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Ms. Heaton noted that the bonds were rated AA+ and received three bids with a low bid <br />from Robert W. Baird & Co., Incorporated at 1.7986% on a 20-year bond. <br /> <br />Ms. Canterbury had a clarifying question about the appropriate wording of the motion <br />with the results Ms. Heaton had just provided the commission. Ms. Heaton explained that <br />because the bidder had included a premium along with a rate, the combination of the two <br />become the true interest rate. The premium reduces the bond issue from $1,750,000 to <br />$1,615,000. <br /> <br />Moved by Commissioner Stewart and seconded by Commissioner Nadeau to adopt the <br />Bid Tabulation and Resolution Awarding the Issuance and Sale of $1,615,000 General <br />Obligation Water Utility Revenue Bonds, Series 2021C to Robert W. Baird & Co., <br />Incorporated. Motion carried 4-0. <br /> <br />5.2 Financial Report – March 2021 <br /> <br /> Ms. Karpinski presented the Financial Report for March 2021. <br />Ms. Karpinski addressed a question submitted by Commissioner Stewart before the meeting <br />regarding Other Operating Expense. Staff explained that the documented loss was due to the <br />trade in for the bore rig which was not fully depreciated. There was further discussion. <br /> <br /> Chair Dietz had a question on the Miscellaneous Distribution Expense which was higher than <br />the previous year. Ms. Slominski noted that part of that was the uniform costs addressed <br />earlier in the meeting. Mr. Geiser noted that testing for equipment would also be included in <br />the expense. Staff said they would research this further and report back to the Commission. <br /> <br /> Chair Dietz also identified an increase in Administrative Expenses from the previous year, <br />noting this appeared to be due to wages and insurance costs. Staff confirmed that with the <br />change in health savings account contributions in 2021 there would be an increase at the <br />beginning of the year with savings realized over the course of 12 months. <br /> <br />Moved by Commissioner Nadeau and seconded by Commissioner Stewart to receive the <br />March 2021 Financial Report. Motion carried 4-0. <br /> <br />5.3 2021 First Quarter Delinquent Items <br /> <br /> Ms. Karpinski presented her memo on the first quarter delinquent items. <br /> <br /> Chair Dietz had clarifying questions about collections procedures. Staff responded. <br /> <br /> Chair Dietz had questions about funds being made available related to COVID-19 relief. Ms. <br />Slominski responded. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />May 11, 2021 <br />Page 4 <br /> <br />31 <br />