NORTH COAST RAILROAD AUTHORITY (NCRA)

BOARD OF DIRECTORS REGULAR MEETING

Wednesday, Aug 18, 2004 10:00 AM

Fortuna City Council Chambers

ACTION SUMMARY

Directors present: Ellinger, Hemphill, Ripple, Ollivier, Simonson, Chair Woolley

C. AGENDA APPROVAL

ACTION: Upon motion of Director Hemphill, 2^nd by Director Ripple, and carried (6-0) the board approved the agenda with the following addition; Item H.3 Arcata Fire Assessment

D. CONSENT CALENDAR

1. Approval of Minutes – 7/21/2004 Regular Board Meeting

2. Approval of Finance Committee Meeting Minutes – July 23, 2004

3. Approval of Year End Financial Reports

ACTION: Upon motion by Director Ollivier, 2^nd by Director Simonson, and carried (6-0) the Consent Calendar was approved as presented.

G. CONDUCT OF BUSINESS

1. Adoption of FY 04-05 Agency Budget

ACTION: Upon motion by Director Ripple, 2^nd by Director Hemphill, and carried (6-0), the board adopted the draft budget presented by the Finance Committee

2. Approval of Prop 116 Repayment Plan

ACTION: Upon motion by Director Ripple, 2^nd by Director Ellinger, and carried (6-0), the

Board adopted the repayment proposal to the CTC as presented with the following changes; annual payments will be made in the fourth qtr of each fiscal year, beginning in FY 04-05, until

sufficient cash-flow is available to make first quarter payments in each fiscal year.

H. MATTERS FROM THE BOARD

3. Fire Assessment Increase – City of Arcata Fire District

ACTION: Upon motion by Director Hemphill, 2^nd by Director Ollivier and carried (6-0), the

Board approved voting “yes” to the fire assessment increase by the City of Arcata Fire District