Santa Fe Trail Ranch
Metropolitan District Board
Special Meeting
October 6, 2003, 12:00 PM
109 West Main St, Trinidad, CO
Minutes

Metropolitan Board
members present
Jim Davis
Will Potter
Dennis Scott
John Woods 		  Metropolitan Board
Members Absent
Tom Stephens		   Guests
Bob Scott
Mike Shelton

  1. Meeting was called to order at 12:20 PM
     
  2. Minutes of the Special Board Meeting of the District on July 21, 2003 were reviewed.  Approval was moved by Dennis Scott and seconded by John Woods.  Approval was unanimous.
     
  3. District financials, together with accounts payable were discussed.  Priorities for payment, in anticipation of successful closing of a tax-exempt loan with International Bank were discussed and agreed upon.
     
  4. The proposed Resolution to approve the Loan agreement between the District and International Bank of Trinidad, together with the related documents were discussed and considered.  Dennis Scott moved to approve the Resolution, the Loan Agreement and related documents.  Will Potter seconded.  The motion passed unanimously.
     
  5. Ratification of the establishment of the Completion Fee, based upon the terms of the Loan Agreement, was discussed and considered.  It was determined to offer an option for payment of the Completion Fee in either a lump sum, representing the prorata share of prinicipal for each property, or over time, in accordance with the amortization schedule and terms of the Loan.  Will Potter moved to so ratify, Dennis Scott seconded and the motion passed unanimously.
     
  6. The Board discussed the establishment of the Santa Fe Trail Ranch Metropolitan District Water Activity Enterprise, which was approved at the District Special Meeting on July 21, 2003, and which made the Loan possible.
     
  7. It was determined that Jim Davis, Dennis Scott and Will Potter would represent the Metro District at the scheduled Loan closing at International Bank of Trinidad on Friday, October 10, 2003 at 3:30 pm.  Ed Hockett, as President of the Santa Fe Trail Ranch POA, would appear on their behalf.
     
  8. As no other business was brought before the Board, Dennis Scott moved to adjourn the meeting, seconded by Will Potter and the meeting adjourned at 2:00 pm.