REGULAR MEETING

BOARD OF DIRECTORS

MONTECITO WATER DISTRICT

583 San Ysidro Road, Montecito, California

TUESDAY, January 15, 2008

2:00 P.M.

AGENDA

1. CALL TO ORDER, ROLL CALL, DETERMINATION OF QUORUM

2. PUBLIC FORUM

(This portion of the agenda may be utilized by any member of the public to address and ask questions of the Board of Directors on any matter not on the agenda within the jurisdiction of the Montecito Water District. Depending upon the subject matter, the Board of Directors may be unable to respond at this time, or until the specific item is placed on the agenda at a future MWD Board meeting in accordance with the Ralph M. Brown Act.)

3. CONSENT CALENDAR

Following items are to be approved or accepted by vote on one motion unless a Board member requests separate consideration:

A. Minutes of December 18, 2007

B. Payment of Bills for December 2007

C. Investment of District Funds

4. President’s Report

5. Montecito Water District Financing Corporation

A. ADJOURN TO ANNUAL MEETING OF MONTECITO WATER DISTRICT FINANCING CORPORATION

6. LEGAL MATTERS

A. Recent and Pending Legal Matters REview – Oral Report

7. Board of Directors

A. Review of Committee Assignments

8. GENERAL MANAGER’S REPORT

A. Monthly Operations Report (Oral)

B. Water Efficient Landscape Design Guidelines

C. CONSERVATION WATER RATE STRUCTURE AND DEFINITIONS

D. 2007 CALENDAR YEAR WATER MAIN BREAK REPORT

E. TORITO ROAD WATER MAIN REPLACeMENT / Extension PROJECT and proposed Cost-share agreement

F. Water Works Operation Report for December 2008 (Distributed at meeting)

9. District Business Report

A. Water Sales Report for December 2007

B. November 2007 Revenue and Expense Report

C. Resolution 2038 — Identifying Persons with MWD Investment Authority with the State of California Local Agency Investment Fund (LAIF) and Repealing Resolution No. 2006

D. Resolution 2039 — Board Authorization of Signatories for Checking Accounts at Santa Barbara Bank & Trust

10. DIRECTOR, COMMITTEE AND STAFF MEETING REPORTS

A. PUBLIC INFORMATION COMMITTEE

B. OPERATIONS COMMITTEE

C. FINANCE COMMITTEE

D. ACWA Fall Conference, November 28-30 Indian Wells; Directors Morgan and Shaikewitz

E. Governmental Finance Officers Association Training Conference, January 7-8, 2008; Business Manager Toni Bailey

11. AGENDA ITEM REQUESTS

Requests from Directors for items other than regular agenda items for the next regular Board meeting scheduled for February 19, 2008.

12. ADJOURNMENT

Note: This agenda was posted at the Montecito Water District front counter and outside display case at 5:00 p.m. on January 11, 2008. The Americans with Disabilities Act provides that no qualified individual with a disability shall be excluded from participation in, or denied the benefits of, the District’s programs, services or activities because of any disability. If you need special assistance to participate in this meeting, please contact the District Office at 805-969-2271. Notification at least twenty-four (24) hours prior to the meeting will enable the District to make appropriate arrangements.

*Supporting documents for agenda items are available at the District front counter during normal business hours.