Special Meeting: May 2020
CORDOVA ELECTRIC COOPERATIVE, INC.
SPECIAL BOARD METING
May 18, 2020
The Special Meeting of the Board of Directors of Cordova Electric Cooperative, Inc. was called to order at noon by Chairman Pegau. Due to the COVID-19 pandemic Directors and staff have the option of participating via gotomeeting. Director Phillips was present. Director’s Pegau, Cook, Cooper, Campbell and Ranney participated via gotomeeting. CEO Koplin, Manager of Administration and Finance Merritt, and Project and Technology Manager Kuntz participated via gotomeeting. Executive Assistant/HR Bailer (Recorder) was present.
APPROVAL OF AGENDA
Cook moved and Phillips seconded to approve the Agenda as presented. Roll call vote: Unanimous. Motion carried.
CEO REPORT – Koplin mentioned he is working on options for the solar grant with the Eyak Corporation which he’ll highlight at the regular May meeting.
Koplin said the National Renewal Energy Lab has approached CEC and some Prince William Sound partners are working on an interesting tidal energy project called the Orca project and will present the Board with an overview at the regular May meeting
Resolution 20-01 – Electric Vehicle Grant – Phillips moved and Cook seconded to approve Resolution 20-02, a Resolution of approval to apply for a Paycheck Protection Program loan.
A RESOLUTION OF APPROVAL TO APPLY FOR A
PAYCHECK PROTECTION PROGRAM LOAN
WHEREAS, the State of Alaska, the community of Cordova and Cordova Electric Cooperative, Inc. (“CEC”), face substantial economic uncertainty because of the impacts of the State of Alaska’s budget crisis, record-low oil prices, the COVID-19 pandemic and public health measures to fight the COVID-19 pandemic; and
WHEREAS, in the face of that uncertainty it is in the best interests of CEC to recognize the necessity of applying for a Paycheck Protection Program (“PPE”) loan;
NOW THEREFORE BE IT RESOLVED, that the Board of Directors hereby authorizes and directs the Chief Executive Officer to apply for a Paycheck Protection Program (“PPE”) loan in the maximum amount for which CEC may be eligible; and
BE IT FURTHER RESOLVED, the Chief Executive Officer may execute and deliver any necessary documents to obtain the loan, including but not limited to, a loan agreement and promissory note.
Discussion regarding liquidity and Merritt explained. Merritt said CEC will be using CoBank for the Small Business Administration loan as they are a lender. Ranney would like to revisit this is a couple months to learn how it is progressing. Merritt said she talked to CoBank, Moss Adams (CEC Auditor) and Kemppel Huffman & Ellis (CEC counsel) personnel and that they suggested CEC apply as soon as possible and that is the reason for today’s special meeting.
Roll call vote: 5 yea, 1 nay (Pegau) Motion carries.
Cook – Is glad he could join via gotomeeting.
Ranney – He will be looking at the accounting on this loan and looks forward to an update in a couple months.
No other Board comments.
Campbell moved and Ranney seconded to adjourn at 12:28 p.m.