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EXTRACT OF MINUTES OF MEETING OF THE <br /> ELK RIVER MUNICIPAL UTILITIES COMMISSION <br /> HELD: June 14, 2016 <br /> Pursuant to due call and notice thereof, a special 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 14th day of June, 2016, at 2:30 P.M., for the purpose, in part, awarding the sale <br /> of$9,755,000 Electric Revenue Bonds, Series 2016A. <br /> The following members were present: John Dietz,Al Nadeau and Daryl Thompson <br /> and the following were absent:None <br /> Member Nadeau introduced the following resolution and moved its adoption: <br /> RESOLUTION NO. 16-8 <br /> RESOLUTION AWARDING THE ISSUANCE AND SALE OF $9,755,000 ELECTRIC <br /> REVENUE BONDS, SERIES 2016A AND PLEDGING NET REVENUES FOR THE <br /> SECURITY THEREOF <br /> BE IT RESOLVED by the Elk River Municipal Utilities Commission (the <br /> "Commission"), as follows: <br /> Section 1. Definitions; Interpretation. For all purposes of this Resolution, except as <br /> otherwise expressly provided or unless the context otherwise requires, the terms defined in this <br /> section have the meanings assigned to them in this section. All terms defined in this section <br /> include the plural as well as the singular and the female as well as the male. Except as otherwise <br /> expressly provided herein, accounting terms not otherwise defined herein have the meanings <br /> assigned to them, and all computations herein provided for shall be made, in accordance with <br /> generally accepted accounting principles. <br /> "Accountant" means a Person engaged in the practice of accounting, retained by the <br /> Commission. <br /> "Act" means, collectively, Minnesota Statutes, Sections 412.321 through 412.391, and <br /> Chapters 453 and 475, including any amendment thereof. <br /> "Additional Bonds"means any Bonds issued pursuant to Section 10. <br /> "Audited Fiscal Year" means a Fiscal Year for which the financial statements of the <br /> Commission have been audited, as required by Section 12(g). <br /> 479938v3 JSB EL185-41 <br />