5.1. ERMUSR 06-14-2016 - Laserfiche WebLink

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The Commission also reserves the right to cause the issuance of Additional Bonds if and to the extent needed to refund maturing Bonds payable from the Debt Service Account in case the money on hand therein is insufficient to pay the same at maturity,which refunding revenue bonds may be on a parity with the Outstanding Bonds, but shall mature subsequent to all Outstanding Bonds which are not to be refunded by such Additional Bonds. The Commission also reserves the right to cause the issuance of Additional Bonds payable on a parity as to both principal and interest with the Outstanding Bonds to refund Bonds if the maximum amount of principal and interest payable on the Outstanding Bonds and such Additional Bonds in the then current or any future calendar year is not increased by more than 5.00%. ELK RIVER MUNICIPAL UTILITIES Organization The control, management and operation of the electric and water systems of the Elk River Municipal Utilities (the "Utility") is under the direction of the Elk River Municipal Utilities Commission (the "Commission"). The three Board members are appointed by the Mayor, with City Council confirmation, and serve three-year overlapping terms. The Commission has complete authority to establish rates and charges for the Utility. The present members of the Commission are: Expiration of Term John Dietz Chair February 28, 2019 Al Nadeau Vice Chair February 28,2017 Daryl Thompson Member(Trustee) February 28,2018 Management Mr. Troy Adams serves as the General Manager of the Utility and as Secretary to the Commission, and has been with the Utility since April 2000. Ms. Theresa Slominski serves as the Finance and Office Manager, and has been with the Utility since December 2004. Mr. Mark Fuchs serves as the Superintendent of the Electric Department, and Mr. Eric Volk serves as the Superintendent of the Water Department. The Utility employs a staff of 44. - 14 - 132