HomeMy WebLinkAboutLight Comm Minutes 2/7/1994R�! T IVE_ D
Board of Light Commissioners
rr1�;�
Minutes of Meeting 94 APR, 46
February 7, 1994
IELD
FiT,��, t, )TS I
PRESENT: Chairman Robinson, Commissioners Royle, and Ronald
*Commissioners Pasquale and Penney arrived at 7:08
Meeting called to order at 7:04pm
MOTION: To approve minutes of January 3, 1994
Royle /Ronald
MMWEC Presentation
Vote 3 - 0
The Manager presented the Board with a report from MMWEC.
Moodys' raised our bond rating from BAA to A based on this
report. The Manager advised the Board that there was some
interesting information contained in the report.
Bond Refinancing
The Manager advised the Board that due to bond refinancing the
electric department will see a yearly savings of $131,618 in the
year 1995 and a 2.9 million dollar savings of the life of the
bonds.
EMEC; Bankruptcy
The Manager advised the Board that the Electric Department will
receive $1,267,759 by June 20, 1994.
Power Supply
The Manager advised the Board that we are all set for 10 years.
However, we will need to increase the substation capacity within
the next two to four years at a cost of two to three million
dollars. We can use the excess cash we have or we could go out
for a bond. A lengthy discussion followed.
Data Vault
Commissioner Pasquale advised the Business Manager that she
should look for off -site storage for our computer records /tapes
and fiche in order to ensure that our files are not destroyed
again in a fire.
Department of Revenue
The Department of Revenue has assessed the Electric Department a
charge of $42,645.63, including interest and penalties for sales
tax on gross billings. The Manager advised the Board that MEAM
has agreed to help pay the legal fees which will be around
$10,000 to $20,000 in order to appeal this decision. The Board
agreed that it was a good idea to appeal this.
Commissioner Ronald suggested that the Manager might want to leak
this information to the press so that our industrial customers
are aware that the State is trying to tax them even more money.
*NOTE: At this time, (8:OOpm) commissioner Royle left the
meeting.
Cost of Service Studv
The Manager advised the Board that it may be time to have a cost
of Service study done. The last study was done in 1983. The
cost of this study would be approximately $30,000 - $40,000
dollars. The Manager also suggested that he have Mayhew Seavey
complete a forward looking economic forecast.
MOTION: To authorize the Manager to have a cost of Service
Study performed in 1994.
Penney /Pasquale
Cable Advertising
Commissioner Ronald suggested
Eileen in order to advertise
department information, such
programs, etc.
Capital Projects
Vote 4 - 0
that the Business Manager work with
on cable some pertinent electric
as, conservation program, budget
The Board instructed the Manager to identify a list of priorities
of capital projects, with dollar amounts and submit this list to
the Board at its next scheduled meeting. Also, the Board would
like to see suggested investment opportunities.
MOTION: To adjourn the meeting at 8:35 pm
Ronald /Penney Vote 4 - 0
CLERK'S SIGNATURE & DATE