12-28-1976 HUCM33
Special Meeting
December 28, 1976
All Commissioners were present, also Mgr. Alexander and Ruth
Hakel.
The meeting was called to order at 10:00 a.m. by President
Quade.
Mgr. Alexander reported on the estimated expenses for January,
February, and March of 1977, citing the need for more income.
Howard Madsen and Dennis Potter of the Madsen Agency appeared
to discuss Insurance Coverage especially Umbrella and Public
Official Coverage.
The motion was made by Commissioner Filk, seconded by
Commissioner Tracy and carried to procure Public Official
and Employees Liability Insurance in the amount of $1,000,000.00.
Ivan Larson and "Butch" Wentworth appeared on Mgr. Alexander's
request to discuss our present "Demand Rate "; how it is applied
and if changes in the application should be made.
President Quade instructed Mgr. Alexander to start a rate
study in anticipation of considering a rate change.
On a motion by Commissioner Tracy, seconded by Commissioner
Filk and carried that Pittsburgh -Des Moines Company be paid
$5,815.00 for Estimate #5.
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RESOLUTION
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WHEREAS, the Hutchinson Utilities Commission of the City
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of Hutchinson finds and deems it necessary and proper for
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the operation of the Light and Power System and the Gas
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System to borrow, on an unsecured basis, money to carry
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on said operation and
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WHEREAS, the Citizens Bank and Trust Company, Hutchinson,
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Minnesota, has offered to loan the Hutchinson Utilities
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Commission of the City of Hutchinson money, on an unsecured
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basis, to carry on said operation,
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NOW THEREFORE, BE IT RESOLVED, that the Hutchinson Utilities
Commission of the City of Hutchinson, borrow on an unsecured
basis from the Citizens Bank and Trust Company, Hutchinson,
Minnesota, the sum of $300,000.00 due with-interest payable
at maturity at the rate of 6 1/4/ per annum and hereby
authorize and empower the President and Secretary to execute
the necessary documents, and on Promissory Note or notes to
said bank to evidence said loan or loans to accomplish the
purpose of this resolution.
After discussion regarding financial matters, a motion was
made by Commissioner Filk, seconded by Commissioner Tracy
and carried to borrow $300,000.00 from the Citizens Bank
as per Resolution.
There being no further business, the meeting adjourned at
12:45 p.m.
A
Clinton Tracy, Secretary
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