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2007-05-31 SID 476 Minutes 07 MINUTES OF MEETINGj)4, Py co- Opt' 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