Laserfiche WebLink
RESOLUTION 11- 45 <br />ARESOLUTION OF THE CITY OF ELK RIVER <br />A RESOLUTION AUTHORIZING AN AGREEMENT TO TRANSFER ELECTION <br />SHARE IN THE BROOKING-TWIN CITIES TRANSMISSION PROJECT FROM THE <br />CITY OF DELANO <br />BE IT RESOLVED by the City Council of the City of Elk River, Minnesota (hereinafter <br />referred to as "City"), as follows: <br />Section 1: It was previously determined that it was in the best interest of Elk River <br />Municipal Utilities and the City to participate in the Brookings-Twin Cities Transmission Project <br />and the City previously approved participation in the Brookings-Twin Cities Transmission <br />Project through the Central Minnesota Municipal Power Agency with a participation amount not <br />to exceed $7,140,953 without further action of the City. <br />Section 2: An opportunity has arisen to acquire an additional participation interest <br />• <br />(election share) in the Brookings-Twin Cities Transmission Project from the City of Delano, <br />which has decided not to participate in the Brookings-Twin Cities Transmission Project. <br />Pursuant to the terms of an Agreement to Transfer Election Share, the parties to said Agreement, <br />being the City of Delano, the Central Minnesota Municipal Power Agency and five (5) other <br />cities already participating in the Brookings-Twin Cities Transmission Project, Delano will <br />assign its participation interest (election share) to six (6) cities, including the City of Elk River, <br />who are already participating in the Project. <br />Section 3: The additional cost to acquire a portion of the City of Delano's election share, <br />when aggregated with the amount already approved by the City for participation in the <br />Brookings-Twin Cities Project, does not exceed the total amount authorized in the previous <br />resolution. <br />