[0:07] We're going to call the order of the special meeting of the Board of Trustees for Somal Infrastructure,

[0:11] financing district, this Wednesday, April 22, 2026, at 11 o'4, the meeting is being held at the

[0:22] office of York Hall in South Jordan. Utah, let's do a quick roll call for our meeting minutes

[0:28] today. My name is Tom Jolly, and I am District Council.

[0:31] So, Shannon Bidard, District Council, Parallegal.

[0:34] Hannah Garrett, committee at District Council, Parallegal.

[0:38] Ryan Pullman, Chair.

[0:42] Matt Lewis, Board Member.

[0:44] Afton Morrison, Board Member.

[0:46] And Lauren Marbert in the CLA, District Council.

[0:50] Perfect, thank you.

[0:52] We're just going to follow our agenda today.

[0:54] We have no preliminary action items.

[0:56] We are going to open the meeting for public comment, but to do so, we have to have a motion

[1:05] to open the meeting to allow for public comment, so if someone makes that motion, please.

[1:14] Matt, I vote that Matt makes all motions.

[1:19] Okay, I motion that we open the meeting for public comment, and I'll second these motions.

[1:31] Thank you, motion passes. The public comment portion of the meeting is now open. Do we have any members of the general public participating in today's meeting?

[1:44] We want to speak or give input concerning the district's business.

[1:48] we can confirm that there are no members of the public here at the offices of

[1:54] York Hall. We cannot see any member of the public participating via the Zoom

[2:00] link. So we're now, we can now entertain a motion to close the public comment

[2:06] portion of our meeting.

[2:08] A motion that we close our public comment portion of our meeting.

[2:13] Second. All in favor say aye.

[2:16] Yes. Hi. Thank you motion passes. Let's move on to our first consent item. This is to approve the draft minutes from our board meeting held on December 10, 2025.

[2:29] Those meeting minutes were included in the package that was sent packet was sent to the board members open it up to see if there are any questions about meeting minutes.

[2:41] questions. No questions? Okay, we can have a motion to approve. Do we have a motion to approve

[2:50] and adopt the minutes of the December 10, 2020 by board meeting? Yeah, I motion that we approve

[2:57] the December 10, 2025 board meeting minutes. And I second. All in favor say aye or yes.

[3:03] Aye. Aye.

[3:06] Thank you. Motion passes unanimously. Let's now move to our

[3:10] separate action item. This is to approve and ratify any payment applications made

[3:16] since the last board meeting. This is a requirement of our acquisition or

[3:20] reimbursement agreement.

[3:23] So we need to make sure we stay in compliance with that.

[3:28] Are there any questions about that?

[3:32] No questions. Okay. Do we have a motion to approve

[3:35] and ratify payment applications and recommend additional requests made since the

[3:39] the last board meeting held on December 10th, 2025.

[3:43] And Matt, so just so you don't have to say the whole mouthful,

[3:48] you can make the motion as so stated.

[3:51] I was just going to, yes.

[3:52] I motion as so stated.

[3:55] Second, the motion?

[3:57] All in favor say aye.

[3:58] Yes.

[3:59] Aye.

[4:00] Aye.

[4:00] Thank you, motion passes.

[4:02] We now have a sleep.

[4:03] Let's now move to our first action item.

[4:05] This is to consider ratification.

[4:07] the action taken on December 10, 2025 of the Board meeting to approve resolution 2025-10,

[4:15] which was adopting the amended and final operating budget for 2025.

[4:22] There may have been some miscommunication on this in our prior Board meeting, so I just

[4:29] wanted to quickly see if we could get a motion to ratify the actions taken by the Board

[4:35] on December 10th, 2025, adopting Resolution 2025-10.

[4:44] Just clarity.

[4:45] We were reviewing the final operating and capital budget for the year 2025, correct?

[4:52] Yeah, for 2025.

[4:53] I think I may have mistated something.

[4:55] We went back and listened to the recording for our minutes.

[4:58] And I may have mistated something like it was 2026 or something.

[5:04] So I just want to make sure that we just ratify that action.

[5:08] The board just ratifies that action certainly.

[5:11] Yeah, I'll motion that we ratify that action as so stated.

[5:15] May second.

[5:17] All the papers say, yes, hi, hi, thank you motion passes unanimously.

[5:23] Let's now move to our second action.

[5:28] I am this is to consider accepting the key for financial statements for

[5:31] calendar year 2025. The financials were provided in the board packet. We're going to turn the time over to Lord and Warburton.

[5:39] We're going to walk the board through Q4 financials.

[5:44] Yeah, thanks.

[5:49] I'm sharing my screen. Can everybody see the balance sheet here?

[5:54] Yes, perfect.

[5:55] So we are planning on going through 2025 financials as well as Q1, so I'm going to kind of go high level through these and if there are questions as I go from page to page, please feel free to just stop me.

[6:12] But if we start here with the balance sheet, again, as of December 31, 2025, total assets for sitting at just over 12.2 million.

[6:20] in with the largest majority of that being in the debt service fund here with the assessment

[6:25] receivable from the 2025 funds. And then total accounts payable was sitting at just

[6:33] under $4,000.

[6:37] So then if we start here with the general funds and total revenues for

[6:42] the year were just over $3,000, all which was an interest income. And in total expenditures

[6:50] is totaled just under $12,000 for those administrative costs.

[6:56] So then our ending fund balance after our administrative transfers from the capital

[7:02] projects fund, the $37,000 comes to just over $28,000.

[7:10] Then moving on to the debt service fund, total revenues again are all interest income

[7:17] for the year, just over $37,000.

[7:20] total expenditures came in at $239,487, which is that bond interest payment made

[7:28] for the year. And then we do have this transfer from other funds which just

[7:32] represents the transfer from the bond issuance. So ending fund balance at the

[7:37] end of the year was just over 1.8 million.

[7:43] And then the capital project's fund is

[7:45] the last one here. So total revenues came in at just over it looks like $5 million

[7:53] $48.7,000 of that was interest income and the rest being those acceptance of

[7:57] reimburseable costs. Total expenditures are just over 10.5 million and then

[8:04] with these transfers from the bond issuance and the proceeds from the bond

[8:09] issuance ending fund balance is just over 1.4 million. Any questions I can answer

[8:16] on anything from 2025?

[8:21] No.

[8:24] Okay. Thank you, Lord. Do we have a motion except in the Q4

[8:30] 2025 financial statements for the district? I motion that we accept as so stated and presented.

[8:38] second. All in favor say aye. Yes. Aye. Thank you. Motion passes unanimously. Let's now move

[8:49] to our third action item. This is to consider accepting the Q1 financial statements for the district

[8:55] for the calendar year 2026. And again, we'll have Lauren present the Q1 financials to the board.

[9:03] Perfect. All right, so moving on to Q1 looks like total assets were sitting at just over

[9:12] 12.2 million. Again with the majority of that sitting in the debt service fund with

[9:17] that assessment receivable remaining unchanged from 2025. And then accounts payable was just

[9:24] over $3,200.

[9:29] In the general fund so far total revenues made up of interest income, it looks

[9:35] like just over 1,400 total expenditures, just over 5,600 again for those administrative

[9:44] costs. We do have this chance for from other funds that comes from the capital projects

[9:49] fund to fund administrative costs for the year, so that brings our ending fund balance

[9:55] in the general fund to just under 80,000.

[10:03] And then in the debt service fund, it looks like

[10:05] total revenues currently just over 16,000 with no expenditures so far. We do have the anticipated

[10:13] paying agent fees for the year and then the bondage interest payment starting June 1st and December

[10:19] 1st. So that brings our ending fund balance to just over 1.8 million.

[10:28] And then in the capital

[10:29] projects fund so far total revenues just under 12,000 all of which is interest income, no expenditures

[10:37] And then after that chance for 56,000 to the general fund for administrative costs and

[10:44] refund balance currently sitting at just under 1.4 million.

[10:49] Any questions I can answer for Q1?

[10:54] No, I think we're okay.

[10:57] Okay, thank you, I appreciate the presentation.

[11:00] Do we have a motion accepting the Q1 2026 financial statements for the district?

[11:05] I motion has so stated and I second all in favor say I are yes. Yes. I thank you motion passes unanimously. Let's now move to our administrative non action items.

[11:21] Our first non action item is just a reminder to the board to complete your annual training on the Utah open meetings act that has to occur.

[11:32] By the end of the year, but we like to keep pestering you because we need to make sure that the district does stay in compliance and the board members.

[11:43] And so this is just one of those pleasures that you get as being a board member of the district.

[11:50] Will you send a new link out to that?

[11:53] So we have a reminder at the top of our emails.

[11:56] Yes, I can.

[11:57] Absolutely.

[11:59] Thank you.

[12:00] So the next one probably is more discussion for district council and the district accountant to have, but I do want to bring up the fact that, you know, we need to make sure that the district stays in compliance with all applicable laws here in Utah, but more just as important, we need to make sure that the district stays in compliance.

[12:28] clients with the bond documents and the bond documents have certain requirements related

[12:34] to disclosures on a quarterly basis and reports that need to be made and so one of those

[12:44] things as well is collection of assessments.

[12:47] And, Laura, I don't think we're at the point where we're collecting any assessments yet, correct?

[12:53] As far as I know that it's correct, Tom.

[12:55] Okay, but we also need to make sure that the district is working with the county to make sure that it's set up as the appropriate taxing district or whatever records that the city or county needs and the state so so we can we can account for these assessments.

[13:21] and I'm not sure that that has happened yet, Laura, are you aware of that?

[13:27] I'm not, and that's maybe something I should have looked into before this meeting, Tom.

[13:32] I'm not sure if we've even started any billing on that or not.

[13:37] So I might need to check in with Shelby and confirm for you.

[13:42] All right. Will you check in with Shelby and then get back to us?

[13:46] I guess there have been some challenges with other districts in this matter,

[13:49] So we just need to make sure that we're we're staying on top of it. Okay. I have that on my list. I'll follow up with you before the end of the day. Tom.

[13:57] Okay, great. And then we'll follow back up with the board. Thank you for that. Are there any other items?

[14:07] Non-action items. The board would like to raise today in our meeting.

[14:12] Nothing. Nothing. I'm aware of. Okay. We'll see none. Let's have a motion to adjourn.

[14:20] I motion to adjourn our meeting.

[14:22] Second.

[14:23] All in favor say aye.

[14:25] Aye.

[14:27] Thanks motion passes.

[14:29] We stand adjourned.

[14:31] It's wonderful to see everybody have a great day.

[14:34] Thank you so much.

[14:35] Appreciate it.

Special Meeting

Transcript