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Page 2 <br />Regular meeting of the Elk River Municipal Utilities Commission <br />June 12, 2012 <br />2.8 Capacity Credit Agreement Notice of Termination Extension <br />2.9 Pay Equity Compliance <br />2.10 Policy for Returned Un -Paid Items Revision <br />Al Nadeau seconded the motion. Motion carried 3-0. <br />3.0 OPEN MIC <br />No one appeared for open mic. <br />4.0 OLD BUSINESS <br />4.1 Conflicts of Interest Policy <br />At the May 15, 2012 ERMU Commission meeting, the Minnesota Statute regarding public <br />officers and conflict of interest was discussed. The ERMU Commission directed staff and legal <br />counsel to develop a Conflicts of Interest Policy. <br />A policy minoring the City of Elk River's conflict of interest policy consistent with <br />Minnesota Statute was developed. In addition, a Resolution Authorizing Contract with an <br />ERMU Board Member or Employee and an Affidavit of Official Interest in Claim templates has <br />been developed. <br />Daryl Thompson moved to approve the Conflicts of Interest Policy and supporting <br />documents. Al Nadeau seconded the motion. Motion carried 3-0. <br />5.0 NEW BUSINESS <br />5.1 Year -End Reserves Balances <br />Per ERMU Reserves Policy, annually after the audit the year-end reserve balances shall be <br />reviewed and the ERMU Commission shall consider any balances above or below target levels. <br />Theresa Slominski reviewed the cash balances of the electric and water departments. Discussion <br />followed regarding the unrestricted funds. John Dietz said he would like to designate some of <br />the unrestricted funds for territory acquisition. Troy Adams said $1 million of the unrestricted <br />balance was to cover the PCA's in 2012 and 2013. <br />Daryl Thompson moved to approve that the balance in the unrestricted working capital <br />reserves would be designated as working capital for the electric, one million has been <br />designated to use for the PCA's and the balance would be to remain as working capital <br />designated for future use for territory acquisition or capital projects. The water <br />unrestricted balance to be designated as working capital with the intended future use of <br />capital projects. Al Nadeau seconded the motion. Motion carried 3-0. <br />