02-08-1977 HUCMNle3
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Special Meeting
February 8, 1977
All Commissioners were present, also Mgr. Alexander and Ruth
Hakel.
The meeting was called to order at 10:30 a.m. by President
Quade.
President Quade informed the Commission of the necessity to
borrow money mainly to pay General Electric for repairs on
the gas turbine. The amount needed is $350,000.00. After
discussion regarding the loan., a motion was made by
Commissioner Filk, seconded by Commissioner Tracy and carried
to borrow $350,000.00 from Citizens Bank & Trust Company as
per resolution.
RESOLUTION
WHEREAS, the Hutchinson Utilities Commission of the City
of Hutchinson finds and deems it necessary and proper for
the operation of the Light and Power System and the Gas
System to borrow, on an unsecured basis, money to carry
on said operation and
WHEREAS, the Citizens Bank and Trust Company, Hutchinson,
Minnesota, has offered to loan the Hutchinson Utilities
Commission of the City of Hutchinson money, on an unsecured
basis, to carry on said operation,
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 $350,000.00 with interest payable
quarterly 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 $350,000.00 from the Citizens Bank
as per Resolution.
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Mgr. Alexander discussed a future meeting that he and
Commissioner Filk will attend with representatives of
the Worthington Corporation in conjunction with the
pending lawsuit.
There being no further business, the meeting was adjourned
at 11:10 a.m.
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A
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Clinton Tracy, Secretary
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