2010-04-12 SID 501 Minutes MINUTES OF MEETING
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OF
� �A „ t, ;. 0'�" SANITARY AND IMPROVEMENT DISTRICT NO. 501
OF DOUGLAS COUNTY, NEBRASKA
A meeting of the Board of Trustees of Sanitary and Improvement District No. 501 of Douglas
County, Nebraska, was convened in open and public session at 11:00 a.m. on the 12th day of April, 2010, at
14769 California Street, 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 8,
2010, 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 Ameritas Investment Corp., the District's fiscal
agent, indicating that Gerlach & Co., had lost, misplaced or mishandled Construction Fund Warrant Nos.
1747 and 1748. Also presented was the Indemnity Agreement of such warrantholder as an inducement to
reissue such warrants as "R" warrants. 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 Construction Fund Warrant
Nos. 1747 and 1748 assigned to Gerlach &Co., be hereby 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.
FURTHER RESOLVED, Construction Fund Warrant No. 1747"R", be
hereby issued to Gerlach & Co., in the amount of Ten Thousand and
no/100 Dollars ($10,000.00) and Construction Fund Warrant No. 1748"R",
be hereby issued to Gerlach & Co. in the amount of Eight Thousand One
Hundred Forty-Nine and 60/100 Dollars ($8,149.60).
There was next presented a statement from Pansing Hogan Ernst& Bachman LLP, attorneys for the
District for services rendered in connection with the 2010 warrant extension in the amount of Three
Thousand Two Hundred Fifty and no/100 Dollars ($3,250.00).
The Chairman next directed the attention of the Board of Trustees to the fact that Ameritas
Investment Corp. will purchase Three Thousand Two Hundred Fifty and no/100 Dollars ($3,250.00) in
warrants at this time and that the contracted charge for such purchase of warrants is five percent (5%) or
One Hundred Sixty-Two and 50/100 Dollars ($162.50) in accordance with the financing agreement previously
adopted by the Board. The Chairman recommended that the issuance of a warrant for such amount to
Ameritas Investment Corp.
There was next presented correspondence from E & A Consulting Group, Inc., engineers for the
District, presenting and recommending payment in favor of Hayes Environmental, LLC for wetlands
monitoring, Invoice No. 210-8408-1 in the amount of Five Thousand One Hundred and no/100 Dollars
($5,100.00).
There were next presented statements from Todco Barricade Company as follows: (i) Invoice No.
103107 in the amount of One Hundred Fourteen and 47/100 Dollars ($114.47); and (ii) Invoice No. 103388 in
the amount of One Hundred Ten and 78/100 Dollars ($110.78); said invoices being in the aggregate amount
of Two Hundred Twenty-Five and 25/100 Dollars ($225.25).
There was next presented a statement from the Douglas County Engineer for stop sign repairs,
invoice dated March 1, 2010 in the amount of Thirty and no/100 Dollars ($30.00).
There was next presented a statement from Commercial Seeding Contractors, Invoice No. 8809 in
the amount of Two Hundred Fifty-Five and no/100 Dollars ($255.00).
There was next presented a statement from Lutz & Company, PC, accountants for the District for
completion of IRS Forms 944, W-2 and 1099, Invoice No. 112766 in the amount of Five Hundred Fifteen and
no/100 Dollars ($515.00).
There were next presented statements from E &A Consulting Group, Inc., engineers for the District
for miscellaneous engineering services rendered as follows: (i) through January 17, 2010, Invoice No.
111221 in the amount of Three Hundred Sixty and 30/100 Dollars ($360.30); (ii)through February 14, 2010,
Invoice No. 111405 in the amount of Six Hundred Twenty-Four and 26/100 Dollars ($624.26); and (iii)
through March 14, 2010, Invoice No. 111549 in the amount of Five Hundred Eighty-One and 26/100 Dollars
($581.26); said invoices being in the aggregate amount of One Thousand Five Hundred Sixty-Five and
82/100 Dollars ($1,565.82).
There were next presented statements from Metropolitan Utilities District for service at the 15505
Hartman Avenue location through March 12, 2010 indicating a credit balance of One Thousand Two
Hundred Thirty and 56/100 Dollars($1,230.56).
There were next presented statements from Metropolitan Utilities District for service at the 5310
North 153`d Avenue location through April 1, 2010 in the aggregate amount of One Hundred Twenty-Four and
14/100 Dollars ($124.14). The Board directed advance payment to be made in the amount of Two
Hundred Fifty and no/100 Dollars($250.00).
There were next presented statements from Omaha Public Power District, for services related to
Account No. 6369592096 through March 30, 2010 in the aggregate amount of Seven Thousand Three
Hundred Thirty-Five and 53/100 Dollars ($7,335.53).
There were next presented statements from Omaha Public Power District, for services related to
Account No. 5120062954 through April 2, 2010 in the aggregate amount of Seven Hundred Sixty-Six and
55/100 Dollars ($766.55).
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. 1747"R" and 1748"R" of the District, dated January 11, 2010, to the
following payees and in the following amounts, said Warrants to be drawn
on the Construction Fund of the District and to draw interest at the rate of
seven percent (7%) per annum (interest to be payable on February 1 of
each year) and to be redeemed no later than January 11, 2015, 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. 1747"R", for the amount of Ten Thousand and no/100
Dollars ($10,000.00), and Warrant No. 1748"R", for the amount of Eight
Thousand One Hundred Forty-Nine and 60/100 Dollars ($8,149.60),
payable to Gerlach & Co.
FURTHER 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. 1795 and 1796 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 Construction Fund of the District and to draw
interest at the rate of seven percent(7%)per annum (interest to be payable
on February 1 of each year) and to be redeemed no later than April 12,
2015, 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. 1795, for the amount of Three Thousand Two
Hundred Fifty and no/100 Dollars ($3,250.00), payable to Pansing Hogan
Ernst&Bachman LLP.
Warrant No. 1796, for the amount of One Hundred Sixty-Two and
50/100 Dollars ($162.50), payable to Ameritas Investment Corp.
FURTHER 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. 1797 through 1807 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 12, 2013, 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. 1797, for the amount of Five Thousand and no/100
Dollars ($5,000.00), and Warrant No. 1798, for the amount of One Hundred
and no/100 Dollars($100.00), payable to Hayes Environmental, LLC.
Warrant No. 1799, for the amount of Two Hundred Twenty-Five
and 25/100 Dollars•($225.25), payable to Todco Barricade Company.
Warrant No. 1800; for the amount of Thirty and no/100 Dollars
($30.00), payable to the Douglas County Engineer.
Warrant No. 1801, for the amount of Two Hundred Fifty-Five and
no/100 Dollars($255.00), payable to Commercial Seeding Contractors.
Warrant No. 1802, for the amount of Five Hundred Fifteen and
no/100 Dollars($515.00), payable to Lutz& Company, PC.
Warrant No. 1803, for the amount of One Thousand Five Hundred
Sixty-Five and 82/100 Dollars ($1,565.82), payable to E & A Consulting
Group, Inc.
Warrant No. 1804, for the amount of Two Hundred Fifty and
no/100 Dollars ($250.00), payable to Metropolitan Utilities District, Acct. No.
348564-1360108.
Warrant No. 1805, for the amount of Five Thousand and no/100
Dollars ($5,000.00), and Warrant No. 1806, for the amount of Two
Thousand Three Hundred Thirty-Five and 53/100 Dollars ($2,335.53),
payable to Omaha Public Power District, Acct. No. 636959096.
Warrant No. 1807, for the amount of Seven Sixty-Six and 55/100
Dollars ($766.55), 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
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.
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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 12,2010, meeting.
JOYC MEK, Clerk