[This transcript was generated automatically from audio using AI and hasn't been reviewed by a person -- it can contain mistakes, including plausible-sounding sentences that were never actually said. Treat it as a starting point, not a verbatim record.]

[0:06] I just want to say, I'm going to send around just some updated a couple of the docs that get approved our resolution. It just incorporates the changes that some of you were on for the working group call yesterday of the joint developer and then Ethan had sent a few comments. So I'm going to get those just so they're in your inbox, but they're largely the same as what you had before. So those will be at the interest of minute. Okay. Thank you. All right. We're going to call the order.
[0:32] the special meeting of the Board of Trustees for Community Infrastructure, Finance and District,
[0:40] this Tuesday, August 25th, 2026, at 10.04 a.m., the meeting is being held at the Office of
[0:49] York County, South Jordan, Utah. Let's do a roll call for our meeting minutes today. My name is
[1:05] Tom
[1:05] District Board.
[1:07] David French, District Board. Andy Dorbeck, Board Member.
[1:14] Aaron Wade with Gilmour Bell, Bond Council. Sorry, I think this has been more unveiled.
[1:22] Shelby Climber with CLA. Okay, excellent. We're just going to follow our agenda today.
[1:29] We have a couple preliminary action items. The first preliminary action item is
[1:34] a meal since you weren't present at our initial meeting. We do need to do an oath of office
[1:41] for the district and have an election for you as district chair. So actually we elected
[1:47] you but we need to administer the oath of office which is required by both the required by the
[1:55] federal state constitution for state officers. So I'm just going to have Shannon administer that
[2:01] to you right now. Sounds good. Neil, can you see the screeners or something covering part of it,
[2:07] Turing? Yeah, there's this what's new. Yeah, it looks like there's an X on the right there.
[2:15] I didn't see it, so let's try again.
[2:31] Do you, Chad, take a look, it looks like it's right there. Do
[2:36] you see that circle? I lost or what I was doing all there.
[2:44] Oh my goodness.
[2:48] I'm just doing
[2:49] technology bad right now. Sorry guys.
[3:07] Maybe we can let's see what's going here. Thanks
[3:10] right there. I found out. There we go. All right. And actually, Neil, if you'll just read it,
[3:16] starting with, I do solemnly swear or affirm. I do solemnly swear from that will support a bay
[3:22] and defend the Constitution of the United States and the Constitution of the State of Utah,
[3:26] that will discharge the duties of my office with fidelity.
[3:31] Right. Okay, perfect. Thanks for taking the office, you know, we did it a lot, Tim Red.
[3:36] He was elected at the last meeting, yeah.
[3:38] Okay, and we're going to move to our second preliminary action item.
[3:41] This is to approve the draft minutes of the board meeting held on July 14th.
[3:45] The minutes were included in your board packet. Are there any questions about those minutes?
[3:49] No questions. No questions. Okay. Do we have a motion to adopt the minutes of the July 14, 20, 20, 6, 4 meeting?
[3:58] Motion to adopt. Second. Second.
[4:02] Second. All in favor say aye. Yes. Aye. Aye.
[4:07] Thank you motion passes unanimously.
[4:10] We're now going to move down to public hearing portion of the meeting to take public comment on the tentative operating capital budget.
[4:19] for calendar year 2026, which was proposed to be adopted as a final budget for 2026.
[4:29] Do we have a motion to conduct the public hearing portion of the meeting?
[4:34] Motion to proceed.
[4:37] Second.
[4:40] Second.
[4:41] All in favor say aye.
[4:42] Yes.
[4:43] Aye.
[4:45] Aye.
[4:47] Thank you.
[4:47] The hearing is now open for public comment and questions.
[4:50] Do you have any members of the general public participating on today's meeting who want to speak or give input?
[4:56] Concerning the district's proposed final operating and capital budget for 2026
[5:02] Shelby I don't know if you prefer to explain
[5:06] Explain the budget here or later on in the action item section of the meeting. I have no preference Tom. Do you have what would you prefer?
[5:16] I say
[5:17] We do it down in the action item.
[5:20] Okay, that works.
[5:22] Okay, great. Well, there are no members here at the office of your Cal participating on today's board meeting.
[5:30] And there are no members participating via Zoom link.
[5:34] So do we have a motion to close the public hearing portion of the meeting?
[5:40] Motion in the class.
[5:42] Second.
[5:43] All in favor say aye. Yes. Hi. Hi. Hi. Thank you. The public hearing portion of the meeting is now closed. We're going to jump right into our action items. The first action item is to consider approving the G 17 disclosure from DA Davidson and authorizing the district chair to sign it.
[6:01] That is one of the requirements for the underwriter.
[6:07] It was provided in your board packet.
[6:09] I thought there might be someone from DA Davidson
[6:14] to go over that with you, but it's a standard document.
[6:19] If there are no questions,
[6:22] we can have a motion approve in the G17 disclosure
[6:26] and authorizing the district chair to sign it.
[6:30] motion to approve? Second. All in favor say aye. Yes. Aye.
[6:38] Thank you. Motion passes unanimously. Let's now move to our action item number two. This is considered approval of the proposed funding and reimbursement agreement between the district.
[6:52] and was announced on it was the
[6:58] agenda said,
[7:00] and somebody spoke to you.
[7:03] So the district did
[7:06] receive a sport package,
[7:08] a draft of this agreement.
[7:11] And incidentally,
[7:12] I revised the agreement to incorporate the changes that we talked about yesterday
[7:19] today related to collectively, collectively defining the developer's slope and ancient development
[7:28] group.
[7:29] So that's now in the recital for both of these reimbursement agreements.
[7:34] So are there any questions that you would have on the reimbursement agreement, the funding
[7:39] reimbursement agreement?
[7:41] No, looks good.
[7:43] Okay.
[7:44] So do we have a motion approving the funding reimbursement agreement and authorizing the
[7:49] district chair to sign it. Motion to approve. Second. All in favor say aye. Yes.
[7:56] Aye. Aye.
[7:59] Thank you. Motion passes unanimously. Let's move to our third action item. This is to consider approval the proposed infrastructure acquisition reimbursement agreement between the district and the developer and authorizing the district chair to sign.
[8:15] So the developer may finance and construct or direct the construction of all our portion of the public improvements necessary for development and the project during the period when the district isn't able to do so.
[8:29] This agreement provides the terms and conditions under which the district may reimburse developer for the certified district eligible costs and acquisition of public infrastructure and establishes the process for that reimbursement.
[8:42] Chase and I have worked on this agreement together, so this is the guide that Chase will
[8:50] follow as he's preparing your reimbursement request, and it also outlines the application
[8:57] and the documents that you are going to be required to give to Chase.
[9:03] That was provided in your board package as well, and I made the updated changes that we discussed
[9:09] yesterday. Are there any questions? No questions. Questions. Okay. Do we have a motion of approving
[9:18] the infrastructure acquisition and reimbursement agreement and authorizing the district chair to sign it? Motion to approve. Second.
[9:27] All in favor say aye. Yes. Hi. Hi. Thank you motion. Passage unanimously. Let's move on to our fourth action item.
[9:39] This is a resolution, I'm going to turn the time over to Gilmore Dell who will explain
[9:45] resolution 2026-05 authorizing the issuance of the special assessment plans.
[9:51] Thanks, Tom.
[9:52] Yes.
[9:53] This resolution is, Tom, alluded to, is your actual approval of the bonds.
[9:58] So previously you've come and you've approved the authorizing resolution, which was the assessment
[10:03] ordinance and the designation resolution.
[10:05] Now we're following that up with the approval of the bonds and the related documents and then approving the parameters of the bonds.
[10:12] I think you've done this, you know, this drill before, but what we're doing here is approving the maximum parameters of the bonds and as long as they ultimately fall within those parameters,
[10:23] it delegates the authority to the board to finalize the terms of bonds without having to, you know, call additional board meetings.
[10:30] So the parameters that are in front of you are a principal amount of not to exceed $60 million
[10:37] interest rate of not to exceed 12 percent, a term of not more than 31 years,
[10:43] and just noting that the bonds will be sold at a price of not less than 95 percent,
[10:49] or a maximum of 5 percent of original issue discount.
[10:53] I'll just note on those terms, you know, that does not mean that any of that is the expected terms you certainly could say no to a 12% interest rate or a 9% interest rate, but just allows flexibility, again, with you having the power to not issue the bonds for any and all reasons.
[11:11] So that's what's in front of you, as far as the parameters.
[11:14] the other item in front of you is approval of the various documents in connection with the issuance of the bonds.
[11:21] So I just circulated revised drafts of the indenture and the collateral assignment and the completion agreement relating to the bonds.
[11:31] And then Ethan or his team has previously circulated a continuing disclosure agreement and a bond purchase agreement,
[11:39] as well as the draft of the preliminary official statement.
[11:44] So you're proving those documents in form and then again with the ability to finalize the terms to meet the final terms of the bond so long as they fit within the parameters that we've authorized.
[11:57] The preliminary official statement is also being approved as the form of what will be the official statement again with the difference being final pricing and all the details getting nailed down when the bonds are sold.
[12:09] So that's what's in front of you for consideration, happy to answer any questions if you have them.
[12:17] Aaron, all that sounds good.
[12:20] Awesome. In that case, I think you could go forward with motion in your vote.
[12:25] Thanks. Do we have a motion to adopt resolution 2026-05 for community infrastructure financing district as so stated?
[12:35] question to adopt. Second. All in favor say aye. Aye. Yes. Aye. Aye. Thank you.
[12:45] Motion passes unanimously. Let's move now to our fifth action item. Consider approval of
[12:50] Resolution 202606. Resolution adopting the final operating and capital budget for calendar year 2026.
[12:59] I'm going to turn the time over to the famous Shelby
[13:02] climber to District Accountant to answer any
[13:06] board questions.
[13:08] Thanks, Tom.
[13:09] Board, I did just put this up on the screen.
[13:11] This is the same that we reviewed at the last meeting
[13:15] and the board adopted it as the tentative budget.
[13:18] Really just outlines the anticipated bond issuance
[13:22] at the 60 million of par and related expenditures
[13:26] as a result of that bond issuance and then also setting the administrative budget as well.
[13:34] Certainly, all of these numbers are really subject to change as we continue down the path
[13:39] of the bond issuance, but this kind of sets the plan for the year and then the board
[13:43] also always has the ability to amend it later on as we work on the 2027 budget.
[13:50] So, do you want to go into any further detail on this or are there any specific questions?
[13:55] I'll be my only question for you is normally when you close a financing we there's a settlement
[14:01] statement and everything is we're taking a look at, for example, what you have in front
[14:05] of us here, will we end up seeing what these final numbers look like once the bonds have
[14:11] been priced and are closing?
[14:14] Yeah, so really all of our numbers for the most part come from the financing plans from
[14:20] So once we get to that point, they'll of course circulate final pricing numbers there.
[14:26] And then Neal will be doing quarterly financial statements for the district.
[14:31] So once we have those first set of financials, that'll reflect the actual numbers
[14:36] compared to the budget as well.
[14:39] So it's good. No questions.
[14:41] Okay.
[14:42] All right. Thanks, Shelley.
[14:45] Do we have a motion approving the final operating and capital budget?
[14:49] with a 2026 capital budget for community infrastructure financing district.
[14:54] Motion to approve.
[14:56] Second.
[14:58] All in favor say aye.
[15:00] Yes. Aye. Aye. Aye. Thank you, motion passes unanimously. Moving down to our administrative non-action items. None were listed on the agenda today. Just going to open it up to the board to see if there is any non-action items district business that you'd like to discuss.
[15:25] I think they were good. Yeah, great. Well, then Mr. Neal, I think we can.
[15:32] entertain a motion to adjourn. Motion to adjourn. Second. All in favor say aye or yes. Aye.
[15:40] Aye. Aye. Thank you motion passes unanimously. We stand adjourned. It's great to see everybody. Have a great day.
[15:49] Appreciate everyone. Thank you. Thanks guys.