6.1. SR 03-07-2011 - Laserfiche WebLink

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BROOKINGS - TWIN CITIES TRANSMISSION PROJECT AGREEMENT Section 505. Participant Opinion. Upon the execution and delivery of this Agreement and at such other times as CMMPA shall reasonably request, the Participant shall furnish CMMPA with an opinion by an attorney or firm of attorneys, addressed to CMMPA and such other parties as CMMPA requests, to the effect of the matters set forth on Attachment 7 hereto. Section 506. Participant Bonds. The Participant may issue bonds, notes or other evidences of indebtedness payable from and secured by a lien on the revenues derived from the ownership or operation of its electric system provided that the payment of operating expenses (including Monthly Transmission Project Costs hereunder) from such revenues are ahead of debt service on such bonds, notes or other evidences of indebtedness. If a Participant chooses to issue bonds, notes or other evidences of indebtedness that are not consistent with the requirements of the preceding sentence, then the Participant shall be required to comply with the following provisions: (a) an independent consultant with special skill, knowledge and experience in analyzing the operations of electric utility systems provides an opinion that the financing and operation of the facilities for which such bonds, notes or other evidences of indebtedness are being issued are not (or were not when the Participant undertook such issuance) reasonably expected to materially adversely affect the ability of the Participant to pay operating expenses (including Monthly Transmission Project Costs) for which it is or will be liable; and (b) the Participant obtains the written approval of CMMPA, which shall not be unreasonably withheld. The Participant shall be responsible for all costs incurred in complying with the requirements of (a) and (b) above in this Section 506, including all reasonable CMMPA related costs. This Section 506 shall not apply to: (i) the Participant's obligations with respect to bonds, notes or other evidences of indebtedness issued under joint ownership or participation agreements to which the Participant is a party as of the date hereof, or (ii) refunding bonds, notes or other evidences of indebtedness heretofore issued, or hereafter issued by the Participant in compliance herewith, payable from and secured by a lien on revenues in priority to operating expenses. Section 507. Source of Payments. The Participant shall not be required to make any payments to CMMPA under this Agreement except from the revenues and other moneys derived by the Participant from its electric system. The Participant hereby agrees that amounts payable by the Participant under this Agreement shall be operating expenses of the Participant's electric system. 19