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EXTRACT OF MINUTES OF MEETING OF THE <br /> ELK RIVER MUNICIPAL UTILITIES COMMISSION <br /> HELD: May 10, 2016 <br /> Pursuant to due call and notice thereof, a regular meeting of the Elk River Municipal <br /> Utilities Commission, was duly held in the Utilities Conference Room, 13069 Orono Parkway in <br /> said City on the 10th day of May, 2016, at 3:30 P.M. for the purpose in part of authorizing the <br /> competitive negotiated sale of the $1,460,000 Electric Revenue Refunding Bonds, Series 2016B. <br /> The following members were present: dila OLek e,ay <br /> Ilk 1 I�i4lzc L, t( L'..,t,a.i1 <br /> DetIl ifiverfAvl,and the following were absent: -- <br /> Member ai 'aki;u, introduced the following resolution and moved its adoption: <br /> Pie n hAltorl Nn. iL- <br /> RESOLUTION PROVIDING FOR THE COMPETITIVE NEGOTIATED <br /> SALE OF $1,460,000 <br /> ELECTRIC REVENUE REFUNDING BONDS, SERIES 2016B <br /> A. WHEREAS, the Elk River Municipal Utilities Commission (the <br /> "Commission"), has heretofore determined that it is necessary and expedient that the City of <br /> Elk River, Minnesota (the "City") issue its $1,460,000 Electric Revenue Refunding Bonds, <br /> Series 2016B (the"Bonds")to refund the February 1, 2017 through February 1, 2022 maturities <br /> of the City's Electric Revenue Bonds, Series 2007A; and <br /> B. WHEREAS, the Commission has retained Springsted Incorporated, in Saint <br /> Paul, Minnesota ("Springsted"), as its independent financial advisor and is therefore authorized <br /> to sell these obligations by a competitive negotiated sale in accordance with Minnesota Statutes, <br /> Section 475.60, Subdivision 2(9); and <br /> NOW, THEREFORE, BE IT RESOLVED by the Elk River Municipal Utilities <br /> Commission, as follows: <br /> 1. Authorization; Findings. The Commission hereby authorizes Springsted to solicit <br /> bids for the competitive negotiated sale of the Bonds. <br /> 2. Meeting; Bid Opening. This Commission shall meet at the time and place <br /> specified in the Terms of Proposal attached hereto as Exhibit A for the purpose of considering <br /> sealed bids for, and awarding the sale of, the Bonds. The Finance and Office Manager or <br /> designee, shall open bids at the time and place specified in such Terms of Proposal. <br /> 3. Terms of Proposal. The terms and conditions of the Bonds and the negotiation <br /> thereof are fully set forth in the "Terms of Proposal" attached hereto as Exhibit A and hereby <br /> approved and made a part hereof. <br /> 478975v1 JSB EL185-42 <br />