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08-27-02 TSH San Marcos Min MINUTES AND CERTIFICATION On August 27, 2002,the Board of Directors (the`Board") of the Texas Student Housing Corporation- San Marcos Project convened in a public meeting at the designated meeting place in Westlake, Texas. The roll of the duly constituted officers and members of the Board was called, which are as follows: Name Title James P. Carter President Worth Blake Vice President Annette Bush Treasurer Dr. Forrest Watson Member Becky Rogers Member Dr. John Brooks Member Mike Farhat Member all of whom were present except Mr. Farhat and Dr. Watson. Also present were: Mr. Larry Williamson, Mr. Allen Moon, Mr. Bill Moon, Mr. Scott Bradley, Mr. Trent Petty, Ms. Mary Midgette and Ms. Ginger Crosswy. President Carter called the meeting to order at 6:30 p.m. There was a motion by Mr. Blake, seconded by Ms. Bush, to approve the minutes of the meeting of July 23, 2002 with some minor corrections. There was no discussion and the motion carried unanimously. The update on payments made to all consultants was waived, as it was given at the meeting of the Texas Student Housing Corp. Mr. Petty reported to the Board that since JPI has dropped the room rates the project will not cash flow this year. There was a long discussion regarding the financial situation of this project. After a short question and answer session there was a motion by Dr. Brooks, seconded by Mr. Blake, to approve the annual audit by Whitley Penn. There was no discussion and the motion carried unanimously. There was a motion by Dr. Brooks, seconded by Ms. Bush, to pay $14,431.00 to Whitley Penn for the audit. There was no discussion and the motion carried unanimously. President Carter stated that at the last meeting Mayor Bradley, Mr. Petty, Mr. Allen Moon and he were asked to visit with the City of Cameron Education Corporation to discuss the various bills due. Mr. Petty told the Board that they have not had the opportunity to make this trip and it will probably be October before they will. He stated that there is a$10,000.00 issuer fee payment due to CCEC that should be paid before going to see them. After a short discussion there was a motion by Mr. Blake, seconded by Ms. Bush, to authorize this payment. The motion carried unanimously. Mr. Blake asked Mr. Petty about the job description he had been asked to write for the Program Administrator's position, the Asset Manager's position and the Executive Director's position. Mr. Petty told the Board that he had prepared a job description for an asset manager and the description had been reviewed by Mayor Bradley, but until the Board decides what position or positions it wishes to establish, the description should wait because some of the responsibilities of these positions overlap. There being no further business the meeting was adjourned at 7:17 p.m. MINUTES APPROVED AND CERTIFIED TO BE TRUE AND CORRECT and to correctly reflect the duly constituted officers and members of the Board, and is hereby certified to be a correct copy of an official copy thereof, on file among the official records of the Board, on this the 20 day of September, 2002. ATTEST: James P. Carter, sident d finger rosswy, Secretary