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EXTRACT OF MINUTES OF MEETING OF THE ELK RIVER MUNICIPAL UTILITIES COMMISSION HELD: June 14, 2016 Pursuant to due call and notice thereof, a special meeting of the Elk River Municipal Utilities Commission, was duly held in the Utilities Conference Room, 13069 Orono Parkway in said City on the 14th day of June, 2016, at 2:30 P.M., for the purpose, in part, awarding the sale of$1,370,000 Electric Revenue Refunding Bonds, Series 2016B. The following members were present: John Dietz,Al Nadeau and Daryl Thompson and the following were absent:None Member Thompson introduced the following resolution and moved its adoption: RESOLUTION NO. 16-7 RESOLUTION AWARDING THE ISSUANCE AND SALE OF $1,370,000 ELECTRIC REVENUE REFUNDING BONDS, SERIES 2016B AND PLEDGING NET REVENUES FOR THE SECURITY THEREOF BE IT RESOLVED by the Elk River Municipal Utilities Commission (the "Commission"), as follows: Section 1. Definitions; Interpretation. For all purposes of this Resolution, except as otherwise expressly provided or unless the context otherwise requires, the terms defined in this section have the meanings assigned to them in this section. All terms defined in this section include the plural as well as the singular and the female as well as the male. Except as otherwise expressly provided herein, accounting terms not otherwise defined herein have the meanings assigned to them, and all computations herein provided for shall be made, in accordance with generally accepted accounting principles. "Accountant" means a Person engaged in the practice of accounting, retained by the Commission. "Act" means, collectively, Minnesota Statutes, Sections 412.321 through 412.391, and Chapters 453 and 475, including any amendment thereof. "Additional Bonds"means any Bonds issued pursuant to Section 10. "Audited Fiscal Year" means a Fiscal Year for which the financial statements of the Commission have been audited, as required by Section 12(g). 479283v3 JSB EL185-42