FRYE ISLAND INCORPORATED

BOARD OF DIRECTORS MEETING

SATURDAY MAY 13, 2006

ADMINISTRATION BUILDING CONFERENCE ROOM

Call To Order:  President Potts called the meeting to order at 7:06 PM
 

Attendance:  J. Potts, D. Norris, D. Gleeson, and Town Manager W. Fournier
                     Present by telephone conferencing were D. Giggey and P. Perry. 

Approval of Minutes: Corrections to future planned meeting dates were made,

discussed and approved. Motion to accept the minutes of the 08/27/05 Board Meeting was made by D. Norris, seconded by P. Perry and passed unanimously.                     

Communications & Petitions from the Public: There were none presented.

Reports: Financial Report for the year ending 2005 and a summary through April 2006 was presented by J. Potts. These reports were reviewed, discussed and accepted by the Board.

Discussion Item: New Property Usage Analysis – (Information gathered from the FI Town Web Page). President Potts opened discussion stating that a representative from the PWD became aware of the analysis, and requested a copy for his review. PWD subsequently reviewed the analysis and found it acceptable. President Potts brought to the Board’s attention that the summaries in the analysis will change regularly due to the many variables that influence the data being collected. As this was an informational discussion, there was no action taken by the Board.
 

Old Business:
 

(A.) Stockholder Questionnaire – (Mailing May 15^th 2006). Final details were discussed prior to the mailing. Motion to accept the final draft was made by D. Gleeson and seconded by D. Norris. The final draft was approved unanimously.
 

(B.) Buy Back White Paper to be mailed with questionnaire -  A discussion ensued covering the final details of the draft to be mailed. A motion to accept the White Paper in its final form was made by P. Perry, and seconded by D. Giggey. The Motion passed with (4) voting for the final draft and (1) against it

(C.) Proxy Ballot to Stockholders – August 2006. A discussion ensued resulting in the deletion of the August 2006 report date to a date to be determined. A final draft was approved. Board Member D. Norris will present the final letter to Town Manager W. Fournier for printing.

New Business. None

Next Meeting Dates:

 (A.) Board Meeting 7:00 PM. Saturday June 10, 2006.

 (B.) Stockholders Meeting. 9:00 AM. Saturday July 1, 2006.

Adjourn Meeting:

Motion made by P Perry to adjourn the meeting at 9:05 PM , and seconded by  D  Gleeson. Motion passed unanimously.

Respectfully submitted,

David S Gleeson, Secretary