PROPOSITION No. 1

 PROPOSING AN AMENDMENT TO THE ARTICLES OF INCORPORATION

Summary

Article VI of the Articles of Incorporation currently limits the amount of indebtedness the Association may incur. It has been amended twice, the last time in 1977, which increased the debt limit to its current level of $150 million.  Current indebtedness, which includes the Nikiski Cogeneration project, is $143 million. Adoption of the amendment would allow for expanded financing in the future.  

 Article VI of the Articles of Incorporation, as amended, currently reads as follows: 

 Article VI.   The highest amount of indebtedness or liability to which this Corporation shall at any time be subject is $150,000,000.00

Proposition

 Shall Article VI of the Articles of Incorporation of the cooperative be amended to read as follows?

Article VI.  The highest amount of indebtedness or liability to which this Corporation shall at any time be subject is $450,000,000.00

 YES                      NO

Prop. No. 1      Prop. No. 2       Prop. No. 3

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