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RESOLUTION - <br /> <br />A RESOLUTION OF THE CITY OF ELK RIVER <br /> <br />RESOLUTION APPROVING THE EXERCISE OF POWERS UNDER <br />MINNESOTA STATUTES, CHAPTER 453, RESPECTING A CERTAIN <br />ELECTRIC POWER GENERATION PROJECT <br /> <br />Be It Resolved as Follows: <br /> <br />1. I~ecitals. <br /> <br /> (a) The City of Elk River, Minnesota, in cooperation and conjunction with the <br />Elk River Municipal Utilities Commission (collectively, the "City") proposes to enter into <br />contract(s) with Sherburne County, Minnesota (the "County") and Waste Management, <br />Inc., its successor, assigns and/or other persons (collectively "WM") to facilitate the <br />completion of a certain electric power generation project (the "Project"). <br /> <br /> (b) The Project would consist of the construction and completion of a 2.4 <br />kilowatt hour landfill gas-to-energy electric generator located in the City at the Elk River <br />Landfill. The cost of the Project is currently estimated to be $2,350,000.00. <br /> <br /> (c) The Project will be a base load generator owned by the City. <br /> (d) It is proposed that WM, in conjunction with the City, would plan, complete <br />and operate the Project. The Project is expected to be operational on a full-time basis <br />to provide electric energy to the customers of the City. The City expects to benefit <br />from the Project by enhancing its capacity against the growing electricity needs of the <br />City and against uncertainty of national electric capacity as a whole. <br /> (e) It is proposed that the County loan the sum of approximately <br />$2,350,000.00 from its Solid Waste Surcharge fund to the City for the purchase of the <br />generators and related equipment, with zero interest over a twenty-year repayment <br />period anticipating one-third of the loan forgivable upon twenty years of successful <br />operation. <br /> <br /> (f) The City, the County and WM would enter into agreements (collectively, <br /> the "Agreements") specifying the respective rights and obligation of the City, the <br /> County and WM. <br /> <br /> (g) The City would issue a note(s) to finance the Project. These Notes would <br /> be payable from revenues derived from the operation of the Project and would be <br /> secured by a mortgage or other suitable security interest in the Project. The Note(s) <br /> <br />F ~O~OATA~F-JU~J'll~5'tm~/~ <br /> <br /> <br />