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��i <br />Elk River , <br />Municipal Utilities UTILITIES COMMISSION MEETING <br />TO: <br />FROM: <br />ERMU Commission <br />Melissa Karpinski — Finance Manager <br />MEETING DATE: <br />AGENDA ITEM NUMBER: <br />June 4, 2024 <br />6.1c <br />SUBJECT: <br />Staff Update <br />ACTION REQUESTED: <br />None <br />DISCUSSION: <br />• The 2023 Utilities Performance Metric Incentive Compensation was processed and <br />distributed to employees on May 17. <br />• 2023 Minnesota Electric Utility Annual Report for the Minnesota Department of <br />Commerce has been filed. <br />• Follow-up from April commission meeting: <br />o Interest rates on our outstanding bonds have a variable interest rate over their <br />lifetime. Remaining rates are as follows: <br />■ 2016A Bonds 2%-3% <br />■ 2018A Bonds 3.5%-5% <br />■ 2021B Bonds 2%-5% <br />■ 2021C Bonds 2%-4% <br />o The bond pre -payment provisions areas follows: <br />■ 2016A Bonds on or after February 1, 2025 <br />■ 2018A Bonds on or after February 1, 2028 <br />■ 2021B Bonds on or after August 1, 2031 <br />■ 2021C Bonds on or after August 1, 2030 <br />Page 1 of 1 <br />125 <br />