FROM: RIC (Riverwest Investment Co-op
=====================================

RIC MEETING
Wednesday, September 10, 7PM
at YMCA CDC Office
604 E. Center St. (& Booth)

All members are especially encouraged to attend this
meeting because the agenda items for discussion and vote
include:

1. An amendment of the Articles of Incorporation to
include authorization of Preferred non-member stock
with a par value of $100.00 each.

2. Changes in the wording of the bylaws with the
intention to clarify.

---

Summary of Riverwest Investment Cooperative Meeting
Minutes
July 31, 2003, 7:15 pm, YMCA CDC
Riverwestinvestmentcoop@yahoo.com

I. July 2, 2003 minutes approved.

II. The lecture and workshop by Catherine Austin-Fitts
scheduled for July 30th and 31st was cancelled due to
poor ticket sales and the physical injury sustained by
the coordinator disallowing her to function fully.
Discussed feedback received from those approached to
attend the event in effort to learn the reasons for
the disinterest. Possible means for the success of
this event or a similar event in the future is the use
of a smaller venue or the utilization of other groups
to underwrite the event.

III. Finance Committee Update:
Proposal offered for how can we raise capital and
distribute dividends while keeping a principal with
which to buy and renovate properties.

-We should offer preferred non-membership stocks $100
each  would confer a preferred status, which means
(1) shareholders get first right to dividends, (2)
shareholders are in line in front of members for
liquidation.

-We should develop a policy that states that a certain
level of proceeds will yield the full 3% dividends.

-We should state a goal for equity that will allow us
to develop a property

-We should keep a cash reserve on hand for those who
wish to cash out; we should develop a policy for
cashing out shares (e.g. promissory note for 1 year).

-We should prepare material to present at a membership
meeting, say mid September. In two weeks, Tom will
lead a committee meeting to prepare these materials.

IV. It was proposed that the Board meets once per
month rather than biweekly, and that committees meet
more frequently.

V. Property Committee:
The property committee should take the responsibility to
develop financial estimates for properties under
consideration. The Board must react quickly and actively
to proposed site visits.

IX. Next meeting: Wednesday, September 10, 2003 at
7pm. This meeting will be held at the YMCA CDC office
at 604 E. Center Street.
All members are especially encouraged to attend this
meeting because the agenda items for discussion and vote
include:
1. An amendment of the Articles of Incorporation to
include authorization of Preferred non-member stock
with a par value of $100.00 each.
2. Changes in the wording of the bylaws with the
intention to clarify.