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AGREEMENT RELATING TO PAYING AGENCY, <br />REGISTRAR, AND TRANSFER AGENCY <br />THIS AGREEMENT, entered into on August 15, 2024, by and between the Elk River Municipal <br />Utilities, Minnesota (the "Issuer") and BOND TRUST SERVICES CORPORATION, a wholly owned <br />subsidiary of Ehlers & Associates, Inc. (the "Agent"), a corporation duly organized and existing as a limited <br />purpose trust company under the laws of the State of Minnesota, Section 48A.03. <br />WHEREAS, the Issuer has by Resolution (the 'Bond Resolution"), authorized the issuance of the <br />following (the "Bonds"); <br />• $9,755,000 Electric Revenue Bonds, Series 2016A <br />• $10,000,000 Electric Revenue Bonds, Series 2018A <br />• $11,810,000 Electric Revenue Bonds, Series 2021B <br />• $1,615,000 General Obligation Water Utility Revenue Bonds, Series 2021C <br />WHEREAS, the Issuer has designated the Agent as the paying agent, registrar and transfer agent for <br />the Bonds; <br />WHEREAS, the Agent has agreed to serve in such capacities for and on behalf of the Issuer and has <br />full power and authority to perform and serve in such capacities for the Bonds; <br />NOW THEREFORE, the Issuer and the Agent, each in consideration of the representations, <br />covenants and agreements of the other as set forth herein, mutually represent, covenant and agree as follows: <br />Section 1. Agent's Duties. <br />1.1 Registrar. The Agent shall keep at its principal corporate trust office in Roseville, Minnesota a Bond <br />Register in which the Agent, in its capacity as registrar, shall provide for the registration of <br />ownership of the bonds and the registration of transfers and exchanges of the Bonds entitled to <br />be registered, transferred or exchanged pursuant to the terms of the Bonds Resolution and the <br />Bonds. <br />1.2. Transfer of Bonds. Upon surrender to the Agent for transfer of any Bond duly endorsed by the <br />registered owner thereof or accompanied by a written instrument of transfer, in form satisfactory <br />to the Agent duly executed by the registered owner thereof or by an attorney duly authorized by <br />