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2008-02-13 SID 494 Minutes • MINUTES OF MEETING OF SANITARY ANDS L/i, IMPROVEMENT DISTRICT NO. 494 OF 08 F DOUGLAS COUNTY, NEBRASKA U 28 ,ll 8: 5.. ci i ,j A meeting of the Board of Trustees of Sanitary and Improvement Distr c�t9 k'd„'49 - 1111 of Douglas County, Nebraska, was convened in open and public session at 3:00 p.m R4-ci February 13, 2008, at 2120 South 72"d Street, Suite 1200, Omaha, Nebraska. Present were: Trustees Dan J. McCarty, John A. Rice, Dennis Kimberlin, and Gary L. Shipley. Absent: Trustee Steven G. Reeder. Also present were Engineer Doug Dreessen and Attorney Robert J. Huck. Notice of the meeting was given in advance thereof by publication in The Daily Record, Omaha, Nebraska, on February 6, 2008, a copy of the Proof of Publication being attached to these minutes. Notice of this meeting was sent to the Omaha City Clerk, 1819 Farnam Street, Omaha, Nebraska, not less than seven (7) days prior to the date of this meeting. 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 undersigned Clerk hereby certifies that these minutes were written and available for public inspection within ten (10)working days after the date of said meeting. After calling the meeting to order and completion of roll call, the Chairman 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 Chairman directed the Board's attention to Agenda Item No. 3, approval of the minutes of the meeting of the Board held on January 9, 2008. A motion was made and seconded that the minutes for the meeting of the Board held on January 9, 2008, be approved and accepted. On roll call on said resolution, the following Trustees voted aye: Dan J. McCarty, John A. Rice, Dennis Kimberlin, and Gary L. Shipley; voting nay thereon were the following.Trustees: None. The Chairman then declared said resolution to be duly carried and adopted. The Chairman directed the Board's attention to Agenda Item No. 4, Engineer's Report. The following transpired: a) Engineer Dreessen reported that some Lake Street crossings need maintenance and that Dan Kutilek of the Douglas County Engineer's office has verified that the County will continue to maintain the streets as they have done in the past. b) The Board reviewed correspondence from the engineer regarding application for renewal of an NDEQ permit. It was the consensus of the Board that the engineer's office should proceed with preparation of the renewal application on behalf of the District. Minutes of Meeting of Board of Trustees February 13,2008 SID No. 494 of Douglas County, Nebraska Page 2 c) Mr. Dreessen reported that he has filed a revised form with NHHS regarding SRF funding in connection with the water project. Revisions are underway regarding the SRF loan for the sewer project. In connection with Agenda Item No. 5, contract for the acquisition of Lot 18, Block 21, it was reported that an agreement has been reached between the District and the owner of the property. The Chairman directed the Board's attention to Agenda Item No. 6, Payment of Bills of the District, and presented for the Board's consideration the following bills, statements and invoices. After thorough review of same and discussion thereon, the following resolutions were duly moved and seconded, to-wit: RESOLVED, by the Board of Trustees of Sanitary and Improvement District No. 494 of Douglas County, Nebraska, that the Chairman and Acting Clerk be and they hereby are authorized and directed to execute and deliver Warrants Nos. 843 through 848 of the District, dated the date of this meeting, to the following payees and in the following amounts, said Warrants Nos. 843 through 848 to be drawn on the General Fund account of the District and to bear interest at the rate of seven percent(7%) per annum, (interest to be payable on February 10th of each year, as to the Construction Fund Warrants only), and to be redeemed no later than the dates noted below, subject to extension of said maturity date (for Construction Fund Warrants only), by order of the District Court of Douglas County, Nebraska, after notice is given as required by law, to-wit: GENERAL FUND (Due February 13, 2011) 1. Warrant No. 843 in the sum of $3,315.00 payable to Lutz& Company, PC in payment of Invoice Nos. 89938 and 88556 for professional services. 2. Warrant No. 844 in the sum of $94.95 payable to Commercial Seeding Contractors in payment of Invoice No. 5583 for erosion control maintenance (silt fence repair). 3. Warrant No. 845 in the sum of $1,424.99 payable to Thompson, Dreessen & Dorner Inc. in payment of Invoice No. 82704 for miscellaneous professional services. Minutes of Meeting of Board of Trustees February 13, 2008 SID No. 494 of Douglas County, Nebraska Page 3 4. Warrant No. 846 in the sum of$5,000.00 and Warrant No. 847 in the sum of $1,193.20 (total $6,193.20) payable to Croker Huck Kasher DeWitt Anderson & Gonderinger LLC in payment of statement dated 2/13/08, Account No. 473-0. 5. Warrant No. 848 in the sum of$551.40 payable to D.A. Davidson & Co. in payment of 5% placement fee for Warrants Nos. 843 through 847. BE IT FURTHER RESOLVED by the Board of Trustees of Sanitary and Improvement District No.494 of Douglas County, Nebraska, that both they and the District hereby find and determine and covenant, warrant and agree as follows: the improvements and/or facilities being financed or refinanced by the above Warrants are for essential governmental functions and are designed to serve members of the general public on an equal basis; all said improvements have from the time of their first acquisition and construction been owned, are owned and are to be owned by the District or another political subdivision; to the extent special assessments have been or are to be levied for any of said improvements, such special assessments have been or are to be levied under Nebraska law as a matter of general application to all property specially benefited by said improvements in the District; the development of the land in the District is for residential or commercial use and the development of the land in the District for sale and occupation by the general public has proceeded and is proceeding with reasonable speed; other than any incidental use of said improvements by a developer during the initial period of development of said improvements,there have been, are and will be no persons with rights to use such improvements other than as members of the general public; none of the proceeds of said Bonds or any refinanced indebtedness have been or will be loaned to any private person or entity;the District hereby authorizes and directs the Chairperson or Clerk to file or cause to be filed, when due, an information reporting form pursuant to Section 149(e) of the Internal Revenue Code of 1986, as amended, pertaining to the above Warrants; and the District does not reasonably expect to sell or otherwise dispose of said improvements and/or facilities, in whole or in part, prior to the last maturity of the above Warrants. • Minutes of Meeting of Board of Trustees February 13, 2008 SID No. 494 of Douglas County, Nebraska Page 4 BE IT FURTHER RESOLVED by the Board of Trustees of Sanitary and Improvement District No. County, Nebraska, that the District hereby covenants,warrants and agrees as follows: (a) to take all actions necessary under current federal law to maintain the tax exempt status (as to taxpayers generally) of interest on the above Warrants; and (b) to the extent that it may lawfully do so, the District hereby designates the above Warrants as its "qualified tax exempt obligations" under Section 265(b)(3)(B)(ii)of the Internal Revenue Code of 1986, as amended, and covenants and warrants that the District does not reasonably expect to issue warrants or bonds or other obligations aggregating in the principal amount of more than $5,000,000 during the calendar year in which the above Warrants are to be issued. BE IT FURTHER RESOLVED by the Board of Trustees of Sanitary and Improvement District No. 494 of Douglas County, Nebraska that this and the preceding Resolutions are hereby adopted as the Certificate with Respect to Arbitrage of the District pertaining to the above Warrants and the District and the Chairman and Clerk of the District hereby further certify,as of the date of the registration of the above Warrants with the County Treasurer of Douglas County, Nebraska, as follows: I. No separate reserve or replacement fund has been or will be established with respect to the above Warrants. The District reasonably anticipates that monies in its Bond Fund reasonably attributable to the above Warrants in excess of the lesser of: (a) 10% of the net principal proceeds of the above Warrants, (b) the maximum annual debt service due on the above Warrants, or(c) 125% of average annual debt service due on the above Warrants will be expended for payment of principal of and interest on the above Warrants within 13 months after receipt of such monies. That amount which is currently held in the District's Bond Fund which exceeds the amount which is to be expended for payment of principal and interest on the above Warrants within 13 months after receipt of such monies, plus that amount arrived at pursuant to the immediately preceding sentence, will not be invested in any securities or any other investment obligations which bear a yield, as computed in accordance with the actuarial method, in excess of the yield on the above warrants. 2. To the best of their knowledge, information and belief, the above expectations are reasonable. Minutes of Meeting of Board of Trustees February 13, 2008 SID No. 494 of Douglas County, Nebraska Page 5 3. The District has not been notified of any listing of it by the Internal Revenue Service as an issuer that may not certify its bonds. 4. This Certificate is being passed, executed and delivered pursuant to Section 1.1482(b)(2) of the Income Tax Regulations under the Internal Revenue Code of 1986, as amended. On roll call on the foregoing resolutions, the following Trustees voted aye: Dan J. McCarty, John A. Rice, Gary L. Shipley and Dennis Kimberlin; voting nay thereon were the following Trustees: None. The Chairman then declared said resolutions to be duly carried and adopted. Under Miscellaneous Matters, the Board agreed to schedule its next meeting as needed. Trustee Dennis Kimberlin then made a presentation to the Board regarding some problem areas in the District. No formal action was taken. There being no further business, a motion for adjournment was duly moved, seconded and unanimously carried. Dan Y McCarty, Chairmen & Trustee A- Cae----z- Joh A. Rice, Clerk & Trustee 00330627.WPD