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IN WITNESS WHEREOF, the Issuer and the Agent have caused this agreement to be executed in <br />their respective names by their duly authorized representatives, in two counterparts, each of which shall be <br />deemed an original. <br />Elk River Municipal Utilities, Minnesota <br />13069 Orono Parkway NW <br />Elk River, MN 55330-0490 <br />IC <br />BOND TRUST SERVICES CORPORATION <br />3060 Centre Pointe Drive, Suite 110 <br />Roseville, MN 55113 <br />By: <br />Nha Nguyen <br />Paying Agent Administrator <br />Printed Name: John Dietz <br />Printed Title: Commission Chair <br />51 <br />