Board of Directors Minutes, May 13, 2011, Meeting No.

10 Michael Day, President and Co-Founder

www.calboc.org Anton Jungherr, Executive Director and Co-Founder 121 Ash Court, Hercules, CA 94547 510.799.1141 phone, 510.799.2124 fax, 510.697.7212 cell, anton.jungherr@calboc.org

Minutes Board of Directors Meeting No. 10 Third Annual Meeting California League of Bond Oversight Committees Friday, May 13, 2011, 8:00 AM Lunch will be provided - $10 Sacramento Metro Chamber of Commerce 1 Capital Mall, Sacramento, CA 95814

Call to Order Michael Day called to order at 8:10AM Roll Call Michael Day 1 y Bob Blymyer Present y Michael Day, President and Co-Founder Present y David Ginsborg , Co-Founder Present y Anton Jungherr, Secretary and Treasurer, Co-Founder, Executive Director Present y Michael Turnipseed, Vice President - Present y John W. Stump Present y David Wolfe Present (Arrived at 8:25am) Staff Present: Katie Salvador, Angelina Garcia, and Christian Abalos

Note: There are two (2) vacant Board seat, for a total of nine (9) director seats on the Board.

Z:\opt\scribd\conversion\tmp\scratch6233\65292886.docx Page 1 of 4

Board of Directors Minutes, May 13, 2011, Meeting No. 10 Michael Day, President and Co-Founder
www.calboc.org Anton Jungherr, Executive Director and Co-Founder 121 Ash Court, Hercules, CA 94547 510.799.1141 phone, 510.799.2124 fax, 510.697.7212 cell, anton.jungherr@calboc.org

Approval of Agenda Michael Day, approved by consensus Approval of Minutes, February 11, 2011- Anton Jungherr, approved by consensus Election of Directors Michael Day Each director shall hold office until the next annual meeting for election of the board of directors as specified in these bylaws, and until his or her successor is elected and qualifies. Bylaws, Article 3, Section 4. The Bylaws currently authorize nine (9) Director positions of which seven (7) are filled and two (2) positions are vacant. Approved by consensus that the current Directors be elected to a new one year term y y y y y y y Bob Blymer Michael Day David Ginsborg Anton Jungherr John W. Stump Michael Turnipseed David Wolfe

Election of Officers Michael Day Bylaws provide (Article 4, Section 2) each officer shall hold office until he or she resigns, is removed, or is otherwise disqualified to serve, or until his or her successor shall be elected and qualified, whichever occurs first.

Z:\opt\scribd\conversion\tmp\scratch6233\65292886.docx Page 2 of 4

Board of Directors Minutes, May 13, 2011, Meeting No. 10 Michael Day, President and Co-Founder
www.calboc.org Anton Jungherr, Executive Director and Co-Founder 121 Ash Court, Hercules, CA 94547 510.799.1141 phone, 510.799.2124 fax, 510.697.7212 cell, anton.jungherr@calboc.org

y President (currently Michael Day) y Vice President (currently Michael Turnipseed) y Secretary and Treasurer (currently Anton Jungherr) Approved by consensus that the current officers, as shown above, continue to serve in those positions. Annual Report 2010 (Bylaws Article 7, section 6) - Anton Jungherr, Accepted by consensus Annual Statement of Specific Transactions to Members (Bylaws Article 7, Section 7) (x) - Anton Jungherr, Accepted by consensus Annual Statement of Conflict of Interest (Bylaws Article 9, Section 6) (x) - Anton Jungherr, each Director signed and returned certification that he had received, and understood conflict of interest and compensation approval policies, Michael Day included a disclosure of a possibility of receiving royalties for a product he designed, which could be sold to public schools in California. Annual Review Compensation Arrangements and Benefits (Bylaws Article 9, Section 7) (X) - Anton Jungherr, accepted by consensus Tax Returns 2010 Anton Jungherr, Received by consensus Treasurers Report, January to April 2011 Anton Jungherr, Received by Consensus

Z:\opt\scribd\conversion\tmp\scratch6233\65292886.docx Page 3 of 4

Board of Directors Minutes, May 13, 2011, Meeting No. 10 Michael Day, President and Co-Founder
www.calboc.org Anton Jungherr, Executive Director and Co-Founder 121 Ash Court, Hercules, CA 94547 510.799.1141 phone, 510.799.2124 fax, 510.697.7212 cell, anton.jungherr@calboc.org

Next Meetings Michael Day1 y August 12, 2011 at 11 AM 1:30 PM y November 18, 2011 at 11 AM 1:30 PM Adjournment Michael Day adjourned the meeting at 9:32AM Following the annual meeting, the Board will conduct its first annual planning retreat. Prepared By

Anton Jungherr, Secretary Note: Agenda backup documents are available in the files of the Executive Director. Date Approved By Board of Directors _____________________________ Distribution: y Board Members y Official Minute Book (CALBOC file 5-10) y Agenda Package y Executive Director s Notebook (work copy), Tab 5, Volume 2)

Note: the Agenda showed incorrect dates for the next meetings. The dates in these minutes are correct.

Z:\opt\scribd\conversion\tmp\scratch6233\65292886.docx Page 4 of 4