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2008-04-24 SID 501 Minutes RECEIVE [) MINUTES OF MEETING OF o py iATIfARY AND IMPROVEMENT DISTRICT NO. 501 rOF 1:566G1.AS COUNTY, NEBRASKA A meeting of the Board of Trustees of Sanitary and Improvement bistrict No. 501 of Douglas County, Nebraska, was convened in open and public session at 11:00 a.m. on the 24th day of April, 2008, at 10250 Regency Circle, Suite 300, Omaha, Nebraska. Present were: John C. Allen, Joyce A. Sramek, Jeanne D. Knox, Joseph J. Valenti and Gerald L. Torczon. Absent: None. Notice of the meeting was given in advance thereof by publication in The Daily Record on April 21, 2008, 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 10250 Regency Circle, Suite 300, Omaha, Nebraska 68114. The meeting was called to order by the undersigned presiding as Chairman. Upon roll call, all of the Trustees were present. 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. There were next presented miscellaneous bills, invoices, statements, and recommendations for the Board's consideration. There was next presented correspondence from E & A Consulting Group, Inc., engineers for the District, presenting and recommending payment in favor of Hayes Environmental L.L.C. for annual monitoring, Invoice No. 28-8408-1 in the amount of Three Thousand One Hundred Fifty and no/100 Dollars ($3,150.00). There were next presented statements from Mulhall's for landscaping services as follows: (i) Invoice No. SID0625-IN in the amount of One Hundred Ninety and no/100 Dollars ($190.00); (ii) Invoice No. SID0637-IN in the amount of Three Thousand Forty-Two and 70/100 Dollars ($3,042.70); (iii) Invoice No. SID0638-IN in the amount of Two Thousand Nine Hundred Ninety-One and 22/100 Dollars ($2,991.22); (iv) Invoice No. SID0639-IN in the amount of Two Thousand Seven Hundred Ninety-Eight and 68/100 Dollars ($2,798.68); and (v) Invoice No. SID0640-IN in the amount of One Thousand Four Hundred Seventy-Nine and no/100 Dollars ($1,479.00); said invoices being in the aggregate amount of Ten Thousand Five Hundred One and 60/100 Dollars ($10,501.60). There were next presented statements from Todco Barricade Company as follows: (i) Invoice No. 103555 in the amount of One Hundred Fourteen and 47/100 Dollars ($114.47); (ii) Invoice No. 103664 in the amount of One Hundred Fourteen and 47/100 Dollars ($114.47); (iii) Invoice No. 103761 in the amount of One Hundred Seven and 08/100 Dollars ($107.08); and (iv) Invoice No. 103887 in the amount of One Hundred Fourteen and 47/100 Dollars ($114.47); said invoices being in the aggregate amount of Four Hundred Fifty and 49/100 Dollars ($450.49). There was next presented a statement from Utilities Service Group for sewer cleaning, Invoice No. 7219 in the amount of Two Thousand Four Hundred Sixteen and 32/100 Dollars ($2,416.32). There was next presented correspondence from CBS Home Real Estate for Castle Creek Development, LLC, developer of the District requesting reimbursement for invoices paid as follows: (i) to McKay Landscape Lighting, statement dated March 14, 2008 in the amount of Two Hundred Twenty-Eight and no/100 Dollars ($228.00); (ii) Turfbuilders Irrigation, Inc., Invoice No. 08-15759 in the amount of One Hundred Forty-Six and no/100 Dollars ($146.00); (iii) Turfbuilders Irrigation, Inc., Invoice No. 08-15760 in the amount of Three Hundred Seventy-Four and 50/100 Dollars ($374.50); and (iv) Landscape Elements in the amount of Sixty and no/100 Dollars ($60.00); said invoices being in the aggregate amount of Eight Hundred Eight and 50/100 Dollars ($808.50). There were next presented statements from Lutz & Company, PC, accountants for the District as follows: (i) final billing related to the completion of the audited financial statements for the year ended June 30, 2007, Invoice No. 88558 in the amount of Two Thousand Nine Hundred and no/100 Dollars ($2,900.00); and (ii) completion of IRS Forms 1099, 944 and W-2s and assistance provided in relation to IRS notice questioning compensation to clerk and board members, Invoice No. 89974 in the amount of Six Hundred Sixty-Five and no/100 Dollars ($665.00); said statements being in the aggregate amount of Three Thousand Five Hundred Sixty-Five and no/100 Dollars ($3,565.00). There was next presented a statement from Greco Enterprises Inc. for general liability insurance renewal, Invoice No.46872 in the amount of Four Hundred Sixty-Five and no/100 Dollars ($465.00). There were next presented statements from E &A Consulting Group, Inc., engineers for the District for miscellaneous engineering services rendered as follows: (i) through December 23, 2007, Invoice No. 105236 in the amount of One Thousand Twenty-Five and 41/100 Dollars ($1,025.41); (ii)through January 20, 2008, Invoice No. 105453 in the amount of Seven Hundred Six and 24/100 Dollars ($706.24); (iii) through March 2, 2008, Invoice No. 105686 in the amount of Six Hundred Thirty-Five and 56/100 Dollars ($635.56); and (iv)through March 30, 2008, Invoice No. 105953 in the amount of Four Hundred Forty-Seven and 94/100 Dollars ($447.94); said invoices being in the aggregate amount of Two Thousand Eight Hundred Fifteen and 15/100 Dollars ($2,815.15). There were next presented statements from Omaha Public Power District, for services related to Account No. 6369592096 through April 29, 2008 in the aggregate amount of Nine Thousand One Hundred Fifty-Five and 63/100 Dollars($9,155.63). There were next presented statements from Omaha Public Power District, for services related to Account No. 5120062954 through April 3, 2008 in the aggregate amount of Eight Hundred Thirty-Five and 50/100 Dollars ($835.50). There were next presented statements from Metropolitan Utilities District for service at the 15505 Hartman Avenue location through April 7, 2008 showing a credit balance of One Thousand Two Hundred Ninety-Three and 97/100 Dollars($1,293.97). The previously described bills, invoices, recommendations and statements having been presented for the Board's consideration and after review and discussion of such items, the following resolution was duly moved and passed: RESOLVED, by the Board of Trustees of Sanitary and Improvement District No. 501 of Douglas County, Nebraska, that the Chairman and Clerk be and they hereby authorized and directed to execute and deliver Warrant Nos. 1532 through 1544 of the District, dated the date of this meeting, to the following payees and in the following amounts, said Warrants to be drawn on the General Fund of the District and to draw interest at the rate of seven percent (7%) per annum and to be redeemed no later than April 24, 2011, subject to extension of said maturity date by order of the District Court of Douglas County, Nebraska, after notice is given as required by law, to-wit: Warrant No. 1532, for the amount of Three Thousand One Hundred Fifty and no/100 Dollars ($3,150.00), payable to Hayes Environmental L.L.C. Warrant Nos. 1533 and 1534, each for the amount of Five Thousand and no/100 Dollars ($5,000.00), and Warrant No. 1535, for the amount of Five Hundred One and 60/100 Dollars ($501.60), payable to Mulhall's. Warrant No. 1536, for the amount of Four Hundred Fifty and 49/100 Dollars ($450.49), payable to Todco Barricade Company. Warrant No. 1537, for the amount of Two Thousand Four Hundred Sixteen and 32/100 Dollars($2,416.32), payable to Utilities Service Group. Warrant No. 1538, for the amount of Eight Hundred Eight and 50/100 Dollars ($808.50), payable to Castle Creek Development, LLC. Warrant No. 1539, for the amount of Three Thousand Five Hundred Sixty-Five and no/100 Dollars ($3,565.00), payable to Lutz & Company, PC. Warrant No. 1540, for the amount of Four Hundred Sixty-Five and no/100 Dollars($465.00), payable to Greco Enterprises Inc. Warrant No. 1541, for the amount of Two Thousand Eight Hundred Fifteen and 15/100 Dollars ($2,815.15), payable to E&A Consulting Group, Inc. Warrant No. 1542, for the amount of Five Thousand and no/100 Dollars ($5,000.00), and Warrant No. 1543, for the amount of Four Thousand One Hundred Fifty-Five and 63/100 Dollars ($4,155.63), payable to Omaha Public Power District,Acct. No.6369592096. Warrant No. 1544, for the amount of Eight Hundred Thirty-Five and 50/100 Dollars ($835.50), payable to Omaha Public Power District, Acct. No. 5120062954. FURTHER RESOLVED by the Board of Trustees of Sanitary and Improvement District No. 501 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. FURTHER RESOLVED by the Board of Trustees of Sanitary and Improvement District No. 501 of Douglas 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)(i)(III) 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. FURTHER RESOLVED, by the Board of Trustees of Sanitary and Improvement District No. 501 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: 1. 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)ten percent(10%)of the net principal proceeds of the above Warrants, (b) the maximum annual debt service due on the above Warrants, or(c)one hundred twenty-five percent (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 thirteen (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 thirteen (13) months after receipt of such c 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. 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 1.148-2(b)(2) of the Income Tax Regulations under the Internal Revenue Code of 1986, as amended. There were next presented receipts from the Douglas County Treasurer's office representing deposits to the District's Bond Fund of various sewer connection fees from August 23, 2006 through September 6, 2007, in the aggregate amount of Thirty-Three Thousand One Hundred Forty-Five and no/100 Dollars ($33,145.00). The Board was next informed that General Fund Warrant No. 1524 is to be cancelled due to the fact that it represented a double payment of invoices to Todco Barricade Company. Upon discussion of this matter, the following resolution was duly made and seconded, whereupon a roll call vote was taken during which the Trustees, John C. Allen, Joyce A. Sramek, Jeanne D. Knox, Joseph J. Valenti and Gerald L. Torczon voted "Aye,"with none voting"Nay,"thereby approving the following resolution: RESOLVED, by the Board of Trustees of Sanitary and Improvement District No. 501 of Douglas County, Nebraska, that General Fund Warrant No. 1524, payable to Todco Barricade Company, be and hereby is canceled. FURTHER RESOLVED, that the Clerk of the District be and hereby is authorized to notify the Douglas County Treasurer of such cancellation so that such warrant may be reflected on his records as well as noting such cancellation on the records of the District. 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. Joyce A. Sramek, as Clerk for Sanitary and Improvement District No. 501 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 April 24, 2008, meeting. JOY r rA EK, Clerk ``��