2002 Annual Meeting

1st Organization Meeting

of Eagle Ranch Homeowners Association

July 13, 2002

Location: Holiday Inn, Pueblo, CO

11:00 AM Joe O'Brien, Secretary, called meeting to order.

Mr. O'Brien verified that Red Creek had 19 lots owned, 2 lots proxied for a total of 21 votes. Current Homeowners comprised 28 votes for a total vote of 49. A quorum of 20% of 110 properties or 22 votes minimum was needed to have a legal meeting. This amount was met and Mr. O'Brien declared the meeting was valid.

Mr. O'Brien verified that proper notice was given to all Homeowners pursuant to Article III of the bylaws for the Eagle Ranch Homeowners Association.

Mr. O'Brien discussed the condition of the road system and stated that all the roads had just been re-graded the week before the meeting. He explained that upon inspection by the new board, a deed would be prepared to transfer the deed to all the private roads at Eagle to the Homeowners Association.

The road maintenance fund held in escrow at Stewart Title has a balance of approximately $15,000. This amount will be transferred to the Association as soon as an account is set up with a bank.

There were 5 people nominated to be on the Board of Directors. They were:

Ed Scriven nominated by Les Acker

Phyllis Acker nominated by Les Acker

Rocco Covalt, Jim Sandusky and Connie Berry Robinson were nominated by Joe O'Brien.

All nominations were unanimously approved and accepted by the voters present to be Board of Directors.

Miscellaneous questions were discussed by various members with Mr. O'Brien.

Mailboxes - Red Creek will provide 2 more concrete pads to give better locations for owners' mailboxes.

Road maintenance - Proper maintenance includes grading twice a year with snow plowing as needed.

Open Space Area - The nature trail of St. Charles River Estates is available to owners at Eagle Ranch. Some State land areas may or may not be available depending on the State Land Boards policy changes.

Fire Protection - Pueblo County Emergency handles grass fires only. There isn't any Fire Protection District for the Eagle Ranch area.

Grazing Lease - There is a grazing lease on the property and it is expected to continue. Properties remain in the Agricultural tax status until which time the property is fenced out by the individual land owners.

Motion was made to adjourn, it was seconded and unanimously approved.

Respectfully submitted by:

Joseph R. O'Brien, Secretary

Eagle Ranch Directors Meeting

July 13, 2002

A meeting of the Directors was held after the Homeowners' Association meeting so that officers could be elected.

The Following officers were elected:

President - Ed Scriven

Vice President - Jim Sandusky

Treasurer - Connie Berry Robinson

Secretary - Phyllis Acker

(Rocco Covalt is the fifth board member)

Mr. O'Brian outlined the duties of the Board of Directors/Officers. These duties are:

1) Road system inspection. Everyone agreed to meet 10:00 AM Sunday, July 14th.

2) Transfer of escrow funds to be made upon the Board opening a checking account.

3) Liability insurance needed for roads. Joe gave them Centennial Insurance for quotes.

4) Contractors will need to be contacted to bid on road maintenance.

5) Meetings of Board should be scheduled and all members should be notified of that schedule.

6) Association needs to file a return for IRS. Someone needs to file for a tax ID # for return purposes as well as for opening a checking account.

The Board of Directors meeting was adjourned without further discussion.

To: Eagle Homeowners Association Directors

From: Joe O'Brien

The following parcels are exempt from paying dues to the Association:

Parcel #40

Parcel #106/107

Parcel # 400

Parcel # 111

These were exempted by Red Creek as far as the dues paying goes, but parcels #40 and #400 are still subject to the covenants.