5.2b ERMUSR 04-13-2021 - Laserfiche WebLink

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TEMPLATE RESOLUTION The Series 2021BBonds have notbed tax- pursuant to the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended. IT IS HEREBY CERTIFIED, RECITED, COVENANTED AND AGREED that theCity, through the Commission, has fixed and established and will collect reasonable rates and charges for the services and facilities provided by the Electric System; that the City, through the Commission, will maintain on its books and records an Electric Fund, and will credit to the Operating Account of the Electric Fund the Gross Revenues of the Electric System as received and pay all Operating Expenses therefrom, and will credit to the Debt Service Account, once each month, out of Net Revenues then on hand, an amount equal to 1/12 of all principal payable ontheBonds(asdefined in the Resolution) during the next 12 months and 1/6 of the interest payable on the Bonds(as defined in the Resolution) in the next 6 months, andwill credit to the Reserve Account an amount necessary to maintain therein a balance equal to the Reserve Requirement (as defined in the Resolution); that the obligation to credit such amounts to such accounts is cumulative, and if in any month the money in the Electric Fund is insufficient to credit the required amount into any account, the deficiency shall be made up in the following month or months after payment to all other accounts having a claim on such revenues has been paid in full; that the City, through the Commission, will impose and collect such rates and charges as necessary to provide in each Fiscal Year Net Revenues at least equal to 110%of the annual principal and interest payable on all bonds payable from the Debt Service Account in such Fiscal Year; that all provisions for the security of the Series 2021BBonds set forth in the Resolution will be punctually and faithfully performed as therein stipulated; that all acts, conditions and things required by the Constitution and laws of the State of Minnesota, and the ordinances and resolutions of the City and the Commission to be done, to exist, to happen, and to be performed in order to make this Series 2021BBond a valid and binding special obligation of the City according to its terms have been done, do exist, have happened and have been performed as so required; and that the issuance of this Series 2021BBond does not cause the indebtedness of the City to exceed any constitutional or statutory limitation. IN WITNESS WHEREOF, the City of Elk River, Sherburne County, State of Minnesota, by the Commission, has caused this Series 2021BBond to be executed by the signatures of the President and Secretary of the Commission and the Mayor and Clerk of the City and has caused this Series 2021BBond to be dated as of the Date of Original Issue set forth above. Date of Registration:Registrable by: U.S. BANK NATIONAL ASSOCIATION Payable at: U.S. BANK NATIONAL ASSOCIATION CITY OF ELK RIVER, SHERBURNE COUNTY, MINNESOTA S CERTIFICATE OF /s/ Facsimile AUTHENTICATION Mayor This Series2021BBond is one of the Series 2021BBonds described in the/s/ Facsimile EL185-68-707442.v2 B-4 413