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FLORIDA ASSOCIATION OF LOCAL HOUSING FINANCE AUTHORITIES QUARTERLY MEETING

Minutes of meeting held October 19, 2006

Present: Gordon Jernigan, President Angela Abbott, Vice President (via telephone) Walt Ferguson, Treasurer/Secretary W.D. Morris, Board Member Rodney Fischer, Board Member (via telephone) Karen Sindel, Executive Director

Others participating: Debra Dangler, RBC Dain Rauscher (via telephone) Laura Upham, Wells Fargo Mary Lou Frey, Wells Fargo Lisa Derryberry, Wells Fargo Scott Schuhle, U. S. Bank (via telephone) Mark Hendrickson, The Hendrickson Co. (via telephone) Ray Popkin, RBC Dain Rauscher

The Florida Association of Local Housing Finance Authorities held a quarterly meeting at Greenberg Traurig, 450 S. Orange Avenue, Suite 650 Orlando, FL on this 19th day of October, 2006. Mr. Jernigan called the meeting to order at 1:40 p.m., at which time he determined a quorum of the Board was present. Mr. Fischer then moved that the minutes from the July 12, 2006 FLALHFA annual meeting, held in Key West, be approved. Mr. Ferguson seconded the motion which was then passed unanimously. The next item was the presentation of the financial report. Mr. Ferguson presented the financials as follows: checking - $63,142.09; money market savings - $106,494.95; Bank of Pensacola CD - $106,576.66; Gulf Coast Bank Savings - $83,399.08. A motion was made by Mr. Morris, seconded by Mr. Fischer and passed unanimously to approve and ratify the financial report. Ms. Sindel then presented the budget for 2006-2007. Mr. Morris moved for approval, which was then seconded by Mr. Fischer and unanimously approved. A discussion regarding lowering expenses for the annual conference then followed. Mr. Morris questioned if changing locations might encourage more attendance. Mr. Popkin noted that location only effects attendees from the Housing Finance Authorities as affiliates will attend regardless of location. It was also noted that the Housing Finance Authorities need to assist in securing sponsorships and attendance from developers and other business contacts. Mr. Morris asked if the FLALHFA Board should consider raising the annual membership fee. Mr. Jernigan noted that the fee would need to be increased for the Housing Finance Authorities as well as the affiliates in order to make the increase worthwhile. Mr. Morris then suggested that we table the suggested increase and review it again in a year. Next, Mr. Jernigan presented the 2006-2007 contract for Ms. Sindel, Executive Director of FLALHFA. The contract is the same as the previous year. Mr. Ferguson moved to accept the contract, Mr. Morris seconded and the Board unanimously voted to approve and accept the Executive Director's contract. The next agenda item was the 2006-2007 contract for The Hendrickson Company, the lobby firm that represents FLALHFA. Mr. Jernigan presented the contract noting that it remains the same as the one from the previous year. Mr. Morris moved to accept, Ms. Abbott seconded the motion and the Board unanimously voted to approve the contract for The Hendrickson Company. Mr. Hendrickson then presented the legislative update. The House has a special committee regarding affordable housing that will be traveling throughout the state. When they visit your area, make certain to openly request that they repeal the allocation cap. Mr. Popkin questioned if the bond distribution formula should be challenged. Mr. Morris then raised the issue regarding proposed rule changes. There is a problem with Housing Finance Authorities signing letters stating that all approvals have been given when that is not the case. It would be much preferable to have a letter stating the Housing Finance Authority has approved the TEFRA. It was then suggested that Mr. Hendrickson be asked to draft a letter from FLALHFA requesting a rules change. Mr. Ferguson moved that FLALHFA have Mr. Hendrickson create this letter, Mr. Morris seconded and the motion was passed. Mr. Morris and Mr. Popkin offered to work with Mr. Hendrickson on this project. The next regular meeting of the FLALHFA Board of Directors will be January 18, 2007. At the request of the membership, this meeting will NOT be held in Orlando, FL but will be held via telephone conference. The March 22, 2007 meeting, however, will be held in Orlando, FL. There being no further business the meeting was adjourned at 2:45 p.m.

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