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John Dietz had a few questions on the fmancials,staff responded.Daryl Thompson moved to <br /> approve the Consent Agenda as follows: <br /> 2.1 December Check Register <br /> 2.2 December 17,2013 Previous Meeting Minutes <br /> 2.3 Financial Statements <br /> 2.4 2014 Tariffs <br /> 2.5 2014 Tri-County Action Program Services Agreement <br /> John Dietz seconded the motion. Motion carried 2-0. <br /> 3.0 OPEN MIC <br /> No one appeared for open mic. <br /> 4.0 OLD BUSINESS <br /> There is no old business. <br /> 5.0 NEW BUSINESS <br /> 5.1 Refunding of the 2006A Electric Revenue Bonds <br /> Early last year the commission had discussed the potential for refunding debt issues <br /> 2006A and 2007A bonds. Financial consultants, Springsted, provided further review of refunding <br /> bonds for ERMU. At the December meeting, staff and the commission determined that the <br /> 2006A bonds should be refunded in 2014 and the payment timeline should be adjusted to have <br /> the bonds paid in 2018. <br /> Terri Heaton from Springsted was present at the meeting to explain the refunding and <br /> answer any questions the commission had. Since the City of Elk River is the entity that is <br /> qualified to issue bonds, the resolutions must also be approved by the City Council to be <br /> effective. Discussion followed. <br /> Daryl Thompson made a motion to refund the 2006A electric revenue bond. John Dietz <br /> seconded the motion. Motion carried 2-0. <br /> 5.2 2013 4`" Quarter Delinquencies <br /> Theresa Slominski presented the 2014 4th Quarter Delinquencies. She informed the <br /> commission that the numbers are the lowest they have been in a long time. In comparison to <br /> others in the industry, the standard is typically .19-.36% of revenue and ERMU is at .029%. <br /> Discussion followed. <br /> Page 2 <br /> Regular meeting of the Elk River Municipal Utilities Commission <br /> January 14,2014 <br />