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"Refunded Resolution" means the resolution duly adopted by the Commission on <br /> February 6,2006. <br /> "Refunding Account" means the Refunding Account established in the Electric Fund <br /> pursuant to Section 13 hereof. <br /> "Registrar" means U.S. Bank National Association, in St. Paul, Minnesota, or its <br /> successor appointed by the Commission pursuant to Section 6.01. <br /> "Repair and Replacement Account" means the account so designated in the Electric <br /> Fund. <br /> "Reserve Account"means the account so designated in the Electric Fund. <br /> "Reserve Requirement"means, as of the date of issuance of a series of Bonds, an amount <br /> equal to the least of(i) 10% of the original principal amount of the Bonds and the Prior Bonds <br /> Outstanding, or (ii) the maximum amount of principal and interest payable during the then <br /> current Fiscal Year or any future Fiscal Year on all Bonds and Prior Bonds Outstanding as of the <br /> date of issuance of a series of such Bonds, or (iii) 125% of the average annual principal and <br /> interest payable on all Bonds and Prior Bonds as of the date of issuance of a series of such <br /> Bonds. <br /> "Resolution" means this Resolution, including any amendment hereof or supplement <br /> hereto adopted in accordance with Section 15. <br /> "Series 2014A Bonds"means the Bonds created by Section 5. <br /> "State"means the State of Minnesota. <br /> Section 2. Recitals. <br /> 2.01. Electric System. The City owns and, for financing purposes, operates a municipal <br /> Electric System, hereinafter referred to as the"Electric System." <br /> 2.02. Municipal Utilities Commission. The City has established the Commission and <br /> placed the Electric System under the jurisdiction of the Commission pursuant to the Act. The <br /> City has granted to the Commission a non-exclusive franchise to transmit, furnish, deliver or <br /> receive electrical energy within the utility service area. The Commission operates the Electric <br /> System as a public, revenue-producing convenience, providing service to the City and its <br /> inhabitants and residents and other customers in the area surrounding the City, as authorized by <br /> the Act. <br /> 2.03. Parity of Lien Test. All of the payments required to be made into the various <br /> funds and accounts provided for in the Prior Resolution authorizing the issuance of the Prior <br /> Bonds and in the Refunded Bonds in the Refunded Resolution have been made and there is <br /> sufficient money in the Debt Service Account of the Electric Fund to pay all principal and <br /> interest on all obligations payable from the Net Revenues coming due during the 12-month <br /> period next succeeding the issuance of the Series 2014A Bonds. <br /> 4 <br /> 438081v3 JSB EL185-25 <br />