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ARTICLE V. BOARDS AND COMMISSIONS DIVISION 5. PUBLIC UTILITIES COMMISSION' Sec. 2-271. Established. There is hereby continued as heretofore established in the city a public utilities commission. The public utilities commission shall be governed independently by the officers and members of the Public Utilities Commission in accordance with section G.1a Bylaws of the Elk River Municipal Utilities Commission Policy. The city hereby accepts the provisions of Minn. Stats. §§ 412.331-412.391. Sec. 2-272. Membership. Membership of the Public Utilities Commission shall be in accordance with section G.1a Bylaws of the Elk River Municipal Utilities Commission Policy. In addition, the city hereby accepts Laws of Minnesota 2016, Chapter 97 - H.F. No. 2718, signed by the Governor of Minnesota on May 12, 2016, which states: "Notwithstanding Minnesota Statutes, sections 412.331 and 412.341, subdivision 1, the city of Elk River may increase the membership of the city's public utilities commission to five members. Upon increasing the number of members to five members, no more than two members may also serve as city council members. Terms for the additional membership shall be staggered and set in accordance with the bylaws governing the public utilities commission. Sec. 2-273. Purpose. The Elk River Municipal Utilities Commission is established to operate and maintain those utilities under its jurisdiction as stated in section G.1a Bylaws in the Elk River Municipal Utilities Commission Policy. Sec. 2-274. Powers, Duties, and Jurisdiction. The utilities commission shall have and exercise the powers and duties conferred upon such commissions by Minn. Stats. §§ 412.331-412.391 and by ordinances, rules, and regulations of the city. The commission shall also exercise the duties conferred upon it by this Code and by the Elk River Municipal Utilities Commission Policy Manual. The following public utilities shall be within the jurisdiction of the public utilities commission: (1) The city water system. (2) The city light and power system. Sec. 2-275. Meetings. The public utilities commission shall meet regularly each month. Sec. 2-276. Reports. The accounting officer of the public utilities commission shall make such monthly or annual statements of operation as the commission may require. An annual financial report shall be made, and a copy filed with the city