2007-05-17 SID 451 Minutes RECEIVED
LJ
MINUTES OF MEETING
07 nay 30 P J. 20
OF
SANITARY AND IMPROVEMENT DISTRICT NO.451 0MQCl i y CLERtt
OF DOUGLAS COUNTY, NEBRASKA N'�, NEBRA SK
A meeting of the Board of Trustees of Sanitary and Improvement District No.451 of Douglas County,
Nebraska, was convened in open and public session at 10:30 a.m. on the 17th day of May, 2007, at Regency
Center, 10250 Regency Circle, Suite 300, Omaha, Nebraska.
Present were: Howard M. Kooper, Becky Anderson, Bob Stratton, Larry Kelberg and Tom Fellman.
Absent: None.
Notice of the meeting was given in advance thereof by publication in The Daily Record, on May 11,
2007, 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 first 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 inthe room where the meeting
was being held.
There were next presented miscellaneous bills, invoices, statements, and recommendations for the
Board's consideration.
The Clerk next presented to the Board the final estimate with regard to Paving, Storm and Sanitary
Sewer Improvements, Section I (West Dodge Hills) and its installation by L.G. Roloff Construction Co., Inc.,
which recommended that a final and complete payment be made in the total amount of Ninety-Three
Thousand One Hundred Eight and 50/100 Dollars ($93,108.50) with such being final payment and the final
estimate for work completed on such project. The Clerk also presented the Certificate of Completion from
the District's engineers, Kirkham Michael, recommending that final payment and acceptance of such project
be made by the District. Upon a motion duly made and seconded, and upon the following roll call vote, the
Trustees, Howard M. Kooper, Becky Anderson, Bob Stratton, Larry Kelberg and Tom Fellman 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.451 of Douglas County, Nebraska, that the District's project entitled
Paving, Storm and Sanitary Sewer Improvements, Section I (West Dodge
Hills) be accepted as completed in accordance with recommendation of the
District's engineers, Kirkham Michael and that final payment be made in the
following scheduled amount:
Contractor Amount
L.G. Roloff Construction Co., Inc. $93,108.50
There were next presented statements from Pansing Hogan Ernst& Bachman LLP, attorneys for the
District, for legal services performed in construction-related matters, in the amount of Four Thousand Six
Hundred Sixty and no/100 Dollars($4,660.00).
The Clerk next directed the attention of the Board of Trustees to the fact that D.A. Davidson & Co.
will place Ninety-Seven Thousand Seven Hundred Sixty-Eight and 50/100 Dollars($97,768.50) in warrants at
this time and that the contracted charge for such placement of warrants is five percent (5%) or Four
Thousand Eight Hundred Eighty-Eight and 42/100 Dollars ($4,888.42) 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.
There was next presented a statement from Kirkham Michael, engineers for the District,for services
rendered in miscellaneous District matters through May 4, 2007, Engineer's Estimate No. 49, Miscellaneous
Services#9, in the amount of One Thousand Three Hundred Thirty-Three and 64/100 Dollars ($1,333.64).
There was next correspondence from Kirkham Michael, engineers for the District, presenting and
recommending payment in favor of Seastedt Construction,for installation of street signs, Engineer's Estimate
No. 48, Miscellaneous Estimate No. 1, in the amount of Two Thousand Eight Hundred and no/100 Dollars
($2,800.00).
The Clerk next directed the attention of the Board of Trustees to the fact that D.A. Davidson & Co.,
will place Four Thousand One Hundred Thirty-Three and 64/100 Dollars ($4,133.64) in warrants at this time
and that the contracted charge for such placement of warrants is five percent (5%) or Two Hundred Six and
68/100 Dollars ($206.68) 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.451 of Douglas County, Nebraska, that the Chairman and Clerk be and
they hereby authorized and directed to execute and deliver Warrant
Nos.624 through 644 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 10th of
each year) and to be redeemed no later than May 17, 2012, 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 Nos. 624 through 641, each for the amount of Five
Thousand and no/100 Dollars ($5,000.00), and Warrant No. 642, for the
amount of Three Thousand One Hundred Eight and 50/100 Dollars
($3,108.50), payable to L.G. Roloff Construction Co., Inc.
Warrant No. 643, for the amount of Four Thousand Six Hundred
Sixty and no/100 Dollars ($4,660.00), payable to Pansing Hogan Ernst &
Bachman LLP.
Warrant No. 644, for the amount of Four Thousand Eight Hundred
Eighty-Eight and 42/100 Dollars ($4,882.42), payable to D.A. Davidson &
Co.
FURTHER RESOLVED, by the Board of Trustees of Sanitary and
Improvement District No.451 of Douglas County, Nebraska, that the
Chairman and Clerk be and they hereby authorized and directed to execute
and deliver Warrant Nos. 645 through 647 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 May 17, 2010, 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. 645, for the amount of One.Thousand Three Hundred
Thirty-Three and 64/100 Dollars ($1,333.64), payable to Kirkham Michael.
Warrant No. 646, for the amount of Two Thousand Eight Hundred
and no/100 Dollars ($2,800.00), payable to Seastedt Construction.
Warrant No. 647, for the amount of Two Hundred Six and 68/100
Dollars ($206.68), payable to D.A. Davidson &Co.
FURTHER RESOLVED by the Board of Trustees of Sanitary and
Improvement District No. 451 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.451 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 payers generally)enerall ers tax a 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.451 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
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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
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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.
Becky Anderson, as Clerk for Sanitary and Improvement District No. 451 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 May 17, 2007, meeting.
.Becky 4rson, Clerk
TO: DOUGLAS COUNTY CLERK AND DOUGLAS COUNTY TREASURER
This is to certify that Sanitary and Improvement District No.451 of Douglas County, Nebraska, levied
special assessments upon lots and parcels of land as set out in the attached copy of the final Assessment
Schedule for (1) Paving, Storm and Sanitary Sewer Improvements, Phase I, Section I (West Dodge Hills);
(2)Water- Phase I, Section I (West Dodge Hills); (3) Underground Power-Phase I, Section I (West Dodge
Hills); (4) Sewer Connection Fee - Phase I, Section I (West Dodge Hills); (5) Park Fee - Phase I, Section I
(West Dodge Hills); (6) Plan Review Fees - Phase I, Section I (West Dodge Hills); and (7) Miscellaneous
Cost- Phase I, Section I (West Dodge Hills) (the "Improvements"); such Final Schedule being made a part
hereof by this reference.
Total Special
Assessment Per Lot
Special assessments as to
Lot 1,West Dodge Hills,
Douglas County, Nebraska $23,317.38
Special assessments as to
Lot 2,West Dodge Hills, o
Douglas County, Nebraska $25,763.26
Special assessments as to
rep C")
Lot 3, West Dodge Hills, c.,-` TTi
Douglas County, Nebraska $61,962 27 --0 .-
Special assessments as to
Lot 4,West Dodge Hills,
Douglas County, Nebraska $56,907.46 ui
Special assessments as to
• Lot 5,West Dodge Hills,
Douglas County, Nebraska $56,092.16
Special assessments as to
Lot 6,West Dodge Hills,
Douglas County, Nebraska $50,548.17
Special assessments as to
Lot 7, West Dodge Hills,
Douglas County, Nebraska $26,904.67
Special assessments as to
Lot 8,West Dodge Hills,
Douglas County, Nebraska $29,513.61
Special assessments as to
Lot 9,West Dodge Hills,
Douglas County, Nebraska $29,513.61
Special assessments as to
Lot 10, West Dodge Hills,
Douglas County, Nebraska $29,676.67
Special assessments as to
Lot 11, West Dodge Hills,
Douglas County, Nebraska $46,471.71
Special assessments as to
Lot 12, West Dodge Hills,
Douglas County, Nebraska $32,122.55
Special assessments as to
Lot 13, West Dodge Hills,
Douglas County, Nebraska •$23,969.62
Special assessments as to
Lot 14, West Dodge Hills,
Douglas County, Nebraska $21,523.74
Special assessments as to •
Lot 15, West Dodge Hills,
Douglas County, Nebraska $14,838.33
Special assessments as to
Lot 16, West Dodge Hills,
Douglas County, Nebraska $13,859.98
Special assessments as to
Lot 17, West Dodge Hills,
Douglas County, Nebraska $15,490.57
Special assessments as to
Lot 18,West Dodge Hills,
Douglas County, Nebraska $17,284.21
Special assessments as to
Lot 19, West Dodge Hills,
Douglas County, Nebraska $163,384.73
Special assessments as to
Lot 20,West Dodge Hills,
Douglas County, Nebraska $44,841.12
Special assessments as to
Lot 21,West Dodge Hills,
Douglas County, Nebraska $87,888.59
Special assessments as to
Lot 22,West Dodge Hills,
Douglas County, Nebraska $186,049.88
Such assessments were levied by the Board of Trustees for such District on April 6, 2007. The
special assessments shall become due within fifty (50) days after April 6, 2007, or on the following date to-
wit: May 26, 2007, and if not paid within that period, shall become delinquent in ten (10)annual installments.
The first installment shall become delinquent the 6th day of April, 2008, and subsequent installments shall be
due and delinquent on the same day and month of each year thereafter. The special assessments shall
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draw interest on a per annum basis until delinquent at the greater of (i) the rate of interest accruing on
construction fund warrants registered against the District sixty (60) days prior to the actual levy of special
assessments; or (ii) the average rate of interest accruing on the construction fund warrants issued to pay for
the improvements for which the special assessments are to be levied adjusted to the next greater one-half
percent. Delinquent installments shall bear interest at the rate of two percent(2%) per annum above the rate
set by the District on such installment before delinquency.
As a result of the foregoing, the special assessments shall draw interest at the rate of seven and a
half percent (7.5%) per annum until delinquent and nine and a half percent (9.5%) per annum after
delinquency and until fully paid. All special assessments may be paid within fifty (50) days after the date of
levy without interest charge.
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BEC A RSON, Clerk
Sanit Ty a d Improvement District
No.461,of Douglas County, Nebraska