OLGA WATER USERS, INC.

Annual Meeting July 10th, 2004
         (To be confirmed by tnext meeting of the Membership)    

The meeting was called to order by President Mary Beth Macksey at 8.10 p.m.
Following registration, it was determined that a quorum was present (memberships - in person 67, by proxy 36)

1.   Minutes of the last Annual Meeting
Moved (H. Glasser), seconded: That the minutes of the 7/12/03 annual meeting be confirmed
     as distributed.   Carried.

2.   Financial Report
Moved (H. Glasser), seconded: That the financial report as of 6/30/04 be approved.  Carried.

The President vacated the chair to enable Vic Prescott, Chairman of the Bylaws Revision Committee, to chair the next business on the agenda.

3.   Report of the Bylaws Revision Committee   
      Vic Prescott summarized the committee=s mandate and actions, as directed by the 2003 annual meeting.  He            reported on negotiations with Curt Wikstrom regarding the four issues which had been raised at that                           meeting.  He proposed that the subject of the revised Bylaws be considered on a ACommittee of the Whole@               basis and moved accordingly:   Moved (Prescott), seconded (Sofaer).   The motion was Carried.

      The proposed revised Bylaws were presented on an Article-by-Article basis.  Discussion was minimal and no             objections were raised.  After presentation, the ACommittee of the Whole" was dissolved.    
      Moved (Prescott), seconded:  That the proposed revised Bylaws, as presented by the Bylaws Revision                       Committee, be approved.   The motion was Carried.

4.   Proposals for Substantive Amendments
      Moved (Wikstrom): That all those noticed proposed substantive changes, designated Board=s Proposals (A) -            (F) and Members= Proposals (1) - (10) which are approved by the Members, be accepted.  The Motion lapsed            for the lack of a seconder.

      In accordance with the agenda, the Chairman then presented the proposals for changes to the Bylaws on an             item-by-item basis as designated in the appendix to the Letter to the Membership dated June 1st, 2004.

         Board=s proposals:
              Item (A)  -   Moved, seconded:   That the proposal be approved    Carried (by voice vote)
  A     (B)  -         A            "                    A            "                 "                   A              "
  A     (C)  -        A             "                    A            "                 A                   "              A                                         
  "       (D)  -        A             "                    A            "                 A                   "              A
  "       (E)  -        A             "                    A            "                 A                   "              A
  "        (F)  -        A             "                    A            "                 A                   "              A           

       Members= proposals
Item (1)  -    Moved, seconded    That the proposal be approved    Carried (by voice vote)
   A    (2)  -    Moved, seconded    That the proposal be approved    Defeated (by voice vote)
   A    (3)  -    Withdrawn by Curt Wikstrom
   A    (4)  -    Moved, seconded     That the proposal be approved    Defeated (by voice vote)
   A    (5)        Deferred by Curt Wikstrom
   A    (6)        Moved, seconded     That the proposal be approved   Defeated (by voice vote)
   A    (7)             A            "                      A            "               A                    "                  A

       Moved (Emmes), seconded:     That the meeting be adjourned     Carried.

       The meeting was adjourned at 10:10 p.m.  The remaining items, Members= proposals (8) - (10)
       were not considered.

       Noel R. Jeffrey
       Secretary/Treasurer