2010-03-22 SID 512 Minutes RECEIVED
MINUTES OF A MEETING OF THE BOARD OF TRUSTEES
OF SANITARY & IMPROVEMENT DISTRICT NO. 512 f ,� 2 � :
OF DOUGLAS COUNTY, NEBRASKA 59
ON MARCH 22, 2010
CITY CLERK
� OMAHA, NEBRA.SKA
A meeting of the Board of Trustees of Sanitary and Improvement District No. 512
of Douglas County, Nebraska, was convened in open and public session at 8:30 a.m.,
on March 22, 2010, at 2120 S. 72nd Street, Suite 1500, Omaha, Nebraska 68124.
Present were: John A. Mabrey
Carl J. Troia, Jr.
James H. Mabrey
Absent: Robert N. Troia
Cynthia A. Troia
Notice of the meeting was published in advance thereof by publication in The
Daily Record on March 15, 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 Acknowledgement of the Agenda was
communicated in the published notice and in the Notice of the Trustees of this meeting.
All proceedings of the Board were taken while the convened meeting was open to the
attendance of the public. All matters considered by the Board at this time were on the
Agenda prior to the commencement of this meeting, other than emergency matters.
The minutes herein were written and available for public inspection within ten (10)
working days or prior to the next convened meeting, whichever was earlier.
The last publication of the notice of this meeting was more than five (5) days prior
to the time set by the Board of Trustees for public hearing, as set forth in the Proof of
Publication. .
John A. Mabrey acted as Chairman called the meeting to order. Also present
was Joseph L. Leahy, Jr. The following proceedings were had and done.
The Chairperson 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.
Motion was made by Carl J. Troia, Jr., to approve the minutes of the Board of
Trustees meeting held on January 22, 2010. The motion was seconded by John A.
Mabrey, and upon roll call vote of the trustees: John A. Mabrey, Carl J. Troia, Jr., and
James H. Mabrey, all voting aye, the following resolution was unanimously adopted:
RESOLVED, that the minutes of the Board of Trustees meeting
held on January 22, 2010, be and hereby are approved.
The Chairman next presented a statement from Smith Gardner Slusky Law dated
January 31, 2010, in the sum of$947.41. The Chairman recommended payment of
said statement out of the District General Fund.
The Chairman next presented a statement from Smith Gardner Slusky Law dated
February 28, 2010, in the sum of$207.27. The Chairman recommended payment of
said statement out of the District General Fund.
The Chairman next presented a statement from Thompson, Dreessen & Dorner,
Inc., dated February 22, 2010, in the sum of $41.93. The Chairman recommended
payment of said statement out of the District General Fund.
Joseph L. Leahy, Jr., advised that the District had previously issued General
Fund Warrant No. 560 in the sum of$429.20 dated February 1, 2010; and General
Fund Warrant No. 562 in the sum of $429.59 dated March 1, 2010; both being payable
2
to Omaha Public Power District for street lighting. The Omaha Public Power District
invoices relating to these payments are attached to these minutes.
Joseph L. Leahy, Jr., advised that the District had previously issued General
Fund Warrant No. 561 dated February 3, 2010, in the sum of$86.00 being payable to
Douglas County Engineer. The Douglas County Engineer invoice relating to this
payment is attached to these minutes.
The ratification of these warrants is set out below. Kuehl Capital Corporation will
not be paid a fee for these warrants as these warrants will be paid directly from the
Douglas County Treasurer.
Thereafter, a motion was made by Carl J. Troia, Jr., to ratify the issuance of
General Fund Warrant No. 560 in the sum of$429.20; and General Fund Warrant No.
562 in the sum of$429.59; both payable to Omaha Public Power District relating to
street lighting within the District; and General Fund Warrant No. 561 in the sum of
$86.00 being payable to Douglas County Engineer. The motion was seconded by John
A. Mabrey, and upon roll call vote of the Trustees: John A. Mabrey, Carl J. Troia, Jr.,
and James H. Mabrey, all voting aye, the following resolution was unanimously
adopted:
RESOLVED, that the issuance of General Fund Warrant No. 560 in
the sum of$429.20; and General Fund Warrant No. 562 in the sum of
$429.59; both payable to Omaha Public Power District relating to street
lighting within the District; and General Fund Warrant No. 561 in the sum
of $86.00 being payable to Douglas County Engineer be and hereby are
ratified and approved and that the District Chairman and Clerk be and
hereby were authorized to execute said warrants on behalf of the District.
3
•
Thereafter a motion was made by Carl J. Troia, Jr., and seconded by John A.
Mabrey, and upon roll call vote of the Trustees: John A. Mabrey, Carl J. Troia, Jr., and
James H. Mabrey, all voting aye, the following resolution was unanimously adopted:
RESOLVED THAT the Chairman and/or Clerk be and hereby are
authorized to execute and deliver 2 warrants on the District General Fund,
to the following payees and such warrants to be payable three (3) years
from the date of issuance, unless extended in accordance with the law,
and to draw interest at the rate of 7.0% per annum after the date of
presentment until paid:
563 3/22/2010 Smith Gardner Slusky Law $1,154.68
564 3/22/2010 Thompson, Dreessen & Dorner, Inc. $41.93
FURTHER RESOLVED by the Board of Trustees of Sanitary and
Improvement District No. 512 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.
4
The Chairman next presented a letter from Kuehl Capital Corporation dated
March 9, 2010, relating to the payment of April 1, 2010, annual interest for the District
Construction Fund Warrants in the sum of$188,427.70 beginning with Warrant No. 143
of the Construction Fund, all warrants have a notice on their face that interest will be
paid April 1 on an annual basis. The Chairman recommended payment of$188,427.70
be made to FIRNBANK CO. C/O FNB OMAHA out of the District Construction Fund.
Thereafter a motion was made by Carl J. Troia, Jr., and seconded by John A.
Mabrey, and upon roll call vote of the Trustees: John A. Mabrey, Carl J. Troia, Jr., and
James H. Mabrey, all voting aye, the following resolution was unanimously adopted:
RESOLVED, that the Chairman and/or Clerk of the District be and
hereby are, authorized to execute and deliver 7 warrants of the District,
No. 565 to 571, respectively, dated the date of this meeting to the
following payees and in the following amounts, said warrants to draw
interest at 7.0 percent per annum, to be payable from the Construction
Fund account of the District (interest to be payable on April 1 of each
year), and to be redeemed no later than five years from the date hereof,
being March 22, 2015, subject to extension of said maturity date by order
of the District Court of Douglas County, Nebraska, after notice was given
as required by law, to-wit:
565 3/22/2010 Firnbank Co. c/o FNB Omaha $26,918.29
566 3/22/2010 Firnbank Co. c/o FNB Omaha $11,554.06
567 3/22/2010 Firnbank Co. c/o FNB Omaha $83,742.26
568 3/22/2010 Firnbank Co. c/o FNB Omaha $15,185.16
569 3/22/2010 Firnbank Co. c/o FNB Omaha $34,217.71
570 3/22/2010 Firnbank Co. c/o FNB Omaha $55.55
571 3/22/2010 Firnbank Co. c/o FNB Omaha $16,754.67
FURTHER RESOLVED by the Board of Trustees of Sanitary and
Improvement District No. 512 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
5
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. 512 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 $5,000,000.00 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. 512 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
6
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.
There was no old business or new business to come before the meeting.
There being no further business to come before the meeting, the meeting was
adjourned. 7
Carl J. roia, Jr., rk
App oved:
Jo A. Mabrey, Chairman
6169-2#653834
7