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<br />RESOLUTION <br /> <br />A HESOLUTION OF THE CITY OF ELK RIVER <br /> <br />RESOLUTION APPROVING THE EXERCISE OF PO\VERS UNDER <br />l\IINNESOTA STATUTES, CHAPTER 453, RESPECTING A CERTAIN <br />ELECTRIC POWER GENERATION PROJECT <br /> <br />Be It Rcsol"ved as Follows: <br /> <br />I. RecItals. <br /> <br />(a) The City of Elk RIver, Minnesota, in cooperation and conjunction with the <br />Elk River Municipal UtilitIes Commission (collectively, the "City") proposes to enter <br />II1to contract(s) With Sherburne County, jv1innesota (the "County") and Waste <br />;v1anagement, IlK, its successor, assigns and/or other persons (collectively "WJ\f') to <br />facilitate the addition of a certain electrIc power generation project (the "Project"). <br /> <br />(b) The Project \\ould consist of the addition and completion of an 800 <br />kilowatt hour landfill gas-to-energy electric generator located Il1 the City at the Elk River <br />Landfill The cost of the Project is currently estimated to be $670,000.00. <br /> <br />(c) The Project will be a base load generator owned by the City. <br /> <br />(d) It is proposed that W1\l, in conjunction with the City, would plan, <br />complete and operate the ProJect. The Project is expected to be operational on a full-time <br />basis to provide electric energy to the customers of the City. The City expects to benefit <br />from the Project by erihancll1g its capaCity against the growing electriclty needs of the <br />City and against uncertainty of national electric capacity as a \.\'hole. <br /> <br />(e) 11 is proposed that the County 183n the sum of approximately $670,000.00 <br />from its Solid Waste Surcharge fund to the City for the purchase of the generators and <br />related equipment, with zero interest over a sixteen year repayment period. <br /> <br />(f) The CIty, the County and WM would enter into agreements (collectively, <br />the "Agreements") specifying the respective rights and obligation of the City, the County <br />and ViM. <br /> <br />(g) The City would issue a note(s) to finance the Project. These Notes would <br />bepayab!e from revenues derived from the operation of the Project and \\/ould be secured <br />by a mortgage or other suitable security mterest in the Project. The Note(s) would not be <br />a general or moral obligation of the City, would not be secured by any of the City's <br />existing municipal electric utIlity assets, and would not be payable from or a lien against <br />the rates and charges imposed by the Clly on its municipal electric customers <br />