2020-07-07 SID 473 Minutes 4
cityJ'Ci- ; 0r aNE- MINUTES OF MEETING
OF
SANITARY AND IMPROVEMENT DISTRICT NO. 473
OF DOUGLAS COUNTY, NEBRASKA
A meeting of the Board of Trustees of Sanitary and Improvement District No. 473 of Douglas
County, Nebraska, was convened in open and public session at 8:00 a.m. on the 7th day of July, 2020, at
10250 Regency Circle, 2nd Floor, Omaha, Nebraska.
Present were: John C. Allen, Jeanne Knox, Jeffrey D. Krohn, Dennis Nichols and Patrick Pierce.
Also, in attendance was Jennifer Kobza, of Ameritas Investment Company, LLC.
Absent: None.
Notice of the meeting was given in advance thereof by publication in The Daily Record on June 23,
and June 30, 2020, a copy of the proof of publication being attached to these minutes. Notice of this
meeting was simultaneously given to all members of the Board of Trustees, and a copy of their
acknowledgment of receipt of notice is attached to these minutes. Availability of the agenda was
communicated in the published notice and in the notice to the Trustees of this meeting. All proceedings of
the Board were taken while the convened meeting was open to the attendance of the public. The agenda
was at all times available at the office for the District at Regency Center, 10250 Regency Circle, Suite 300,
Omaha, Nebraska 68114.
The meeting was called to order. Upon roll call, all of the above-referenced Trustees were present.
It was first publicly stated to all in attendance that a current copy of the Nebraska Open Meetings
Act was available for review and indicated the location of such copy in the room where the meeting was
being held.
The Clerk first certified that notice of this meeting concerning the project entitled Paving
Reconstruction 2020 (Pine Creek) had been posted in three (3) conspicuous places within the District with
the Clerk causing to be filed a Certificate to that effect with a copy of the notice attached thereto, such notice
being attached to the minutes of these proceedings and by this reference made a part hereof.
The Clerk next stated that no petition opposing the proposed Resolution of Necessity and
Advisability had been filed by the property owners within the District or by any other person or entity and that
no person appeared at the meeting or made any objections to the proposed Resolution of Advisability and
Necessity with such being the same resolution adopted in form at the meeting of the Board of Trustees held
on June 16, 2020, which resolution is set forth in its entirety in the proof of publication attached hereto and
by this reference incorporated herein. After discussion of the Board, the following resolution was duly
moved and seconded and upon a roll call vote the Trustees, John C. Allen, Jeanne Knox, Jeffrey D. Krohn,
Dennis Nichols and Patrick Pierce, voted "Aye" with none voting "Nay" thereby passing and adopting the
following resolution:
RESOLVED, by the Board of Trustees of Sanitary and Improvement
District No. 473 of Douglas County, Nebraska, that the Resolution of
Necessity and Advisability for the construction of the project entitled
Paving Reconstruction 2020 (Pine Creek) be ratified and approved as
proposed.
F
FURTHER RESOLVED, that the Chairman and Clerk be, and hereby are,
authorized and directed to take such steps as are necessary to implement
this resolution, including the execution of such agreement for and on
behalf of the District.
Discussion was next had concerning a bond call on the General Obligation Refunding Bonds,
Series 2015B, prepared by the District's Counsel in conjunction with the District's fiscal agent, Ameritas
Investment Company, LLC. A full and complete discussion was had of the advantages and disadvantages
of the bond call by the District at this time. A presentation was made by Jennifer Kobza of Ameritas
Investment Company, LLC, as to the financial details of such bond call and her firm's recommendation for
such bond call as being to the advantage of the District. Upon a motion duly made and seconded, and upon
a roll call vote taken the following Trustees, John C. Allen, Jeanne Knox, Jeffrey D. Krohn, Dennis Nichols
and Patrick Pierce voted "Aye"with none voting "Nay thereby adopting the following resolution:
RESOLVED, by the Board of Trustees of Sanitary and Improvement
District No. 473 of Douglas County, Nebraska, as follows:
1. The District previously issued its General Obligation Refunding
Bonds, Series 20156, dated August 15, 2015 in the original aggregate
principal amount of$3,390,000 (the "Prior Bonds"). The District used the
proceeds of the Prior Bonds to refund and redeem the District's General
Obligation Bonds, Series 2008 (the "Prior Refunded Bonds"). The
District used the proceeds of the Prior Refunded Bonds to redeem
construction fund warrants issued by the District to pay the costs of
installing the public improvements and public infrastructure in the District.
2. The Prior Bonds maturing on or after May 15, 2021 are subject
to redemption, in whole or in part, prior to maturity at the option of the
District at any time on or after August 15, 2020 at the principal amount
thereof plus interest accrued thereon to the date fixed for redemption,
with no redemption premium.
3. The District hereby calls for redemption on August 17, 2020 (the
"Redemption Date") the Prior Bonds maturing and bearing interest as set
out below in the total outstanding principal amount of $2,480,000 (the
"Refunded Bonds"):
Maturity Principal Interest Maturity Principal Interest
Date Amount Rate Date Amount Rate
(May 15) (May 15)
2021 $220,000 3.00% 2025 $335,000 3.85%
2022 225,000 3.30 2026 360,000 4.00
2023 245,000 3.50 2027 380,000 4.10
2024 315,000 3.70 2028 400,000 4.25
provided, however, that said Refunded Bonds shall not be called for
redemption, and this Call Resolution shall be of no force and effect if the
District does not issue, sell and deliver its $2,610,000 aggregate principal
amount of General Obligation Refunding Bonds, Series 2020, on or
before the Redemption Date. After the Redemption Date, the Refunded
Bonds shall no longer bear interest. All of said Refunded Bonds are
9 �
numbered as shown on the current records of the paying agent and
registrar for the Refunded Bonds.
4. The Refunded Bonds are payable upon presentation and
surrender on or after the Redemption Date at the office of the paying
agent and registrar for the Refunded Bonds, UMB Bank, N.A., as
successor in interest to Bankers Trust Company, Des Moines, Iowa.
5. A copy of this Call Resolution shall be provided to UMB Bank,
N.A., who shall (a) cause notice of redemption to be sent to holders of
the Refunded Bonds in the manner and time as provided in the
resolution(s) authorizing the Refunded Bonds and (b) file such notice of
redemption with the Municipal Securities Rule Making Board and its
EMMA portal.
Discussion was next had concerning a bond resolution prepared by the District's counsel in
conjunction with the District's fiscal agent, Ameritas Investment Company, LLC. A full and complete
discussion was had of the advantages and disadvantages of the General Obligation Refunding Bond,
Series 2020E issue by the District at this time. A presentation was made by Jennifer Kobza of Ameritas
Investment Company, LLC, as to the financial details of such refunding bond issue and her firm's
recommendation for such refunding bond issue as being to the advantage of the District. Therefore, the
resolution attached to these minutes as Exhibit"A" and identified thereon as "Bond Resolution" and by this
reference made a part hereof as if fully incorporated and set forth herein, was duly moved for adoption
which motion was thereafter seconded. Upon a roll call vote taken on such resolution the following
Trustees, John C. Allen, Jeanne Knox, Jeffrey D. Krohn, Dennis Nichols and Patrick Pierce voted "Aye"with
none voting"Nay thereby adopting the following resolution:
RESOLVED, by the Board of Trustees of Sanitary and Improvement
District No. 473 of Douglas County, Nebraska, that the District issue its
Sanitary and Improvement.District General Obligation Refunding Bonds,
Series 2020B, in the amount of Two Million Six Hundred Ten Thousand •
and no/100 Dollars ($2,610,000.00), through its fiscal agent, Ameritas
Investment Company, LLC, in accordance with the terms of its financing
agreement with such fiscal agent and in accordance with Nebraska law.
FURTHER RESOLVED, that the "Bond Resolution" attached hereto as
Exhibit "A" and incorporated herein by reference as if fully set forth, be
adopted, ratified and approved.
FURTHER RESOLVED, that the Chairman, Clerk and Trustees be, and
hereby are authorized and directed to execute such documents and take
such steps as are necessary to implement this resolution.
Discussion was next had with regard to the appointment of a paying agent for the payment of the
principal and interest on the refunding bonds. After full and complete discussion, the following resolutions
were duly made and seconded, whereupon the following roll call vote was taken during which the Trustees,
John C. Allen, Jeanne Knox, Jeffrey D. Krohn, Dennis Nichols and Patrick Pierce voted "Aye" with none
voting "Nay thereby adopting the following resolution:
RESOLVED, by the Board of Trustees of Sanitary and Improvement
District No. 473 of Douglas County, Nebraska, that UMB Bank, N.A., West
Des Moines, Iowa, has been appointed as Paying Agent for payment of
principal and interest on refunding bonds of this District issued August 17,
2020, which appointment is hereby confirmed and ratified, and the County
J
}
Treasurer of Douglas County, Nebraska, as ex officio treasurer of, this
District, is hereby authorized and directed to pay, from time to time, to said
Paying Agent, from funds of the District, such amounts of money as such
Paying Agent shall certify in writing to the County Treasurer as shall be
needed for payment of principal and interest on bonds of the District, such
certificate of the Paying Agent to show the amounts needed for payment of
principal and interest, and the date upon which such amount is due, and
the date when such transfer shall be made by the County Treasurer to the
Paying Agent, such certification to be made by the Paying Agent to the
County Treasurer for each transfer of funds requested by the Paying
Agent.
FURTHER RESOLVED, that the Chairman and Clerk of the District shall
certify this resolution to said County Treasurer who may deem this
resolution to be a continuing resolution and authorization to make transfers
to such Paying Agent, until and unless the County Treasurer is notified of
termination of such authority.
There was next presented correspondence from Ameritas Investment Company, LLC, fiscal agent for
the District, requesting that the Board adopt a resolution approving the Official Statement dated July 7, 2020
(a copy of which is on file with the Clerk of the District), in connection with the District's issuance and sale of
the Series 2020B, General Obligation Refunding Bonds. After full and complete discussion and upon a
motion duly made and seconded, and upon the following roll call vote, the Trustees, John C. Allen,
Jeanne Knox, Jeffrey D. Krohn, Dennis Nichols and Patrick Pierce voted "Aye" with none voting "Nay"
thereby passing and adopting the following resolution:
BE IT RESOLVED That the Official Statement dated July 7, 2020 pertaining to
the issuance and sale of the refunding bonds is hereby approved in substantially
the form attached hereto, the Official Statement as of its date is hereby deemed
final within the meaning of Rule 15c2-12 under the Securities Exchange Act of
1934, as amended, and the distribution of the Official Statement by Ameritas
Investment Company, LLC, as underwriter of the refunding bonds is hereby
approved.
[THE BALANCE OF THIS PAGE LEFT INTENTIONALLY BLANK-
SIGNATURES APPEAR ON THE FOLLOWING PAGE]
The Clerk next reviewed the Agenda which had been available for public inspection in accordance
with the law prior to this meeting of the Board of Trustees and reported that all matters considered by the
Board at this meeting appeared on the Agenda.
Jeanne D. Knox, as Clerk for Sanitary and Improvement District No. 473 of Douglas County,
Nebraska (the "District") does hereby certify that the above proceedings are a true and accurate statement
of the proceedings had by the District at its July 7, 2020, meeting.
- - D. Knox, Clerk