Title
Resolution - Approval of Authorization for Settlement of Litigation Matter(s)
Other Info
Submitted By: Don Ballard
Department: General Counsel
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session.
Discussion
In December 2011, Pedernales Electric Cooperative, Inc. (the “Cooperative”) was sued by Buffalo Draw Partners LLC in Edwards County District Court. The Cooperative may consider settlement of these litigation matters on the terms discussed this day in Executive Session and permit the Chief Executive Officer or designees to negotiate any other terms as may be necessary.
Body
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Cooperative is authorized to settle certain litigation in Edwards County District Court that involves the Cooperative on the terms discussed this day in Executive Session, and
BE IT FURTHER RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE that the Chief Executive Officer, or designees, are authorized to negotiate any other terms as necessary for disposition of the litigation and execute, acknowledge and deliver any such documents, and otherwise take any actions as needed to implement this resolution.