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Judy stated that they will have to authorize the work and -then <br /> find a way to charge the association and if they cannot they will <br /> have to use the money from the account. <br /> Tony stated that this is a minor def ect as compared to an <br /> infestation of some type that could happen in the next few years. <br /> If it gets hit with some type of disease or insect problem it <br /> could wipe the entire hill out. <br /> Louise stated that the point must be made to the homeowners that <br /> they are liable, <br /> Tam stated that Lebel/Sollows owns the open space and he doesn' t <br /> think they have paid the taxes on it. <br /> The Board will pursue this with Town Counsel again pursuant to <br /> 9.3 .63. <br /> Tom will get the Board on Town Counsel 's agenda. <br /> Discussion of subdivision regulations on road security. <br /> Tom prepared a report for the Board on other Towns ' positrons on <br /> Letters of Credit. <br /> Wayne stated that he spoke to some banking people regarding <br /> Attorney Reardons ' s wording regarding letters of credit. They <br /> said the Board might as well ask for cash. <br /> He stated it is his opinion that the Board does not accept <br /> letters of credit. <br /> Tam stated that he discovered over half the towns questioned <br /> never took L/Cs and the others have had problems . <br /> Wayne stated that the L/C is only as good as the bank which <br /> issues -it. <br /> Attorney Reardon felt, besides cash, a performance bond was the <br /> best option. <br /> Wayne made a motion that the Boards policy be consistent with the <br /> State statue (and not accept letters of credit) . Judy seconded <br /> the motion. All Board members were in favor. <br /> The board discussed what to do about the Letters of Credit in <br /> place. <br /> Tom stated Joe Reardon stated the Board can notify the developers <br /> that the Board no longer accepts L/Cs as proper security. <br /> The Board inventoried the list of developments where the Town <br /> holds a letter of credit: Winslow Farms, Sarakumitt Village, <br /> Springhill west, Mashpee Industrial Park, Santui t woods. <br /> 10 <br />