4.2. ERMUSR HANDOUT 07 12 2011 - Laserfiche WebLink

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CITY COUNCIL RESOLUTION NO. BE IT RESOLVED by the City Council of the City (hereinafter referred to as "City"), as follows: Section 1: It was previously determined that it was in the best interest of the City to participate in the Brookings-Twin Cities Transmission Project and the City previously approved participation in the Brookings-Twin Cities Transmission Project through the Central Minnesota Municipal Power Agency with a participation amount not to exceed $ without further action of the City. Section 2: An opportunity has arisen to acquire an additional participation interest (election share) in the Brookings-Twin Cities "Cransmission Project from the City of Delano, which has decided not to participate in the Brookings-Twin Cities Transmission Project. Pursuant to the terms of an Agreement to Transfer Election Share, the parties to said Agreement, being the City of Delano, the Central Minnesota Municipal Power Agency and five (5) other cities already participating in the Brookings-Twin Cities Transmission Project, Delano will assign its participation interest (election share) to six (6) cities, including who are already participating in the Project. Section 3: The additional cost to acquire a portion of the City of Delano's election share, when aggregated with the amount already approved by the City for participation in the Brookings-Twin Cities Project, does not exceed the total amount authorized in the previous resolution. Section 4: The City does hereby approve the Agreement to Transfer Election Share to be entered into with the Central Minnesota Municipal Power Agency, the City of Delano and five (5) other cities already participating in the Brookings-Twin Cities Transmission Project.