MINUTES

Approved on 10-29-02

Board Meeting

1349 Race Street Condominium Association

October 25, 2001

The meeting was held at the residence of Stuart and Virginia MacPhail, 1133 Race Street.  The minutes were taken by Eric Guetterman.

The following board members were in attendance:  Jerry Smith (unit #1), Ken Combs (#5), Stuart MacPhail (units 1a, 3,4), Eric Guetterman (unit 8), Keith Rundle (#4a).

 A quorum  was declared and the meeting was called to order by Jerry Smith at 7:12pm.

Minutes of the following board meetings were reviewed.

June 28, 2000

                        November 15, 2000

March 15, 2001

Stuart MacPhail moved for the approval of the minutes as presented.  Ken Coombs seconded the motion.  The motion was unanimously adopted.

Treasurers Report for the first quarter of 2001 was presented by Stuart MacPhail.  After revue the Treasurers Report was unanimously approved.

New Business

Board Member Offices - Stuart MacPhail moved to retain all current board member positions

            Jerry Smith – President

            Ken Coombs – Vice President

            Stuart MacPhail – Treasurer

            Eric Guetterman – Secretary

and to invite Jolene McGlothlin to attend all board meetings.  Keith Rundle seconded the motion.  The motion was unanimously adopted.

Check signing authority was discussed.  Stuart MacPhail moved to confirm the resolution adopted by the telephone meeting on August 23 2001 which authorized any of the following to sign checks with at least two signatures required on each check:

            Stuart MacPhail

            Kenneth Coombs

            Jerry Smith

            Eric Guetterman.

The motion was seconded by Eric Guetterman and was unanimously adopted.

Jerry Smith moved that we adopt a resolution to accept the same signatures for the Rushmore Account requiring two signatures on each check.  Kenneth Coombs seconded the motion and it was unanimously adopted.

The meeting was adjourned at 9:24pm.