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EXTRACT OF MINUTES OF A MEETING OF THE <br />PUBLIC UTILITIES COMMISSION OF THE <br /> CITY OF ELK RIVER, MINNESOTA <br /> <br />HELD: August 3, 2004 <br /> <br /> Pursuant to due call, a regular or special meeting of the Public Utilities Commission of <br />the City of Elk River, Sherbume County, Minnesota, was duly held at the City Hall on August 3, <br />2004, at 12:30 P.M, for the purpose, in part, of providing for the issuance and sale of $940,000 <br />Electric Revenue Bonds, Series 2004A. <br /> <br />The following members were present: <br /> <br />and the following were absent: <br /> <br />Member <br /> <br />introduced the following resolution and moved its adoption: <br /> <br />RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF $940,000 ELECTRIC <br />REVENUE BONDS, SERIES 2004A AND PLEDGING NET REVENUES FOR THE <br />SECURITY THEREOF <br /> <br /> BE IT RESOLVED by the Public Utilities Commission of the City of Elk River, <br />Minnesota (the Commission), as follows: <br /> <br /> Section 1. Definitions; Interpretation. For all purposes of this Resolution, except as <br />otherwise expressly provided or unless the context otherwise requires, the terms defined in this <br />section have the meanings assigned to them in this section. All terms defined in this section <br />include the plural as well as the singular and the female as well as the male. Except as otherwise <br />expressly provided herein, accounting terms not otherwise defined herein have the meanings <br />assigned to them, and all computations herein provided for shall be made, in accordance with <br />generally accepted accounting principles. <br /> <br /> "Accountant" means a Person engaged in the practice of accounting, retained by the <br />Commission. <br /> <br /> "Act" means Minnesota Statutes, Sections 412.321 through 412.391, and Chapter 475, <br />including any amendment thereof. <br /> <br />"Additional Bonds" means any Bonds issued pursuant to Section 10. <br /> <br /> "Audited Fiscal Year" means a Fiscal Year for which the financial statements of the <br />Commission have been audited, as required by Section 12(g). <br /> <br /> "Bond Counsel" means any attorney or firm of attorneys having a favorable reputation <br />for matters relating to tax-exempt financing of properties similar to the Electric System, retained <br />by the Commission. <br /> <br />1670578vl <br /> <br /> <br />