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2.6 ERMUSR 06-12-2012
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2.6 ERMUSR 06-12-2012
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8/15/2013 11:52:15 AM
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City Government
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ERMUAG
date
6/12/2012
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Elk River <br /> Municipal Utilities <br /> 13069 Orono Parkway <br /> P.O.Box 430 <br /> Elk River,MN 55330 <br /> (763)441-2020 <br /> UTILITIES COMMISSION MEETING <br /> TO: FROM: <br /> Elk River Municipal Utilities Commission Troy Adams, P.E. —General Manager <br /> John Dietz—Chair <br /> Daryl Thompson—Vice Chair <br /> Al Nadeau—Trustee <br /> MEETING DATE: AGENDA ITEM NUMBER: <br /> June 12, 2012 2.6 <br /> SUBJECT: <br /> Central Minnesota Municipal Power Agency CAPX2020 Project Revenue Bonds Disclosure <br /> Acknowledgement Letter and Exhibit E to Bond Purchase Agreement <br /> BACKGROUND: <br /> In May 2006,the Utilities Commission authorized joining MMTG to explore the potential to obtain <br /> ownership in the transmission system. In February 2007,ERMU entered into an agreement to participate <br /> through Central Minnesota Municipal Power Agency (CMMPA) in the CAPX2020 Brooking-Twin Cities <br /> Transmission Project. This represents ERMU's direction to own instead of rent. This investment <br /> provides revenue to mitigate transmission costs and help to lower ERMU electric rates. <br /> In March 2011,the Utilities Commission and the City Council executed resolutions approving ERMU to <br /> increase their investment in the project with a maximum direct cost of$6,265,278 and a resulting <br /> $7,140,953 in maximum total debt supported. <br /> DISCUSSION: <br /> The initial bonding is being issued. With the bonding there is a requirement to provide information on an <br /> ongoing basis. A Disclosure Acknowledgement Letter has been executed by authorized utilities staff. <br /> Referenced in this letter is Appendix A, the Official Statement for the CMMPA Brookings—Southeast <br /> Twin Cities Transmission Project Revenue Bonds, Series 2012. This document is available for review <br /> upon request. Also executed was an Exhibit E to Bond Purchase Agreement. <br /> v, POWERED BY <br /> INATURE <br /> Reliable Public P O W E R E D To S E R V E <br /> Power Provider <br />
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