MINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS

OF THE

ARABIAN ACRES METROPOLITAN DISTRICT

Held: Friday, June 24, 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 Alan L. Jordan David J. Biondo Dennis Yoder Also present was Debbie Stanford with AquaTest, Inc. Dave Stanford with AquaTest was absent due to an emergency leak. Director Walker was excused due to a conflict in his schedule.
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..
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.
Election of Board Officers	New Directors were to be elected at this meeting and, with that in mind; Director Jordan made the motion for the following Directors to serve in these offices: Director Billings as Secretary, Director Biondo as Treasurer and Director Yoder as President. This motion was seconded by Director Biondo and it was carried unanimously with no discussion.

Approval of Minutes	The minutes of the regular meeting of the Board of Directors held May 20, 2005 were read, and upon motion duly made, seconded and unanimously carried, were approved. A copy of the May 20, 2005 minutes was signed by the Director Biondo.
Financial Matters	Director Jordan commented that, at this time, the District does not have the funds to meet its December interest payment. As there are pressing concerns in the area of maintenance on the system, this discussion was tabled for now. Director Jordan also opened discussion regarding the letter received by the District from Lori Greenwell inquiring about the Districts audit. Ms. Greenwell has been informed it has not come back from the auditor as yet and she expressed her hope to have it by June 30^th. The monthly financial statements and expenses were reviewed and it was noted that the Park State Bank checking account has a balance of approximately $13,998.90. A motion was made and duly carried to approve the financial statements.
Manager’s Report	In Mr. Stanford’s absence his report was discussed. A letter which had been sent to the board by resident Gary Prill was discussed. He had requested a cost for repair on his water meters frost bottom be removed. Director Billings made a motion that this be allowed and the motion was duly carried.
Attorney’s Report	No report.
Other Business	Director Billings expressed his desire to attend the Special District Association Conference in September and asked that the District reimburse him for expenses to do so. A motion was made by Director Jordan that the District do so, however, the costs should not exceed $400.00. The motion was duly carried.
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 8:15 PM. _________________________________________ Secretary for the Meeting