ERMU RES 24-7ELK RIVER MUNICIPAL UTILTIES, MINNESOTA
RESOLUTION NO.24-7 APPOINTING BOND TRUST SERVICES
CORPORATION AS FISCAL AGENT IN CONNECTION WITH
CERTAIN OUTSTANDING OBLIGATIONS
WHEREAS, the ELK RIVER MUNCIPAL UTILTIES (the "ERMU") has outstanding
certain debt obligations described below (collectively, the "Obligations");
I. $9,755,000 Electric Revenue Bonds, Series 2016A
II. $10,000,000 Electric Revenue Bonds, Series 2018A
III. $11,810,000 Electric Revenue Bonds, Series 2021B
IV. $1,615,000 General Obligation Water Utility Revenue Bonds, Series 2021C
WHEREAS, the Obligations were issued in book -entry -only form registered in the name of
CEDE & CO. as nominee of The Depository Trust Company, New York, New York ("DTC"), and
DTC acts as securities depository for the Obligations;
WHEREAS, the ERMU Council deems it to be necessary, desirable and in the best interest
of the ERMU to appoint a new bank or trust company to serve as fiscal agent and to perform the
duties of registrar, paying agent, transfer agent, authenticating agent and fiscal agent (the "Fiscal
Agent") for such Obligations; and
WHEREAS, U.S. Bank Trust Company, a national banking association, is currently acting as
Fiscal Agent for the Obligations and deems it to be necessary, desirable and in the best interest of
the ERMU to appoint Bond Trust Services Corporation as successor Fiscal Agent for the
Obligations.
NOW, THEREFORE, the Council of the ERMU, does resolve that:
Section 1. Appointment of Fiscal Agent. The principal of and interest on the Obligations
shall be paid by Bond Trust Services Corporation, Roseville, Minnesota, which is hereby appointed
as the ERMU's Fiscal Agent ("BTSC"), pursuant to the provisions of Section Sec. 475.553,
Minnesota Statues, to be effective immediately upon adoption and approval as of the date of this
resolution and upon compliance with all requirements to appoint a successor Fiscal Agent under the
documents relating to the Obligations.
Section 2. Fiscal Agency Agreement. The Fiscal Agency Agreement between the ERMU and
BTSC shall be substantially in the forms attached hereto as Exhibit A and is hereby approved, and
the ERMU shall pay such fees and expenses of BTSC set forth in the Fiscal Agency Agreement. The
ERMU commission chair and general manager are hereby authorized to execute the Fiscal Agency
Agreement.
Section 3. Notice of Appointment of Fiscal Agent. The officers of the ERMU are authorized
and directed to work with the ERMU's financial advisor and dissemination agent, Ehlers &
Associates, Inc., to provide notice of the appointment of the BTSC to DTC and to issue a material
event notice regarding the appointment of the BTSC in accordance with the terms of the ERMU
continuing disclosure obligations with respect to the Obligations under Rule 15c2-12 of the
Securities and Exchange Commission.
Adopted and recorded this 13`' Day of August 2024
Attest:
jwu�yt WDi't7. . w
Mark Hanson, General Manager
[SEAL]
a
' ••.� Anthony Caryl Mauren
Notary Public
Minnesota
i y ComnUm liglms January 31, 2027