2023 Basin Electric Bylaw Review Committee meets, recommends change to bylaws

Basin Electric’s 2023 Bylaw Review Committee met virtually May 25 and at Basin Electric Headquarters in Bismarck, North Dakota, on June 13. The role of the committee, which is made up of one manager and one director from each district, is to review proposed amendments to the bylaws and provide recommendations to the membership.

During the May meeting, members of the committee re-elected Doug Hardy, CEO of Central Montana Electric Power Cooperative, as chairperson. The committee then reviewed an amendment that will further define the parameters of Basin Electric’s rate stabilization fund. The proposed amendment would decrease the amount Basin Electric can hold as deferred revenue from the current $500 million (which was a temporary amount set during the 2022 Annual Meeting) to $415 million and state that such deferred revenues must be used within a period of seven years (decreased from 10 years) after the revenue is initially collected and deposited.

At the June 13 meeting the committee voted to recommend the amendment to the membership.

As required in the bylaws, the proposed amendment was included in the Notice of Annual Meeting, which was mailed July 17. The members will have the opportunity to vote on the proposed amendment at Basin Electric’s Annual Meeting on Aug. 16.