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TEMPLATE RESOLUTION <br />Bond Counselmeans any attorney or firm of attorneys having a favorable reputation <br />for matters relating to tax-exempt financing of properties similar to the Electric System, retained <br />by the Commission. <br />Bondholdermeans the Person in whose name a Bond is registered in the Bond <br />Register. <br />Bond Registermeans the register maintained by the Registrar pursuant to Section 6.01. <br />Bondsmeans any Outstanding Series 2021BBonds, any OutstandingPrior Bonds, and <br />any OutstandingAdditional Bonds. <br />Citymeans the City of Elk River, Minnesota, and any successor to its obligations under <br />this Resolution. <br />Codemeans the Internal Revenue Code of 1986, including any amendmentthereof. <br />Commissionmeans the Elk River Municipal Utilities Commission, and any successor <br />to its obligations under this Resolution. <br />Commission Resolutionmeans a resolution or other legislative enactment duly adopted <br />by the Commission. <br />Consultantmeans a Person havinga favorable reputation as experienced in planning <br />and financing, and evaluating the economic feasibility, of properties similar to the Electric <br />System, retained by the Commission. <br />Debt Service Accountmeans the account so designated in the Electric Fund. <br />Electric Fundmeans the Electric Fund maintained on the official books of account of <br />the City. <br />Electric Systemmeans the municipal electric light and power plant and distribution <br />system of the City, as it may at any time exist, including any replacement, expansion or <br />improvement thereof. <br />Fiscal Yearmeans the period commencing on January 1 of any year and ending on <br />December 31 of the same year, or any other period of twelve consecutive months specified by <br />Commission Resolution asthe fiscal year ofthe Commission. <br />Government Obligationsmeans direct obligations of, or obligations the principal of and <br />the interest on which are fully and unconditionally guaranteed by the United States of America. <br />Gross Revenuesmeans all revenues and receipts fromrates, fees, charges, and rentals <br />imposed by the Commission for the availability, benefit, use and products of the Electric System <br />or any part thereof, and any penalties and interest thereon, and income from the investment <br />thereof. Gross Revenues do notinclude amounts received from the sale of property which is part <br />of the Electric System or amounts borrowed with respect to the Electric System. <br />2 <br />EL185-68-707442.v2 <br />388 <br />