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Daryl Thompson moved to approve the Consent Agenda as follows: <br />2.1 January Check Register <br />2.2 January 14, 2014 Previous Meeting Minutes <br />2.3 Financial Statements <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 Resolution for Award of Bonds 2014A Electric <br />At the January 10 meeting, the Commission passed a resolution to proceed with <br />refunding the bond 2006A issue and the City Council passed it at the January 21" meeting. At <br />that time it was identified that the award of the bonds by the commission would come back and <br />be on the February I Ith agenda. <br />Terri Heaton was present from Springsted Incorporated. Related to the refunding bonds, <br />utility staff, along with staff from the City of Elk River and Springsted, had a rating call for <br />ERMU on February 3rd. Moody's issued an Aa3 rating result on February 7`h. The last rating <br />result ERMU had was an A2 so this was a drastic increase. Terri Heaton said that it is rare to <br />have a utility rated so high. Staff did an excellent job preparing for the rating call. <br />The bond was sold the morning of the commission meeting. Terri Heaton said that six <br />financial entities bid on the $2,125,000 bond. The low bid came from UBS Financial Services, <br />Inc. The savings on the bond will end up being about $222,000. John Dietz asked a few <br />questions, staff responded. <br />Al Nadeau made a motion to approve the resolution and award the bid to UBS Financial <br />Services, Inc. as the low bidder. Daryl Thompson seconded the motion. Motion carried 3-0. <br />5.0 NEW BUSINESS <br />5.1 2013 Annual Safety Report <br />Troy Adams presented the 2013 OSHA log. There was only one recorded incident and <br />zero days lost from work. <br />Page 2 <br />Regular meeting of the Elk River Municipal Utilities Commission <br />February 11, 2014 <br />22 <br />