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<br />EL185-68-707442.v4 <br />EXTRACT OF MINUTES OF MEETING OF THE <br />ELK RIVER MUNICIPAL UTILITIES COMMISSION <br />HELD: April 13, 2021 <br />Pursuant to due call and notice thereof, a regular meeting of the Elk River Municipal <br />Utilities Commission, was duly held in the Elk River Fire Station EOC Conference Room, 13073 <br />Orono Parkway in said City on the 13th day of April, 2021, at 3:30 P.M., for the purpose, in part, <br />of awarding the sale of $11,810,000 Electric Revenue Bonds, Series 2021B. <br />The following members were present: Chair Dietz, and Commissioners Paul Bell, <br />Al Nadeau, Mary Stewart, and Matt Westgaard <br /> <br />and the following were absent: None <br /> <br />Member Stewart introduced the following resolution and moved its adoption: <br />Resolution No. 21-10 <br />RESOLUTION AWARDING THE ISSUANCE AND SALE OF $11,810,000 ELECTRIC <br />REVENUE BONDS, SERIES 2021B AND PLEDGING NET REVENUES FOR THE <br />SECURITY THEREOF <br />BE IT RESOLVED by the Elk River Municipal Utilities Commission (the <br />“Commission”), as follows: <br />Section 1. Definitions; Interpretation. For all purposes of this Resolution, except as <br />otherwise expressly provided or unless the context otherwise requires, the terms defined in this <br />section have the meanings assigned to them in this section. All terms defined in this section <br />include the plural as well as the singular and the female as well as the male. Except as otherwise <br />expressly provided herein, accounting terms not otherwise defined herein have the meanings <br />assigned to them, and all computations herein provided for shall be made, in accordance with <br />generally accepted accounting principles. <br />“Accountant” means a Person engaged in the practice of accounting, retained by the <br />Commission. <br />“Act” means, collectively, Minnesota Statutes, Sections 412.321 through 412.391, and <br />Chapters 453 and 475, including any amendment thereof. <br />“Additional Bonds” means any Bonds issued pursuant to Section 10. <br />“Audited Fiscal Year” means a Fiscal Year for which the financial statements of the <br />Commission have been audited, as required by Section 12(g). <br />62