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RESOLUTION 11-OS <br />A RESOLUTION OF THE ELK RIVER MUNICIPAL UTILITIES <br />A RESOLUTION AUTHORIZING AN AGREEMENT TO TRANSFER ELECTION <br />SHARE IN THE BROOKINGS-TWIN CITIES TRANSMISSION PROJECT FROM THE <br />CITY OF DELANO <br />BE IT RESOLVED by the Elk River Municipal Utilities Commission, hereinafter <br />"Commission", as the governing body of the Elk River Municipal Utilities, a Minnesota <br />municipal utility, of the City of Elk River, Minnesota (hereinafter referred to as "City"), as <br />follows: <br />Section 1: It was previously determined that it was in the best interest of the City to <br />participate in the Brookings-Twin Cities Transmission Project and the Commission previously <br />approved participation in the Brookings-Twin Cities Transmission Project through the Central <br />Minnesota Municipal Power Agency with a participation amount not to exceed $7,140,953 <br />without further action of the Commission. <br />Section 2: An opportunity has arisen to acquire an additional participation interest <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 aze already participating in the Project. <br />