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2008-07-29 SID 523 Minutes 08 AUG a 3 C IT rz,1C. MINUTES OF MEETING `=' PY OF SANITARY AND IMPROVEMENT DISTRICT NO. 523 OF DOUGLAS COUNTY, NEBRASKA A meeting of the Board of Trustees of Sanitary and Improvement District No. 523 of Douglas County, Nebraska, was convened in open and public session at 10:00 a.m. on the 29th day of July, 2008, at 17809 Pacific Street, Omaha, Nebraska. Present were: Herbert L. Freeman, Marcy Knobbe, Robert P. Horgan, Donna M. Nissen and Michael L. Riedmann. Absent: None. Notice of the meeting was given in advance thereof by publication in The Daily Record on July 15 and 22, 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. The Clerk first certified that notice of this meeting concerning the project entitled Storm Sewer, Section III (Five Fountains) 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 Advisability and Necessity 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 July 11, 2008, 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, Herbert L. Freeman, Marcy Knobbe, Robert P. Horgan, Donna M. Nissen and Michael L. Riedmann 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. 523 of Douglas County, Nebraska, that the Resolution of Necessity and Advisability for the construction of the project entitled Storm Sewer, Section III (Five Fountains)be ratified and approved as proposed. • 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. The Chairman next presented the proof of publication of the Notice to Contractors for the construction of the improvements entitled Sidewalk Ramps, Section I (Five Fountains). The Clerk then presented the list of bids and bidders for such work specified within the Notice to Contractors with such bids having been taken on July 22, 2008, in accordance with the provisions of such Notice to Contractors. The bids having been individually reviewed by Lamp, Rynearson & Associates, Inc., the District's engineers, and upon completion of such review, the engineers have submitted their Letter of Recommendation which the Clerk was directed to attach along with a copy of the bid tabulations to these minutes. After the Trustees had received the Letter of Recommendation directed to the District, the Clerk reported that the recommendation of the engineers was the bid of Dostals Construction Co., Inc. for Sidewalk Ramps, Section I (Five Fountains) in the amount of Twenty-Three Thousand Forty and no/100 Dollars ($23,040.00) and that such amount be accepted. The Clerk reminded the Board that the Engineer's estimate of the construction cost of this project was Seventeen Thousand Three Hundred Fifty-Two and 50/100 Dollars ($17,352.50). The District's engineers then indicated that it was their opinion that the rebidding of such project would yield no more beneficial pricing to the District than that presented by the previously specified bid and again recommended acceptance of such bid. The Clerk further reported that the bid of Dostals Construction Co., Inc. was accompanied by the required bid bond, contract and maintenance bond in the amount of 100% of the contract price. After considerable discussion by the Board, the following resolution was duly moved and seconded upon a roll call vote of the Trustees, Herbert L. Freeman, Marcy Knobbe, Robert P. Horgan, Donna M. Nissen and Michael L. Riedmann voted "Aye" with none voting "Nay" thereby adopting the following resolution: RESOLVED, by the Board of Trustees of Sanitary and Improvement District No. 523 of Douglas County, Nebraska, that the bid of Dostals Construction Co., Inc. in the total amount of $23,040.00 for the construction of Sidewalk Ramps, Section I (Five Fountains) be accepted and approved and that the Clerk and Chairman of the District be and they hereby are authorized and directed to execute the contract of Dostals Construction Co., Inc.for and on behalf of the District. There were next presented miscellaneous bills, invoices, statements, and recommendations for the Board's consideration. There was next presented correspondence from Lamp, Rynearson & Associates, Inc., engineers for the District, presenting and recommending payment in favor of Utilities Service Group for sewer televising in connection with sanitary sewer maintenance, Invoice No. 7432 in the amount of One Thousand Five Hundred Seventy-Five and 45/100 Dollars ($1,575.45). There was next presented correspondence from Lamp, Rynearson &Associates, Inc., engineers for the District, presenting and recommending payment in favor of Cedar Construction Company for services in connection with storm sewer maintenance, Invoice No. 2537 in the amount of Four Thousand Four Hundred Sixty-Seven and 89/100 Dollars ($4,467.89). There was next presented correspondence from Lamp, Rynearson &Associates, Inc., engineers for the District, presenting and recommending payment in favor of Commercial Seeding Contractors for services in connection with erosion control maintenance, Invoice No. 6386 in the amount of Seven Thousand Nine Hundred Seventy-Five and 80/100 Dollars ($7,975.80). There was next presented a statement from Greco Enterprises Inc. for updating the chairman renewal bond, Invoice No.49564 in the amount of Twenty and no/100 Dollars ($20.00). The Clerk next directed the attention of the Board of Trustees to the fact that D.A. Davidson & Co. will purchase Fourteen Thousand Thirty-Nine and 14/100 Dollars ($14,039.14) in warrants at this time and that the contracted charge for such purchase of warrants is five percent (5%) or Seven Hundred One and 95/100 Dollars ($701.95) in accordance with the financing agreement previously adopted by the Board. The Chairman recommended the issuance of a warrant for such amount to D.A. Davidson & Co. 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. 523 of Douglas County, Nebraska, that the Chairman and Clerk be and they hereby authorized and directed to execute and deliver Warrant Nos. 1446 through 1451 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 July 29, 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. 1446,for the amount of One Thousand Five Hundred Seventy-Five and 45/100 Dollars ($1,575.45), payable to Utilities Service Group. Warrant No. 1447, for the amount of Four Thousand Four Hundred Sixty-Seven and 89/100 Dollars ($4,467.89), payable to Cedar Construction Company. Warrant No. 1448, for the amount of Five Thousand and no/100 Dollars ($5,000.00), and Warrant No. 1449, for the amount of Two Thousand Nine Hundred Seventy-Five and 80/100 Dollars ($2,975.80), payable to Commercial Seeding Contractors. Warrant No. 1450, for the amount of Twenty and no/100 Dollars ($20.00), payable to Greco Enterprises Inc. Warrant No. 1451, for the amount of Seven Hundred One and 95/100 Dollars($701.95), payable to D.A. Davidson & Co. FURTHER RESOLVED by the Board of Trustees of Sanitary and Improvement District No. 523 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. 523 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. 523 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 bee n 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 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. 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. Marcy Knobbe, as Clerk for Sanitary and Improvement District No. 523 of Douglas County, Nebraska (the "District") does hereby certify that the above proceedings are a true and accurate statement 1 of the proceedings had by the District at its July 29, 2008, meeting. MARCY KNO BE, Cler `,