Q: How much will the loan cost each member?
A: With the current membership of ~210 bond members each member would pay a total of $190.54 for the loan over 5 years. Our best prediction is that if we asked for $200 up front for all the members we would lose a number of members; which is why the suggested amount would be $250 per bond, assuming that it would be less than 210 members who would cover the cost.
Q: How many bond members are there? If a total assessment is too much too burdensome to ask per bond holder why can’t we do a partial assessment to reduce the amount of money and interest we would owe to the bank?
A: We have about 210 active bond members. We have already reduced the loan amount with volunteers doing much of the work. Our concern with an assessment is that it will result in some members choosing to leave rather than remain with the pool. As the loan amount goes down the interest rate goes up so we felt this was the best option for us.
Q:Will the bond members ultimately be responsible for paying back the loan if the club cannot?
A:If we cannot pay the loan there will be a lean on our property. The loan is being covered by our annual dues, so in that way the members are paying the loan. If we go bankrupt the loan would be covered by the sale of the property. We do not expect that to happen.
Q: Is there a third option of “getting one more year” out of the system?
A: We believe that we have already gotten one more year. We wanted to do the filter last year but were unable to. If the filter goes in the season we would have to close the pool for a week or two and pay a premium to get the filter installed.
Q: What are the exact limits of work? Will this work include replacing the leaking piping system around the pool?
A: We will be replacing everything from the wall of the filter room in. So the plumbing around the pool will not be replaced. We did replace one side of the pool plumbing about 5 years ago. Since we fixed the leaks in the lights and the skimmers the water replacement has been significantly reduced. There does not appear to be any significant leakage at the moment.
A Message from the President
This is my 5th year as the president and, the first time I am writing this letter with the temperature above freezing and the ground is not white. Actually it is kind of brownish green and very soggy. By June it will be green, perfect for sitting in the shade and reading a good book or talking to friends. Some might even jump in the pool or hang out in the sunshine.
The board members and many of you have dedicated time and energy to keeping Sunny Willow great and affordable. We have performed a great deal of maintenance and made enhancements to the club. As I wrote last year: “The next big thing is replacing our 50 year old filter.” We had hoped to have this done prior to the start of last season but we could not pull it off. Actually we could not pay it off. We are working with our bank right now to finalize a loan option. You will be hearing from me very soon about that.
This year we are again offering alternate membership options ~ Weekends Only and ½ Season. Weekends Only includes Friday through Sunday each week and holidays (Memorial Day, 4th of July and Labor Day). The ½ Season option covers either Opening Day through July 31st or July 1st through Labor Day. There will be only 10 of each of these memberships available to our current members. Each of these membership options is 75% of your family’s regular dues. If you would like one of these options, you will need to send in the full 75% of your dues before the first payment deadline (March 31st). The first 10 members we receive payment from, with a note that they want one of these memberships, will be granted the option. Any requests beyond the 10 allotted for each option will owe the balance of their dues by the May payment date. We will email all those who request one of the membership options to let them know what their membership option status is so be sure to include your email address with your request/payment.
President of the Board
Sunny Willow Swim Club