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01-24-06 TSH San Marcos Min (2) TEXAS1*' STUDENT MOUSING MINUTES OF THE BOARD OF DIRECTORS OF THE TEXAS STUDENT HOUSING AUTHORITY—SAN MARCOS PROJECT (AN INSTRUMENTALITY OF THE TOWN OF WESTLAKE) JANUARY 24, 2006 PRESENT: Vice President Becky Rogers and Board Members Jac Irvine, Jill McKean (arrived at 6 p.m.), Gary Fickes, Larry Darlage, and Chuck Schultz ABSENT: President Jim Carter OTHERS PRESENT: Executive Director Hank Smyth, Finance Manager Pete Ehrenberg, Secretary Jean Dwinnell, General Counsel Scott Bradley, and Trish Fritsche and Kerry Caves representing Weaver and Tidwell, L.L.P. 1. CALL TO ORDER. Vice President Rogers called the meeting to order at 6:04 p.m. 2. DISCUSS AND CONSIDER APPROVAL OF SAN MARCOS PROPERTY AUDIT FOR FY 2004-2005 PRESENTED BY WEAVER AND TIDWELL, L.L.P. Ms. Trish Fritsche representing Weaver and Tidwell presented the draft audit and reviewed the audit report, financial statements, interest income, revenues, and expenditures. Discussion ensued regarding the proposed sale of the San Marcos property by the bond holders, options, considering a trade for Town of Westlake bonds, and the tax exempt status. Ms. McKean moved to accept the San Marcos Property Audit for FY 2004-2005 as presented. Ms. Rogers seconded the motion. There was no further discussion and the vote on the motion was as follows: Ayes: Vice President Rogers, Messrs. Irvine, Fickes, Darlage, Schultz, and Ms. McKean Nays: None Vice President Rogers declared the motion carried unanimously. 3. REVIEW AND APPROVE MINUTES OF SEPTEMBER 27,2005. There were no minutes to consider, as there was no meeting held. 4. ADJOURN. There being no further business before the Board Vice President Rogers declared the meeting adjourned at 6:33 p.m. The Minutes are approved and certified to be a true and correct reflection of the actions of the officers and members of the Board, and is hereby certified to be an official copy thereof, on file among the official records of the Board, on this the 6th day of July, 2006. 'I A -d (7�" ecky Roge ice Pres e t ATTEST: fn Dwinnell, TRMC, CMC, Secretary