03-12-1957 HUCM(78) : 81
SPECIAL MEETING
MARCH 12, 1957
A special meeting of Hutchinson Utilities Commission was held on the
aforementioned date with all members present, together with Joe Casey,
representing Carleton D. Beh Company, an investment and securities firm,
Des Moines, Iowa.
Said meeting was called for the purpose of considering financing the
purchase of a new generating unit and swithboard changes. Mr. Casey. o Z � m
presented a Resolution: Co 3-a rn Co CD
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Resolution Employing the Carleton D. Beh Co., Investment 0 m o
Securities Firm, Des Moines Building, Des Moines, Iowa, 3(a o a
to act as Fiscal Agents for the -Hutchinson Utilities Com- c m c �
mission, Hutchinson, Minnesota, for the Purpose of Issuing -" o —
$400y000 Pledge Order Certificates for Finance Emergency O E7 :
Extensions and Improvements to the Municipal ElectricPlant,cm o
Hutchinson, Minnesota, and to authorize the Sale of Said o vi c)
Pledge Order Certificates to said Firm. o
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WHEREAS, it has become manifestly evident to the Hutchinson Utilities �-a°
Commission, that it is necessary and expedient for *aid Commission to (03", m
enter into a contract or contracts for the purchase of an additional M °-
generating unti and auxiliaries to increse the firm generating capacity)
of the Municipal Electric Plant to meet-the demands of drastically in- cD
creased firm light and power requiements of the City of Hutchinson, 6 o
Minnesota, and, rn
WHEREAS, the current financial status of funds on hand and available
to the Commission for said purchase of electric plant extensions and
improvements makes it mandatory to anticipate future plant eardings
and borrow approximately $400,000 at this time and to issue and sell
pledge Order Certificates secured by the future net operating revenues
of said plant; and
WHEREAS, the President and Hutchinson Utilities Commission have met in
special emergency session on several occasions to consider this problem
of financing, and have surveyed the municipal revenue financing market,
checked with local bank officials and other authorized sources to deter-
mine the fair market price for current borrowings of this type, and
WHEREAS, Mr. Joseph E. Casey, Vice President of the Carleton D. Beh
Co., Investment'Securities, Des Moines Building, Des Moines, Iowa, was
invited to attend a special meeting called by the Presid ent of the
Commission at 2:30 o'clock p.m. on the 12th day of March, 1957, at the
regular meeting place of Commission, t6o consult with the Commission
on the best ways and means available to the Commission to finance
the required $400,00 needed to pay suppliers of equipment, supplies
and services because of the satisfactory relations between said commis-
sion and said firm concerning previous electric plant and utilities
financing problems; and
WHEREAS, the financing requirements were discussed at length at said
time and place with all members of the Hutcltnson Utilities Commission
present, and the attorney for the Commission was also present, and after outsi
checking on current market conditions, the Commission reached its deci- de
sion on the method to proceed.
(79) 83
NOW THEREFOREBE IT RESOLVED BY THE HUTCHINSON UTLLITIES COMMISSION
OF THE CITY OF HUTCHINSON, MINNESOTA, that the firm of Carleton D. Beh
Company, Des Moines, Iowa, be and they are hereby employed as fiscal
agents for and on behalf of the City of Hutchinson, Minnesota, to make
and conduct all necessary studies and efforts, and to do all things
necessary to prepare for the necessary issue and sale of Pledge Order
Certificate s at the earliest possible date, that the details of fiscal
agency service and terms cf employment and terms of purchase and sale of
said Pledge Order Certificates be and hereby are more specifically set
out in written agreements marked "Agreement No. 1" and "Agreement No.
2" of identical date.
BE IT FURTHER RESOLVED that Dr. R. I. Sheppard, President, and R.W.
Dahl, Secretary, be and are hereby authorized and directed to enter into
formal contracts with the Carleton D. Beh Company and sign same "Agree -
ment No. 1" and "Agreement No. 2" as approved by the Commission.
Commissioner Dahl introduced said Resolution and moved its adoption,
which said motion was seconded by Dr. A. J. Thompson and upon roll
call all members of the Commission voted in favor of said Resolution.
There being no further business, the
ATTEST:
Sheppard, President
1
meeting adjourned.
a , Secretary