2.0. ERMUSR 08-29-2018 - Laserfiche WebLink

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For purposes of the coverage test set forth above, the Net Revenues for the last audited fiscal year immediately preceding the issuance of such Additional Bonds may be adjusted for such fiscal year as follows: (i) the Gross Revenues for such audited fiscal year may be increased to reflect the Gross Revenues which would have been received had any rate increase placed in effect after the commencement of the audited fiscal year been in effect for the entire audited fiscal year; and (ii) by including the additional revenues reasonably determined by the Commission to be likely to result from the acquisition and construction of the facilities to be financed by such Additional Bonds, provided that the debt service on t e proposed Additional Bonds is funded until the estimated date of completion of such facilities. 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 therm 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 refu ded 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 prin ipal 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 Or.anization The control, management and operation of the electric and water systems of the Elk River Municipal Util ties (the "Utility") is under the direction of the Elk River Municipal Utilities Commission (the "Commission"). The four Commission members are appointed by the Mayor, with City Council confirmation, and serve three-year overlapping terms. The Commission has complete authority to estaolish rates and charges for the Utility. The present members of the Commission are: Expiration of Term Jo Dietz Chair February 28, 2019 Pau Bell Commissioner February 28, 2021 Al adeau Commissioner February 28, 2020 M. 6 Stewart Commissioner February 28, 2019 Ma hew Westgaard Commissioner February 28, 2020 Ma i agement 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 2006. Ms. Theresa Slominski serves as the Finance and Office Ma ager, and has been with the Utility since December 2004. Mr. Mark Fuchs serves as the Sup-rintendentof the Electric Department, Mr. Eric Volk serves as the Superintendent of the Water Department, and Mr. Mike Tietz serves as the Superintendent of the Technical Services Department. The Util ty employs a staff of 44. - 13 - 22