Snyderville Basin Cemetery District approves promissory note, $25,000 initial draw contingent on accounts; authorizes insurance procurement

The Snyderville Basin Cemetery District board voted at its May 7 meeting to adopt a promissory note with the county treasurer that establishes a short‑term line of credit and to take initial steps to open district accounts and buy insurance.

Promissory note and line of credit Board members were presented with a promissory note drafted in coordination with the county treasurer. The instrument was described as a line‑of‑credit style note that would permit the district to draw up to a maximum principal of $300,000 over the budget/calendar year. Draws are available on an as‑needed basis but limited to one draw per month under the version presented.

The board approved the note in final form, and directors discussed the logistics for execution: the district must print and sign the note in the presence of a notary and deliver the executed document to the treasurer’s office for the county treasurer’s signature. The treasurer’s office explained that a 2‑basis‑point administrative fee (not to exceed $500) would be charged, and fees and interest are typically withheld from end‑of‑year tax distributions.

Bank account, PTIF and initial draw Directors directed staff to open a PTIF (Public Treasurers’ Investment Fund) account and a district bank account with a local depository. The board authorized a contingent drawdown of $25,000 from the newly approved note once three conditions were met: (1) the promissory note was properly executed, (2) the PTIF account was opened, and (3) a district bank account was established. The draw authorization was described as conditional; the board did not take an immediate cash disbursement at the meeting.

Insurance Directors authorized the chair (named as Max in the meeting) to initiate procurement and bind liability and workers’ compensation coverage through the local government insurance trust, conditioned on having the bank and PTIF accounts available for premium payment. Staff provided a previous quote that was described as expiring in February and estimated a comparable annual liability premium of about $3,500 and a small workers’‑comp premium; the board authorized staff to secure updated premium quotes and bind coverage once accounts were open.

Votes and procedure The motions to approve the promissory note, to authorize the contingent $25,000 drawdown, and to allow the chair to secure insurance were each made and seconded during the meeting and carried on recorded voice votes (members voiced “Aye”). No roll‑call vote with individual yes/no recordings was included in the meeting record; the clerk recorded the motions as approved.

Other business The board also approved the meeting minutes at the start of the session. Directors discussed procurement policy, the use of state division of purchasing resources, and selection of a local bank (several banks—KeyBank, Mountain America, Chase—were discussed) to serve as the district’s operating depository. The board asked the finance committee to return a final bank recommendation and a draft resolution authorizing named signatories at the next meeting.

Next steps Staff will (1) execute and notarize the promissory note and deliver it to the county treasurer; (2) open PTIF and bank accounts; (3) request updated insurance quotes and bind coverage once accounts are available; and (4) bring final procurement policy edits and a bank recommendation back to the board for formal adoption.