DRAFT COPY

POTOSI LAKE VILLAGE, INC.

MINUTES OF ANNUAL MEETING MAY 29, 2004

The meeting was called to order at 1:30 PM by Dan Kelly. All remaining Board members were present. Dan Kelly, Larry Daniels, Fred Francis, Chris Boyer and Mary Scott. There were 53 members (39 that were qualified to vote) present. Mary Scott read the minutes from the 5/24/03 to 5/29/04. Minutes were approved as read.

FINANCIAL REPORT: Was given by Dan Kelly. Bob Cawley questioned the $13.83 for flowers (who were they sent to); Dan Kelly told him that they were sent to Susan Sullivan for her Father (a lot owner) who had passed away. Financial report was approved as read. Also a proposed budget for the coming year was presented to the members.

OFFICER COMMITTEE REPORTS:

1. Officer Report - Dan Kelly

During the past year the Potosi volunteer (activities and list of volunteers attached), worked nearly 400 hours cutting weeds, burning trash, resealing part of Hays road and working on the pavilion. Copper sulphate has been purchased and the lake will be treated in near future, another set of speed bumps have been stolen, the new street sign (will be

furnished by 911 operations), have been ordered and will be installed when they arrive, roads were repaired (last year) at a cost of approximately $5,800, and the culvert at the spillway was repaired without using fish fund.

2. Pavilion Report - Cheryl Daniels

The following repair to the pavilion has been done; The water pump has been replaced. Temporary repairs have been made to one of the washrooms so it can be used. All the above projects, with the exception of the pump repair have been done with volunteer labor, most of the material for the roof repair and the washroom repair was donated.

The future plans for the pavilion will be to enclose the back half and install a common washroom that will be handicapped accessible, install a furnace, and install kitchen facilities that have been donated, install guttering, and insulate the interior walls.

“We’re a long way from completing these projects, and already funds are running low. Any help in the form of material, labor and money will be greatly appreciated. Remember, this is your pavilion, let’s make it a great place to meet and entertain.” Cheryl presented a rendering of what the pavilion will eventually look like, along with the floor plan. Cheryl’s’ pavilion report was ended with a round of applause for her report.

3. Sewer Update - Larry Daniels

Larry explained to the members that the type of sewer plant that we need to have at Potosi Lake is a PACKAGE SEWER TREATMENT PLANT - It would be a small unit ~ (about the size of a modular home), it would be buried underground, and would have to meet all EPA requirements. Cost estimates for sewer system to handle Potosi Lake

Village, Inc., including estimated expansion probably would cost each homeowner

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