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A little purple join button. If you hit the join button, it magically makes everybody appear on your screen. All

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right, let's go ahead and get started. The recording is on. We will call this meeting to order at 10.03 a.m. We do have full quorum of the board with trustees, Vicki, Joe and Ryan present. Also on the line, we have Lauren from CLA, Nick from CLA district accountant and manager,

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or respectively, Tom Jolly, District Legal Counsel, and Sean Bedford with York Howell.

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We will move into preliminary action items.

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The first item, it's a standard item for you all, it's just to consider today's meeting

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and combine meeting for both Chelsea PID numbers one and two.

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So we would take a motion and a second to approve that.

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Yes, I make a motion that we combine the board meeting for Chelsea Public Infrastructures

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districts number one and two. My second. Thank you, Joe. Thank you, Vicki. All in favor?

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Yes. Yes. Yes. All right. We will move on to public comment. I don't see any public on the line,

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but we would take a motion and a second to open a public comment portion of the meeting.

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We all make a motion that we open up the... We'll consider that a motion by Joe and a second by

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Thank you. All in favor. Yes. Yes. Yes. All right. And seeing no public on the line would just take a motion on the second to close the public comment portion of the meeting.

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Yeah, I'll make a motion that we close the public meeting. The public section of the meeting.

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Thank you. All in favor. Yes. Yes. Yes.

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All right. We will move on to the consent items. We have three consent items this morning.

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First, are the minutes from the December 17th meeting? We'll just need an approval of

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those. Second, is acknowledgement of the renewal of your conflict of interest, disclosure,

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and ethical behavior forms. Thank you for filling those out. Those have been filed with the

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state. A third is ratification of payments in the last board meeting. All those items

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are on the consent agenda. We can approve all of them with one motion and second, or

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we can discuss them individually if any trustee would prefer to do that.

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I don't have anything to discuss about them. Do you guys? No questions.

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no. I would just make a move we combine all three of them for consent and approval.

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All right. Thank you for the motion, Joe. Is there a second?

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A second. Thank you all those in favor?

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Yes. Yes.

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All right. Moving right along. The next item, action items for this morning's meeting,

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we just have two financial statements to review. I will turn it over to Lauren for that.

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Yeah, thanks, Nick. If you wouldn't mind, can you go to page eight of the packet for me?

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Yes, I'm there. That's perfect.

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Okay, so forward starting with the December 31st, 2025 financial

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statements. We've got the balance sheet here with total assets sitting just under 8.1 million,

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with the majority of that being in the debt service fund for the 2024-82 series,

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$7.1 million there, and then $895,000 in the 2021 A, sorry, 2024 A1 debt service fund,

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$49,000 in the general fund, and just $277 in the capital projects fund.

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Accounts payable, sitting at $70,339, and I would say that's a pretty good summary

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for the balance sheet unless there are any questions here.

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Okay?

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Then if we can go to the general fund, Nick.

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So, general fund, as of December 31st,

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interest income came in at just under $3,000. Total expenditures were $54,678 for those

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administrative costs you can see, which brought the ending fund balance to $397.00. And then

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if we can move to the debt service fund.

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This one is for the 2024 A1 series. Total revenues

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were just under 39,000, most of which was interest income. There was total dollar, the property

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taxes, total expenditures were 180,658, which included that bond interest payment. So then ending

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fund balance here was $891,061.

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And the next step service fund,

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total revenues here was $620,456,

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most of which was the assessment fee revenues that came in, but there was also $47,600 of

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interest income. Total expenditures were $1,060.

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That includes the paying agent fees and then the bond interest and principal payments for

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year which brought the any fund balance to 790,911 and then in the capital projects fund

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makes Nick very limited activity here but we did have 206 dollars of interest income which

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brought the ending fund balance to 277 dollars and 97 cents. Any questions on the 2025 statements?

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No.

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I think we would just take a motion in a second to accept the 2025

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fourth quarter financial statements.

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Yeah, I'll just make a motion that we accept the 2025 financial statement for Q4.

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No second.

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Thank you all in favor.

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Hi.

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Yes.

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Yes.

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All right.

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Back to you, Lauren.

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It looks like Q1 starts on page 18, yet you got it.

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Okay, so board, again, this is for Q1 as of March 31, 2026.

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So total assets were just under $8,030,000.

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Excuse me, we take a quick drink.

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Okay, so most of this is, again, in sitting in the 2024 A2 debt service fund.

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So you've got $7.3 million there, $673,900 in the 2024 A1 debt service fund, just over

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$37,000 in the general fund, and then that $279 in the capital projects fund.

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Then on the liability side, sorry Nick,

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on the liability side we do have just $120,000 sitting

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in EP,

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and that was the last thing there Nick, thank you.

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And

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on the general fund, interest income came in at $384, total expenditures, currently

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$8,648 for those administrative costs, so ending fund balances sitting at $25,234.

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Thank

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you.

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And then the debt service fund for the series, 2024 A1 bonds.

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So total revenues are $12,676.

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That's made up of just over $8,000 of interest income, and then we did receive the $4,600 of property taxes.

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Total expenditures, $233,000, $812, that is the bond interest payment.

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So that brings out any fund balance to $669,924.

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Okay,

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and then for the 2024 A2 series, we did have total revenues at $291,263.

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That's the $284,000 as the assessment fee revenues.

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And then it was just over $6,800 of interest income.

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No expenditures here quite yet.

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So any fund balance is sitting at $1,082,175.

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dollars.

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And then last one board, we've got the capital projects fund, very, very limited

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activity here, but we do have a dollar and 80 cents of interest income. So that brings

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our ending fund balance to 279 and 77 cents. Any questions for Q1?

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No, I don't have any.

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Okay. I think we would just take a motion in a second to accept the

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Q1 financial statements.

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You all make a motion to accept Q1 financial statements for 2026.

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Is there a second?

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A second.

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Thank you, and all those in favor?

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Yes.

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Yes.

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Yes.

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All right, that brings us through our action items portion of the agenda.

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Two quick administrative non-action items as you're all likely aware.

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Here, you are as trustees required to do an annual board training.

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There's a link included on the agenda.

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If you'd like, I can have Natalie from our office circulate more information on that.

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The ask there is just that you provide your certificate of completion to CLA so we can get

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that filed away.

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Other than that, we just have agenda item here for any open discussion for any public and

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infrastructure business. It's all pause. There's anything that anyone would like to share.

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I know while we're on this call, it's got an email from Allison about payoffs. I don't know if

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there's anything we can discuss there. Look at it really quick.

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Yeah. Basically, it's

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same. We're still working for the bondholders on that amendment, so that's still outstanding,

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but nothing really that discussed there. So I don't have anything else to you, right?

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All

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right. I think we would just take a motion and a second to adjourn at 10.15 a.m.

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So I make a motion we adjourn this meeting.

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I second. All in favor?

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Aye. Yes. Yes.

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All right. Thank you, everyone. We'll see you soon.

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Thank you, everybody.

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Good to see you, Vicki and Joe and Mr. Ryan.

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Good to see you.

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your initials on the screen, tall.