Title
Resolution - Approval of Authorization for Settlement of Litigation
Other Info
Submitted By: Don Ballard
Department: General Counsel
Financial Impact and Cost/Benefit Considerations: As discussed in Executive Session.
Discussion
In September 2016, Pedernales Electric Cooperative, Inc. (the “Cooperative”) initiated suit against Central Moloney and KBS Electrical Distributors. The Cooperative wishes to settle such litigation on the terms discussed this day in Executive Session and permit the Chief Executive Officer or her designee 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 PEC, Inc. v. Central Maloney, Inc. and KBS Electrical Distributors, Inc. 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 designee, is authorized to negotiate any other terms necessary for disposition of the litigation and execute, acknowledge and deliver any such documents, and otherwise take all such actions as needed to implement this resolution.