March 22, 2004

Meadowood Townhomes Homeowner’s Association

Board of Directors

Minutes

March 22, 2004

The newly elected Board of Directors met after the Annual Meeting. The meeting was called to order by the property manager at 8:45 PM. In attendance were George Roper, Ernesto Sepulveda, Dean Jones and property manager Ted Miller Jr.

The first item of business was election of officers. By acclimation George Roper was elected President, Dean Jones was elected Vice President and Ernesto Sepulveda was elected Secretary.

The Board then discussed the property manager’s check writing authorization. It was unanimously agreed to allow the property manager to sign checks of any amount with his signature only as follows:

For all normal or reoccurring expenses such as for utility billings, insurance payments, lawn care etc.

For payment to contractors for services that were approved by the Board.

For any other transactions exceeding $1000.00 or for the property managers payment a Board member must also sign the check.

There being no further business to discuss, upon unanimous vote the meeting was adjourned at 9:15 P.M.