MINUTES OF THE REGULAR MEETING OF THE BOARD OF DIRECTORS

OF THE

ARABIAN ACRES METROPOLITAN DISTRICT

Held: Friday, May 20, 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 Yoder Also present were Dave Stanford and Debbie Stanford with AquaTest, Inc
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.
Approval of Minutes	The minutes of the regular meeting of the Board of Directors held April 15, 2005 were read, and upon motion duly made, seconded and unanimously carried. A copy of the April 15, 2005 minutes was signed by the Acting Secretary, Director Walker.
Financial Matters	Director Jordan opened discussion regarding the upcoming June 1 bond payment. He has been in contact with Lori Greenwell and has discussed all options with her, as the District is $19, 709.82 short of the needed funds to meet the payment. A motion was made by Director Jordan that the funds be taken out of the reserve bond funds to meet the payment and was seconded and carried. The monthly financial statements and expenses were reviewed. The Park State Bank checking account has a balance of approximately $18,829.87 as of April 29, 2005. A request was made for a payment to Sierra Water to be moved to the category of water purchases. After this correction a motion was made for the Board to approve the financial statements and cash disbursements as presented. The motion was seconded and unanimously carried. The board reviewed the outstanding accounts receivable and a motion was made and duly seconded and carried to post two of the accounts if their payments have not been received by the due date.
Manager’s Report	Mr. Stanford reported that Wells 3 and 4 are producing 12 gallons per minute combined. Wells 1, 2, 6, 7, and 8 are all operational today. Mr. Stanford reported that Woodland Pump and Supply had replaced the pump in well 6. Mr. Stanford then reported that with the new pump in well 6 there is 35 gallons per minute being pumped into Building A. A motion was made, seconded and carried to authorize Mr. Stanford to spend up to $8000.00 replacing valves. Additionally, the board requested Mr. Stanford to prepare a written report to the board for the next meeting regarding a long range plan to repair and/or replace valves and to begin managing leaks. This report is to include written bids from excavators.
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 10:10 PM. _________________________________________ Secretary for the Meeting