3.1.B. ERMUSR 09-13-2011 - Laserfiche WebLink

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RESOLUTION 11-OS A RESOLUTION OF THE ELK RIVER MUNICIPAL UTILITIES A RESOLUTION AUTHORIZING AN AGREEMENT TO TRANSFER ELECTION SHARE IN THE BROOKINGS-TWIN CITIES TRANSMISSION PROJECT FROM THE CITY OF DELANO BE IT RESOLVED by the Elk River Municipal Utilities Commission, hereinafter "Commission", as the governing body of the Elk River Municipal Utilities, a Minnesota municipal utility, ofthe City of Elk River, Minnesota (hereinafter referred to as "City"), as follows: Section L It was previously determined that it was in the best interest of the City to participate in the Brookings-Twin Cities Transmission Project and the Commission previously approved participation in the Brookings-Twin Cities Transmission Project through the Central Minnesota Municipal Power Agency with a participation amount not to exceed $7,140,953 without further action of the Commission. Section 2: An opportunity has arisen to acquire an additional participation interest (election share) in the Brookings-Twin Cities Transmission Project from the City of Delano, which has decided not to participate in the Brookings-Twin Cities Transmission Project. Pursuant to the terms of an Agreement to Transfer Election Share, the parties to said Agreement, being the City of Delano, the Central Minnesota Municipal Power Agency and five (5) other cities already participating in the Brookings-Twin Cities Transmission Project, Delano will assign its participation interest (election share) to six (~ cities, including the City of Elk River, who are already participating in the Project.