5.2b ERMUSR 04-13-2021 - Laserfiche WebLink

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TEMPLATE RESOLUTION 2021BBond and notice with respect thereto shall be made as provided inthe Letter of Representations, as defined in the Resolution,and surrender of this Series 2021BBond shall not be required for payment of the redemption price upon a partial redemption of this Series 2021B Bond. Until termination of the book-entry only system pursuant to the Resolution, Series 2021B Bonds may onlybe registered in the name of the Depository or its Nominee. This Series 2021BBond is one of2021B principal amount of $12,620,000, issued pursuantto a resolution adopted by the Elk River Municipal UtilitiesCommissionApril 13,2021 provide funds tofinance the remainingcost of the acquisition of the membershipinterestin the Minnesota Municipal Power Associationin connection with the tric system with the provisions of the Constitution and laws of the State of Minnesota thereunto enabling, including Minnesota Statutes, Chapter 475 and Sections 412.321 through 412.391. This Series 2021BBond and the interest thereon are payable solely from Net Revenues, as defined in the Resolution, of the Electric System which have been pledged to the payment thereof, andare issued on a parity of lien with the pledge of Net Revenues to the $9,755,000original principal amount of Electric Revenue Bonds, Series 2016A, datedJuly 14,2016,the $1,370,000 original principal amount of Electric Revenue Refunding Bonds, Series 2016B, dated July 14, 2016,and $10,000,000 original principal amount ofElectric Revenue Bonds, Series 2018A, dated September 26, 2018(collectively,2021BBonds do not constitute a debt of the City within the meaning of anyconstitutional or statutory limitation of indebtedness, and the full faith and credit and taxing power of the City are not pledged to the payment of the principal ofor interest on the Series 2021BBonds. Additional Bonds may be issued, which are payableon a parity of lien fromthe Net Revenues of the Electric System, upon the terms and conditions provided in the Resolution. The City may elect on February 1, 2031, and on any date thereafter to prepay Series 2021B Bondsdue on or after February 1, 2032. Redemption may be in whole or in part and if in part, at the option of the City and in such order as the City will determine. If less than all Series 2021B Bondsof a maturity are called for redemption, the City will notify The Depository Trust Company (DTC) of the particular amount of such maturity to be prepaid. DTC will determine by lot the amount of each participants interest in such maturity to be redeemed and each participant will then select by lot the beneficial ownership interests in such maturity to be redeemed.Prepayments will be at a price of par plus accrued interest. The Series 2021BBonds are issuable solely in fully registered form in Authorized Denominations (as defined in the Resolution) and are exchangeable for fully registered Series 2021BBonds of other Authorized Denominations in equal aggregate principal amounts at the principal office of the Bond Registrar, but only in the manner and subject to the limitations provided in the Resolution. Reference is hereby made to the Resolution for a description of the rights and duties of the Bond Registrar. Copies of the Resolution are on file in the principal office of the Bond Registrar. This Series 2021BBond is transferable duly authorized in writing at the principal office of the Bond Registrar upon presentation and surrender hereof to the Bond Registrar, all subject to the terms and conditions provided in the EL185-68-707442.v2 B-2 411