The meeting was called to order by Mike Deck at 4:05 PM. Those in attendance were the board members (Bill Barclay, Mike Deck, Bob Ristinen, Bob Farmer and Bob Champ), Mary Wagner (bookkeeper), Richard Lyons (legal), Alan Matlosz (G.K. Baum) and Blake Jordan (Sherman and Howard). Three members of the district were also present. Terry Kenyon (Engineering) was absent. The purpose of this meeting was to make a final determination to issue general obligation bonds to finance the district.

Alan Matlosz reviewed the history of the water district leading up to this meeting. He then presented the financial aspects of the bond issue. Alan had a hand out which documented the essentials of the bond issue. (E.g. debt service schedule, sources and uses of funds, etc.). 7 or 8 people in the district purchased $110k of the bonds. The bonds are both federal and state tax exempt. Alan felt that a reasonable interest rate was obtained on these non-rated bonds. The handout is attached to the Bond Purchase Agreement. This agreement states that G. K. Baum will purchase the bonds at the amount and rate specified. By passing the bond resolution the costs are fixed (they can never increase). The tax rate based on the current assessed valuation is 30 mils.

Closing is scheduled for March 16, 2000. Money will then be available to the district for investment and expenses. Closing is at Blake Jordan’s office at 17^th Street and California St. in Denver. Time is 9 am. The meeting will probably last 10 minutes (all the documentation is done) and will confirm all the documentation is there and verify that G. K. Baum wired the proceeds and then close the bond issue.

Blake Jordan then presented the bond paperwork and reviewed some of the key parameters. Two accounts will be opened with the monies available from the bond issue. They are a construction account and a bond fund. The first principal payment will be made in December 2001. It was also noted that the map of the water district in the preliminary official statement was not the up to date version and should be corrected to the current map of the district.

Bob Farmer moved to adopt the bond resolution. Bill Barclay seconded the motion and the resolution passed unanimously.

The necessary documents were then signed by the President Mike Deck and attested to by the Secretary Bob Champ. The EBCWD seal was affixed to the documentation, which was then given to Blake Jordan.

A discussion ensued about where we would put the money obtained from the bonds to maximize our return. A motion was made by Bill Barclay to open an account with the Colorado Liquid Asset Trust in the plus account. Bob Ristenin seconded the motion and the motion passed unanimously.

A motion was made by Bob Farmer that we allow Mike Deck to apply to the Colorado Special District Liability Pool for insurance purposes (e.g. public official insurance). The motion was seconded by Bill Barclay and passed unanimously.

A motion was made authorizing us to apply to the Special Districts Association for membership by Bill Barclay. Bob Farmer seconded the motion and the motion passed unanimously.

A discussion then ensued about the upcoming election, which can be cancelled because the incumbent directors (Champ and Farmer) are the only nominees. Bob Champ (Designated Election Official) then signed a resolution to cancel the election, which will be published in the Daily Camera and forwarded to the necessary governmental agencies (County Clerk and Division of Local Governments). This notice will also be posted in the district and at the polling place.

Old Business:

Committee Reports:

District Boundary:

Mike will obtain the current up to date list of the district from Sam Forsyth. He will then verify the list and modify with inclusions (if okayed). A motion was made by Bob Farmer that the next meeting (20 March 2000) would be a special meeting to address inclusions (as of 14 March). Bill Barclay seconded the motion and the motion passed unanimously.

Lafayette Water:

The IGA from Lafayette has been received. The only problem is that it is silent on when they want their money. It is important that we resolve this problem and try to delay the payment as much as possible. We will discuss their charges and other pertinent facts in the IGA at the next meeting.

By Laws:

The by-laws should be discussed at the next meeting.

Adjourn:

A motion was made to adjourn by Bob Ristenin, seconded by Bill Barclay and the meeting was adjourned at 5:26 PM.

The above is submitted by the secretary…Bob Champ, March 7, 2000.