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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 /> Ms. Heaton explained that these were 30-year bonds with an estimated interest rate of <br /> 2.24%. <br /> Chair Dietz had a question about the credit rating process. Ms. Heaton responded. <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 /> 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 2021E Electric Bonds, per <br /> the attached resolution. Motion carried 5-0. <br /> 3.0 OPEN FORUM <br /> No one appeared for open forum. <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 to highlight 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 /> 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. Canterbury then explained the updates to the commission policy manual and <br /> reference guide. Chair Dietz asked if there were still updates to be made to the employee <br /> handbook included 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 />