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RIC Meeting 9/10; Minutes for 7/31

FROM: RIC (Riverwest Investment Co-op ===================================== RIC MEETING Wednesday, September 10, 7PM at YMCA CDC Office 604 E. Center St. (& Booth) All members are especially encouraged to attend this meeting because the agenda items for discussion and vote include: 1. An amendment of the Articles of Incorporation to include authorization of Preferred non-member stock with a par value of $100.00 each. 2. Changes in the wording of the bylaws with the intention to clarify. — Summary of Riverwest Investment Cooperative Meeting Minutes July 31, 2003, 7:15 pm, YMCA CDC I. July 2, 2003 minutes approved. II. The lecture and workshop by Catherine Austin-Fitts scheduled for July 30th and 31st was cancelled due to poor ticket sales and the physical injury sustained by the coordinator disallowing her to function fully. Discussed feedback received from those approached to attend the event in effort to learn the reasons for the disinterest. Possible means for the success of this event or a similar event in the future is the use of a smaller venue or the utilization of other groups to underwrite the event. III. Finance Committee Update: Proposal offered for how can we raise capital and distribute dividends while keeping a principal with which to buy and renovate properties. -We should offer preferred non-membership stocks $100 each would confer a preferred status, which means (1) shareholders get first right to dividends, (2) shareholders are in line in front of members for liquidation. -We should develop a policy that states that a certain level of proceeds will yield the full 3% dividends. -We should state a goal for equity that will allow us to develop a property -We should keep a cash reserve on hand for those who wish to cash out; we should develop a policy for cashing out shares (e.g. promissory note for 1 year). -We should prepare material to present at a membership meeting, say mid September. In two weeks, Tom will lead a committee meeting to prepare these materials. IV. It was proposed that the Board meets once per month rather than biweekly, and that committees meet more frequently. V. Property Committee: The property committee should take the responsibility to develop financial estimates for properties under consideration. The Board must react quickly and actively to proposed site visits. IX. Next meeting: Wednesday, September 10, 2003 at 7pm. This meeting will be held at the YMCA CDC office at 604 E. Center Street. All members are especially encouraged to attend this meeting because the agenda items for discussion and vote include: 1. An amendment of the Articles of Incorporation to include authorization of Preferred non-member stock with a par value of $100.00 each. 2. Changes in the wording of the bylaws with the intention to clarify.