MINUTES OF THE ________ ANNUAL MEETING OF THE DIRECTORS OF _______________ LLC held _____________, 19____ The Annual Meeting of the Directors of ___________ LLC (the “Company”) was called to order by (Name), the President of the Company, at ________AM, ____________, 19_____, at the offices of the Company located at (address). Those present included all of the Company Directors, (Names). Also present was Company’s attorney, and the Company’s Operations Office. The Company attorney presented the Company’s Minute Book, which is maintained at the Company office. It was reviewed and found to contain the following: 1. The Certificate of Organization issued (date), by the _______________ Secretary of State; 2. A receipt from the _________ Secretary of State for the paid filing fee paid (date); 3. The document copy of the Articles of Organization of __________________ LLC filed with the ____________ Secretary of State (date), authorizing __________ shares at $__________ per share for a total capitalization of up to $________________ which is to be contributed and the corresponding shares issued as determined by the Board; 4. The Operating Agreement of __________________ LLC entered effective (date), and the Amendment to Article VI of the Operating Agreement adopted by the Members (date); 5. The Minutes of the Organization Meeting of the Members of _____________ LLC held (date) adopting the Operating Agreement and electing (Names) as the Board of Directors, to serve until the next annual or special meeting of the Company; 6. The Minutes of the Organization Meeting of the Directors of ____________________ LLC held (date), electing (Name) as President, (Name) as Secretary and (Name) as Assistant Secretary, to serve for a term one year or until their successor are named, whichever later occurs; opening an account with ____________ Bank in ____________; resolving that the Company acquire $_______________ in ____________ _______________ Bonds issued by (governmental entity); and designating (Name) as Operations Officer and providing for support services. 7. The Minutes of the Special Meeting of the Directors of ________________ LLC held (date), reflecting the purchase of an additional $_______________ in bonds pursuant to the Contract of Purchase dated (date); providing for the issuance of additional shares; and reporting and reviewing financial statement through (date); 8. The Minutes of the First Annual Meeting of the Members of _________________ LLC held (date), designating (Names) as the Board of Directors for _________________ LLC for the following year; 9. The Minutes of the First Annual Meeting of the Directors of _________________ LLC held (date), electing (Name) as President, (Name) as Secretary and (Name) as Assistant Secretary; and approving the issuance of additional shares reflecting additional funds advanced by the Members for purchase of bonds; 10. The Minutes of the Special Meeting of the Members of _____________________ LLC held (date), approving an amendment to Article VI of the Operating Agreement to provide for annual meetings to be held the last _____________ of _________ of each year commencing in the year 19_______; 11. The Unanimous Consent Resolution of the Directors of __________________ LLC dated (date), adopting an investment policy for the Company; 12. The Minutes of the Second Special Meeting of the Directors held (date), calling for additional $_____________ of the committed funds for purchase of bonds required by the Contract of Purchase of ________________ LLC dated (Date), and setting out the shares issued for advances made by the Members; 13. The Minutes of the Second Annual Meeting of the Members of _______________ LLC held (date), reviewing the audited financial report through (Date), prepared by (accounting firm), and re-electing Board Members (Names) to serve until the next annual meeting of ________________ LLC; 14. The Minutes of the Second Annual Meeting of the Directors of _________________ LLC held (date), reviewing the Minute Book; providing for the issuance of additional shares to reflect paid in capital of $_______________; electing (Name) as President, (Name) as Secretary and (Name) as Assistant Secretary to serve for a term of one year or until their successors are named, whichever later occurs; hiring (accounting firm) to perform an audit for 19____; and directing (Name) to invest future interest payments in the US Treasury Notes with maturity not to exceed six months until a further determination is made by the Directors with respect to the use of such funds. 15. The Minutes of the Special Meeting of the Directors of _______________ LLC held (date), reporting that the operating company had negotiated a line of credit with (Bank) as agent, and approving that ______________ LLC (“Bondholder”) enter into the requested Waiver and Acknowledgment Agreement; 16. The Unanimous Consent Resolution-Distribution to Directors of _________________ LLC dated (date), providing for distribution of $______________ to the Members; 17. The Minutes of the Third Annual Meeting of the Members of ________________ LLC held (Name), reappointed (Name)s, as Directors to serve until the next annual meeting of ____________ LLC. 18. Copies of the Issued Membership Certificates as follows: Number Owner Shares Date The Minutes of the Second Annual Meeting of Directors held (date) were reviewed and, upon motion duly made and seconded, were approved. Upon motion duly made, seconded and unanimously carried, the Directors did unanimously appoint the following Officers to serve for a term of one year, or until their successor are named, whichever or later occurs: (Name) President (Name) Secretary (Name) Assistant Secretary (Name) presented the Financial Statement of _____________ LLC through (date), and a statement of estimated cash needs for the period (date) to (date), which were then reviewed and discussed. Upon motion duly made, seconded and unanimously carried the Financial Statements submitted were approved. (Name) moved that the $_______________ unamortized organization costs in the balance sheet be written off this year. After discussion it was seconded and unanimously carried. (Name) then reviewed the audited ______________ LLC audited financial report through (date). After discussion, upon motion duly made, seconded and unanimously carried it was RESOLVED that the audit be approved. Upon motion duly made and unanimously carried it was RESOLVED that the firm of (accounting firm) be hired to perform the audit for 19____. (Name) presented a letter dated (date), a copy of which is attached, concerning investment policy from (Name of Bank). Upon review and discussion it was RESOLVED to stay with the present investment policy. Based upon Operations Officer (Name) report that a Treasury Bill in the amount of $___________ is becoming due on (date), and after review of this report by the Directors, and pursuant to Paragraph VII of the Operating Agreement, the Directors have determined that funds are available for distribution to the Members, therefore it is RESOLVED by unanimous consent of the Directors that the following distributions, determined in proportion to each Member’s share ownership (as set forth in Paragraph IV of the Operating Agreement) be made in accordance with Paragraph VII: (1) $____________ be paid to ___________ (the Member) at the ____________ (Account #) in the Bank of (Name of Bank); (2) $_____________ be paid to ___________ (the Member) at its (Account #) at (Name of Bank). A discussion was held concerning the disposition of future interest payments expected on _______________ LLC investments. (Name) was directed to invest such payments, when received, in U.S. Treasury notes with a maturity not to exceed six months until a further determination is made by the Directors with respect to such funds. The President then led a discussion concerning the anticipated business of _______________ LLC: There being no further business, the meeting of the Directors was adjourned. ______________________ _______________________ Director Director