3.0 ERMUSR 02-14-2006ELK RIVER MUNICIPAL UTILITIES
SPECIAL MEETING OF THE
UTILITIES COMIVIISSION
February 6, 2005
Members Present: Jerry Takle, President; John Dietz, Vice Chair
Staff Present: Bryan Adams, General Manager; Glenn Sundeen, Line Superintendent;
David Berg, Water Superintendent; Theresa Slominski, Office Manager
Others Present: Bruce DeJong, Ehlers & Associates; Sid Inman, Ehlers & Associates
Members Absent: James Tralle, Trustee
1. Call special meeting to order February 6, 2006
President Jerry Takle called the February 6, 2006 meeting to order at 12:00 p.m.
2. Bond sale bid presentation
Bruce DeJong distributed the Results of Bond Sale and reviewed the information. The
bid sale was very successful due to the recent rating of the Municipal Utilities as A2 and
therefore qualifying the sale for insurance. The interest rates came in .526% below the
projections and so there will be a savings of $105,191.05.
John Dietz moved to award the bid to Northland Securities, Inc. and adopt the Resolution
Providing For The Issuance And Sale of $3,595,000 Electric Revenue Bonds, Series 2006A
and Pledging Net Revenues For the Security Thereof. Jerry Takle seconded the motion.
Motion carried 2-0.
Jerry Takle moved to adjourn the meeting. John Dietz seconded the motion. Motion
carried 2-0.
3. Discussion of proposed new healthcare data center
Bryan Adams distributed information on the proposed new data center relating to the costs
and projected revenues. It was stated that we do not know what the load factor will be and it
appears that it will not be a huge money maker for the utilities. It would be a very good move
for the City. Bryan will discuss with Lori Johnson and the EDA about sharing the risk
associated with this venture should the company decide to leave within a few years.
President Jerry Takle adjourned the special meeting of the Elk River Municipal Utilities
Commission at 12:10 p.m.
Respectfully submitted, _ _
~ ~-G~-
Theresa $lominski
Finance Director