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and is currently being circulated for legal counsels' and governing bodies' approval. This <br />transfer agreement is attached for review. This agreement has already been reviewed by <br />ERMU's and the City of Elk River's legal counsel and already reflects the recommended <br />changes. This agreement is not yet final as all participating parties have not submitted <br />comments, but it is believed to be substantially complete. One item to note is the termination <br />date specified in Sections 501(a) and (b) of the agreement is subject to change to sometime in <br />2012 due to a delay in a MISO ruling being deferred to December 2011. <br />This transfer agreement has been submitted to the City Council on the July 11~' consent agenda <br />for their review and approval. <br />ACTION REQUESTED: <br />No Action required at this time. <br />Agreement to Transfer Election Share <br />TABLE OF CONTENTS <br />ARTICLE 1 ........................................................................................................................2 <br />Section 101. Tenn .....................................................................................................2 <br />Section 102. Definitions ............................................................................................2 <br />ARTICLE 2 ........................................................................................................................4 <br />Section 201. Assignment of Transferred Rights .......................................................4 <br />Section 202. Acceptance and Assumption of Transferred Rights; <br />Consideration ....................................................................................................4 <br />Section 203. Obligations Retained by Delano ..........................................................5 <br />ARTICLE 3 ........................................................................................................................5 <br />Section 301. Apportionment of Transferred Rights, Assumed <br />Development Costs, and Reimbursement Amount ...........................................5 <br />Section 302. CMMPA Financing and Billing Treatment of <br />Reimbursement Amount and Assumed Development Costs ...........................5 <br />ARTICLE 4 ........................................................................................................................6 <br />Section 401. Waivers and Releases by Delano .........................................................6 <br />Section 402. Waivers and Releases by the Acquiring Cities ....................................6 <br />Section 403. Consent, Waivers, and Releases by CMMPA ......................................7 <br />ARTICLE 5 <br />7 <br />Section 501. Definition of Termination Conditions ..................................................7 <br />Section 502. Effect of the Occurrence of a Termination Condition ..........................8 <br />ARTICLE 6 ........................................................................................................................8 <br />Section 601. Termination, Amendment, and Waiver ...............................................8 <br />Section 602. Notices and Communications ...............................................................8 <br />Section 603. Arbitration ............................................................................................9 <br />Section 604. Governing Law and Venue ..................................................................9 <br />