MINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS

OF THE

ARABIAN ACRES METROPOLITAN DISTRICT

Held: Friday, April 15, 2005 at 7:00 p.m. at 400 W.

Midland Avenue, Suite 250, Woodland Park, Colorado.

Attendance	The regular meeting of the Board of Directors of the Arabian Acres Metropolitan District was called and held in accordance with the statutes of the State of Colorado. The following Directors were in attendance: Gene L. Billings Radford K. Walker Alan L. Jordan David J. Biondo Dennis S. Yoder Also present were Dave Stanford and Nancy Reeder with AquaTest, Inc. Ken Rupp, private consultant to the District, was not in attendance
Call to Order	Director Billings noted that a quorum was present and called the regular meeting of the Board of Directors of the Arabian Acres Metropolitan District to order at 7:10pm. A motion was made for the Board to appoint Director Walker as the Acting Secretary for the meeting. The motion was seconded and unanimously carried.
Disclosure Matters	Director Billings asked the Board to confirm that no changes have occurred to any of the Directors’ interests that warrant amending the written disclosures on file with the Secretary of State’s Office with regard to any potential conflicts of interest. Pursuant to Colorado law, certain disclosures may be required prior to taking official action at the meeting. The Board reviewed the agenda for the meeting, following which each Board member disclosed their conflicts of interest, stating the fact and summary nature of any matters, as required under Colorado law, to permit official action to be taken at the meeting.
Approval of Minutes	The minutes of the regular meeting of the Board of Directors held March 18, 2005 were read, and upon motion duly made, seconded and unanimously carried, were approved. A copy of the March 18, 2005 minutes were signed by the Acting Secretary, Director Walker.
Financial Matters	Director Jordan had emailed to everyone his report on the financial overview of the District as of March 31, 2005 It was a quiet month with no outstanding financial transactions. The monthly financial statements and expenses were reviewed. The Park State Bank checking account has a balance of approximately $19,000 as of April 14, 2005. Director Jordan suggested that the District move some of those funds into the Colorado Trust account where they could earn interest. A motion was made to move $10,000 from Park State Bank to Colorado Trust. The motion was seconded and unanimously carried. Rather than waiting another month to move the funds, Ms. Reeder stated that she would process the check over the weekend so two of the Directors could stop by during the week to sign the check, so that the transfer could be completed this next week. A motion was made for the Board to approve the financial statements and cash disbursements as presented. The motion was seconded and unanimously carried.
Attorney’s Report	No report.
Adjournment	There being no further business to come before the Board, and upon motion duly made, seconded and unanimously carried, the meeting was adjourned at 8:200 PM. _________________________________________ Secretary for the Meeting