2003-07May-2070� 02:52pm From-baird holm 4023440588 T-117 P.004/016 F-497
MINUTES OF MEETING
OF THE AIRPORT AUTT-lOR1TY pF THE CITE' OF $LA NEBRASKA
A, meeting of the Airport Authority or the City of Blair, Nebrtska. (the i'AuthOrity") was convened in open
and public session at 7:00 o'clock p.nt_ on May 20, 2003,'at the Administrative Offices of the Blair Airport, Blair,
Nebraska. 1'rescrktwere, Loren Havekost, David Johnson, Gene Meyer and Tom Van S1yke
Absent were: Geary Combs
Notice of the meeting was given in advance thereof by publication, one of the Authority's designated
methods for giving notice, a copy of the (publisher's affidavit of publication) (certificate of posting nonce) being
attached to these minutes. Notice of the meeting was given in advance to all members of the Board of the Authority
and a copy of their acknowledgment of receipt of notice and the agenda is attached to these minutes, The
availability of the agenda was communicated in the advance notice and in the notice to the members of the Board.
All proceedings hereafter shown were taken while the convened meeting was open to the attendance or the public.
The Chairperson presided and the Secretary recorded the proceedings,
A discussion was held concerning the ovcml1 financing needs OF the Authority and the necessity of passing
a resolution authorizing the issuance of airport authority bond anticipation notes.
Thereupon, .Member Johnson offered the following resolution and moved its adoption.
1
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RESOLUTION NO 2003-7
"BE IT RESOLVED by the Members of the Airport Authority of the City of Blair, Nebraska (the
"Authority") as follows;
Section 1. The Authority finds and determines that:
(a) the Authority has been established by the Mayor and Council of the City of Blair Nebraska
(the "City"), and remains in existence under the terms of Section 3-502, �R.RS. Neb. 1997, as amended:
(b) the Authority has issued and outstanding its Airport Authority Refunding Bonds, Seri2003,
date of original issue --April 23, 2003 (the "2003 Refunding Bonds"), which 2003 RefundingeBonds,
presently outstanding in the principal amount oF'6445,000, constitute the only outstanding debteiness of
the Authority for which the Revenues (as defined below) of the Airport (as defined be Dave been dn
pledged;
(c) it is necessary for the Authority to borrow funds in the amount of $1,332,837 for the purpose
of paying a portion of the costs of acquiring land (the "Project") to be used by the Authority for runway
expansion, required rights -of -way, and constructing public ,improvements to the existing airport and related
facilities operated by the Authority (as now existing or hereafter improved and extendcd, the "Airport"); the
total estimated cost of said land acquisition is not less than $1,500,000; and
(d) the taxable valuation of all taxable property in the City (excluding intangible property) as of
the most recent valuation is not less than S 3 3 7 , 219 , 6 3 9
Section 2. To provide funds for the purposes as set out in Section llel hereof, there shall be and there is
hereby ordered issued the Authority's Airport Authority Bond .Aatticipation Note, Series 2003, in the principal
amount of Oare Million Three Hundred Thin -two ThOuAan._Eight Hundred sDu
even and 00/100 Dollars
> 332 837 (the "Note"), with said Note bearing interest at tine rats of 4.00% per annum from the date hereof until
paid_ The Note shall be issued in fully registered form, and the date of original issue for the Note shall be the date of
delivery thereof, The Note shall mature, and the entire unpaid principal amount of the Note, together with all unpaid
accrued interest thereon, shall be due and payable on the date which is six (6) months after the date of delivery of the
Note to the purchaser (such date being referred to as the "Maturity Date"), Interest shall be computed based upon a 360
day year consisting of twelve 30 day months. Payments shall be applied first to accrued interest and then to principal,
and shall be payable to the registered owner of record as of the fificcnth day innmaately preceding the Maturity Date or
other date of prepayment, if applicable (the "Record Tate"), subject to the provisions of Section 4 hereof. Payments of
principal and interest due at .final maturity or upon redemption in whole or in part, prior to maturity shall be made by said
Paying Agent and Registrar to the registered owner upon presentation and suncnder of the Note (ar presentation for
notation of partial prepayment, if applicable) to said Paying Agent and Regist w. The Authority and said Paying Agent
and Registrar may treat the registered owner of the Noic as the absolute owner thereof for the purpose of malting
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payments thereon and for all other purposes and neither the Authority nor the Paying Agent and, Registrar shall be
affected by any notice or knowledge to the contrary, whether the Note or any payment of principal or interest due
thereon shall be overdue or nod All payments on account of intrust or principal made to the regstere.d owner of the
Note in accordance with the terms of this Resolution shall be valid and effectual and shall be a discharge of the .Authority
and said Paying Agent and Registrar, in respect of the liability upon the Note or claims for interest to the extent of the
SUM or stuns so paid.
Section 3. The Authority's Treasurer is hereby designated to serve as Paying Agent and Registrar for the Note,
The Paying Agent and Registrar sh*ill keep and maintain for the Authority books for the registration and transfer of the
Note at the Authority's offices in Blair, Nebraska, being the office of such Paying Agent and registrar for purposes of
this Resolution_ The name and registered address of the registered owner of the Note shall at all times be recorded in
such books, The Note may be =nsfened pursuant to its provisions at the olTiee of said of said Paying Agent and
Registrar by surrender of such Note for notation of trutsfer, accompanied by a written instrument of transfer, in forrn
satisfactory to said Paying Agent and Registrar, duly executed by the registered owner in person or by such owner's duly
authorized agent, and thereupon the Paying Agent and Registrar on behalf of the Authority will register such transfer
upon its books and make notation thereof on said Note and deliver said Note at its office to the transferee owner (or send
it by registered mail to the transferee owner thereof at such transferee owner's risk and expense). The Authority and scud
Paying Agent and Registrar shall not be required to transfer the Note during any period from any Record Date until the
Maturity Date or to transfer the Note, when called for redemption, for a period of 30 days next preceding the isle fixed
for redemption.
Section 4. If the date for payment of the principal of or interest on the Note shall be a Saturday, Simday, legal
holiday or a day on which banking institutions in the State of Nebraska are authorized by law or executive order to close,
then the date for such payment shalt be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day
on which such banking institutions are authorized to close, and payment on such day shall have the same force and effect
as if made on the nominal date of payment,
Section 5, The Note shall be subject to redemption in whole or in part, prior to maturity on any business day
Upon written notice to the registered owner of the Note :it par plus accrued interest on the principal amount redeemed to
the date fixed for redemption, Redemption in part shall be made only in whole principal incr=mts of $1,000 and shall
include all accrued but unpaid interest on the Principal amount being prepaid in part to the date fixed for parrial
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redemption, Such notice of redemption shall designate the principal amount of the Note to be redeemed and the date
fixed for redemption and state that the Note is to be presented for prepayment in whole or for notation of prepayment in
part at the office of the Paying Agent and Registrar. No defect in the mailing of notice for <ttty such redemption of the
Note shall affect the sufficiency of the proceedings of the Authority designating the call and the Authority shall have the
right to direct further notice of redemption for the Note for any redemption for which defective notice has been givers
Tile registered owner of die Now shall stave the right ro waive notice with respect to any redemption as described in this
Section 5,
Section 6. The Note shall be in substantially the following form:
May-20-03 02;53pm From-baird holm
4028440588 T-117 P.008/016 F-497
UNITED STATES OF AMERICA
STATE OF NEBRA,SKA
COUNTY OF WASHINGTON
AIRPORT AUTHORITY BOND ANTICIPATION NOTE, SERIES 2003
OF
THE AIRPORT AUTHORITY OF 'FETE CITY OF BLAIR, NEBRASRA
No, 1
$1,332,837.00
Interest .Rate Mann-ity Date Date of Original Issue
4.00% , 200_
- �2003
KNOW ALL PERSONS BY TTMSE PRESENTS; That the Airport Authority of the City of Blair, Nebraska
(the "Authority") hereby acknowledges itself to owe, for value received pronruses to pay to the registered owner
spccffiied on the Provision for Registration (set forth Nelow and forming a part hereof), or registered assigns, the sutn of
One Million Tlum Hundred T ' -two Thowand Ei ht Hundred Tl ' -seven and 00/100 Dollars 1332 837A0 in
lawful money of the United States of America, with interest on the unpaid principal balance thereof from the date hereof
until paid at 4.00% per annurm, The principal of this Note together with all accrued and unpaid interest thereon shall
become due on 200, (tine: "Maturity Date"). Pri�pal and interest due upon the Maturity
Date (or earlier redemption) shall be made upon prescntation and surrender of this Note (or presentation for notation of
partial prepayment, if applicable) to the Authority's Treasurer at the Authority's office in Blair, Nebraska.
The Authority, however, reserves the right and option of making prepayment on this Note in whole or in part
prior to maturity an any business day upon yvritten notice 10 the registered owner of the Note at par plus accrued interest
Oil the principal amount redeemed to the date fixed Tor redemption- Prepayments in part shall be made only in whole
principal increments of $1,o00 and shall include all accnied but unpaid interest on the principal amount being prepaid in
pant to the date bled for partial redemption, Suds notice of redemption may be waived by the registered owner in
writing. Partial prepayments shall be noted by the Authority's Treasurer on the form set forth below.
This Note is the single Note of its issue in the principal amount of $1,332,837.00 issued by the Authority for the
Purpose of paying the costs of acquiring land to be used by the Authority for runway expansion, required rights -of.
way, and constructing public improvements to the c ci,,ting airport and related facilities operated by the Authority (as
now e-dsting or hereafter improved and extended, the "Airport"), The issuance of said Note has been authorized by
proceedings duly had and a resolution legally adopted by the Board of the Authgrhy under and pursuant to the provisions
of Article 5, Chapter 3, RR S. Neb. 1997, us amended
This Note is transferable by the registered owner or such owner's attorney duly authorized in writing at the
office of the Authority's Treasurer upon surrender of this Note for notation of transfer as provided in the Provision for
Registration I'orrning a part hereof. The Authority, the Authority's Treammr and any other person may treat the person
whose name this Note is mgistered as the absolute owner hereof for the purpose of receiving payment due hereunder and
for all purposes and shall not be affected by any notice to the contrary, whether this Note be overdue or not_
If the day for payment of the principal of or intorest on this Note shall be a Saturday, Sunday, legal holiday or a
day on which banking institutions in the State of Nebraska are authorized by law or executive order to close, then the
date for such payment shall be the next succeeding day which is not a Saturday, Sunday, legal holiday or a day on which
such banking institutions are authorized to close, and payment on such date shall have the same force and effect as if
made on the nominal date of payment.
The Resolution under which this Note has been issued constitutes a contract between the Authority and the
holder of said Note which cannot be altered or changed without the written consent of such holder, Thus Note shall
not be a debt of the State of Nebraska or the City of Blau, Nebraska (the "City"), and neither the State of Nebraska
nor the City shall be liable thereon,
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This Note shall be payable from the proceeds of the Authority's airport authority bonds or other bonds, to
the extent not paid from other sources, In addition, the revenues, income, receipts, profits and other monies derived
and to be derived from the operation of the Authority's airport facility, including monies derived from the autilorizcd
levy of taxes (the "Revenues") have been pledged for the payment of this Note; provided, however, that such pledge
is and shall be junior and subordiriate to the previous pledge of the Revenues for the payment of the Authority's
outstanding Airport Authority Refunding Bonds, Series 2003, date of original issue --April 23, 2003.
IT IS IMREBY CERTIFIED AND WARRANTED that all conditions, acts and things required by law to cyst
or to be done precedent to and in the issuance of this Note did Est, did happen and were done and perfonned in regular
and due form and time as required by law and that the indebtedness of said Authority; including this Note,, does not
c.xcccd any limitation imposed by law.
IN WITNESS WHEREOT, the members of the Board of the Authority have caused this Note to be execu.tcd on
behalf of the Authority by being signed by its Chairperson and Secretary and by causing the official seal of the Authority
to be impressed or imprinted hereon, all as of the date of original issue specified above.
This Note shall not be valid and binding un the Authority until authenticated by the Paying Agent and
Registrar.
(SEAL)
ATTEST:
(SAMPLE —DO NOT SIGN_
Secretary
THE AIRPORT AUTHORITY OF THE
CITY OF BLAIR, NEBRASKA
By, (SAMPLE --DO NOT SIGN_) _
Chairperson
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PROVISION FOR REGISTRATION
The ownersltip of this Note shall be registered as to both principal and interest on the books and records of the
Airport Authority of the City of Blair, Nebraska, kept by the Authority's Treasurer, who sliall make notation of such
registration in the registration blank below,, and the transfer of this Note may thereafter be registered only upon an
assignment duly executed by the registered owner or sucks owner's attorney or legal representative, in such, form as shall
be satisfactory to said Authority's Treasurer, such registration of transfer to be made on such books and endorsed hereon
by said Treasurer,
Date of Registration Name of .Registered Owner Signature of Authority Treasurer
12003 Washington County Bank
NOTATION OF PARTIAL PREPA,YWNTS
7
May-20-03 02:54pm From-baird holm 402$440588 T-117 P-011/016 F-497
Section 7, The Note shall be executed on behalf ofthe Authority with the manual signatures of the Chairperson
and the Secretary and shall have impxessed or imprinted tiuereon the Authority's seal.. Thereafter the Note shall be
delivered to the Paying Agent and Registrar for registration, Upon execution and regist[ation of the Note, it shall be
delivered to the Authority's Treasurer, who is authorized to deliver it to Washington County Bank, as purebaser thereof,
Upon receipt ofthe principal amount ofthe Note plus accnied interest (if any) thereon, from the date of delivery to date of
Payment for the Note, The proceeds of the Note shall be applied upon order ofthe Board ofthe Authority to the fund the
costs of acquiring the Project, as determined from time to titno,
Section 8, 'late Authority covenants and agrees that it will take all steps required to acquire the Project
described in. Section 1 hereof in a manner to allow it to issue and sell its airport authority bonds or other bonds. 21ie
Authority further covenants and ap-ees to issue and sell its airport authority bonds or other bonds in a sufficient amount
and at such time as will enable it to take up and pay ofthe Notes herein ordered issued, both principal and interest, at or
prior to maturity, to the extent not paid from other sources. The Note shall be payable from the proceeds of the
Authority's airport authority bonds or other bonds, to the extent not paid from other sources. hi addition, the
Authority hereby pledges and hypothecates the revenues, income, receipts, profits and other monies derived from
and to be derived from the operation of its airport facility and the income from any additions and improvements to
said airport facility (collectively, with the proceeds of the tax levy described below, the "Revenues") for the payment
of principal of and interest on the Note; provided, however, that such pledge is and shall be junior and subordinate in
priority to the pledge of Such R.evcnucs for payment of the 2003 Refunding Bonds,
Section 9, The Authority hereby finds and dewrniincs that it is now duly authorized by law to annually certify
to the governing body of the City a tax to be levied by the City for airport purposes on all the ta.�ablc property within the
City of not to exceed three and one-half (3.5) cents per $100 of to=bte valuation of all of the taxable property within the
City. The Authority hereby covenants and agrees that while the Note retrains outstanding, it will certify annually to
the governing body of the City a lax to be levied for airport purposes, in such amount, but not to exceed three and
one-half (3,5) cents per $100 of tameable valuation ott all taxable property in the City, which tax together with. all
other Revenues, shall be sufficient to operate the airport and to pay the principal of and interest on the Note, the
2003 Refunding Bonds and any additional bonds or notes issued on a parity with the Note or the 2003 Refunding
Bonds, as such principal and interest become due (taking into account the issuance of bonds to pay the Note at
maturity as provided in Section 8 hereof). The Authority fitrther covenants and agrees that it will, from time to time,
-May-20,03 02:54pm From-baird holm 4023440588 T-117 P.012/016 F-497
establish, maintain and collect fees, rents, tolls and other charges for the use and oeeaparncy of the Airport and for all
services, facilities and commodities, sold, furnished or supplied therefrom which will, together with the proceeds of
the tax levy referred to above, in the aggregate provide runds sufficient at all times to pay all operating costs of the
Authority and to provide net revenues sufficient to pay all principal and interest requirements on the Note, the 2003
Refunding Bonds, and any additional bonds or notes issued on a parity with the Note or the 2003 Refunding Bonds
as the same become due (taldng into account the issuance of bonds to pay the Note at maturity as provided in
ection 8 hereof).
Section 10. The Authority shall transfer to the account of the laying Agent and Registrar, at least five (5)
days before any payment of principal and interest on the Note becomes due a sufficient amount to pay said principal
and interest as the same becomes due,
Section 11. Nothing herein shall prevent the Authority from issuing Refunding Notes which will take up
and pay off in full the Note at any time, subject to the applicable limit upon early redemption set forth in Section 5
of this Resolution. The Authority may issue additional Notes of equal standing with the Note with the consent of the
registered owner of the Note. Tine Authority may issue notes, bonds or other evidences of indebtedness junior in
lien and standing with respect to the Note without limitation_
Section 12. No amendinents shall be made to this Resolution or to azny rights of the holder of the Note
which would in any way be prejudicial to the rights of the holder of the Note without first obtaining the written
consent of the registered owner of the Note.
Section 13, The Authority further covenants and agrees with each of the purchaser and registered owner of
the Note that so long as said Note remains outstanding and unpaid the Authority will operate and maintain the
airport facility operated by it in an efficient manner and at a reasonable cost and in good repair, that the Authority
Will carry the custommy usual iusurarice on airport facilities of the kind maintained and in the amounts normally
carried by other similar airports, such insurance to include but not be limited to worker's compensation, public
liability, tornado and fire insurance and flood insurance, if available at reasonable rates, and in the event of loss, the
proceeds of such insurance shall be used in reconstructing or replacing the property damaged or destroyed with any
surplus remaining available for general corporate purposes of the Authority so long as payment of the Note, the
2003 Refunding Bonds and any additional bonds hw; been fully provided for as to payments falling due within the
year in which such surplus monies become available,
Mav-20- 03 02;54pm From-baird holm 4028440588 T-117 P.013/016 F-497
Section 14, The Treasurer of the Airport. Authority and the Secretary of thte Authority and any other
official or employee of the Authority having custody of the funds described and referred to in this Resolution shall
be bonded, in addition to their regular official bonds, in amounts sufbcient to cover at all times the amount of fiords
of the Authority held by there and the cost of premiums for obtaining such bonds may be paid as an ordinary
operating expense of the Authority.
Section 15. The Authority is hereby authorized and directed to keep proper books, records and accounts in
which complete correct entries shall be made of all transactions relating to the tax levy funds described herein and
the funds of the airport facility, The Authority further agrees that it will within 90 days following the close of each
fiscal year cause an audit of its books and records to be made by a certified public accountant showing receipts and
disbursements for all accounts of the Authority and such audit will be furnished to the purchaser and registered
owner of the Note. The registered owner of the Note shall have the right at all reasonable tirues to inspect the atrport
facility and all records, accounts and data of the Airport Authority relating thereto_
Section 16, The Authority hereby covenants and agrees that, while the Note is outstanding, the Airport
Authority will not grant any franchise or right to any person, finu or corporation to own or operate an airport facility
in competition with that owned by the Authority.
Section 17_ The Authority hereby funds and determines that it is necessary and appropriate to declare its official
intent to issue tax-exempt bonds for the purpose of acquisition of land, construction of airport improvements and costs
related thereto, including repaying the principal and interest on the Note issued hereby, in the maximum principal
amount of $3,000,000. This paragraph shall constitute a statement of the Authority's official intent .for purposes of
Regulation Section. l_ 150-2 of the regulations ofthe Ututed States Trmsury,
Section 18, Tlie Authority hereby covenants to the purchaser and registered owner of the Note that it will
make no use of the proceeds of the Note, including monies held in any sinking fund for the Note, which would cause
the Note to be an arbitrage bond within the meaning of Sections 103(b) and 148 of the Internal Revenue Code of
1986, as amended (the "Code"), and further covenants to comply with said Sections 103(b) and 148 and all
applicable regulations thereunder throughout the tern of the Note. The Authority hereby covenants and agrees to
take all action necessary under the Code to Maintain the tax-exempt status (as to taxpayers generally) of interest
payable on the Note, The Authority hereby designates the Note as one of its "qualified tax-exempt obligations"
pursuant to Section 265(b)(3)(B)(i)(III) of the Code, and covenants and warrants that it does not reasonably expect
10
Ma,y-20-13 02:55pm From-baird holm 4023440588 T-117 P.014/016 F-497
to issue tax-exempt bonds or other tax-exempt interest beating obligations aggregating in principal aniount more
than $10,000,000 during calendar 2003.
Section 19_ This Resolution shall be considered as a covenant with the registered owner of the Note and
such owner may enforce the provisions hereof in any manner provided by law or in equity,
Section 20, If any section, paragraph, clause or provision of this Resolution shall be held invalid for any
reason, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of
this Resolution,
Section 21. This Resolution shall be in force and take effect from and after its adoption as provided by law.
ADOPTED this 20th day of May, 2003.
4�4 IL)O—C
ry Loren HAV
[SEAL)
I
r//,/ I..' � - " 44 4 / 0
Chairperson Tom Va Sly e
"mj,y- 2 0-03 02 :55PM From-baird holm 4023440588 T-117 P-015/016 F-497
Havekost moved to approve the Resolution.
The motion for adoption was seconded by Board Member Johnson . Upon toll call, the following -voted
YEA; Havekost, Johnson, Meyer and Van Slyke
None . Absent: Combs
The Chairperson declared said resolution adopted,
Attest
\Sepretity Loren 'Havakost
The following Board Members voted NAY:
rl�L - a-4k
ClAirperson 'Tom van sY/,e -
SSE 0"-
'ARITY oil"09...
Q,
00 0onour=CrIt was duly made, seconded and on roll can vote was declared duty adopted by the
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