June 2007 Board Minutes
YAMPA VALLEY ELECTRIC ASSOCIATION, INC.
REGULAR MEETING OF THE BOARD OF DIRECTORS
The regular meeting of the Board of Directors of Yampa Valley Electric Association, Inc. was held June 16, 2007, immediately following and at the same place as the Annual Meeting of Members.
The Chairman reconvened the meeting of May 18, declared all business was concluded and upon motion being duly made and seconded, the May 18, 2007 meeting was adjourned.
The Chairman called the June 16, 2007 meeting to order.
Upon calling the roll, it was reported that the following directors were present: Dean Brosious, Peggy Espy, Bill Haight, Sam Haslem, Pat McClelland, Scott McGill, Chuck Perry, Jim Simos and Pud Stetson, being all the directors.
The Board considered approval of the minutes of the previous meeting. Upon motion being duly made and seconded, the following resolution was unanimously adopted:
RESOLVED that the minutes of the previous meeting are approved.
The matter of election of officers for the ensuing year was brought up for consideration. Motion was made to re-elect the current slate of officers. Upon the motion being duly seconded, the following resolution was unanimously adopted:
RESOLVED that the following be named the officers of Yampa Valley Electric Association, Inc.: Pud Stetson, Chairman of the Board, Jim Simos, Vice Chairman of the Board, Larry Covillo, President, Catherine Uttech, Secretary and Robert Miller, Treasurer and Assistant Secretary.
Mr. Covillo presented a brief review of the financial report for the month of May. Upon motion being duly made and seconded, the following resolution was unanimously adopted:
RESOLVED that the financial and statistical reports be and are hereby accepted.
Mr. Covillo presented directors with copies of Board Policy 2-1 as revised at the previous month’s meeting. Directors reviewed the changes and upon motion being duly made and seconded, the following resolution was unanimously adopted:
RESOLVED that Board Policy 2-1 be and is hereby approved.
Mr. Covillo discussed power supply issues. He said he has been dealing with banks regarding finance options for participation in a power plant project. Mr. Covillo reported verbal commitment from CFC and receipt of a letter from CoBank for finance. He said he had discussion with Citigroup on their possible finance. Mr. Covillo reviewed his discussions and the preliminary options presented by the bankers. He discussed the status of negotiations with Two Elk Generation Partners. He reviewed the need to hire an engineering firm and expressed his interest in C.H. Guernsey. Mr. Covillo stated that Bob O’Neill would be retained to prepare preliminary partnership agreements and explained his experience in such negotiation and legal work. Mr. Covillo said a Letter of Intent will be required to further the negotiations. Directors discussed and reviewed the items reported by Mr. Covillo. Mr. Stetson asked about price statistics reported in the CFC Solutions News Bulletin regarding generation cost per kWh. Mr. Covillo responded to the article.
The Chairman called for any unfinished business, but there was none.
The Chairman called for new business. Directors reviewed a letter received from Joyce Olinger, past member of the Association, regarding the capital credit retirement policy. Mr. Covillo reviewed the bylaws pertinent to Mrs. Olinger’s request. Directors discussed the matter and directed Mr. Covillo to respond to Mrs. Olinger, to convey the Association bylaw requirements regarding her inquiry and to inform her that the directors could not approve her request.
There was no other new business.
There being no further business, the meeting was recessed until such time as may be necessary to reconvene.
Secretary
APPROVED:
Chairman of the Board
