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Good morning. My name is Chuck Acker-Loh. I'm chairman of the Board of Trustees of the

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Sangestone Infrastructure Financing District, calling to order the meeting of the Board of Trustees.

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These dated June 9th, 2026 at 11 a.m.

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have provided for a lot of

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trying participation to this meeting, physical participation or physical

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participation.

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The physical location of the anchor site 5864 Haley Lane has been

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and that no public is busy in attendance.

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Great.

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We'll call it a welcome.

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Let me call for a quorum.

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Mr. Smock,

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Mr. Horn,

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President.

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And Mr. Acker was President.

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We have a minute minutes from the previous meeting

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that are attached to this schedule.

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and then the motion to amend or approve those minutes.

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So

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what are the conditions?

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The motion is straight with the typo.

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Motion to strike a typo on the previous,

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that there are 3rd, 5th, 5th, 6th minute

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and then to once collected for a 2nd or 2nd minute

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in the final meeting.

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And the typo is either in Gibson.

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Oh, it's an area.

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Well, I see what the president has to do with it.

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So this would just drag the name all together.

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So that's the motion.

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And that's the second.

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It has been lived in segment that the minutes be approved subject to the deletion of the words

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and Adrian Gibson.

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The next is public hearings?

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We have no public hearings scheduled for today.

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Next item on the agenda is item 4.

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Subtaped in a sub to item 4, A, report on the annual IFD report, I said, you learn.

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Yeah.

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This is a report that IFD is required to submit an annual basis.

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So it's there in the packet.

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I'm just showing the outstanding amount of a bond at a 19 point,

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$19,665,000 right now.

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And most of the capital outlays you see here has been sent on a,

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spent on capital outlays, expenditures,

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a small amount for administrative expenses.

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And this will be submitted to the state office and it will account for an account of

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Thanksgiving.

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Now these are being, that's just the one page I just wanted to say correct.

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And it has, this is a calendar year for, just for the record, this report of a calendar year

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there's a finding statute, it's not based on power fiscal units based on the statute state account.

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So this is if the annual report 2025, anybody have any comments or questions?

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All right, let's do it.

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So you may approve that one, Jay?

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Yeah, so the motion will be to approve it and I think it'd be appropriate for that to include marks

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submitting it to the county and state.

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or what would be accounted for?

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It'll be submitted afterwards.

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Sure. I'll motion that we approve.

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The Sunson infrastructure finest district and a report.

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And it sets me to be submitted by either the.

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Someone in the district or or our accountants on to both the county clerk and the state out here.

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Well, second motion.

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It was moved and seconded that we approved the annual report 2025.

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And as a condition of that, it is to be submitted to the Utah auditor, Utah State Auditor,

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right?

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Yes.

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Yes, and the county clerk, it's one of the county clerk, yes.

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All in favor say aye, I, I, I, I,

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they have passed unanimously.

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All right, that's been done.

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Next resolution is a renewal insurance in pre-standual cost, including confirmation of fraud, fraud

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risk assessment.

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So this is kind of a, I think it's worth noting when we had originally approved the insurance

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with the local government's trust rates were well under $5,000 a year and now they're starting

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$5,000 a year while that fits within our procurement policy, the contract does come back to the

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board, and also that the insurance company is now requiring to all these governmental

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entities, including the district to submit their fraud risk assessment that also goes to

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the state auditor to them as part of the insurance removal.

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So really, it's just making sure that we have all of our ducks in a row on that and acknowledging

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that it is as it is pain noticeably increased cost from just one year ago where it was about

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3700 were so and now it's over 5000 so it was worth worth noting and then we also need to do

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the progress assessment with the progress assessment the ask there would be to confirm that it's been

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been presented, it'll be updated based on some actions taken today to to finalize that and then that

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will also be submitted to the insurance and the state. Well I see in the attachment you've

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got a copy of the questionnaire from the state auditor on fraud risk assessment and then a couple of

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each that I guess are appended to that what what where does it tell us what the

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quoting that it's now going to cost more money as there's but that I don't have

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hard I didn't have that renewal I had talked with Mark about it because all

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there all the things that it would online portal yeah we we submitted I think it

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was back in March and maybe it was April, all the details, but I get to see the actual

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original quote. It's for July 1st when all the things are effective, so it should be

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anything. But so is there a motion that you would like us to adopt here, or get rid of questions?

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Um, no, I think I have, I guess it didn't make it into a backpack down, um, but I, I do have one and that allows the resolution that I wrote. Sorry.

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I didn't put it in, but it authorizes the renewals.

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so long as it doesn't exceed $10,000 a year,

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so that that still maintains the,

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it's coming to the board for approval.

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And then the progress assessment just is reviewing that

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and having that in front of the board

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is enough for that to be authorized.

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So I think you could just make the motion

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to approve renewal of the insurance subject

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to an amount not to exceed $10,000

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and finalize, authorize, finalization of the fraud risk assessment submission.

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Okay, but when I'm hearing the District Council suggests that we have a motion which will

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approve the maintenance of our relationship for the insurance with the Utah Trust, so be

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to a limit of $10,000 annually and that a resolution would then be put together and signed

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and the officers would be authorized to sign it, because that's sound good to you guys.

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Anybody want to just say make that as a motion?

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to?

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Yeah, I'll make those motion checked. And just to be clear, included in the non-motion

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is the proof, the submittal of this up and into this fraudulent assessment questionnaire.

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As presented here, but also updated based on the actions the board takes today related

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to it. Up to 10,000. Well, yeah, the insurance level cap to 10,000. The report is a little

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of a separate person because long as that is what all of a sudden that motion ahead.

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Let me ask you a question.

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They're ensuring us for a general liability and stuff like that

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until it's your day. Right. And it's and by running this through IEPD, is that cover

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Zeyneth Bond or in GSL? No. What does it cover? Is this the district? So the district got sued for

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something that covered the district. Well, true, but if the district got, if it got sued,

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it would be sued for an incident that happened somewhere in the project. Yeah, okay. So that,

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with each have separate policies, I guess, what I'm saying there. So,

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well, I'm wondering is this business, the PID need to have the same kind of a church? Yeah, it does.

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I have to depend on the policy as well yet.

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All right, all right, all our favour of that,

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motion as it has been presented.

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Say aye.

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Aye.

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That's a minimum of sleep.

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It sounds like a railroad over here in this organisation.

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Okay, we now have the same policy resolutions.

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not totally the same Mr. Springer would you just run us through paragraph 4c and I don't

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know if there isn't a pay resolution here that you provided for us to sign but I think you should

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at least walk us through each and next five just so we know what it's

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rotating to. Right. So all five of these, the district has

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previously adopted some basic operating policies like the

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procurement policy and some some records. And so now we are

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looking at some some state audit or recommended policies based on

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that are available there and presenting them all together as one resolution. So if you make

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them one motion, that's going to mean that there are no changes and developments. But the

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bi-policyth presented here, cast receiving and deposit policies, the IFD really doesn't have any

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need for cast. And so by having a policy that says we don't deal with cast, it allows us to

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We kind of acknowledge that aspect of the operations and put it in the fraud risk assessment category as well.

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So we're following that same thing with credit cards and purchasing cards, those revolving accounts.

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We don't really have them.

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There isn't a need for the limited number of actual expenditures that are district expenditures that aren't going through.

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to the contractual financing mechanisms.

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The IT and computer security and full and personal use

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of end of the assets I'll take together

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because that kind of governs should there be a situation

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where the end of the own networks or computer systems

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that vehicles and property that there are some rules

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around how those are used and the general rule is

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that the, it's limited purpose.

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So if it's a, if it's a district cell phone,

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it's used primarily for district purposes

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and it's kept secure with, you know, two-factor

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and logons and things like that.

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If it becomes relevant, acknowledging that right now

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there aren't any, there's no property that will follow

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that's right now, but we would have them.

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And the district should consider carefully whether it wants to invest in anything like that.

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So all of that, and everything so far, including the last one, basically reinforces that it's the board that makes decisions.

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And the board makes its decisions in board.

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So anything that requires cash or credit card or personal buying, equipment, entering the contract or getting reimbursed on the last one for travel meetings would require the board to ask the board.

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Typically, you know, what would have to be presented?

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It would be appropriate and then take action.

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But that's the

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That's a short version of all those. They are not very long. And the I would the vast majority of the of the length of the pages presented in the packet are from the state auditor. Now this would be a resolution number of 2026 dash. What would the number on this one on one day.

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Yes.

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In the last meeting in February, we did not have the residency, so this will be our

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residency for about $3.20, so I'm sorry.

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Okay. Now, it's half fiscal year 26. No, that's the right.

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Anyone who's being number one? Yes.

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Okay, is there a motion to approve resolution number one of the Sunstone Infrastructure

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to financing district board of trustees,

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a resolution adopting cash receiving

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and deposit policy credit card

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and purchasing cards policy, IT,

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and computer security policy,

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personal use of entity assets,

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policy, and travel and reimbursement policy.

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About a minute,

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I'll second that.

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All the favor say aye.

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Aye.

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OK, excuse me.

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Would you give that to Matt to sign

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and she'll just pass it back up. Budget resolution for fiscal year 2027.

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Turn that over to Mark.

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Yeah, the budget's in the packet. Essentially, in this next

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fiscal year we anticipate finishing up this first thing and all the improvements for the district

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And spend that money in the bond so that we have the bonding for us.

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Okay, look for a live and see the very last page or very last page.

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Okay, yeah.

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So you moving that we approve that and pledge it?

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Yeah, I'll make a motion that we approve the tentative, basically your 2027 budget, as well as

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approve a hearing time for a public hearing, which would be June 25th at 10th of Sonata J.

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So yeah, this one is 1 p.m. and they're also at 1 p.m.

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That will include a hearing on the, so the adjustments to 26 and the affirmative to 27.

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Yeah, that's a 1 p.m.

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Right, sorry, there's a typo.

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No, 2.25.

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I think it's correct in the...

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Is there a resolution for...

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Yeah, two pages before.

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Oh, okay.

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Is it June?

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I can do it for June.

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It's June 25.

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That's the first day.

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Okay.

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So basically was so I've all motion that we adopt this resolution with one correction on the time the date that remains and we will add a D number right to the two.

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Resolution number two.

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Right.

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Okay,

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there's a second of the motion.

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My second is I'm moving.

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All in favor say aye.

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Aye.

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And you may as the opinion of the chair,

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the eyes have us.

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The motion is unanimously adopted.

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Going down to the clerk's secretary for signature.

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What else?

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We need to do have a formal action on our steps

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in a hearing date.

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Okay, that's part of it.

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Is there any board member reports?

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All right.

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Dean Dunn, there is no link for a closed door session.

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All in favor of adjourning.

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Aye.

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Aye.

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And we are adjourned.