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"Refunded Bonds" means the $2,875,000 original principal amount of Electric Revenue <br /> Bonds, Series 2007A, dated March 28, 2007, currently outstanding in the principal amount of <br /> $1,535,000. <br /> "Refunded Resolution" means the resolution duly adopted by the Commission on <br /> February 20, 2007. <br /> "Refunding Account" means the Refunding Account established in the Electric Fund <br /> pursuant to Section 13 hereof. <br /> "Registrar" means U.S. Bank National Association, in St. Paul, Minnesota, or its <br /> successor appointed by the Commission pursuant to Section 6.01. <br /> "Repair and Replacement Account" means the account so designated in the Electric <br /> Fund. <br /> "Reserve Account"means the account so designated in the Electric Fund. <br /> "Reserve Requirement" means, as of the date of issuance of a series of Bonds, an amount <br /> equal to the least of(i) 10% of the original principal amount of the Bonds, or (ii) the maximum <br /> amount of principal and interest payable during the then current Fiscal Year or any future Fiscal <br /> Year on all Bonds Outstanding as of the date of issuance of a series of such Bonds, or (iii) 125% <br /> of the average annual principal and interest payable on all Bonds Outstanding as of the date of <br /> issuance of a series of such Bonds. <br /> "Resolution" means this Resolution, including any amendment hereof or supplement <br /> hereto adopted in accordance with Section 15. <br /> "Series 2016A Bonds" means the $9,755,000 original principal amount of Electric <br /> Revenue Bonds, Series 2016A, dated July 14, 2016 and issued concurrently with the Series <br /> 2016B Bonds. <br /> "Series 2016B Bonds"means the Bonds created by Section 5. <br /> "State"means the State of Minnesota. <br /> Section 2. Recitals. <br /> 2.01. Electric System. The City owns and, for financing purposes, operates a municipal <br /> Electric System,hereinafter referred to as the"Electric System." <br /> 2.02. Municipal Utilities Commission. The City has established the Commission and <br /> placed the Electric System under the jurisdiction of the Commission pursuant to the Act. The <br /> City has granted to the Commission a non-exclusive franchise to transmit, furnish, deliver or <br /> receive electrical energy within the utility service area. The Commission operates the Electric <br /> System as a public, revenue-producing convenience, providing service to the City and its <br /> inhabitants and residents and other customers in the area surrounding the City, as authorized by <br /> the Act. <br /> 4 <br /> 479283v3 JSB EL185-42 <br />