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Okay, the recording has started. It is 203 p.m. This is a special meeting in the fields, estates, public, infrastructure, district. Can I please have a motion to call this meeting to order? I motion to call today's special meeting to order. Second, all

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those in favor? All right. All right, moving on. We have no preliminary action items today, which brings us to public comment.

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Can I please have a motion to open the public comment portion of this meeting?

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I'm motion to open the public comment portion of today's meeting.

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I second all those in favor.

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All right, there are no members of the public online.

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Ben, are there any members of the public in person?

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There are no members of the public here.

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All right, given that can I please have a motion to close the public hearing?

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I'm motion to close the public hearing.

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I'll second.

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Okay, that brings us to the consent items.

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We have two items on the consent agenda today, the approval of the draft minutes from

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the last board meeting held on April 30th, and ratification of claims paid since the last

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board meeting.

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I will take those individually if there are no questions, just a motion to approve the draft

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minutes.

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I'm motion to approve the draft minutes from the previous meeting in April.

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Is there a second?

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Yep.

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All those in favor?

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Hi.

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Hi.

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Okay.

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And if there are no questions on the claims, you would take a motion in a second to ratify

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the claims paid since the last board meeting.

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I motion to ratify the claims.

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Meeting.

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Second.

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All in favor?

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Hi.

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Hi.

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Perfect.

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That brings us to the action items.

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The first item on the agenda is an acceptance of the second quarter of financial statements.

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Shelby, I'll let you take it from here.

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All right.

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Thank you.

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So we'll start with the balance sheet on page 7 of the packet.

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Total assets at the end of June, just under 31.8 million.

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So a couple of comments on that, about 6.8 million are the funds available in the capital projects.

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So those can be used for capital outlayer, future reimbursements to the developer for capital public costs, about 23.47 million in the debt service fund for the assessment bonds, which includes the assessment receivable of about 20.37 million, which is offset with that deferred assessment revenue below on the balance sheet.

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about 1.44 million for the debt service fund for the property tax bonds. All debt service

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funds are of course restricted to those bonds and then there is about 42,000 in the general

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funds sitting in the central bank checking account. Current accounts people were about 28,000.

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Next page is the general fund budget to actual expenditures, seeing about 38,000 compared to

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annual budget of $54,000. Auditing costs is just one time cost so that $8,800 is kind of inflating

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the year-to-date costs. And then legals also trending a little bit higher, kind of through the

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first six months, I think, primarily due to the change in the board and the governing document

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amendment. I'm sure Tom could speak further to that if needed. And then other financing sources

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include the developer advance of 13,000 and then the 51,000 transfer from other funds

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represents the administrative carve out from the property tax revenues that were received.

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Two pages down is the debt service fund for the property tax bonds. Only revenue today is

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interest income property taxes will be recognized kind of at the end of the year with those payments

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coming due on 1130. And then the interest payment of 435,000 was paid as scheduled on March 1st.

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And then we do anticipate that those paying agent fees will still hit later on this year.

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Next page is the debt service fund for the assessment bonds. Revenue is here about 1.9 million

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primarily consisting of the assessment fee revenues. That includes both prepayments as well as the

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just kind of regular assessment payment that was billed to the property owner back in February.

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And the expenditure is just under 1.2 million through June, which includes the scheduled interest

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payment that was made on June 1st from the assessment revenues, and then principal payment from the

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prepayments was also made of about 607,000.

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Then last page is the Capital Projects Fund.

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There's been revenue about 1.9 million, which includes interest, and then the acceptance

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of costs that the developer presented to the district for repayment.

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And then expenditures includes that recognition of costs, and then the repayment to the developer

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for that same 1.7 million, as well as some engineering costs for the connection groups work

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on those cost certifications.

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Any questions or any further detail you'd like me to go into on the financial statements?

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I think we're good.

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Okay.

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Do we have a motion to accept the June financials?

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I'm motion to accept the June financials as presented.

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Okay.

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Second.

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Thank you all in favor.

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Thanks.

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Thanks, Shelby.

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The next item on the agenda is the review of the first amendment to the governing documents

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or Field States Public Infrastructure District. Tom, would you like to give an overview of this amendment?

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You are muted.

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My wife would love to have a muted button on me. You guys are lucky.

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I do know that Aaron Wade spent some time with Pete Evans on the first amendment, but the overall gist is due to concerns raised by the Utah State Auditor.

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this last legislative session regarding financial reporting for cities, there was a concern

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that if the cities continued to appoint the boards after formation, there was some main concern

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that the auditor had regarding that reporting.

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So the city of Salem wanted to work with all of their public infrastructure districts to amend the governing document to make it clear that after the initial board is appointed,

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that each of the PID boards will be self-appointing going forward.

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They also wanted an additional disclosure requirement of signage in front of model homes for residential development.

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And so that those are the two changes reflected in the first amendment.

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Are there any questions?

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I know we have copies of this.

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I'll review it, but do you know of the top of your head or official?

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You're what the date is when the signs need to be posted?

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Um, I think we are.

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I think we got to post them now.

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It's the.

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I can't.

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I heard that.

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Yeah, that it would need to be sometime in August.

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So we can definitely make that happen to send up. There was a hard and bad day.

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Let's see. Do we have, uh,

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so we probably do you guys have the disclosure that you need?

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Yeah, we should have a copy of it. Okay.

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Are there any other questions?

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We'll get done. No, that was it with that. No, we're good.

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Okay.

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If there are no questions and we would entertain a motion to approve the first amendment to the

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governing document.

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I'm watching to approve the first amendment to the governing docs as presented.

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I second. Paul in favor. Hi. Hi. Okay, perfect. Last item on the agenda is just an open

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discussion with board members related to any public infrastructure business. I'll pause if there's

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any updates and anyone wants to provide.

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Okay. Here we are. Oh,

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I'm sorry, just said I think we're

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good. Okay. Hearing none we would just take a motion to adjourn at 2.13 p.m.

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High motion to adjourn today's board meeting at 2.13 p.m.

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out of standard camp. My second. All in favor. Hi. All right. Thanks everyone.

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Have a great day. Thanks everybody. Good to see you.