MINUTES

BOARD OF TRUSTEES’ MEETING – MINOT-SLEEPER LIBRARY

TUESDAY, MARCH 20, 2007

PRESENT: Deborah Doe, Chairman, Bill Barrett, Shirley Yorks, Barbara Greenwood, George Corrette, Deborah Gilbert, Secretary/Librarian, Elizabeth Corrow, Town Manager, Mark Rabbe, UBS Financial Services, Inc.

ABSENT: Glenn Dorr, Roger Nicholls

Deborah Coe called the meeting to order and yielded the floor to Mark Rabbe so that he could make his presentation and not have to sit through the whole meeting. Mr. Rabbe presented a suggested portfolio for investment to the board for the $115,000.00 that was recently transferred from checking to the UBS account.

Mr. Rabbe started his presentation with an introduction and brief history of UBS Financial Services, Inc.

Mr. Rabbe stressed the importance of asset allocation, diversification and performance. He suggested a breakdown of 9.10% in cash, 34/70% in US Stocks, 29.71% in Non-US Stocks, 21.32% in Bonds, 5.13% in Others and 0.03% Not Classified. He said he could set up an automatic rebalancing on an annual or semi-annual basis. He suggested the PACE program, which included no fee to purchase or to sell. There is an Investment Management fee of between ¼ and 1% and a PACE consulting fee of 1%. This program allows for greater flexibility.

Mr. Rabbe informed the board that the money is currently sitting in a money market account and that there was no hurry to make any decisions.

He suggested that the investment be staggered over a time period of 4 to 6 months.

Top 5 holdings out of 8 Type Holding Value $ %Assets

Loomis Sayles Strat Inc A MF 23,169.80 20.07

Amer Funds CplncBldr F MF 23,003.77 19.93

Van Kampen Equ and Inc A MF 11,653.84 10.10

AmCent Equity Income Adv MF 11,581.08 10.03

Davis NY Venture A MF 11,557.08 10.01

Next 5 holdings out of 8

Henderson Intl Opport A MF 11,543.13 10.00

Amer Funds Grth Fund F MF 11,521.13 9.98

Thornburg Intl Value A MR 11,411.60 9.89

George Corrette stated that even though he is authorized to make decisions on the board’s behalf he felt strongly that it should be a board decision and that a motion be made, seconded, voted and recorded in the minutes and that is the reason he invited Mr. Rabbe.

Mr. Rabbe concluded his presentation and Deborah Doe thanked him for his time. She stated that the board would discuss his proposal and vote later in the meeting under New Business. Mr. Rabbe excused himself at this time.

SECRETARY’S REPORT: The January minutes were read by all those present.

Shirley Yorks made a motion that the minutes be accepted as read, Bill Barrett seconded, and the motion carried as all were in favor with the exception of Barbara Greenwood who abstained because she had not yet been sworn in as a newly elected Trustee since the recent election.

The February minutes were read by all those present. George Corrette made a motion that the minutes be accepted as read, Deborah Doe seconded and the motion carried as all were in favor with the exception of Barbara Greenwood abstaining.

TREASURER’S REPORT: George Corrette reported that the balance in the checkbook was about $9100.00, the balance in the Investment Pool was at 81,000.00 and the UBS balance was about $121,000.00 including the transfer of $115,000.00 from the checking account.

Deborah Gilbert provided the board with a list of all bills submitted to the Town Accountant for payment since the first of the year.

CORRESPONDENCE: An invitation to a Retirement Party and Roasting for retiring Police Chief Barry W. Wingate on April 28, 2007 at the Common Man Inn – Fosters Steak House in Plymouth.

A request for updated trustee information from the State Library.

OLD BUSINESS: Deborah Gilbert provided the board with a copy of an e-mail from Rural Development grant specialist Scott Johnson discussing the status of the library’s application for a grant as well as the grant program itself. Deborah Doe will contact Mr. Johnson and invite him to the April Trustees’ meeting to discuss the information with the board in person.

George Corrette suggested possibly contacting State Representatives and Congressmen about the project and see if they had any advice or suggestions for possible funding. Ray Burton and John Sununu were suggested and Elizabeth Corrow suggested contacting Deb Reynolds. George will take care of contacting them.

Deborah Doe stated that the 501(c)(3) application for the Friends of Minot-Sleeper Library, Inc. was just about ready to send off. It is currently being reviewed by Sue Palmatier at the North Country Office of the State Library. She will be contacting Deborah Gilbert if she has any suggestions of additions or changes. Ms. Gilbert will then send it off.

Barbara Lehocky, grant writer, is paid to date for work that she has done.

The signs with the new hours are not yet done. We are still waiting for the fluorescent lights to be repaired.

NEW BUSINESS: Shirley Yorks made a motion to authorize George Corrette to sign the investment proposal as proposed by Mark Rabbe at this meeting, Bill Barrett seconded and the motion carried as all were in favor with the exception of Barbara Greenwood who abstained.

Deborah Gilbert presented the board with the information for the Squam Lake Science Center and the Canterbury Shaker Village museum season passes. This year’s pass for the Science Center includes two free passes and up to 4 discount trail admissions. The cost is $300.00. The Canterbury Shaker Village is offering 100 passes that entitles adults to

$5 general admission and children to $2.50 at a cost of $100.00. George Corrette made a motion that the library purchase the 2007 season passes for the Squam Lake Science Center and the Canterbury Shaker Village at a cost to the library of $400.00, Deborah Doe seconded and the motion carried as all were in favor with the exception of Barbara Greenwood who abstained.

Deborah Gilbert presented the board with an e-mail and cost estimate from David King, architect. She was exploring the possibility of doing the library project in phases, by only addressing the existing building and the accessibility with the elevator and moving the stairs. Unfortunately that is still about 75% of the project which would only delay about $377,000 of the 1.5 million and would not be worth pursuing. There was no further discussion.

Elizabeth Corrow shared with the board about the Montreal to Boston bike race that will be passing through Bristol on August 10, 2007. Bristol is about the mid point of the race. She stated that this was a Tour de France caliber race.

Deborah Doe adjourned the meeting at 5:40 PM.

Respectfully submitted,

Deborah L. Gilbert

Secretary/Librarian