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EXTRACT OF MINUTES OF MEETING OF THE <br />PUBLIC UTILITIES COMMISSION OF.THE <br />VILLAGE OF ELK RIVER, MINNESOTA <br />HELD: November 23, 1971 <br />Pursuant to due call and notice thereof, a Special <br />meeting of the Public Utilities Commission of the Village of <br />Elk River, Minnesota, was duly called and held at the office <br />of the Public Utilities Commission in'said Village on the <br />23rd day of November , 1971, at 7:30 o'clock p M. <br />The following members of the Commission were present: <br />Arthur Erickson Richard Burgoyne Werner Banke <br />.and the following were absent: <br />None <br />.The Commission proceeded to open and consider bids <br />for the sale of $1,015,000 Electric Revenue Bonds of 1971. The <br />following bids were received: <br />Term of Bid <br />Name of Bidder Interest Discount <br />Allison Williams <br />Syndicate <br />E.J.-Prescott Company <br />Syndicate <br />$143392.70 <br />$113115.00 <br />(SEE ATTACHED BID TABULATION) <br />Net <br />Interest Cost <br />4.889% <br />5.18015% <br />