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<br />EXTRACT OF MINUTES OF MEETING OF THE <br />ELK RIVER MUNICIPAL UTILITIES COMMISSION <br />HELD: March 9,2021 <br />Pursuant to due call and notice thereof, a regular meeting of the Elk River Municipal <br />Utilities Commission, was duly held in the Elk River Fire StationEOCConference Room,13073 <br />Orono Parkwayin said City on the 9thday ofMarch,2021, at 3:30P.M. for the purpose in part <br />of authorizing the competitive negotiated sale of the $14,460,000Electric Revenue Bonds,Series <br />2021B. <br />The following members were present: <br />and the following were absent: <br />Member ____________introduced the following resolution and moved its adoption: <br />Resolution No. 21-2 <br />RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED <br />SALEOF $14,460,000 <br />ELECTRIC REVENUE BONDS, SERIES 2021B <br />A.WHEREAS, the Elk River Municipal Utilities Commission(the <br />,has heretofore determined that it is necessary and expedient that the City of <br />issue its $14,460,000Electric Revenue Bonds, Series 2021B <br />(the Bonds) tofinance theconstructionof a field housefacility to house service trucks, <br />inventory, and officesof the Elk River Municipal Utilities; and <br />B.WHEREAS, the Commissionhas retained Baker Tilly Municipal Advisors, <br />LLC, in Saint Paul, Minnesota (Baker Tilly), as its independent municipaladvisor andis <br />therefore authorized to sell these obligations by a competitive negotiated sale in accordance with <br />Minnesota Statutes, Section 475.60, Subdivision 2(9); and <br />NOW, THEREFORE, BE IT RESOLVED by the Elk River Municipal Utilities <br />Commission,as follows: <br />1.Authorization;Findings.The Commissionhereby authorizes Baker Tillyto <br />solicit bids for the competitive negotiated sale of the Bonds. <br />2.Meeting;Bid Opening.ThisCommissionshall meet at the time and place <br />specified in the Terms of Proposal attached hereto asExhibit Afor the purpose of considering <br />sealed bids for, and awarding the sale of, the Bonds. The Finance Manageror designee, shall <br />open bids at the time and place specified in such Terms of Proposal. <br />EL185-68-699669.v1 <br />338 <br />