2.5 ERMUSR 05-11-2021 - Laserfiche WebLink

Home Browse Search

4 EL185-68-707442.v4 “Project Account” means the Project Account established in the Electric Fund pursuant to Section 13 hereof. “Purchaser” means Hilltop Securities, Dallas, Texas. “Registrar” means U.S. Bank National Association, in St. Paul, Minnesota, or its successor appointed by the Commission pursuant to Section 6.01. “Repair and Replacement Account” means the account so designated in the Electric Fund. “Reserve Account” means the account so designated in the Electric Fund. “Reserve Requirement” means, as of the date of issuance of a series of Bonds, an amount equal to the least of (i) 10% of the original principal amount of the Bonds, or (ii) the maximum amount of principal and interest payable during the then current Fiscal Year or any future Fiscal Year on all Bonds Outstanding as of the date of issuance of a series of such Bonds, or (iii) 125% of the average annual principal and interest payable on all Bonds Outstanding as of the date of issuance of a series of such Bonds. “Resolution” means this Resolution, including any amendment hereof or supplement hereto adopted in accordance with Section 15. “Series 2021B Bonds” means the Bonds created by Section 5. “State” means the State of Minnesota. Section 2. Recitals. 2.01. Electric System. The City owns and, for financing purposes, operates a municipal Electric System, hereinafter referred to as the “Electric System.” 2.02. Municipal Utilities Commission. The City has established the Commission and placed the Electric System under the jurisdiction of the Commission pursuant to the Act. The City has granted to the Commission a non-exclusive franchise to transmit, furnish, deliver or receive electrical energy within the utility service area. The Commission operates the Electric System as a public, revenue-producing convenience, providing service to the City and its inhabitants and residents and other customers in the area surrounding the City, as authorized by the Act. 2.03. Parity of Lien Test. All of the payments required to be made into the various funds and accounts provided for in the Prior Resolution authorizing the issuance of the Prior Bonds have been made and there is sufficient money in the Debt Service Account of the Electric Fund to pay all principal and interest on all obligations payable from the Net Revenues coming due during the 12-month period next succeeding the issuance of the Series 2021B Bonds. The gross revenues, expenses of operation and maintenance and Net Revenues of the Electric System from all sources for the Audited Fiscal Year immediately preceding the issuance 65