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South Dakota Public Utilities Commission Meeting
Wednesday, February 14, 2001; 2:30 P.M.
State Capitol Building, Public Utilities Commission, Cactus Conference Room
Pierre, South Dakota
NOTE: If you wish to join this meeting by conference call, please contact the Commission at 605- 773-3201.
NOTE: Notice is further given to persons with disabilities that this Commission meeting is being held in a physically accessible place. If you have special needs, please notify the Commission and we will make all necessary arrangements.
AGENDA OF THE AD HOC MEETING
On January 4, 2001, Black Hills Power, Inc. filed an application requesting authority to incur short-term debt. South Dakota law at SDCL 49-34A-30 prohibits a public utility from incurring short-term indebtedness of more than 5 percent of the par value of other securities of the public utility then outstanding. In an Order from the Commission in Docket EL94-006, Black Hills Corporation (the predecessor-in-interest of Black Hills Power, Inc.) was relieved of the statutory limits of SDCL 49-34A-30, and was authorized to incur short-term debt of a total aggregate amount not to exceed 30% of its total capitalization. Due to corporate restructuring, any advances made under credit facilities that are currently in place could cause Black Hills Power, Inc. to exceed the short-term debt limitations placed upon it in EL94-006. Prior to August 31, 2001, Black Hills Corporation anticipates putting in place new credit facilities at the holding company level which will relieve Black Hills Power, Inc. from any obligation it has upon the creation of new credit facilities. Black Hills Power, Inc. is seeking an Order approving and authorizing 1) that Black Hills Power, Inc., is released and relieved of any statutory obligations under SDCL 49-34A-30; 2) that Black Hills Power, Inc. is relieved of the short-term indebtedness limitations set forth in Docket EL94-006 concerning the Order authorizing the incurrence of short-term debt; and 3) that Black Hills Power, Inc. shall not be subject to any short-term debt limitations prior to September 2, 2001, and as of that date, shall then be obligated to a short-term indebtedness obligation of not more than 30% of Black Hills Power, Inc.'s total capitalization, which is its equity and long-term indebtedness.
TODAY, shall the Commission approve the proposed application to incur short-term debt?
Deputy Executive Director
February 13, 2001