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John Dietz had a few questions on the fmancials, staff responded. Daryl Thompson moved to <br />approve the Consent Agenda as follows: <br />2.1 December Check Register <br />2.2 December 17, 2013 Previous Meeting Minutes <br />2.3 Financial Statements <br />2.4 2014 Tariffs <br />2.5 2014 Tri -County Action Program Services Agreement <br />John Dietz seconded the motion. Motion carried 2-0. <br />3.0 OPEN MIC <br />No one appeared for open mic. <br />4.0 OLD BUSINESS <br />There is no old business. <br />5.0 NEW BUSINESS <br />5.1 Refundine of the 2006A Electric Revenue Bonds <br />Early last year the commission had discussed the potential for refunding debt issues <br />2006A and 2007A bonds. Financial consultants, Springsted, provided further review of refunding <br />bonds for ERMU. At the December meeting, staff and the commission determined that the <br />2006A bonds should be refunded in 2014 and the payment timeline should be adjusted to have <br />the bonds paid in 2018. <br />Terri Heaton from Springsted was present at the meeting to explain the refunding and <br />answer any questions the commission had. Since the City of Elk River is the entity that is <br />qualified to issue bonds, the resolutions must also be approved by the City Council to be <br />effective. Discussion followed. <br />Daryl Thompson made a motion to refund the 2006A electric revenue bond. John Dietz <br />seconded the motion. Motion carried 2-0. <br />5.2 20134 1h Quarter Delinquencies <br />Theresa Slominski presented the 2014 4`h Quarter Delinquencies. She informed the <br />commission that the numbers are the lowest they have been in a long time. In comparison to <br />others in the industry, the standard is typically .19-.36% of revenue and ERMU is at .029%. <br />Discussion followed. <br />Page 2 <br />Regular meeting of the Elk River Municipal Utilities Commission <br />January 14, 2014 <br />15 <br />