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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 /> 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 /> 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 /> 5.2 Financial Report—March 2021 <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 /> 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 /> 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 /> Moved by Commissioner Nadeau and seconded by Commissioner Stewart to receive the <br /> March 2021 Financial Report. Motion carried 4-0. <br /> 5.3 2021 First Quarter Delinquent Items <br /> Ms. Karpinski presented her memo on the first quarter delinquent items. <br /> Chair Dietz had clarifying questions about collections procedures. Staff responded. <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 />