VERMONT ELECTRIC COOPERATIVE, INC.

REGULAR MEETING OF THE BOARD OF DIRECTORS

NOVEMBER 24, 2009 CONTINUATION of the OCTOBER 27, 2009 MEETING

APPROVED MINUTES

As required under the VEC By-Laws, notice of this meeting was sent to each Director by deposit in U.S. mail on November 18, 2009.

CALL TO ORDER – RESUMPTION of OCTOBER 27, 2009 REGULAR MEETING OF THE BOARD OF DIRECTORS - AGENDA ITEM #1

President Thomas Bailey called The Continuation of October 27, 2009 meeting to order 12:13 p.m. in the Robert P. Northrop Boardroom at VEC offices in Johnson, Vermont. Present were Thomas Bailey and Directors Dorothy Allard, Dan Carswell, Michelle DaVia, Bertrand Lague, Howard Leighton, Priscilla Matten, Daniel Parsons, John Ward, John Westie, and Mark Woodward. John Miller and Steve Wolfgram were absent. Also present from VEC were CEO David Hallquist, CFO Mike Bursell, Manager of Government Relations Randy Pratt and Manager of Communications Kathryn Kantorski.

Operating Budget

CFO Bursell explained to the board that the operating budget had been changed with an increase of approximately $60k bringing the requested rate increase from 1.8% to 1.88%. He requested that the change be included in the Operating Budget and approved by a resolution of the Board of Directors.

DaVia moved and Lague seconded:

RESOLUTION: That the Board approve the operating budget as amended to include the revisions as presented on page 7 of 76 of the BOD packet of the November 24, 2009 Regular Monthly Meeting, continuation of the October 27, 2009 B.O.D. Regular Monthly Meeting.

The motion carried unanimously and the operating budget was approved as amended.

CALL TO ADJOURN October 27, 2009 Regular Meeting of the B.O.D. – AGENDA #2

Lague moved and Westie seconded:

To adjourn the Continuation of the October 27, 2009 meeting.

The motion carried unanimously and the meeting adjourned at 12:17 p.m.

Respectfully submitted:

_______________________                                             _____________________

Michelle DaVia, Secretary                 and                             Thomas Bailey, President

[Signed Minutes] (PDF)