Board members present: Steve Hartman, Sonya Barsness, Chip Crane, Larry Sheeler, and Cookie Symons. Tom Tempfer, Property Manager from Penn First, was also present.

In addition there were 6 homeowners present.

1. Call to Order
President Larry Sheeler called the meeting to order at 6:41p.m.

2. Certify Quorum
5 board members present. Quorum established.

3. Proof of Notice
Proof of Notice was given. Due to miscommunication with the Orange County Library, meeting location was changed and change posted. Tom Tempfer waited at library for homeowners not aware of change. No homeowners were at the library.

4. Approval of minutes
The minutes of the June 18, 2002 meeting were approved as submitted.

5. Open Forum
The meeting was opened to homeowners for discussion on previously submitted management contract proposals. Steve Hartman assumed control of the meeting.

Meeting was called back to order. Larry Sheeler abstained from the vote on the management contract. Steve Hartman made a motion to sign contract with Penn First management with 30- day out clause. Chip Crane seconded the motion. The motion passed unanimously.

6. Financial Report
In Myron's absence, Larry presented the Income/Expense Statement and Balance Sheet for the period ending 5/31/02. Our balance sheet shows assets to be $20,025.46 with liabilities of $4,577.72. These numbers do not reflect the CD voted for at the last meeting.

The board also reviewed the Delinquency Report as of 7/12/02. Larry reported that late notices will be sent out the following week.

7. Committee Reports
ARC - Chip Crane reported that the last proposal submitted to the ARC was resolved with the homeowners agreeing on lighter tones for their house and trim.

Neighborhood Watch - Cookie Symons reported on recent rash of automobile vandalism in the Divine Circle section of Cypress Isles. Another Waterford Lakes neighborhood had also recently reported similar vandalism. Word was circulated to block captains and homeowners.

Newsletter - Sandy and Dennis Horazak reported that the July issue was delivered to homeowners and that they were seeking submissions for the next edition.

Hats Off and Yard of the Month - No new report.

Community Party - (Festival Committee) Committee chairperson Allen Huck reported that the second meeting of the festival committee took place on Thursday July 11, 2002 and that minutes will be distributed to all. The theme of the festival has been narrowed down to community fun, food, and participation with activities and games planned to encourage homeowners to get to know one another. The committee is expecting attendance of approximately 30 families or 100 people. The committee intends to solicit donations from vendors so that the cost of the festival will be minimal. The committee intends promote the festival in the next issue of the newsletter, deadline 7/30.

Welcome Package - Sonya Barsness reported that the welcome package is being developed and will be ready for the fall festival. The board will notify Sonya of new residents.

8. Old Business

CI logo on wall at front entrance- CI letters will be up the week of 7/15.

Entrance lights- Contractors will have to dig up both sides to find utilities. This will create an added upfront cost.

9. New Business
· Pothole on Spring Isle Way repaired
· The board authorized Florida Power to do work on lights for Crystal River Drive

10. Adjournment
Cookie Symons made the motion to adjourn, seconded by Sonya Barsness. The meeting was adjourned at 8:04 pm

11. Next Meeting
Next meeting is scheduled for Tuesday, Aug 20th at 6:30 p.m.

______________________ _______________________
Notes submitted by Board of Directors
Sonya Barsness in absence of Jean Thompsin,
Secretary of the Board