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for the field services building. Mr. Westgaard added that the recommendation the <br />Committee had for the Commission was to keep the balances at the levels and accounts <br />they are currently at given the upcoming capital projects. <br />Chair Dietz asked when payments for AMI would need to be made. <br />Mr. Tietz explained the project would be paid for in steps beginning in 2023 with the <br />initial deployment stage. <br />Chair Dietz suggested that if interest rates for bonds remain high the utilities could use <br />funds from an internal source and then bond to replace those funds when rates go down. <br />Ms. Slominski said she would confirm with ERMU's financial advisors and bond councils <br />whether ERMU would be able to do that. <br />Mr. Westgaard went on to inform the Commission that with regards to cash liquidity and <br />investments the advisor believes ERMU's positions are good with 20% of the portfolio <br />coming due in 2023 and 14% in 2024. <br />Chair Dietz wanted to know how many bonds ERMU had. <br />Staff responded there are two bonds, one related to joining Minnesota Municipal Power <br />Agency and one for the field services building. <br />Chair Dietz asked if there was a maximum amount of time that ERMU could hold <br />investments. <br />Staff explained that investments are built in a ladder structure. <br />5.8 Customer Satisfaction Survey <br />Mr. Mauren provided background on the Customer Satisfaction Survey initiative and <br />presented his memo on the results from the distribution that occurred in quarter 3 of <br />2022. <br />In addition to locating the areas contacted and the response rate, he shared that ERMU's <br />scores had improved in almost every category including the Net Promoter Score which <br />moved into the excellent range. <br />Mr. Mauren went on to explain that staff was planning to increase outreach over the next <br />two years to reach all customers prior to the implementation of AMI. <br />Commissioner Stewart had a question about the response rate based on demographics. <br />Staff responded. <br />Elk River Municipal Utilities Commission Meeting Minutes <br />November 8, 2022 <br />Page 7 <br />34 <br />