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being a 50-year low in interest rates. Ms. Heaton shared the scheduled sale date was April 13 <br />at 10:30 am, with approval occurring at the commission meeting later that day. <br /> <br /> Ms. Heaton explained that these were 30-year bonds with an estimated interest rate of <br />2.24%. <br /> <br /> Chair Dietz had a question about the credit rating process. Ms. Heaton responded. <br /> <br /> Chair Dietz asked if there were any provisions regarding prepayment of the bond. Ms. Heaton <br />explained that on or after year 10 of the 30-year period the utilities can prepay on <br />accumulated interest and principal without penalty. <br /> <br /> Moved by Commissioner Stewart and seconded by Commissioner Nadeau to adopt <br />Resolution No. 21-2 providing for the competitive negotiated sale of $14,460,000 Electric <br />Revenue Bonds, Series 2021B, and request that the City Council approve the issuance of the <br />bonds and delegate to the Commission the authority to award the 2021B Electric Bonds, per <br />the attached resolution. Motion carried 5-0. <br /> <br />3.0 OPEN FORUM <br />No one appeared for open forum. <br /> <br />4.0 POLICY & COMPLIANCE <br />4.1 Annual Commissioner Orientation <br />Ms. Slominski began her presentation by thanking the commissioners for their <br />contributions to the Commission. She went on tohighlight elements of Commission Policy <br />G.3a Controlling Authority. Ms. Slominski also refreshed the Commission’s understanding <br />of the “One Voice” standard which calls for united support once a final vote is cast and <br />the “One Employee” standard which states the Commission’s only employee is the <br />general manager. <br /> <br />Ms. Canterbury shared materials on Robert’s Rules of Order which are to be followed in <br />governance procedures. Ms. Canterbury also pointed out that the exact wording of any <br />necessary motions can be found in the Action Requested portion of that item’s memo. <br />Ms. Canterburythen explained the updates to thecommissionpolicy manualand <br />reference guide. ChairDietz asked if there werestill updates to be madeto the employee <br />handbookincluded in the commission policy manual. Staff responded that updates are <br />ongoing. <br />5.0 BUSINESS ACTION <br />Elk River Municipal Utilities Commission Meeting Minutes <br />March 9, 2021 <br />Page 4 <br /> <br />40 <br />