities of the American Plaza Parking Board.

Committee Reports

The chairperson of the following committees reported on the committee's progress. Lobby Art Committee, Technology Committee, South Entrance Marquee Committee. The Board tabled until next meeting a motion to adopt proposed new rules to give owners more time to review the proposed rules that are posted on the website.

Adjournment

The meeting adjourned at 9:00 p.m.

Respectfully Submitted,

Lance Williams
Secretary