[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.]

[0:01] I'm going to start it. Okay, I'll do this. So it's trustee of the Board of Trustees of
[0:09] Losage Peaks Ranch Public Improvement District. I hereby call this regular
[0:13] meeting of the Board to order at 402 p.m. on July 13, 2026 at 36 South State Street,
[0:22] Sweet 500 Salt Lake City, Utah, 84111. In compliance with the requirements of Utah's
[0:28] open a public meeting law. One notice of this meeting has been duly posted and published
[0:34] and two, the meeting is being recorded in minutes of the meeting and its entirety are
[0:38] being kept.
[0:42] So with us today, Kelly Reed, Suzanne Bennett, Ed Schultz, Todd Gottfried,
[0:49] Curly Hair, and Matt Musseld, anyone from the public?
[1:00] I don't think we have anyone here at 36 Sal State Street and it doesn't look like we have
[1:04] anyone here with us online. Kelly, it looks like Gary's having a hard time connecting. I left my phone
[1:11] in the other room, would you mind responding to him?
[1:17] Is he chatting with us? I think he sent a text.
[1:22] He sent a text. He sent a text. Let's just recent him the link, perhaps. Jenny, sorry to interrupt,
[1:31] you're welcome to keep it going.
[1:34] Other now if I don't have to.
[1:38] Um, but I guess we can go ahead and review and approve the minutes from April 13th.
[1:45] And did you have any comments?
[1:49] Nope, I've reviewed the meeting minutes and no comments.
[1:54] I have a motion to approve the meeting minutes.
[1:58] So moved.
[2:01] I'll second all in favor.
[2:04] Thank you.
[2:05] Hi,
[2:08] meeting minutes approved.
[2:15] Kelly, do you want to talk about the payment of claims?
[2:22] Yes, just a second.
[2:24] Sorry, lost minutes.
[2:29] Yeah, everything is pretty normal.
[2:31] I just want to bring to everyone's attention that we were behind on our accounting services, as well as the streamlined.
[2:38] is our federal website that we have required to have for the state of Utah, and that is why
[2:44] you're seeing a big group of those all at once. Otherwise, these are just normal expenses
[2:51] that we have as we run the PID.
[3:00] Did you need a motion for that?
[3:03] Usually, you guys, he does a motion to accept and improve.
[3:07] Can I just make the motion myself?
[3:11] Yes.
[3:12] Okay, I'll make the motion to approve and those payment of claims.
[3:19] All those in favor?
[3:21] Hi.
[3:21] Hi.
[3:25] Kelly, you want to talk about the financials?
[3:32] If there's questions I can go ahead and help with it, usually Matt is more, he presents
[3:39] it in a better way than I do.
[3:41] So is there any questions that you guys have?
[3:44] No, I mean, nothing really happened.
[3:46] Yes.
[3:46] Pretty much.
[3:49] Yeah, for a second quarter, we did not have a whole lot.
[3:54] Matt, is there anything that should be pointed out to us, but it doesn't look like much activity?
[4:00] Yeah, do you want to jump to the income standard or the statement of activity?
[4:07] Yeah, I think just note that, I guess, first quarter, we've had a payment of 679,500 to the bondholders.
[4:17] And that's on 779,000 in revenue, the K-man C-top line.
[4:23] And then there's a transfer to other fund that gets picked up.
[4:26] And the debt service fund then goes out the door there, 679.
[4:31] It shows a variance there as over budget.
[4:33] But the total annual budget I think is like 1.9.
[4:37] So there's maybe just a little bit of timing difference there.
[4:39] And we're not really on over budget.
[4:45] I think that's the most eventful thing that happened.
[4:47] and first quarter is that payment?
[4:51] Thank you for helping out that.
[4:54] Just pointing out, we are up to 25 million of accrued interest on these bonds as
[5:04] of March
[5:04] 31st.
[5:12] I don't have any questions, do we need approval of those?
[5:16] Yes.
[5:17] Yeah, I'll make the motion to approve those financials.
[5:21] I will second them.
[5:24] All those in favor?
[5:26] Aye.
[5:26] Aye.
[5:33] These are our audited financials.
[5:35] Is there a specific page that would be best met for me to have this full?
[5:39] Yes, we've circulated the audit of the financials at the board.
[5:42] We've made those available on the state website for members of the public
[5:46] that they can go in and access that for their own fund reading.
[5:52] I won't go into detail on anything here, but I'll just kind of highlight
[5:57] that we received a clean audit opinion from our auditors.
[6:01] They didn't highlight any kind of material weakness or material inaccuracy.
[6:05] the financials are accurately fairly stated and then the accounting team
[6:12] management we're here for any questions that the public may have on these.
[6:25] Pretty straight for me.
[6:27] Yep.
[6:32] Nice work dealing with the auditors, Matt.
[6:35] Always a good time.
[6:39] Yep.
[6:40] Good job, Matt.
[6:41] I'll make the motion to approve it.
[6:45] I'll second it.
[6:54] Call the favor.
[7:04] the financial and compliance self-evaluation form.
[7:08] Kelly, do you want to talk about this?
[7:09] Since you filled this out, it worked with Curly on it.
[7:16] This is just an annual survey that we take.
[7:22] We fill it out, just basically letting the state know our procedures,
[7:27] how we have a purchasing, we're having any high risk issues
[7:33] issues and at this point we are not and we all about at the counting team all looked it over and
[7:40] presented it to the state
[7:50] questions here currently doing you like approve this this has already been submitted as
[7:54] Yeah, it's just a ratification so if we have things that we've had to submit before we had a meeting the board just ratifies that for our
[8:05] Records,
[8:07] so we just need a motion to ratify that I'll make that motion
[8:13] All seconded.
[8:15] All seconded.
[8:15] Those in favor?
[8:17] Aye.
[8:18] Aye.
[8:26] Sorry.
[8:28] All right.
[8:29] On the legal matters.
[8:30] Curly.
[8:32] So this is also just a ratification.
[8:35] Since our last board meeting, we've had two plots that have closed.
[8:39] Plot 3a.1 amendment.
[8:42] And then plat 4a.1, which was the upper town homes.
[8:45] As part of those plans, we record easement agreements between the property owner, which
[8:52] is Wasatch Peace Ranch, and the PID, which just gives the PID the ability to enter onto
[8:58] that property, if needed, as part of the infrastructures, the public infrastructures duties.
[9:05] So these are just ratifications of the two easements that were recorded.
[9:08] One was recorded back in May, and the other one was recorded last week.
[9:14] Can I make a move for these together?
[9:17] Yeah, you can put them together.
[9:18] Okay.
[9:19] I would move that we approve Phase 3A1 amendment easement agreement and for A1.
[9:29] Seconded.
[9:31] Is it in favor?
[9:33] Hi.
[9:34] Gary made it on, so I say aye.
[9:37] Yay, welcome, Gary.
[9:40] just in time. Do you have any trustee matters?
[9:43] I have none other than my team's account.
[9:52] Any other business?
[9:55] I moved to adjourn.
[9:58] Beautiful.
[9:59] I'll second that.
[10:00] Okay.
[10:01] All those in favor.
[10:03] Hi.
[10:05] Thank you, Jenny.
[10:06] Beautiful.
[10:07] Oh, problem. Thanks, all.
[10:10] Thank you.
[10:10] So