ML20055H637
| ML20055H637 | |
| Person / Time | |
|---|---|
| Site: | La Crosse File:Dairyland Power Cooperative icon.png |
| Issue date: | 07/25/1990 |
| From: | Berg W DAIRYLAND POWER COOPERATIVE |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| NUDOCS 9007270111 | |
| Download: ML20055H637 (42) | |
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, o DA/RYLAND hh[ *=/[ COOPERATIVE. 3200 EAST AVE. SO.. RO. EOX 817. LA CROSSE, WISCONS (608) 786 4000 FAX NO. (608) 7871420 WILLIAM L. BERG General Manager 10 C.F.R.
SS 50.33(k),
50.75, and 50.82 July 25, 1990 U. S. Nuclear Regulatory Commission Attn Document Control Desk Washington, D.C.
20555 Re Dairyland Power Cooperative Decommissioning Fund Report For th3 Lacrosse Boilina Water Reactor Ladies and Gentlemen Pursuant to 10 C.F.R. SS 50.33 (k), 50'.~75, and 50.82, Dairyland Power
-Cooperative submits its Decommissioning Funding-Report For the Lacrosse Boiling-Water Reactor. Attached to and incorporated in this Report is a photocopy of-the Dairyland Power _ Cooperative Nuclear Decommissioning. Trust. Dairyland Power Cooperative maintains the signed original copy of the Decommissioning Trust in its corporate offices in La Crosse, Wisconsin.- This' Report includes a request' for exemption from the minimum-funding levels prescribed by 10 C.F.R.'S 50.*15, to the extent that such_an exemption may be required.'
Sincerely,
'DAIRYLAND POWER COOPERATIVE William L. Berg General Manager WLBilea 7 --
Enclosure cca Mr. A. Burt Davis, Regional Administrator,-NRC Mr. P. Erickson, LACBWR Project Manager, NRC Mr. R. Wood, NRC 9007270111 900725 I
PDR -ADOCK 0500
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DAIRYLAND POWER COOPERATIVE' I
DECOMNISSIONING FUNDING REPORT FOR THE' 1
LACROSSE BOILING WATER REACTOR JULY 26, 1990 y
This Decommissioning. Funding Report,-submitt'ed in accordance with the' requirements of 10'C.F.R. SS 50.33(k), 50.'75, l
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--and 50.82, is intended to. provide the Nuclear Regulatory Commission ("NRC") with' reasonable. assurance that.DairylandiPower Cooperative ("DPC") has made appropriate arrangements to assure that funds will be available for decommissioning'the La crosse
- l Boiling Water Reactor ("LACBWR") in accordanco-with the requirements of these regulations.
l BACKGROUND On ?ane 6~, 1962, DPCLand the Atomic Energy; Commission:
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("AEC") entered into a contract.in-which the AEC agreed to construct a 50 Megawatt ("MWe") boiling water nuclear reactor-near Genoa, Wisconsin under the second round of'the_ Cooperative
. Power Reactor Demonstration Program.:.In'accordance-with this agreement, the AEC constructed LACBWR on land'provided by DPC, while DPC operated and maintained the plant'and purchased.all steam produced by the reactor.' LACBWR became operational.on November 1, 1969, and began full-scale commercial operations on-February 1, 1971.
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On August 6, 1973, the United States, acting through I
the AEC, entered into a separate agreement to sell LACBWR to DPC. 1/
DPC operated LACBWR until it was permanently shutdown on April.
30, 1987.
On August 4, 1987, the NRC converted DPC's Provisional j
o Operating License for LACBWR to a " possession only" license.'
In l
December 1987,;DPC submitted a detailed Deck ning Plan for:
LACBWR to the NRC.
DAIRYLAND POWER COOPERATI d'S i
ASSURANCE OF THE AVAILABILITY OF FUMDB FOR DECOMMISSIOMIMG j
A.
Method of Financial Amaurance l
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On July 20, 1990, the Board of Directora of DPC adopted f
a resolution approving the establishment of a Nuclear i
Decommissioning Trust.
Four days later, DPC;and Marshall;&
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Ilsley Trust Company, the Trustee, executed the attached Dairyland Power Cooperative Nuclear Decommissioning ~ Trust-(the
" Decommissioning Trust"). 2/
The persons who-signed the i
Decommissioning Trust were authorized.to represent their i
respective organizations in this transaction..
Among other things, the Decommissioning. Trust'provides for the establishment of an external sinking fund that is 1/
DPC recently entered into discussions with'the_ Department of Energy (" DOE") concerning this agreement'and the extent of the' United States' legal and equitable obligations with respect to the SAFSTOR=and decommissioning of LACBWR.
Nothing contained in.this Report or DPC's Decommissioning Plan is intended to waive any rights that_DPC may have against DOP. in this regard.
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The attached copy is a photocopy of the original instrument.
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. segregated'from DPC's assets and is outside of DPC's administrative control.
The Decommissioning Trust also permits DPC to appoint an Investment Manager.o direct the investment of all or part of the-fund.
B.
Funds Required For Decneminaionina.
During the early'1980's,-Nuclear Energy; Services, Inc.
("NES") performed a series of studieb at the request of DPC to determine the: estimated cost of decommissioning LACBWR under a variety of possible scenarios.
Using these studies' findings,-
DPC concluded in late.1983 that decommissioning.would cost approximately $90.9 million, if decontamination and-dismantling could-begin in 2010 1/
Consistent with these conclusions,'DPC' established a decommissioning fund and began making monthly.
deposita.in 1984 of $108,333 ($1,300,000 annually) to ensure that adequate resources would be available to-decommission LACBWR. 1/
Before submitting its Decommissioning. Plan to the NRC in December 1987, DPC reviewed its earlier decommissi ning-estimate and concluded that the assumptions, estimates, and.
resulting. funding levels.were still valid and appropriate.
Accordingly, DPC requested NRC approval of this decommissioning fund estimate and funding level when it submitted the LACBWR 3/
Tt:is estimate is in 2010 dollars.
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From 1973 to 1983, DPC reserved approximately $100,000 annually for decommissioning activities.
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-Decommissioning Plan to tho.NRC in December 1987.-
(See Section k
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6.7 of the LACBWR-Decomnissioning Plan. )
DPC supplemented the information in the Deconsissioning Plan-by providing further i
support for the assumed interest and inflation rates when it' responded to.the NRC Staff's Requests For Additional Information c
on the Plan in September, 1988.
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DPC's contributions to the decommissioning fund since 1983 have been in accordance with the levels reported in the LACBWR Decommissioning Plan.
The funds accumulated thus far --
i approximately $15. 9 million -- have been deposited in the segregated fund established by the Decommissioning Trust.
DPC' will continue to fund the Decommissioning Trust at the11evel" set forth in the LACBWR Decommissioning Plan'through 1999.
Assuming i
an earnings rate of 7.00% and a cost escalation ~ rate of 6.00%,
t the Decommissioning Trust will'contain $91,986,380~by January 1,.
l 2010, and will be able to satisfy the' estimated decommissioning cost of $90,987,659.
DPC recognizes that the existing funding plan contemplates that the total decommissioning costs for LACBWR-will-be below the levels set forth in 10'C.F.R. S 50.75 (c)(1).
Therefore, to the extent that such an-exemption is deemed i
.necaseary by'the NRC at this juncture, DPC requests an exemption; from funding the Decommissioning Trust at the " minimum" amount established in the 10 C.F.R. S 50.75 (c)(1) and requests that the NRC coprove the continued funding of the Decommissioning Trust at
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. the level set forth in DPC's previously-filed Decommissioning Plan.
Such an exemption is appropriate under the criteria set:
i forth in 10 C.F.R.
S 50.12(a)(1) because the exemption is authorized by law, consistent with the common defense and security, and does not constitute a risk to the-public health and-safety.
(Sea 10 C.F.R. S 50.12 (a)(1)).
Furthermore, "special circumstances" clearly exist within the meaning of 10 C.F.R.
S 50.12(a)(2) which warrant granting an exemption in this case.
)
First, the application of the minimum funding 1
1 requirements set forth in 10 C.F.R. S 50.75 (c)(1) for the decommissioning of LACBWR is not necessary to achieve-the
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underlying purpose of 10 C.F.R. S 50.75.
(Saa 10 C.F.R. S 50.12 (a)(2)(ii)). -The purpose of 10 C.F.R. S 50.75 is simply to ensure that adequate funds will be available for decommissioning.
x DPC employed NES to conduct a variety of decommissioning studies for LACBWR.
DPC then used the-results of these studies to arrive at a reasonable estimate of the expected decommissioning costs in q
2010.
Moreover, DPC has been depositing funds consistent-with this estimate for over six years and_has explicitly agreed to d
modify the funding or take other steps, as_ appropriate, to i
conform to later estimates.
(Sea DPC's response to.NRC Question No. 12 concerning the DPC Decommissioning Plan, Sept. 30, 1988).
Thus, the purpose of'the rule will be achieved without requiring DPC to comply with the higher minimum regulatory-funding level set forth in 10 C.F.R. S 50.75 (c)(1).
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Second,' compliance with the minimum funding level set forth in-10 C.F.R. S 50.75 (c)(1) would result in an undue hardship on DPC and cause DPC to incur costs beyond'those necessary to achieve the purpose of the regulation.
(Saa 10
'C.F.R. S 50.12 (a)(2)(111)).
The funding of projected
- decommissioning activities at the levels set forth-in 10 C.F.R.
S 50.75 (c)(1) might be appropriate'for larger, operating commercial nuclear power plants that.have not yet developed site.
specific decommissioning estimates.
DPCfs estimate, however, takes into account.the small size of LACBWR,(50'MWe),1the nature.
of the LACBWR site, and oths.: unique features-of LACBWR.
Permitting DPC-to fund is decommissioning activitiesJat a level-s 3
commensurate with its estimated cost is. consistent-with sound fiscal.and regulatory policy.
Additionally, requiring DPC to. fund the-Decommissioning' Trust at a higher level would impose an undue. burden on DPC's member cooperatives.
As a rural electric cooperative,~.DPC does-not-have a densely: populated service area.
DPC's service areaLis-primarily an agricultural region consisting of about 181,000.
consumers, with-only about 4 consumers'per mile of lin;.
Under.
these circumstances, DPC should not be compelled to accumulate funds at a level that does not reflect the specific needs of the plant.
The passthrough of 1-igher funding levels to DPC's member cooperatives would only aggravate the hardships being experienced 4
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'7-by the cooperatives as a result of the downturn in the farm economy and low growth rates.
Third, 10 C.F.R. S 50.75 (c)(1) dons not take into account the unique circumstances that distinguish LACBWR from full-scale commercial nuclear power reacto.s.
The vast majority j
of U.S. power reactors range in size from 1500 to 4000 MWt.- With-a rated capacity of only 165 MWt, LACBWR.is less than 10% of the size of approximately 90% of all other U.S. power reactors.
Although the regulations nominally account for plants that generate less than 1200 Mwt, LACBWR's. power. rating is so far below that of the typical modern commercial plant, that the regulation does not, in fact,. provide a reasonable cost estimate for one of the smallest plants in the country.-
i Finally,.unlike most nuclear power plants in the United:
States today, LACBWR was constructed jointly by the AEC and DPC.
As indicated earlier, DPC recently initiatedfdiscussions with the.
DOE, as-the successor-in-interest to the AEC,'to explore wa'rs in which DPC might be able to obtain relief from the expenses-associated with SAFSTOR and decommissioning.
These discussions.
addressed several options related to the liability for decomnissioning activities generally, and the costs associated with the on-site storage of spent fuel at LACBWR during the SAFSTOR period in particular.
Any relief that DPC obtains in i
this area through settlement or litigation could reduce DPC's ultimate cost of decommissioning LACBWR.
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, In light of these circumstances, any mandatory increase in the decommissioning funding level would_be inappropriate and
-1 premature.
In any event, DPC will periodically review its I
decommissioning cost estimate and, if necessary,' adjust-the' funding level to continue to provide adequate assurance that-the-i necessary funds will be available--for decommissioning.
i Therefore, to the extent that the.NRC'has not alreadyL j
accepted the funding levels. reflected in DPC's. Decommissioning Plan, DPC respectfully requests, for:all the' foregoing reasons, l
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that the.NRC grant DPC an exemption from the minimum funding.
levels set forth in 110 C.F.R. S 50.75 (c)(1)'
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D DA/RYLAND^
hh[M[ COOPERATlVE. 3200 EAST AVE.SO.
- P.O. BOX 817 + LAC (608) 788-4000 FAX NO. (608) 7371420 WILLIAM L. DERO General Manager July 25, 1990 j
Russell C._Odenbeck, Vice President
. Marshall & Ilsley Trust Company <
770 N. Water Street
' Milwaukee,- WI 53202
Dear Mr. Odenbeck:
Re: Djirvland Power Coooerative Nuclear Decommissioning Trust We are forwarding to you a fully executed counterpart original Trust Arycement creating the Dairyland Power Cooperative Nuclear Decommissioning Trust.
We are simultaneously transferring to you for the initial funding of the Trust, cash in Account (030-04 3278 plus the United States Treasury Securities listed on the attached memo to Mike Hale.
As we have discussed, we have not yet-resolved the cinterrelationship' between this Trust and Dairyland's obligations to the Rural-Electrification Administration under REA regulations and lending agreements-and to_the other parties involved in Dairyland's financing agreementr.. This' transfer of l
initial funds is therefore conditioned on the resolution of those issues, and Dairyland reserves the right to direct you as Trustee to' recognize such liens or security interests on these assets as we shall reasonably determine to' bel necessary. We hope to resolve these remaining issues _'in the near future.
We also want to advise you that=in approving the Trust Agreement at-its meeting of July 20, 1990, Dairyland's Board of Directors designated as the Trust Committee its Controller (Robert C. Mueller), its Director, Financial Management-(Keith W. Carrett). and the members'of the Board's Audit Committee (Selmer E. Nelson,-John P. Roberts, and Gerald C. Koeller). Please accept' this as: Dairyland's certification of the appointment of the Trust Committee,-
pursuant' to section 1.04 of the Agreement.
Sincerely, DAIRYlAND POWER COOPERATIVE i
NK LA William L. Berg General Manager WLB:pls
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'D DA/RYLAND hhh[ COOPERATIVE. 3200 cast Ave sc.2 p.o. sox 8i7. LA cnossc.WlSCONslN 64602 081 (608) 788-4000 FAX NO. (600) 7671420 WILLIAM L. DERG Gtneral Manager j
July 25, 1990~
TO:
Mike Hale, Investment Operations Manager M&I Bank i
FROM:
William L. Berg, General Manager Dairyland Power Cooperative 1
SUBJECT:
Tr. 490-0098-99 7-Dairvland Power Nuclear Decommissionine Trust On Thursday, July 26, 1990, please deliver the following assets free
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from safekeeping account 2-2006-1; Dairyland Power Cooperative to safekeeping.
P account L-0000-8; Trust Department, further credit trust account number 90-0098-99-7:
i
.a 912827-UL-4 US TREAS NTS 7.00% DUE 01-15-1994 411754 1,440,000.000 i
912833 BH-2 US TREASURY STP.IPS DUE 02-15-1991 524340 1,675,000.000 0
912833-BK-5 US TREASURY STRIPS TINT'DUE 02-15-1992 555206-9,008,000.00 912833-ER-7 US TREASURY STRIPS DUE 11-15 1990 406450--
2,000,000.000 912833 ER-7 US TREASURY STRIPS DUE 11-15-1990 444911 449,000.000 912833-ER-7 US TREASURY STRIPS D'aB 11-15 1990 510505 2,300,000.000 4
912833-ER-7 US TREASURY-STRIPS DUE 11-15 1990 619114 416,000.000
/.s we discussed, it is important that these -securities are booked to the trus' account on July 26th duel to NRC requirements.
Thank you for your assistance in completing this transfer, Mike, b $$2% $. $012llV Gene'ralEManager y~'
WLB:pls 4
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'i DAIRYLAND POWER. COOPERATIVE'-
NUCLEAR' DECOMMISSIONING TRUST July 24, 1990:
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I-TABLE OF CONTENTS.
PAGE
_ ARTICLE 1.
GENERAL PROVISIONS AND DEFINITIONS.
2 1.01 Name of Trust 2
1.02 Trust' Fund
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1.03 Grantor and Trustee 2
1.04 Trust Committee!
2-1 I
1.05 Definitions.
3
- i ARTICLE 2.
TRUSTEES 5=
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2.01 Removal and Resianation 5
'2.02 Accointment and'Oua'lification of-Successorg Trustee.
5-
.c.
2.03-Bond.
O 2.04 Limitation of Liability
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6 2.05 Indeirnification 7
1 2.06 Transactions with Third Parties 7'
2.07 Comoensation and Excenses
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2.08 Trustee Records;_.
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... -..... =....... -.
2.09 Accounts.-,
.'.1.
8.
t 2.10 Tax Returns 9-ARTICLE 3.
DISPOSITIVE PROVISION 8=
11 3.01 Egyment of Decommissionino Costs.
11 3.02 No Diversion of Trust Fund'to'Other Purnoses....
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~3.03 Riahts of Third Parties Limited 12-3.04 Riahts of'N.R.C. If Grantor Defaults..
12 3.05 Mercer. Consolidation, or Succession.
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t 3.06 Termination of Trust and Distribution' of i
Remainina Funds.
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3.071 Amendment of Trust 14 i
ARTICLE 4.
INVESTMENT 8'.
15 4.01 ADoointment of Investment Manaaer(s) 15-4.02 Investment Obiectives 15 L
4.03 pirection by Investment Manaaer(s)-
16 ARTICLE 5.
TRUSTEE'S GENERAL POWERS 18) 5,.01' Payment of Exoenses of Administration 18'
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5.02-Temoorary Cash-Investments.,.
18 5.03 Extension'of Oblications and Necotiation-of Claims 18 l
5.04 -Reaistration of Securities 1
- 18-5.05 Execution of Documents-.
19 S 06 Emnloyment of Aaents and Counsel..
19' q
5.07 Votina Stocks 19 5.08 Delecation of Ministerial Powers.,.
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'19 5.09 Residual Powers 20 l
5'10 Powers of Trustee to Continue Until' Final Distribution.
20' ARTICLE 6.
TRUSTEE'S INVESTMENT POWERS.
20
~6.01-Preservation of PrinciDal 20 6.02 Investment of Trust Fund 21 6'03 Manacement of Trust Fund.
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ARTICLE 7.
MISCELLANEOUS,
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' 7. 01 - bonlicable Law.
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'7.02 Headinas 23 ii 4
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7.03 Particular-Words.-...
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7.04 Severability of Provisions.
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i 7.05 Frustrated Actiqng.
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-7.06 Construction of Direction 24 7.07 Authorizations and Communications' 24
- 7.08 Denuine Notice.
24 7.09 Delivery of Notices Under Aareement 24 7.10 Accountlna Year 25
_,I 7.11 Successors and Assians
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n DAIRYLAND POWER COOPERATIVE l
NUCLEAR DECOMMISSIONING TRUST-3 e
THIS TRUST AGREEMENT is made the L24th day rof: July, 1990, -
between Dairyland-Power. Cooperative,.a' Wisconsin cooperative 1 association, as Grantor, and'Harshall & Ilsley Trust Company, a Wisconsin corporation with trust powers,Las Trust'ee..
WHEREAS, the Grantor is'the' sole owner and licensee under; f
Nuclear Regulatory Commission.("N.R.C.") license number-DPR-45 of
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' a nuclear power plant. known as the Lacrosse Boiling Water Reactor-("LACBWR");;and WHEREAS, the Grantor desires to: provide for payment <of the-decommissioning costslof LACBWR pursuant to the applicable statutes and regulations (10 C.F.R.
Sections 50.33(k),=50.75,-
50.82), and to meet its obligation'to the N.R.C.,'other-(
governmental bodies, and'to the general publict in connection with
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decommissioning LACBWR;-and-WHEREAS, the Grantor has elected to use a. trust? fund to-provide the financial assurance required by_the N.]R.C..for.
decommissioning LACBWR; and WHEREAS, The' Grantor, acting through-its duly authorized officers,.has selected-the Trustee to be the Trustee under this -
Agreement, and the Trustee is willing to act as Trustee, NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement, the Grantor agrees to create and the.
Trustee agrees to accept a Trust for the benefit of Dairylandr Power Cooperative, upon the following terms and conditions:
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i ARTICLE 1..
GENERAL PROVISIONS AND DEFINITIONS 1.01 Nama' of Trust.
The name'of the Trust is'the.Dairyland Power Cooperative Nuclear Decommissioning Trust.
1.02 Trust Fund.
The Trust Fund is the entire undistributed amount of all contributions pleced with the Trustee, as adjusted for all income, expense, gain, or-loss on such amount as may exist from time to time.- All contributions and income from contributions shall be held, managed and administered in trust according to the terms of this Agreement.
1.03 Grantor and Trustee.
The Grantor of'this'TrustLis Dairyland Power Cooperative and itsJsuccessors andiassigns,.as provided in section'1.05 (h) of this Agreement.
The Trustee under this' Agreement is Marshall & Ilsley Trust company, its successors and assigns, or any other person,' company, bank or.
l trust company. appointed as provided in section 2.02 of'this Agreement.
1.04 Trust Committee.
The Grantor may establish a Nuclear i
Decommissioning Trust Committee composed of any three or more officers, directors, or employees of-the-Grantor appointed by'the l
Grantor's Board of Directors on whatever terms the Board desires.
The committee has the authority to exercise all of'the Grantor's.
powers under the Agreement, and.the Trustee shall treat the' directions or actions of the Committee as the directions or actions-of the' Grantor.
The Grantor shall certify to the Trustee all appointments to or removals from the Committee, and the Trustee must recognize written instructions signed by any two 2
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Committee members as a directive from the Committee.
The Committee shall report upon request, but not less than annually, to the Board of Directors of the Grantor as to the status of the Trust Fund and its administration.
1.05 Definitions.
As used in this Decommissioning Trust Agreement, the following terms shall have the.following meanings:
(a)
" Agreement" shall mean and include this Decommissioning Trust Agreement, as it may-from time to time be amended, i
modified or supplemented.
(b)
" Board of Directors" shall mean the Board of Directors of the Grantor, as duly elected from time to time.
(c)
" Code" shall mean the Internal Revenue Code of 1986, as it may be amended from time to time.
(d)
" Committee" shall mean'the Nuclear Decommissioning Trust Committee established and appointed by-the Board of Directors of the Grantor, pursuant.to:section l'.04 of this Agreement.
(e)
" Decommission" means to remove a nuclear-facility safely from service and toLreduce residual radioactivity to a level that.pc.cmits release of the property?for unrestricted use and termination of the license.
(f)
"Deconmissioning Costs" shall mean the costs incurred to decommission LACBWR.
(g)
" Default" shall mean the failure of Grantor to substantially comply with its obligations to decommission LACBWR in conformance with N.R.C.
regulations and Grantor's 3
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O decommissioning: plan submitted,and' approved thereunder, as acknowledged by Grantor or determined inia' final judgment by.
a court with jurisdiction over.the subject matter.
(h)
" Grantor" shall mean Dairyland-Power Cooperative'and its successors, including any corporation.with'which the i
Grantor is merged or a corporation or'other legal; entity which acquires.substantially all of the: assets of Dairyland Power Cooperative.
'l (i)
" Investment Manager Agreement (s)" shall'mean the.
agreement (s) between the Grantorfand an investment manager (s) selected by the Grantor, governing the provision-of investment management services for the Trust Fund.,
(j)
" Investment Manager (s)" shall'mean the entity retained to furnish investment management services-for-the Trust: Fund as specified in the Investment Manager Agreement (s)'.
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(k)
"N.R.C." shall mean.the' Nuclear Regulatory' Commission',.
an agency of the United: States government created'by and l
' existing under 42 U.S.C.
Section'5841.
I (1)
" Trust" shall mean the interest of the Trustee in the.
F Trust Fund created and existing pursuant to the terms of this Agreement.
(m)
" Trustee" shall have the meaning set forth in section 1.03 of this Agreement.
(n)
" Trust Fund" or " Fund" shall have the meaning set-forth' in section 1.02 of this Agreement.
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4 ARTICLE 2.
TRUSTEES 1
2.01 Pemoval and Resianation.
The initial Trustee is named I
above.
A Trustee may resign on thirty days' notice in writing.to j
the Grantor.
The Grantor may remove the Trustee by notice in writing to the Trustee.
Grantor shall. endeavor to, provide such notice to the Trustee not less than thirty days prior te its effective date, unless inl Grantor's judgment it is.in the interest of the Trust Fund to effectuate the removal sooner.
The-resignation or removal of the Trustee shall not be effective j
until the Grantor has appointed a successor trustee and the Li successor has accepted the appointment, or the Grantor has implemented another financial assurance mechanism specified in Title 10 Chapter I, Code of Federal; Regulations, Section 50.75(e).
2.02 Anoointment and Oualification of Successor Trustee.
Upon the resignation or removal of the Trustee, the Grantor shall appoint a successor Trustee, who shall have the same'powersLand duties as the predecessor Trustee.
The Grantor may not ar,t as the Trustee or as a successor Trustee..If'for any reason the I
Grantor does not appoint a. successor Trustee upon the resignation or removal of the Trustee, the Trustee may petition a court of competent jurisdiction to appoint a successor Trustee.
Any expenses incurred by the Trustee in making such a petition shall be deemed to be expenses of administration payable under section-5.01.
S a
9 A successor Trustee may qualify by executing, acknowledging, and delivering acceptance to the Grantor in a form satisfactory to the Grantor.
The successor without further act, deed, or conveyance is vested with all the estate, rights,-powers, discretion, duties, and obligations of the predecessor Trustee just as if originally named as the Trustee in this Agreement.
When a successor Trustee accepts appointment, the predecessor Trustee shall assign, transfer, and pay over ta) the
-l successor Trustee the funds and properties then constituting the Trust Fund.
The predecessor Trustee may, however, reserve a sum q
of-money.for payment of fees'and expenses in connection with the transfer and settlement of the Trust Fund, suoject to the limitations in section 3.02 of this Agreement.
Any balance of that reserve remaining after the payment of fees and expenses shall be paid over to the successor Trustee.
2.03 Dond.
The Trustee shall at all times maintain bond.
c coverage satisfactory to the Grantor ar.c shall upon request provide evidence of such coverage to the Grantor.
2.04 Limitation of Liability.
The Trustee is not liable for the making, retention, or sale of any investment or reinvestment made as provided in'this Agreement, but the Trustee is liable for any loss to or diminution of the Trust Fund due to the Trustee's negligence, willful misconduct, or lack of good faith in carrying out the terms of this Agreement.
The Trusteo shall not be liable for the acts, omissions or defaults of any agent (other than its officers and employees) or 6
depository appointed or selected with reasonable care.
Except as otherwise provided in this Agreement the Trustee is not liable for any act or omission of any person or entity other than the Trustee itself.
The Trustee is fully-protected when relying on a written i
communication from properly designated directors, officers or employees of the Grantor concerning an instruction or direction of the Grantor,-and in continuing to rely upon a communication until a subsequent communication is-filed with the Trustee.
The j
Trustee is fully protected in acting on any instrument, certificate, or paper believed by the Trustee to be genuine and to be signed or presented by the proper person.
The Trustee is under no duty to make any investigation or inquiry as to any statement contained in any written communication or document signed by the proper person, but may accept-it as conclusive evidence of the truth and of the accuracy of the statements it contains.
' l 2.05 Indemnification.
The Grantor shall indemnify the i
Trust Fund and the Trustee against any liability imposed, including reasonable fees and expenses incurred, as a result of a claim asserted by any person or entity if the Trustee has acted in good faith reliance on the terms of this Agreement or a written direction of the Grantor.
2:.06 Transactions with Third-Parties.
No person or organization dealing with the Trustee shall-be required to inquire into or to investigate its authority to enter into any 7
l a
transaction or to see to the application of the proceeds of any such transaction.
i 2.07 comoensation and Excenses.
The Trustee shall be paid reasonable compensation as agreed upon from time to time in j
(
writing by the Grantor and the Trustee.-
In addition, the Trustee shall be reimbursed for any reasonable expenses, including reasonable fees of counsel and investment advisors authorized
-under Article 6, incurred in the_ administration of the Trust.
The Trustee's compensation and expenses will be paid by the i
Grantor if and to whatever extent the Grantor has so agreed, otherwise, the compensation and expenses will be paid from the f
Trust.
2.08 Trustee Records.
The Trustee shall keep a record of i
all data necessary for the proper administration of the-Trust.
The Trustee shall notify the Grantor of any-Trustee action taken and, when required by law, shall notify any other interested-party.
2.09 Accounts.
The Trustee shall keep accurate and detailed accounts of all investments, receipts, disbursements, and other transactions for the Trust.
All accounts, books,_ tax returns, and records relating to the Trust shall be open to inspection and audit at all reasonable time by any person designated by the Grantor.
The-Trustee shall present financial statements to the Grantor' monthly, or at such other frequency as the Grantor.shall from time to time require.
The financial statements shall show 8
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the financial condition of the Trust Fund, including, without limitation, income and expenses of the Trust for the month and the fair-market value of the Trust as of the beginning and end of the month.
The Grantor shall have the right at any time to I
require that the financial statements be audited by independent certified public accountants employed by the Trustee.
The Grantor shall have the right to object to any of the l
Trustee's audited financial statements.
The Grantor shall deliver notice of any objection to the Trustee in-writing within ninety days from the date the Trustee mails or delivers such audited financial statements to the Grantor.
If no written 4
objection is made within that time, the presentation of the audited financial statements shall release and discharc^ the Trustee with respect to all acts or omissions to the date of said financial statements; provided, however, that nothing contained in this paragraph shall be deemed to relieve the Trustee of any liability which may be imposed pursuant to section 2.04.of'this Agreement.
Except as specifically provided by law, no person other than the Grantor may require an accounting or bring an action against the Trustee about the Trust or the-actions'of the Trustee.
The i
Trustee is not required to report to any court or administrative agency except as specifically required by law.
2.10 Tax Returns.
The Trustee shall prepare tax accountings and provide to the Grantor all relevant tax information to enable the Grantor to prepare and file the 9
~
appropriate tax returns; the Grantor intends that this Trust be taxed as a " grantor trust"'for fedaral and state income tax purposes pursuant to the " grantor trust" prsvisions (I.R.C.
Sections 671-678, or any successor provisions) of the Internal Revenue Code.
If, however, subsequent amendments to the Trust Agreement render the Trust a_ separate taxable entity, the Trustee shall prepare and file tax returns for.the Trost as directed by the Grantor, and the Grantor shall indemnify _the Trustee for any penalties, additions to tax, or other amounts for which it may be charged due to a position taken on such returns at the Grantor's direction.
The Trustee may assume that any taxes assessed on or with respect to the Trust Fund are lawfully assessed unless the Grantor advises the Trustee in writing that in the opinion of counsel for the Grantor the taxes are or may be-unlawful.
When so afvised and requer?,a in writing by the Grantor, the Trustee shall contest the validity of the taxes in any manner deemed appropriate by the Grantor-or its counsel', and the Trustee shall execute all documents, instruments, claims, and petitions necessary or advisable in the opinion of the Grantor or its counsel to procure the refund, abatement, reduction, or elimination of taxes.
Reasonable fees-and expenses incurred by the Trustee in connection with such a contest shall-be reimbursed as provided in section 2.07.
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l ARTICLE 3.
DISPOSITIVE PROVISIONS 1
3.01 Payment of Decommissionino Costs.
The Trustee shall make payments from the Trust to the Grantor or to a decommissioning contractor designated by the Grantor upon presentation of the following documents: a) a certificate duly executed by the Grantor atteating that the Grantor is required to begin decommissioning LACBWR, t. tat the plans and procedures for decommissioning were approved by the N.R.C. or its successor on the date specified, and that the Board of Directors of the Grantor has adopted a resolution authorizing the Grantor to begin
)
decommissioning; and b) a certificate duly executed by the Grantor attesting that decommissioning is proceeding pursuant to I
l the plan approved by the N.R.C.
and that the funds withdrawn from l
l the Trust will be expended for activities undertaken pursuant to-i that decommissioning plan.
I 3.02 No Diversion of Trust, Fund to Other Purposes.
The purpose of this Trust is to satisfy the legal obligation of the Grantor to provide funds for the cost of decommissioning LACBWR.
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This Trust Fund shall be used solely to meet this purpose and may not be used.for or diverted to any other purposes.
If contributions to the Fund and accumulated income exceed the amount required to complete decommissioning, any excess remaining in the Fund shall revert to the Grantor.
Additionally, if at any time the Grantor's obligation te fund the decommissioning of LACBWR is discharged in whole or in part, the Grantor shall be entitled to the portion of the contributions and accumulated 11 l
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income to the Fund that exceed the reduced level of the Grantor's decommissioning obligation.
3.03 Richts of Third Parties Limited.
No person other than the Grantor, and the N.R.C. under section 3.04 of this Agreement if the Grantor defaults in meeting its decommissioning responsibilities, has any vested rights under the Trust.
Except as permitted by law, no assignment of any rights or benefits t
under the Trust shall be permitted or recognized, nor shall any rights or renefits be subject to attachment or other legal or I
equitable process, or subject to the jurisdiction of any bankruptcy court.
Notwithstanding the foregoing, Grantor reserves the right and power to direct the Trustee to recognize a lien or liens on the assets of this Trust in favor of agencies of the' United States government, in the event that Grantor shall determine that such a lien or liens may be required by Grsntor'u obligations to, or the regulations of, such agencies.
In such a case, the Trustee shall take such steps as Grantor shall reasonably direct to recognize such lien.
3.04 Richts of N.R.C.
if Grantor Defaults.
If the Grantor defaults in meeting its decommissioning responsibilities, this Trust nevertheless shall survive and the Trust Fund shall continue in trust under the terms of this Agreement.
In such a case, the N.R.C.
shall succeed to the rights of the Grantor under this Agreement, except the right to receive any amount remaining in the Fund upon completion of decommissioning, and the Trustee 12 l
0 shall make payments from the Fund as directed by the N.R.C.,
either to the Grantor or to other persons or entities specified i
by the N.R.C.,
for the costs of required dscommissioning activities.
The Trustee shall refund to the Grantor or to its successor any amounts remaining in the Fund after decommissioning z
has been completed and the Grantor's license has been terminated, and shall refund before decommissioning any other amount that the N.R.C. directs in writing.
3.05 Mercer. Consolidation, or Succession.
If Grantor merges into another legal entity, or another legul entity acquires substantially all of the Grantor's assets, that entity shall become the Grantor for purposes of this Agreement, and every reference to Grantor in this Agreement shall thereafter be treated as a reference to that surviving or purchasing entity.
?
In the event that surviving or purchasing entity chooses not to discharge the Grantor's duties under this Agreement, the Trust nevertheless shall survive.
Such an election shall be treated as a default by the Grantor in meeting its decommissioning responsibilities, as provided in section 3.04 of this Agreement.
3.06 Termination of Trust and Distribution of Remaining Funds.
This Truct ir irresocable, and shall terminate only when decommissioning of LACbWR is completed, or upon frustration or failure of the Trust's purpose, or if the Grantor's obligation to i
decommission LACBWR has been satisfied, or when another financial assurance mechanism has been implemented, as determined by the Grantor and the N.R.C.,
or by final judgment by a court with I
13
jurisdiction over the subject matter.
Upon termination of the Trunt, the Trustee shall cooperate with the Investment Manager in liquidating the assets of the Trust Fund, and shall then distribute the entire ra.maining Trust Fund, including all accrued and accumulateV income, to the Grantor.
After the Trust has been terminated either under this Agreement or applicable law, the Trustee is discharged from all obligations under this Agreement, and no person or entity has any further right or claim against i
the Trustee unless provided by law.
3.07 Amenditent of Trust.
The Grtntnr may amend this Trust Agreement in whole or in part, at any time, in any way consistent with the Trust's purpose, in order to ensure that the Grantor derives the greatest overa'.1 benefit from the Trust.
All amendments shall be in writing, and no amendments that increase the Trustee's duties or liabilities may be made without the Trustee's written corsent.
An amendment may be made retroactively if neccusary to bring the Trust into conformity with the Internal Revenue Code, Treasury regulations or any other statute or regulation and to insure that the greatest overall benefit to the Grantor and the Trust are maintained.
The Trust may specifically be amended to bring it into conformity with section 468A (or any successor provision) of the Internal Revenue i
Code if Grantor elects the application of that provision, i
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1 ARTICLE 4.
INVESTMENTS 4.01 Accointment of Investment Manaaer(s).
The Grantor may I
appoint one or more Investment Managers to direct the investment of all or part of the Trust Fund.
The appointment of the Investment Manager (s) shall be made in accordance with any procedures specified by the Grantor.
Whenever such appointment is made, Grantor shell certify to the Trustee in writing that such appointment (s) has been made, and shall specify the portion of the Trust Fund with respect to which the Investment Manager (s) has been designated.
The Investment Manager (s) shall certify in writing to the Trustee that it is qualified to act in the capacity provided under the Investment Manager Agreement, shall accept its appointment as such Investment Manager (s), shall certify the identity of the person or persons authorized to give instructions or directions to the Trustee on its behalf, shall provide specimen signatures, and shall undertake to perform the duties imposed on it under the Investment Manager Agreement.
The Trustee may continue to rely upon all such certifications unless otherwise notified in writing by the Grantor or the Investment Manager (s), as the case may be.
4.02 Investment Obiectives.
From time to time, Grantor shall establish investment objectives and guidelines for the Trust Fund consistent with the purposes of the Trust Fund and applicable laws and regulations.
The Grantor shall communicate such objectives and guidelines, as amended from time to time, to the Trustee and to the Investment Manager (s) in writing.
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4.03 Direction by Investment Manaaer(s!.
The Investment Manager (s) designated by the Grantor to manage any portion of the Trust Fund shall have authority to acquire and dispose of the assets of the Trust Fund, or a portion thereof, as provided in the Investment Management Agreement.
The Trustee shall exercise the powers set forth in Article 5 with respect to all assets of the Trust Fund but shall only exercise the powers set forth in Article 6 when, if, and in the manner directed by the Grantor in writing, and shall not otherwise be under any obligation to invest any assets of the Trust Fund.
The Investment Manager (s) shall have the power and authority, exercisable in its' discretion at any time and from time to time according to the Investment Management Agreement, to issue and place orders for the purchase or sale of portfolio securities directly with qualified brokers or dealers.
The 1
Trustee, upon written request from the Investment Manager (s),
shall execute and deliver in accordance with the appropriate trading authorizations.
Written notification of the issuance of i
cach such authorization shall be given prciaptly to the Trustee by the Investment Manager (s), and the Investment Manager (s) shall cause the execution of each order to be confirmed in writing to the Trustee by the broker or dealer.
Such notification shall be proper authority for the Trustee to pay for portfolio securities purchased against receipt thereof and to deliver portfolio securities sold against payment therefor, as the case may be.
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a
'e The authority of the Investment Manager (s) and the terms and conditions of the appointment and retention of the Investment Manager (s) shall be the responsibility solely of the Grantor, and the Trustee shall not be deemed to be a party to or to have any obligations under any agreement with the Investment Manager (s).
i Any duty of supervision or review of the acts, omissions or overall performance of the Investment Manager (s) shall be the exclusive responsibility of the Grantor, and the Trustee shall have no duty to make suggestions to the Investment Manager (s) or to the Grantor with respect to the exercise or nonexercise of any power by the Investment Manager (s), except as specifically provided in this Agreement.
Unless the Trustee participates knowingly in, or knowingly undertakes to conceal an act or omission of an Investment Manager (s) knowing such act or omission to be a breach of the fiduciary responsibility of the Investment Manager (s), the i
Trusteo shall be under no liability for any loss of any kind which may result by reason of any action taken by it in accordance with any direction of the Investment Manager (s).
The Trustee shall be under no liability for any loss of any kind by reason of investments purchased, sold, or retained by the Investment Manager (s), nor for the risk or diversification of the portfolio, nor for the turnover of the investments, nor for any other aspect of the portfolio for which an Investment Manager (s) i has been appointed.
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ARTICLE 5.
TRUSTEE'8 GENERAL POWERS The Trustee shall have, with respect to the Trust Fund, the following powers, to be exercised in its discretion and in its fiduciary capacity in the best interests of this Trust and its beneficiaries:
5.01 Payment of Excenses of Administration.
To incur and pay any and all charges, taxes and expenses upon or connected with this Trust in the discharge of the Trustee's fiduciary obligations under this Agreement.
All taxes levied or assessed as a result of the Trust shall be paid from the Trust except to the extent Grantor has agreed to pay those taxes pursuant to section 2.07 of this Agreement.
i 5.02 Temocrarv_ Cash Investments.
To hold funds in money J
market or other temporary interest-bearing accounts while awaiting direction from the Investment Manager (s).
5.03 Extension of Oblications and Necotiation of Claims.
To renew or extend the time of payment of any obligation, secured j
or unsecured, payable to or by this Trust, for as long a period or periods of time and on such terms as the Trustee shall determine; to settle, compromise, or submit to arbitration any j
claims, debts or damages due or owing to or from the Trust; and to commence or defend legal or administrative proceedings and I
represent the Trust in such proceedings.
1 5.04 Reaistration of Securities.
To cauc6 any securities i
or other property held as part of the Trust Fund to be registered 18
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s 1
in its own name or in the name of one or more of its nominees, and to hold any investments in bearer form, but the books and records of the Trustee must at all times show that the investm6nts are part of the Dairyland Power Cooperative Nuclear j
Decommissioning Trust.
5.05 Execution of Documents.
To make, execute, acknowledge, and deliver documents of transfer and conveyance and other instruments that may be necessary or appropriate to carry out the Trustee's duties.
S.06 Employment of Acents and Counsel.
To employ suitable agents and counsel (who may be counsel of the Grantor) and to pay their reasonable expenses and' compensation.
5.07 Votina Stocks.
On direction from the Grantor, to vote any stocks, bonos, or other securities;-to give general or specih proxies or powers of attorney with or without power of substitution; to exercise any conversion privileges, subscription right, or other options, and to make any incidental payments; to oppose, consent to, or otherwise participate in corporate reorganizations or other changes affecting corporate securities, and (unless prohibited by statute) to delegate discretionary powers, and to pay any related assessments or charges; and generally to exercise any ownership powers over stocks, bonds, t
securities, cr other property held as part of the Trust Fund.
5.08 Deleaation of Ministerial Powers.
To delegate to other persons such ministerial powers and duties as the Trustee i
i may deem advisable.
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5.09 Residual Powers.
To do all acts, take all proceedings, and exercise all rights and privileges, although not specifically mentioned here, as the Trustoe deetas necessary and
{
proper to administer the Trust Fund and to carry out the purposes of this Agreementt provided, however, that the Trustee may not do any act or participate in any transaction that would contravene any provision of this Agreement or violate any law, regulation or ruling applicable to the Trust, the Grantor or the Trustee.
5.10 E2Wers of Trustee to Continue Until Final Distribution.
To exercise any of such powers until the entire principal of and income from the Trust Fund shall have been actually distributed by the Trustee.
ARTICLE 6.
TRUSTEE'S INVESTMENT POWERS.
The Trustee recognizes the authority of the Investment Manager (s) to invest and reinvest the assets of the Trust Fund pursuant to the Investment Manager Agreement, and, as provided in section 4.03 of this Agreement, the Trustee agrees to cooperate t
with the Investment Manager (s) to mccomplish those tasks.
I Notwithstanding the foregoing, upon the written authorization of the Grantor, the Trustee shall have the following investment powers, all of which are fiduciary powers to be executed in a fiduciary capacity in the Trustee's discretion and in the best interests of the Trust and its beneficiaries:
6.01 Preservation of Princinal.
To hold, manage and invest the assets of the Trust Fund in a manner designed to pres:rve and maximize the principal and income of the Trust Fund for the 20
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purposes of this Trust.
The Trustee shall advise the Grantor quarterly of the Trustee's investment strategy.
Tae Trustee must consider the purposes of this Trust, the Grantor's investment objectives and guidelines, applicable statutes and regulations, and other relevant information and standards when determining its investment strategy.
'the Trustee may consult with the Grantor, counsel and investment advisors when formulating its investment strategy.
6.02 Investment of Trust Fund.
The Trustee shall invest i
and reinvest the principal and income of the Trust Fund and keep trust assets invested, without distinction between principal and income, in a manner consistent with the Trustee's investment strategy set under section 6.01 of this Agreementt except that no part of the T: ust Fund shall be invested in any securities or other obligations from which the Trustee may derive any benefit in its nonfiduciary capacity or from which the Grantor may derive any benefit in any capacity other than as the beneficiary of this Trust.
In particular, no part of the Trust Fund may be invested in securities or other obligations of the Grantor or any of its affiliates, as defined in the Investment Company Act of 1940, as amended (15 U.S.C.
sec. 80A-2(a)), unless they are securities or i
other obligations of the federal or a state government.
6.03 Manacement of Trust Fund.
Subject to the other provisions of this Agreement, the Trustee has the following additional powers to manage and invest the Trust Fund:
21 I
l i
r (a)
To purchase, subscribe for, and hold securities or other property authorized as a proper investment for the Trust Fund, and to retain the same in trust; (b) To sell for cash or credit, exchange, convey, transfer, or otherwice dispose of any securities or other property held in the Trust Fund, by private contract or at public auction.
No person dealing with the Trustee is bound to see to the application of the purchase no.My or to inquire into the validity, expediency, or propriety of any sale or other disposition; (c) To keep part of the Trust Fund in cash or cash equivalents, if the Trustee deems that to be prudent under the circumstances; (d) To accept and retain for as long as the Trustee dsems advisable any securities or other property received or acquired as Trustee, regardless of any lack of diversification; (e) To enter into contracts, in a form determired by the Trustee, with one or more persons, firms, ass 3ations, or.
corporations to obtain advice and counsel about investments; and (f) To enter into arrangements tor-the deposit of funds with banks or trust companies, and to (1) authorize the depository to act as custodian of the cash, securities, or other property that the funds comprise; (2) authorize the depository to convert the funds in whole or in part into, or to invest and reinvest the same in, securities of any kind and nature permitted in this j
l 22 1
,.m a
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o Agreement; and (3) provide for the payment to the depository of reasonable compensation for its services.
ARTICLE 7.
MISCELLANEOUS 7.01 Apolicable Law.
This Agreement shall be construed, enforced, and administered according to the laws of the state of Wisconsin, except to the. extent that the laws of the United States take precedence.
Any construction of this Agreement shall give effect to the Grantor's intent to create'a decommissioning trust in a manner that maximizes benefits to the Grantor and the Trust.
7.02 Headinas.
The section headings set forth in this
-j Agreement and its Table of Contents are inserted for convenience only and shall be disregarded in construing or interpreting any of the provisions of this Agreement.
7.03 Particular Words.
Any word contained in the text of I
this Agreement shall be read as the singular or plural and as the masculine, feminine or neuter as may be applicable or permissible in the particular context.
Unless otherwise specifically stated, the word " person" shall be taken to mean and include an individual, partnership, association, trust, company or corporation.
7.04 Severability of Provisions.
If any provision of this Agreement or its application to any person or entity or in any circumstances shall be invalid and unenforceable, the application of such provision to persons and in circumstances other than those as to which it is invalid or unenforceable and the other 23 1
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s provisions of this Agreement, shall not be affected by such invalidity or unenforcability.
7.05 Frustrated Actions.
If it becomes impossible for the i
Grantor or the Trustee to perform an action requ ed under this e
Agreement, then instead an action which, in the judgment of the Trustee, will most nearly carry out the purpose of this Agreement shall be performed.
7.06 Constructign of Direction.
Whenever the Grantor or Trustee is directed to take an action upon the occurrence of an event, neither is obliged to take that action until it has received proper and satisfactory written notice that the event has occurred.
7.07 Authorizations and Communications.
A written authorization or communication from an officer of the Grantor or the Trustee stating that an event has occurred constitutes conclusive evidence that it has occurred, and the Grantor or Trustee is fully protected and discharged from all liability if it accepts or relies on such an authorization or communication.
7.08 Genuine Notice.
The Grantor or the Trustee will not incur liability to any person or party when acting on a notice, request, consent, letter, telegram, or other paper or document that it believes to be genuine and to have been signed or sent by the proper person.
24
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, t., s-6 7.09 Delivery of Hotices Under Aareoment.
Any notice required by this Agreement to be given to the Crantc~ or to the Trustee shall be deemed to have been properly given wl..n mailed, t
postage prepaid, by registered or certified mail, to the person to be notified as set forth below:
If to the Grantor:
Robert C.
Mueller, Assistant General Manager and Controller Dairyland Power Cooperative P.O.
Box 817 La Crosse, WI 54602-0817 If to the Trustee:
Russell G. Odenbeck Vice i> resident Marshall & Ils1cy Trust Company 770 N. Water Street Milwaukee, WI 53202 7.10 Accountina Year.
The Trust shall operate on an accounting year which runs from January 1 to December 31.
7.11 Successors and Assians.
Subject to the provisions of t
Sections 2.01 and 3.03, this Agreement shall be binding upon and inure to the benefit of the Grantor, the Trustee, and their respective successors and assigns.
IN WITNESS WHEREOF, the Grantor and the Trustee have set their hands and seals to this Agreement as of the day and year written above.
DAIRYLAND POWER COOPERATIVE (SEAL)
By Ulud.
44/
'Presid/t Title Attest:
- Cu.s Ata N v
L // ' /
' /
Title Assis(ant Secretary i
25
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e se MARSHALL & ILSLEY TRUST COMPANY
[I
/
i (SEAL)
By
/ /[
W M
-;/
/ Title
(%)
Attest:
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A
(;
Title STATE OF WISCONSIN
)
)
ss COUNTY OF _ La Cyosse,)
I, Gloria J. Yeazie a Notary Public in and for the j
aforesaid jurisdiction, do hereby cortify that Wayne Willink and Mary Hunvon
, who are personally known to me to,be the persons who executed the foregoing Decommissioning Trust Agreement, personally appeared before me in the aforesaid
]
jurisdiction, and as President and. Asst. Secretary of Dairyland Power Cooperati"e, and by virtue of the power and authority in them vested, Ecknowledged the same to be the tct and deed of Dairyland Power Cooperative and they executed the same as such_.
Given under my hand and seal this 25th day of July 1990.
[ NOTARY SEAL) l WL,, L O.
.In
~
l Notary Public,)ftat/ of Wlsconsin My commission fxpires _ July 3.1994 l
STATE OF WISCONSIN
)
)
ss:
COUNTY OF/MJakw )
had 6/c_TUcKE, a Notary Public in and for the I,
aforesaid jubisdiction, do hereby certify that /kure 4 caoec and d full G. cbc/IEd4, who are personally known to me to be the persons who executed the foregoing Decommissioning Trust Agreement, personally appeared before me in the aforesaid jurisdiction, and as Vier f1t><hcd7" and Frce' /AD/M~f of /%%7tt HLW.i wtr te., and by virtue of the power and authority 26 I
1
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,P.S*
as vested in them, acknowledged the same to be the act and deed of nyA w as //u,zrv m sr ta and they executed $he same as such.
Given uhder my hand and seal this n'V f/'. day of( Yl.a c eu,
,'/
O (24.ARY SEAL)
Yh/.LL+- d( ca<r/..
Notp'ry) Public, State of Wisconsin My commission expirespf-r cd, ef 9-a.
J I
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