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TEMPLATE RESOLUTION
<br />Holdermeans a Bondholder.
<br />Interest Payment Datemeans a date specified in a Bond as a fixed date for paymentof
<br />an installment of interest on the Bond.
<br />Municipal Utilities Commissionmeans the governing body of the Commission.
<br />Net Revenuesmeans the Gross Revenues of the Electric System for any specified
<br />period, less the Operating Expenses of the ElectricSystem for the same specified period.
<br />Operating Accountmeans the account so designated in the Electric Fund.
<br />Operating Expensesmeans the current expenses of operation, maintenance and minor
<br />or current repair of the Electric System for any specifiedperiod. Operating Expenses include,
<br />without limitation, administrative expenses of the Commission relating to the Electric System,
<br />franchise fees, premiums for insurance relating to the Electric System, and amounts necessary to
<br />accumulate and maintain theOperating Reserve Requirement. Operating Expenses do not
<br />include depreciation, amortization, or interest expense.
<br />Operating Reserve Requirementmeans an amount equal to the greater of (i) one
<br />months Operating Expenses, based upon thefinancial statementsof the Commission for the
<br />preceding Audited Fiscal Year, or (ii) a larger amount reasonably determined by the Commission
<br />to be necessary to be maintained as a reserve for payment of Operating Expenses.
<br />Outstandingmeans when used with reference to theBonds or the Prior Bonds, as the
<br />case may be, as of the date of determination, all Bonds or Prior Bonds, as the case may be,
<br />theretofore issued except Bonds or Prior Bonds, as the case may be, which have been paid or are
<br />deemed to have been paid as providedin Section 16.
<br />Personmeans any individual, corporation, partnership, joint venture, association, joint
<br />stock company, trust, unincorporated organization, or government, or any agency or political
<br />subdivision thereof.
<br />means the$9,755,000original principal amount of Electric Revenue
<br />Bonds, Series 2016A, dated July 14, 2016, $8,465,000in principal amount of which iscurrently
<br />outstanding,and $1,370,000original principal amount of Electric Revenue Refunding Bonds,
<br />Series 2016B, dated July14, 2016, $240,000in principal amount of which iscurrently
<br />outstandingand $10,000,000 original principal amount of Electric Revenue Bonds, Series
<br />2018A, dated September 26, 2018, $9,415,000 in principal amountofwhichis currently
<br />outstanding.
<br />io, collectively,the Resolutionsduly adopted by the Commission
<br />onJune 14, 2016and August29, 2018, with respect tothePriorBonds.
<br />Projectmeansthe financing the remainingcost of the acquisition of the Commissio
<br />membership interest in the Minnesota Municipal Power Agency (MMPA).
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