Laserfiche WebLink
RESOLUTION - <br /> A RESOLUTION OF THE CITY OF ELK RIVER <br /> RESOLUTION APPROVING THE EXERCISE OF POWERS UNDER <br /> MINNESOTA STATUTES, CHAPTER 453, RESPECTING A CERTAIN <br /> ELECTRIC POWER GENERATION PROJECT <br /> Be It Resolved as Follows: <br /> 1. Recitals. <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 /> into contract(s) with Sherburne County, Minnesota (the "County") and Waste <br /> Management, Inc., its successor, assigns and/or other persons (collectively "WM") to <br /> facilitate the addition of a certain electric power generation project (the "Project"). <br /> (b) The Project would consist of the addition and completion of an 800 <br /> kilowatt hour landfill gas-to-energy electric generator located in the City at the Elk River <br /> Landfill. The cost of the Project is currently estimated to be $670,000.00. <br /> (c) The Project will be a base load generator owned by the City. <br /> (d) It is proposed that WM, 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 enhancing its capacity against the growing electricity needs of the <br /> City and against uncertainty of national electric capacity as a whole. <br /> (e) It is proposed that the County loan 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 /> (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 WM. <br /> (g) The City would issue a note(s) to finance the Project. These Notes would <br /> be payable from revenues derived from the operation of the Project and would be secured <br /> by a mortgage or other suitable security interest 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 City on its municipal electric customers. <br /> 1 <br />