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Elk River <br />Municipal Utilities <br />TO: <br />ERMU Commission <br />MEETING DATE: <br />August 13, 2019 <br />SUBJECT: <br />Staff Update <br />ACTION REQUESTED: <br />None <br />UTILITIES COMMISSION MEETING <br />FROM: <br />Theresa Slominski — Finance & Office Manager <br />AGENDA ITEM NUMBER: <br />6.1b <br />DISCUSSION: <br />• Bi -annual bond payments due August 1 have been paid via wire transfers and totaled $585,296. <br />The bonds we have are: a water bond that will mature in 2022; one refunding of electric bonds <br />that will mature in 2022; the bonds from 2016 and 2018 for our Minnesota Municipal Power <br />Agency (MMPA) buy -in maturing in 2036 and 2048, respectively; and a share in the bond with <br />the City for our office buildings that will mature in 2023. <br />Last week Connexus sent out their first letter notifying customers that they will be transferring <br />to ERMU in September, and we sent our letter this week with a Frequently Asked Questions <br />sheet, some CIP materials, and LED coupons. <br />Assessment letters will start to go out in chunks as the August billings come due in the four <br />billing cycles. The first batch will start the third week of August and the last batch will be sent <br />the third week of September. These notices are for assessments of sewer, water, trash, and <br />applicable electric outstanding balances (there are only some electric instances that can be <br />assessed). Any of these noticed customers with remaining outstanding balances in October will <br />be assessed in November. <br />We are in the testing mode for our billing system in preparation for the new city sales tax to be <br />implemented in October. <br />Page 1 of 1 <br />113 <br />