DOWNTOWN STUDENT FACILITY TRUST                                 09 May 2003

      MINUTES OF THE FIFTH MEETING OF DOWNTOWN STUDENT TRUST held
      on 07 May 2003 5pm at Peter Robinson College, Townhouse #1,
      Trent U, Peterborough, Ontario.

P R E S E N T: Marisa Barnhart. Dwayne Collins, Catherine Dickinson, Chris 
               Mather, John K Muir & Matthew Naylor 

R E G R E T S: Fraser Smith

Also Present: There were no other attendees.

Notice of this meeting having been made to all the Trustees, and quorum of 
the Trustees being present in person, the meeting was declared duly 
constituted and called to order at 5:10 p.m., with Catherine Dickinson 
acting as Chair and John Muir acting as Secretary. 

Chair's Opening Comments:
The Chair welcomed the those gathered at the meeting.  An agenda was agreed
upon and discussion followed.

The minutes of the previous Trustees' meeting were not available and will 
be presented and the next meeting of the Trust.


Business Arising:
Concerning the offer of purchase approved on 13 April 03, a report was 
made of a meeting with a representative of the vendor. A proposed memorandum, 
prepared by Richard Taylor. to modify the offer in accord with matters 
discussed at this meeting and a companion summary schedule of estimated 
annual receipts and disbursements for each of the first seven years of 
operation was presented. 

Discussion followed.

UPON A MOTION duly made seconded and carried unanimously the memorandum 
modifying the offer of purchase as presented, discussed and amended was 
approved for preparation and delivery to the vendor. 


New Business
It was reported that representatives of the Trust were scheduled to meet
with Trent University officials the following day.

There being no further business the meeting adjourned at 7:15 p.m

  ____________________________       ______________________
   Catherine Dickinson, Chair         JK Muir, Secretary