2007-05-31 SID 476 Minutes 07
MINUTES OF MEETINGj)4, Py
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SANITARY AND IMPROVEMENT DISTR C/f4N9 4-7 '?,k
OF DOUGLAS COUNTY, NEBRASKA
A meeting of the Board of Trustees of Sanitary and Improvement District No. 476 of Douglas
County, Nebraska, was convened in open and public session at 10:00 a.m. on the 31st day of May, 2007, at
10250 Regency Circle, Suite 300, Omaha, Nebraska.
Present were: John C. Allen, Joyce A. Sramek, Jeanne D. Knox, Edward R. Young and Gerald L.
Torczon.
Absent: None.
Notice of the meeting was given in advance thereof by publication in The Daily Record on May 25,
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 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. requesting the District
to issue warrants payable to Great Western Bank in the total amount of One Million Four Hundred Thirty
Thousand Five Hundred Forty-Two and 91/100 Dollars ($1,430,542.91). After a full and complete
discussion and upon a motion duly made and seconded, and upon a roll call vote, the Trustees, John C.
Allen, Joyce A. Sramek, Jeanne D. Knox, Edward R. Young and Gerald L. Torczon voted "Aye" with none
voting"Nay"with the following resolution being thereby adopted and approved:
RESOLVED, that the Board of Trustees of Sanitary and Improvement
District No. 476 of Douglas County, Nebraska, find and determine that on
July 1, 2007, there will be due and payable interest on the construction
fund warrants for the District in the amount of One Million Four Hundred
Thirty Thousand Five Hundred Forty-Two and 91/100 Dollars
($1,430,542.91) and that to pay such interest it is advisable to authorize
the issuance of warrants to be drawn from the District's construction fund
payable to Great Western Bank.
FURTHER RESOLVED, that the following warrants, to be drawn on the
construction fund of the District, draw interest at the rate of seven percent
(7%) from the date of presentation until paid; such interest to be payable
on July 1 of each year and such warrants shall be due and payable on
May 31, 2012 (unless redeemed prior to such date), subject to extension
of such maturity date by order of the District Court of Douglas County,
Nebraska, after notice as required by law, to be issued as follows:
WARRANT NO. AMOUNT
4848 $10,000.00
4849 10,000.00
4850 10,000.00
4851 10,000.00
4852 10,000.00
4853 10,000.00
4854 10,000.00
4855 10,000.00
4856 10,000.00
4857 10,000.00
4858 10,000.00
4859 10,000.00
4860 10,000.00
4861 10,000.00
4862 10,000.00
4863 10,000.00
4864 10,000.00
4865 10,000.00
4866 10,000.00
4867 10,000.00
4868 10,000.00
4869 10,000.00
4870 10,000.00
4871 10,000.00
4872 10,000.00
4873 10,000.00
4874 10,000.00
4875 10,000.00
4876 10,000.00
4877 10,000.00
4878 10,000.00
4879 10,000.00
4880 10,000.00
4881 10,000.00
4882 10,000.00
4883 10,000.00
4884 10,000.00
4885 10,000.00
4886 10,000.00
4887 10,000.00
4888 10,000.00
4889 10,000.00
4890 10,000.00
4891 10,000.00
4892 10,000.00
4893 10,000.00
4894 10,000.00
4895 10,000.00
4896 10,000.00
4897 10,000.00
4898 10,000.00
4899 , 10,000.00
•
4900 10,000.00
4901 10,000.00
4902 10,000.00
4903 10,000.00
4904 10,000.00
4905 10,000.00
4906 10,000.00
4907 10,000.00
4908 10,000.00
4909 10,000.00
4910 10,000.00
4911 10,000.00
4912 10,000.00
4913 10,000.00
4914 10,000.00
4915 10,000.00
4916 10,000.00
4917 10,000.00
4918 5,000.00
4919 5,000.00
4920 5,000.00
4921 5,000.00
4922 5,000.00
4923 5,000.00
4924 5,000.00
4925 5,000.00
4926 5,000.00
4927 5,000.00
4928 5,000.00
4929 5,000.00
4930 5,000.00
4931 5,000.00
4932 5,000.00
4933 5,000.00
4934 5,000.00
4935 5,000.00
4936 5,000.00
4937 5,000.00
4938 5,000.00
4939 5,000.00
4940 5,000.00
4941 5,000.00
4942 5,000.00
4943 5,000.00
4944 5,000.00
4945 5,000.00
4946 5,000.00
4947 5,000.00
4948 5,000.00
4949 5,000.00
4950 5,000.00
4951 5,000.00
4952 5,000.00
4953 5,000.00
4954 5,000.00
4955 5,000.00
4956 5,000.00
4957 5,000.00
4958 5,000.00
4959 5,000.00
4960 5,000.00
4961 5,000.00
4962 5,000.00
4963 5,000.00
4964 5,000.00
4965 5,000.00
4966 5,000.00
4967 5,000.00
4968 5,000.00
4969 5,000.00
4970 5,000.00
4971 5,000.00
4972 5,000.00
4973 5,000.00
4974 5,000.00
4975 5,000.00
4976 5,000.00
4977 5,000.00
4978 5,000.00
4979 5,000.00
4980 5,000.00
4981 5,000.00
4982 5,000.00
4983 5,000.00
4984 5,000.00
4985 5,000.00
4986 5,000.00
4987 5,000.00
4988 5,000.00
4989 5,000.00
4990 5,000.00
4991 5,000.00
4992 5,000.00
4993 5,000.00
4994 5,000.00
4995 5,000.00
4996 5,000.00
4997 5,000.00
4998 5,000.00
4999 5,000.00
5000 5,000.00
5001 5,000.00
5002 5,000.00
5003 5,000.00
5004 5,000.00
5005 5,000.00
5006 5,000.00
5007 5,000.00
5008 5,000.00
5009 5,000.00
5010 5,000.00
5011 5,000.00
5012 5,000.00
5013 5,000.00
5014 5,000.00
5015 5,000.00
5016 5,000.00
5017 5,000.00
5018 5,000.00
5019 5,000.00
5020 5,000.00
5021 5,000.00
5022 5,000.00
5023 5,000.00
5024 5,000.00
5025 5,000.00
5026 5,000.00
5027 5,000.00
5028 5,000.00
5029 5,000.00
5030 5,000.00
5031 5,000.00
5032 5,000.00
5033 5,000.00
5034 5,000.00
5035 5,000.00
5036 5,000.00
5037 5,000.00
5038 5,000.00
5039 5,000.00
5040 5,000.00
5041 5,000.00
5042 5,000.00
5043 5,000.00
5044 5,000.00
5045 5,000.00
5046 5,000.00
5047 5,000.00
5048 5,000.00
5049 5,000.00
5050 5,000.00
5051 5,000.00
5052 5,000.00
5053 5,000.00
5054 5,000.00
5055 5,000.00
5056 5,000.00
5057 5,000.00
5058 5,000.00
5059 5,000.00
5060 5,000.00
5061 5,000.00
5062 5,000.00
5063 5,000.00
5064 542.91
FURTHER RESOLVED, that the County Treasurer of Douglas County,
Nebraska, the ex officio Treasurer of the District is hereby directed and
authorized on July 1, 2007, to pay the.interest due on the construction
warrants of the District and is hereby directed that such proceeds of the
above warrants hereby are authorized and may only be used for the
payment of such specified interest.
FURTHER RESOLVED, that the Chairman and Clerk be, and they hereby
are authorized and directed to execute such warrants on behalf of the
District and deliver the same, along with a copy of this and the preceding
resolutions to the County Treasurer of Douglas County, Nebraska, the ex
officio Treasurer of the District.
The Chairman next directed the attention of the Board of Trustees to the fact that Ameritas
Investment Corp. will purchase One Million Four Hundred Thirty Thousand Five Hundred Forty-Two and
91/100 Dollars ($1,430,542.91) in warrants at this time and that the contracted charge for such purchase of
warrants is five percent (5%) or Seventy-One Thousand Five Hundred Twenty-Seven and 14/100 Dollars
($71,527.14) 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 a statement from Greco Enterprises Inc. for general liability insurance
policy renewal, Invoice No. 40958 in the amount of One Thousand Four Hundred Thirty-Seven and no/100
Dollars ($1,437.00).
There was next presented a statement from E &A Consulting Group, Inc., engineers for the District
for miscellaneous engineering services rendered through April 29, 2007, Invoice No. 103592 in the amount
of One Thousand Two Hundred Ninety-Two and 48/100 Dollars ($1,292.48).
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.476 of Douglas County, Nebraska, that the Chairman and
Clerk be and they hereby authorized and directed to execute and deliver
Warrant Nos.4848 through 5079 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 July 1 of each year)and to be redeemed no later than May 31,
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. 4848 through 4917, each for the amount of Ten
Thousand and no/100 Dollars ($10,000.00) and Warrant Nos. 4918
through 5063, each for the amount of Five Thousand and no/100 Dollars
($5,000.00), and Warrant No. 5064, for the amount of Five Hundred Forty-
Two and 91/100 Dollars ($542.91), payable to Great Western Bank.
Warrant Nos. 5065 through 5078, each for the amount of Five
Thousand and no/100 Dollars ($5,000.00), and Warrant No. 5079, for the
amount of One Thousand Five Hundred Twenty-Seventy 14/100 Dollars
($1,527.14), payable to Ameritas Investment Corp.
•
FURTHER RESOLVED, by the Board of Trustees of Sanitary and
Improvement District No. 476 of Douglas County, Nebraska, that the
Chairman and Clerk be and they hereby authorized and directed to
execute and deliver Warrant Nos. 5080 and 5081 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 31, 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. 5080, for the amount of One Thousand Four Hundred
Thirty-Seven and no/100 Dollars ($1,437.00), payable to Greco
Enterprises Inc.
Warrant No. 5081, for the amount of One Thousand Two Hundred
Ninety-Two and 48/100 Dollars ($1,292.48), payable to E & A Consulting
Group, Inc.
FURTHER RESOLVED by the Board of Trustees of Sanitary and
Improvement District No. 476 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. 476 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. 476 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.
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. 476 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 31, 2007, meeting.
JOYC MEK, Clerk