HomeMy WebLinkAbout11.18.25 BWL Minutes
Regular Board Meeting Minutes
November 18, 2025
Page 1 of 33
Approved by the Board of Commissioners 01-27-26
MINUTES OF THE BOARD OF COMMISSIONERS MEETING
LANSING BOARD OF WATER AND LIGHT
_________________________________
November 18, 2025
_________________________________
The Board of Commissioners met at the Lansing Board of Water and Light (BWL) Headquarters-
REO Town Depot located at 1201 S. Washington Ave., Lansing, MI, at 5:30 p.m. on Tuesday,
November 18, 2025.
Chairperson David Price called the meeting to order at 5:30 p.m.
Corporate Secretary, LaVella Todd, called the roll.
Present: Commissioners Beth Graham, Chris Harkins, Semone James, Tony Mullen, David Price,
Dale Schrader, and Sandra Zerkle. Non-Voting Commissioners present: Commissioner Brian Ross
(DeWitt Township), and Commissioner Robert Worthy (Delta Township)
Absent: Commissioner DeShon Leek and Non-Voting Commissioner J. R. Beauboeuf (East
Lansing)
Corporate Secretary LaVella Todd declared a quorum.
Commissioner Dale Schrader led the Pledge of Allegiance.
Golf 4 Charity Check Presentation
Chairperson David Price presented a check from BWL’s Pennies for Power program to St.
Vincent de Paul. BWL’s Annual Golf 4 Charity Event raised the largest amount in the history of
the event and made a contribution of more than $17,000 to Pennies for Power.
APPROVAL OF MINUTES
Motion by Commissioner Sandra Zerkle, Seconded by Commissioner Tony Mullen to approve the
Regular Board Meeting Minutes of September 23, 2025.
Action: Motion Carried.
Chairperson David Price removed agenda item 11c. Special Electric Service Contracts for Large
Load Customers and Membership in Regional Transmission Organization Resolution from the
agenda. General Manager Dick Peffley stated that emails received from members of the public
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November 18, 2025
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regarding the resolution were reviewed and the concern with the Commission delegating rate
making authority was understood. The resolution was initially brought forward for
transparency of working with the data center. If rates need to be adjusted for the data center
customer, BWL will come back to the Commission and go through the rate making process.
The resolution was requested to be pulled from the agenda as it is no longer needed.
PUBLIC COMMENTS ON AGENDA ITEMS
There were no public comments.
COMMUNICATIONS
Electronic mail received from Elaine Fischoff regarding BWL website, BWL fees, and BWL policies
- Referred to Management. Received and Placed on File.
Electronic mail received from League of Women Voters Lansing Area regarding Contracts with
data centers - Referred to Management. Received and Placed on File.
Electronic mail received from Carol Siemon regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Dorothy Engelman regarding Contracts with data centers - Referred
to Management. Received and Placed on File.
Electronic mail received from Alison Peeler regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Ashley Meyers regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Abby Schwartz regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Kristin Isaac regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Joanne Galloway regarding Contracts with data centers - Referred
to Management. Received and Placed on File.
Electronic mail received from Diane Echerri regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Connie Jones regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
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November 18, 2025
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Electronic mail received from Therese Ojibway regarding Contracts with data centers - Referred
to Management. Received and Placed on File.
Electronic mail received from Karla McCandless regarding Contracts with data centers - Referred
to Management. Received and Placed on File.
Electronic mail received from Debra Gordon regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Isabella Croff regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Heidi Butler regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
Electronic mail received from Randy Dykhuis regarding Contracts with data centers - Referred to
Management. Received and Placed on File.
COMMITTEE REPORTS
Committee of the Whole Chairperson Sandra Zerkle presented the Committee of the Whole
Report:
COMMITTEE OF THE WHOLE
Meeting Minutes
November 6, 2025
The Committee of the Whole of the Lansing Board of Water and Light (BWL) met at the BWL
Headquarters-REO Town Depot located at 1201 S Washington Ave., Lansing, MI, on Thursday,
November 6, 2025.
Chairperson Sandra Zerkle called the Committee of the Whole Meeting to order at 5:30 p.m. and
asked the Corporate Secretary to call the roll.
Present: Commissioners Beth Graham, Chris Harkins, Semone James, DeShon Leek, David Price,
Dale Schrader, and Sandra Zerkle; and Non-Voting Commissioners J. R. Beauboeuf (East Lansing)
and Brian Ross (DeWitt Township)
Absent: Commissioner Tony Mullen and Non-Voting Commissioner Bob Worthy (Delta Township)
Corporate Secretary LaVella Todd declared a quorum.
Public Comments
There were no public comments.
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November 18, 2025
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Approval of Minutes
Motion by Commissioner Semone James, Seconded by Commissioner Beth Graham to approve
the Committee of the Whole Meeting minutes of September 9, 2025.
Action: Motion carried. The minutes were approved.
Public Power Contest Winner Recognition
Chairperson of the Board David Price presented certificates of recognition to the five Public
Power Week Coloring Contest Winners: Ally Rapelje from Post Oak Academy, Blessing Tesa from
Attwood Elementary, Ephrahim Niyonyishu from Cavanaugh Elementary, Hayven Thomas from
Cavanaugh Elementary, and overall winner Alexa Martinez from Cavanaugh Elementary.
Retirement Plan Committee (RPC) Update
Chief Financial Officer Scott Taylor presented the Retirement Plan Committee (RPC) update. In
the Defined Contribution 401(a) and Deferred Compensation 457(b) Plans, four participants have
assets in the State Street GTC Retirement Income Builder (RIB) Series with a total of just under
$1.5 million which indicates the plan is adopting well. Lifetime income funds are being promoted
and educational sessions will be held in the new year. The forfeiture process for DC Plan 1 has
started for approximately three pay periods needed to utilize the balance and an administrative
procedure for managing forfeitures is being formalized. Secure Act 2.0 Requirements effective
January 1, 2026 include the mandatory Roth catch -up contributions for high earners. Individuals
aged 50 or older earning more than $145,000 in the previous year from the employer sponsoring
the plan will be required to make catch-up contributions to their 457 plan on a Roth (after-tax)
basis. HR is working on a communication to all participants regarding 3rd party vendors reaching
out to participants on retirement advisory services to reiterate that these are not from the BWL
RPC and to remind participants the resources that are available.
Commissioner Harkins asked what percentage of staff fully vest in the DC contributions. CFO
Taylor responded that he would look up the information and provide it to the Commissioners.
Energy Optimization Plan 2026-2029
Energy Planning & Decarbonization Manager, Jennifer Binkley-Power presented the Energy
Optimization Plan 2026-2029. The overall goal of the plan is to reduce energy waste and future
costs of utility service. The intent is to delay the need for constructing new electric generating
facilities. Ms. Binkley-Power provided an overview of Public Act 229 of 2024 Section 71.(2) which
amends and adds to prior Energy Waste Reduction legislation Public Act 295 of 2008, 2016, 2020.
Ms. Binkley-Power also provided the requirements of the EWR Plan, the spending and saving
allowances and the electrification plan. The plan needs to be approved by the Board of
Commissioners and MPPA will submit the plan to the MPSC by December 31, 2025, as a joint
filing on behalf of all MPPA members. The EWR Plan will be refreshed every four years.
Chairperson Zerkle asked whether this plan is where BWL enters customers’ homes to determine
where energy savings can be made. Ms. Binkley-Power affirmed and responded there is a list of
programs for customers.
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November 18, 2025
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Commissioner Schrader asked whether the EV chargers and rebates were part of the 1.5% of
total retail electricity sales. Ms. Binkley-Power said they were not.
Commissioner Harkins asked whether there are programs currently in operation that are
indicating diminishing returns and are there other programs with more capability that efforts
should be focused toward. Ms. Binkley-Power responded that electrification is a good place to
pivot, contractors will need to be trained, and a trade ally network for some measures will need
to be created.
Commissioner Graham asked whether BWL had a program similar to DTE reaching out to realtors
to go through a checklist of items for savings. Ms. Binkley-Power responded that from previous
experience, the program was semi-successful and realtors need to be incentivized to be an
advocate with that type of program, and also that BWL is considering such a program.
Commissioner Price asked how much load was reduced by converting to LEDs over the last 10
years. Ms. Binkley-Power responded that she didn’t have that figure but would follow up and
provide it to the Commissioners.
Motion by Commissioner David Price, Seconded by Commissioner, Beth Graham, to approve the
Energy Optimization Plan 2026-2029 Resolution and forward it to the full Board for consideration.
Action: Motion Carried.
First Amendment to the Cafeteria Plan – HSA
Executive Director of Human Resources Michael Flowers presented the First Amendment to the
Cafeteria Plan – HSA (Health Savings Account).
Motion by Commissioner David Price, Seconded by Commissioner Chris Harkins, to approve the
Adoption of the First Amendment to the Cafeteria Plan Resolution and forward it to the full Board
for consideration.
Action: Motion Carried.
Special Electric Service Contracts for Large Load Customers and Membership in Regional
Transmission Organization
General Manager Dick Peffley spoke about the Special Electric Service Contracts for Large Load
Customers and Membership in Regional Transmission Organization Resolution being presented
to the Committee. GM Peffley stated BWL is negotiating with several large customers, exploring
new technologies for energy sources while maintaining reliability for existing customers. GM
Peffley gave brief overviews of two new technologies for energy sources that have been vetted:
Solar Thermal Technology and Fuel Cell Technology. Both technologies potentially have high
reward for BWL with minimal risk. GM Peffley also explained to the Committee that it could be
possible that BWL may have to buy energy outside of the service territory depending on how
many of these large customers come to this area. BWL is exploring an option of becoming a
member of the PJM (Pennsylvania, New Jersey, Maryland) regional transmission organization,
which manages wholesale markets for energy and capacity on the east coast, while MISO
manages for central states. There is a plant in Niles, MI in the PJM region that puts 1,000 MW
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November 18, 2025
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into the market and BWL is requesting 400 MW from them. In order to purchase energy from this
plant, BWL would need to be a member of PJM. BWL is competing internationally to land these
large customers.
Chairperson Zerkle thanked GM Peffley and the staff for their hard work in bringing the
businesses to BWL and the city.
Commissioner Price stated that one of the objections that is heard on social media and in the
public in providing electric service to the emerging industry of AI and data centers is that it results
in increased rates for current customers. GM Peffley responded that won’t be the case for BWL
as the infrastructure will be paid for by the new customers and as they ramp up, we’ll see
reduced forecasted rate increases for customers. This will also result in an additional $1 million
in return on equity to the city.
Commissioner Harkins commented on the importance of remaining environmentally conscious,
but highlighted language in the resolution about negotiating agreements that would hold other
customers harmless and not burden the existing BWL customers’ rate base, and said those
protections were critical to him in supporting the resolution. GM Peffley responded that the CEO
of Deep Green from the United Kingdom stated he was impressed with Lansing Board of Water
& Light and that they have never worked with a utility like it and is looking forward to working
with us on their project.
Commissioner Zerkle commented that this operational project that GM Peffley brought to the
Board has been explained well in what the purpose was and how it would better the community
and the company. GM Peffley responded that several high-level staff were working on the project
and it will be well vetted.
Commissioner James asked what types of returns are projected? GM Peffley responded that
negotiations are in progress and returns should be similar to those of other customers.
Commissioner James added that the pros and cons have been provided and that she doesn’t see
any negative aspects to the ratepayers. GM Peffley responded it was a win-win and the mayor of
the City of Lansing stated he cannot see any drawback as the two parking lots for the project
aren’t being utilized. The building Deep Green will bu ild doesn’t look industrial, there will be a
walking path, and murals created by local artist. Additionally, there will be jobs created for the
community.
Commissioner Schrader asked if fuel cell technology was being put next to the downtown
location and if it was a California company. GM Peffley said he couldn’t respond due to a non -
disclosure agreement. Commissioner Schrader asked if the fuel cell was considered clean energy.
GM Peffley responded that it was considered clean energy in two states so far. Commissioner
Schrader commented that it was a brilliant plan due to the amount of space being used and
reduction in the emissions of natural gas.
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November 18, 2025
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Motion by Commissioner David Price, Seconded by Commissioner Semone James, to approve the
Special Electric Service Contracts for Large Load Customers and Membership in Regional
Transmission Organization Resolution and forward it to the full Board for consideration.
Action: Motion Carried.
Regular Board Meeting Schedule 2026 Resolution
Chairperson Sandra Zerkle presented the Regular Board Meeting Schedule 2026.
Commissioner James asked if the Committee Meetings would need to be moved for November
2026 and if the November 2026 Board Meeting could be held on an alternate date.
Commissioner Price stated that traditionally the November Board Meeting was held the wee k
prior to Thanksgiving to allow for taking vacation Thanksgiving week. The Committee determined
that moving the Committee Meeting day will be considered.
Motion by Commissioner David Price, Seconded by Commissioner Beth Graham, to approve the
Regular Board Meeting Schedule 2026 Resolution and forward it to the full Board for
consideration.
Action: Motion Carried.
Other
Motion by Commissioner David Price, Seconded by Commissioner Beth Graham, for excused
absences for Commissioner Tony Mullen and Commissioner Robert Worthy.
Action: Motion Carried.
Adjourn
Chairperson Sandra Zerkle adjourned the meeting at 6:33 p.m.
Respectfully Submitted,
Sandra Zerkle, Chairperson
Committee of the Whole
Finance Committee Chairperson Dale Schrader presented the Finance Committee Report:
FINANCE COMMITTEE
Meeting Minutes
November 6, 2025
Finance Committee: Dale Schrader, Committee Chairperson; Beth Graham, Chris Harkins, David
Price; Alternates: Tony Mullen, Semone James; Non-Voting: Commissioners J. R. Beauboeuf,
Brian Ross, Robert Worthy.
The Finance Committee of the Board of Water and Light (BWL) met at the BWL Headquarters –
REO Town Depot, located at 1201 S. Washington Ave., Lansing, MI on Thursday, November 6,
2025.
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November 18, 2025
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Finance Committee Chairperson Dale Schrader called the meeting to order at 6:45 p.m. and asked
the Corporate Secretary to call the roll.
Present: Commissioners Beth Graham, Dale Schrader, Chris Harkins, and David Price; Also
Present: Commissioners Semone James (Alternate) and Sandra Zerkle; and Non-Voting
Commissioners J. R. Beauboeuf (East Lansing) Non-Voting, and Commissioner Brian Ross (DeWitt
Township)
Absent: None
Corporate Secretary LaVella Todd declared a quorum.
Public Comments
There were no public comments.
Approval of Minutes
Motion by Commissioner David Price, Seconded by Commissioner Beth Graham, to approve the
Finance Committee Meeting minutes of September 9, 2025.
Action: Motion Carried. The minutes were approved.
Baker Tilly Audit Report
Chief Financial Officer (CFO) Scott Taylor introduced Aaron Worthman, Principal at Baker Tilly,
who presented the Baker Tilly Audit Report . Mr. Worthman presented and highlighted the
external audit report which included an audit overview, observations and recommendations, and
required communications to governing body. The financial statements include the auditors’
report, management and discussion analysis, Enterprise fund statements, pension and OPEB
(Other Post-Employment Benefits) trust statements. Mr. Worthman reported that there were no
deficiencies in internal controls and that the BWL and all three pension plans received unmodified
audit opinions, which is a clean opinion and the highest level of assurance. Controls were
reviewed in disbursements, payroll, utility billings, cash and investments, capital assets,
information technology and financial reporting areas. Mr. Worthman requested that the
Commissioners read the management representation letter that is attached to the governance
letter which provides information on other representation responsibilities along with the audit.
Commissioner Schrader asked if the $27 million net income included or deducted out the 6% paid
to the City of Lansing. Mr. Worthman responded that the 6% was already deducted out.
Commissioner Harkins commented that it is tremendous that there are no findings of any
magnitude and the staff should be applauded. Commissioner Harkins asked the reason for the
$110 million difference in the restricted cash and investments balance year ov er year.
Accounting, Finance & Planning Manager, Ying Yan, responded that it is related to drawdown of
the 2024A bond proceeds, when eligible spending is incurred and paid, BWL reimburses itself
using these funds.
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November 18, 2025
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Motion by Commissioner Chris Harkins, Seconded by Commissioner David Price, to approve the
FY2025 Audited Financial Statement of the Enterprise Fund & Pension Fiduciary Funds Resolution
and forward it to the Full Board for consideration.
Action: Motion Carried.
CFO Taylor thanked the finance team for their work on the audit. CFO Taylor stated that it is time
to renew the audit contract and BWL is starting the RFP process to obtain the new contract. The
City Charter states the City Council needs to approve or designate the external auditor. When
BWL has made its selection from its procurement process, it is brought to the Board to be
approved to take to City Council, then the City Council will review and approve, and the contract
can be executed. This will be brought to the Board in January 2026.
Commissioner James asked if a new company needs to be selected or if the best can be chosen.
CFO Taylor responded that the best is selected and if Baker Tilly wins the bid, a new lead auditor
for the firm would be required.
YTD Financial Summary
CFO Scott Taylor presented the YTD Financial Summary. The Restricted Bond Fund is expected to
decrease as there is spending on infrastructure. Days Cash on Hand is strong. Weather was
favorable for sales and retail revenue outperformed. Volume was under for wholesale revenue
due to the Belle River Plant slightly underproducing and renewables being lower, but prices in
the market were good. Operating expenses are under due to items budgeted that have not
occurred yet. Non-Operating Income is outperforming. The New Energy Budget is under due to
the moratorium slowing the project in Watertown, solar projects that are in design which will
move into construction, and being careful with new technologies to implement the best ones at
the best times. The Steam to Hot Water budget is just starting and supplies are being ordered.
Debt to Total Assets Ratio is over the benchmark due to producing our own generation. Under
Payroll Data, overtime is under 11%. Benefits are close to budget.
Commissioner Graham asked whether Bad Debt is better because of the funding program. CFO
Taylor stated that there are a lot of factors affecting it but the funding appears to have a direct
correlation to Bad Debt reduction.
Commissioner Harkins asked whether Days Cash on Hand was related to capital projects that
haven’t started yet and whether there were any concerns. CFO Taylor responded that as projects
are done that are eligible for bond reimbursement, the cash stays high . Normal capital
improvements will bring the cash back to target and a forecast is done and monitoring is done
for a solid plan so there are no concerns.
Capital Report
CFO Scott Taylor presented the capital report. Variances in projects are due to timing within the
projects.
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November 18, 2025
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Bond Issuance Summary
CFO Scott Taylor presented the Bond Issuance Summary. Bond issuances are an important area
of funding for generation projects. This bond resolution authorizes refinancing of existing funds
only for the Series 2017A, 2019A, 2019B, and 2021B.
Commissioner Harkins asked whether the expectation of the issuance was early 2026. CFO Taylor
stated that the preliminary statement is being constructed and a meeting will be held with the
rating agencies in December for a planned issuance in January. If the prices are not favorable at
that time, BWL will have until June to execute the issuance.
Commissioner James asked for the amount in bonds outstanding and confirmation of the amount
to refinance of $340 million. CFO Taylor responded that the outstanding amount is about $1
billion, and $70 million must be refinanced and up to $340 million is bei ng requested to be
refinanced in case market conditions are very good. Commissioner James also asked whether
the $1 billion had a schedule. CFO Taylor responded that all outstanding debts are listed in the
audit.
Commissioner Harkins asked if the percentage changes BWL is hopeful to get are not obtained
will it be factored into the strategy. CFO Taylor affirmed.
Commissioner James asked that since there is $1 billion outstanding debt, what determines the
limit. CFO Taylor responded that the limit is determined by calculating how revenue compares to
debt service. Commissioner James asked if favorable terms were not received, would that cause
financial concern for BWL. CFO Taylor responded that reasonable terms for the $70 million were
attainable, and lower rates are being sought for the remainder of the bonds within the $340
million.
Commissioner Schrader asked for confirmation that the $70 million bond refinancing is required
and the remainder of the $340 million is optional, and whether bonds in the remainder of the
$340 million would be brought to the Board individually. CFO Taylor responded that the
authorization in the resolution will give authority for refinancing of bonds for up to $340 million
without further Board action.
AGM Heather Shawa added that updates will be provided to the Board.
Commissioner Harkins also asked whether any of the bonds are constructed with penalties for
paying off early. CFO Taylor responded that the bonds typically have a ten year call which allows
paying off early or by purchasing in the market if it is granted or agreed to and no provisions will
be built into the bonds which will hinder that.
Motion by Commissioner David Price, Seconded by Commissioner Chris Harkins, to approve the
Bond Issuance Resolution and forward it to the Full Board for consideration.
Action: Motion Carried.
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November 18, 2025
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Approved Corporate Secretary and Board of Commissioners FY2026 Quarter One Budget &
Expense Reports
Corporate Secretary LaVella Todd acknowledged that the approved Corporate Secretary and
Board of Commissioners FY2026 Quarter One Budget & Expense Reports were provided to the
full Board of Commissioners via email.
Disaster Recovery Audit Results
Director of Internal Audit Elisha Franco presented the Disaster Recovery Audit Results and
thanked the Emergency Management and Information Technology Department, Ryan Cressman,
Jessica Harbitz, Brad Taylor, Mike Spuhler, and Vern Myers for their help with this audit. The
disaster recovery and business continuity plans are exceptional but h ave some room for
improvement. Four medium risk findings were identified: d isaster recovery and business
continuity activities lack shared documentation between departments updated plans, or
centralized coordination; no formal BIA has been conducted to define recovery priorities or
objectives; recovery targets are scattered and inconsistent, limiting enterprise-wide visibility and
risking misaligned and inefficient recovery processes; critical vendor roles and contact
information are not centrally managed, leading to inefficiencies and potential delays in
communication and recovery during disruptions; critical vendor roles and contact information
are not centrally managed, leading to inefficiencies and potential delays in communication and
recovery during disruptions. The overall opinion rating is Sufficient as there were no critical or
high-level risk areas identified.
Commissioner Zerkle asked whether the audit was coordinated with Chief Operating Officer Rob
Hodges’ list of requests to work on in September. Ms. Franco responded that the audit was
conducted on the overall disaster recovery and business continuity plan and COO Hodges’
request were specific to after storm recovery.
Commissioner James asked whether there was a timetable and corrective action plan. Ms. Franco
responded that management responses and when corrections will be made are in the audit
report for each of the findings, and will be monitored. Commissioner James asked how the
sufficient rating was determined with the four findings and added she had confidence in the BWL
team. Ms. Franco responded that disaster recovery and business continuity findings are
automatically considered a higher risk, the findings are re adily fixable by management, and the
plans have been put into action and worked. Commissioner James said she had thought a
medium risk would garner a needs improvement rating.
Commissioner Price commented that if there were notable weaknesses it would be high risk and
a strong rating would mean that everything was perfect.
Payroll Audit Results
Director of Internal Audit Elisha Franco presented the Payroll Audit Results and thanked the HR
Department, Executive Director of Human Resources Michael Flowers, Human Resources
Manager Dan Barnes, and OS - HRIS Data Integrity Compliance Admin Mark Dykema. Ms. Franco
presented the audit objectives, themes, findings, and recommendations. Four medium risk
findings were identified and six recommendations were made. The overall opinion rating is Needs
Improvement as the payroll process presents several areas requiring improvement; controls are
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November 18, 2025
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generally adequate, but there are notable weaknesses that pose high risk, requiring significant
management action; this rating reflects that while some foundational controls exist,
enhancements are necessary to strengthen the control environment and support consistent,
reliable payroll execution.
Commissioner Harkins asked whether the Workday system is not capable of doing some of these
things or is it not being used to its full extent. Ms. Franco responded that the Workday product
has the capabilities.
Internal Audit Status Report
Director of Internal Audit Elisha Franco presented the internal audit status report which included
the audit update, issue status update, the FY 2026 audit work plan, and other items. Plante Moran
provided support throughout the audit process and further advisory services. The Institute of
Internal Auditors recently released the Global Audit Committee Center and this new resource will
provide guidance on governance and oversight over internal audit functions . More details and
information will be provided by Internal Audit. Recruitment has started for a Summer 2026
internal audit intern.
Commissioner Graham asked when was the last time a payroll audit was completed. Ms. Franco
responded that a payroll audit was completed last year and the audit this year was done on the
Workday system.
Commissioner James asked what the timing should be on the delivery of the audit reports to the
Commissioners when the audits are listed on the agenda. Ms. Franco responded that the earlier
scheduling of the meeting and the audits being due at the end of October, followed by
management’s responses, resulted in the reports being provided to the Commissioners on the
day of the meeting. Ms. Franco added that reports usually are provided to the Commissioners a
week prior to the meeting.
Commissioner James asked what type of training would be provided by the Global Audit
Committee Center and Ms. Franco responded she will follow up with the information.
Chairperson Schrader stated that he was getting some questions about Plante Moran’s rates and
that it was discussed that if BWL did the work internally it would cost the same amount or more.
Ms. Franco responded that there is a statement of work that includes the costs for ea ch audit.
Other
There was no other business.
Adjourn
Chairperson Dale Schrader adjourned the meeting at 8:11 p.m.
Respectfully submitted,
Dale Schrader, Chairperson
Finance Committee
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November 18, 2025
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Pension Fund Trustee Chairperson David Price presented the Pension Fund Trustees Committee
Report:
PENSION FUND TRUSTEES COMMITTEE
Meeting Minutes
November 18, 2025
The Pension Fund Trustees of the Lansing Board of Water & Light (BWL) met at the BWL
Headquarters in the REO Town Depot located at 1201 S. Washington Ave., Lansing, MI) at 5:00
P.M. on Tuesday, November 18, 2025.
Trustee and Board Chairperson David Price called the meeting to order at 5:00 p.m.
Corporate Secretary LaVella Todd called the Roll:
The following Trustees were present: Chris Harkins (arrived @ 5:02 pm), Semone James, Tony
Mullen, David Price, Dale Schrader, and Sandra Zerkle. Also present: Non -Voting Commissioner
Robert Worthy (Delta Township) and Brian Ross (DeWitt Township) (arri ved @5:12 pm)
Absent: Commissioners Beth Graham and DeShon Leek
The Corporate Secretary declared a quorum.
Public Comments
There were no public comments.
Approval of Minutes
Motion by Trustee Semone James and Seconded by Trustee Dale Schrader to approve the
minutes from the November 18, 2024 Pension Fund Trustees Meeting.
Action: Motion Carried.
Pension Fund
Chief Financial Officer Scott Taylor provided information on the Retirement Planning Committee
and then introduced the financial advisory panel. The Panel provided financial plan information.
1) Nathan Burk, Director and Senior Consultant with Asset Consulting Group (ACG); ACG has
served as independent advisor for BWL’s DB & VEBA Plans since 2017. Mr. Burk assists
BWL with investment allocation, evaluation of investment managers, reporting of
investment performance, and investment policy statements. As a Chartered Financial
Analyst (CFA) with over 20 years of investment industry experience, Mr. Burk is well
versed regarding DB & VEBA investments.
2) Mark Miller, Founder and Principal Consultant with Benassist Retirement Consulting, LLC;
Mr. Miller provides actuarial services for the DB & VEBA Plans since 2018. He also assists
with required filings for the State of Michigan and performs calculations for DB employee
benefits at retirement. As an expert with over 3 8 years of actuarial experience, Mark is
also well versed regarding the actuarial reports for the DB & VEBA Plans.
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November 18, 2025
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3) Justin Cohen, CFP, CPA, Financial Advisor/Relationship Manager with CAPTRUST;
CAPTRUST assists with fund line up selection and monitoring, investment performance
reporting, fee benchmarking and fiduciary compliance for the DC plans. Mr. Cohen is
both a NAPA Certified Plan Fiduciary Advisor (CPFA™) and a CERTIFIED FINANCIAL
PLANNER™.
4) Michael Burkhart, Executive Relationship Manager with Nationwide Retirement
Solutions; Mr. Burkhart is responsible for maintaining relationships with Nationwide’s
largest governmental plan sponsor clients in the Central and West regions. Nationwide
became the administrator and recordkeeper for BWL’s 401 and 457 Plans in 2021. In
addition to maintaining DC investment accounts, Nationwide provides BWL employees
and retirees with personalized resources for meeting financial goals. Mr. Burkhart has
been with Nationwide for over 31 years and is well versed regarding the range of services
which Nationwide provides to participants.
Mr. Nathan Burk gave a capital market update for FY2025. Markets were a risk environment with
the cutting of interest rates and inflation. U.S. equities are up by about 15%, equities outside of
the U.S. are up about 17%, and bonds were up about 6%. The current asset allocation for the DB
Plan is 45% equity, 50% fixed income, and 5% private real estate, had an expected 6% return, and
a 9.5% return was realized. The current asset allocation for the VEBA Plan is 60% equity, 25%
fixed income, and 15% private real estate, had an expected 6.5% return, and a 10% return was
realized. The investment fees are below or near the median manager fees when compared to
similar structured plans in the industry.
Mr. Mark Miller spoke about the actuarial work for the DB and VEBA plans funding. The assets
as of 07/01/2025 for the DB Plan are $48 million, the liability is $39.3 million with an excess
funding of $8.7 million and the funded ratio is 122% compared to last year of 115%. The liability
was $48.5 million last year. The average funding for DB plans for Michigan is 72% and BWL far
exceeds that and ranks in the top 4%. The assets as of 07/01/2025 for the VEBA Plan are $268.4
million, the liability is $188 million with an excess funding of $80.4 million and the funded ratio
is 143% compared to last year of 150%. The assets went up from $253 million to $268 million,
but offsetting that was the increase in liability from $168 million to $188 million as Medicar e
premiums increased in the marketplace. The average funding for VEBA plans for Michigan is 49%
and BWL far exceeds that and ranks in the top 14%.
Mr. Justin Cohen spoke about the roles of CAPTRUST in investment management, fiduciary
process, plan fees, and participant choices for the 401(a) and 457(b) plans. As of September 30,
2025 the combined total assets of the 401(a) plans were just over $239.3 million and the 457(b)
plan was right above $170.7 million. These plans are defined contribution plans where the RPC
is responsible for selecting and monitoring the investment options and the participants are
responsible for allocating their accounts according to their goals. Administrative costs and
recordkeeping costs remain low. The all in fee is around 0.21% which is very competitive.
Regular Board Meeting Minutes
November 18, 2025
Page 15 of 33
Mr. Michael Burkhart provided information about the retirement services that Nationwide
furnishes. Nationwide provides the daily record keeping for the plans in participant’s account
balances, transaction processing, and customer service through a call center. Group education,
workshops, and individual consultations are provided through a local service representative, Ken
Kelbel. A custom BWL website has online educational content at mybwlretirement.com.
Nationwide also provides retirement planning tools, advisory services through a financial
planner, and managed account solutions. Nationwide also provides a Retirement Resource
Group which is available by phone, My Income Planner, My Investment Planner, and Retirement
Income Builder.
Commissioner Harkins commented that to be at 120%+ for the DB Plan is excellent.
Commissioner Schrader thanked Mr. Burkhart as it is very important for people in retirement age
to have a consult person.
RESOLUTION #2025-11-01
ACCEPTANCE OF 2025 AUDITED FINANCIAL STATEMENTS FOR DEFINED BENEFIT PENSION
PLAN, DEFINED CONTRIBUTION PENSION PLAN, AND RETIREE BENEFIT PLAN
Resolved, that the Corporate Secretary receive and place on file the Defined Benefit, Defined
Contribution, and Retiree Benefit Plan reports presented during the Pension Trustee Meeting.
---------------
Staff comments: All three Plans received clean audit reports.
Motion by Trustee Sandra Zerkle, Seconded by Trustee Semone James, to approve the Resolution
for the Acceptance of 2025 Audited Financial Statements for Defined Benefit Pension Plan,
Defined Contribution Pension Plan, and Retiree Benefit Plan at a Board meeting held on
November 18, 2025.
Action: Motion Carried.
Other
Motion By Commissioner Semone James, Seconded by Commissioner Chris Harkins for excused
absences this evening for Commissioners Beth Graham and DeShon Leek.
Adjourn
There being no further business, the Pension Fund Trustees meeting adjourned at 5:26 p.m.
Respectfully Submitted,
David Price, Chairperson
Pension Fund Trustees Committee
Approved by the Trustees on November __, 2026
Regular Board Meeting Minutes
November 18, 2025
Page 16 of 33
MANAGER’S RECOMMENDATIONS
There were no manager’s recommendations.
UNFINISHED BUSINESS
There was no unfinished business.
NEW BUSINESS
There was no new business.
RESOLUTIONS/ACTION ITEMS
RESOLUTION 2025-11-02
2026 – 2029 Energy Optimization Plan
WHEREAS, the Clean and Renewable Energy and Energy Waste Reduction Act, 295 PA 2008 (PA
295), established Michigan’s first energy efficiency standard – 1% energy savings through energy
efficiency programs, as a percentage of retail sales, year after year until 2021; and
WHEREAS, PA 295 was amended by 2023 PA 229 (PA 229), which increased Michigan’s energy
efficiency standards to 1.5% energy savings through energy waste reduction programs and
optional electrification programs, as a percentage of retail sales, beginning in 2026 and mandates
each municipal utility obtain governing body review and approval of the energy optimization plan
before submission to the Michigan Public Service Commission (MPSC); and
WHEREAS, the Michigan Public Power Association (MPPA) has offered to jointly file all energy
optimization plans on behalf of Michigan municipal utilities on or before December 31, 2025 with
the MPSC; and
WHEREAS, the proposed 2026 - 2029 Energy Optimization Plan, attached as Attachment A, was
presented by management to the Committee of the Whole on November 6, 2025, and the
Committee voted to recommend approval by the Board at the November 18, 2025 board
meeting.
THEREFORE, it is:
RESOLVED, that the Board approves the 2026 - 2029 Energy Optimization Plan for submission to
MPPA for inclusion in the joint filing with the MPSC to comply with PA 229 for 2026.
Motion by Commissioner Beth Graham, Seconded by Commissioner Semone James, to approve
the Resolution for 2026 - 2029 Energy Optimization Plan at a Board meeting held on November
18, 2025.
Action: Motion Carried.
Regular Board Meeting Minutes
November 18, 2025
Page 17 of 33
RESOLUTION 2025-11-03
Adoption of the First Amendment to the Cafeteria Plan Resolution
WHEREAS, the Lansing Board of Water and Light (“BWL”) maintains the Lansing Board of Water
and Light Cafeteria Plan (“Cafeteria Plan”) for the benefit of certain employees and retirees; and
WHEREAS, the BWL desires to amend the Cafeteria Plan to add a new Health Savings Account
(“HSA”) feature to the Cafeteria Plan and to allow eligible employees to make pre -tax HSA
contributions through payroll and to receive HSA contributions from the BWL effective as of
January 1, 2026.
THEREFORE, it is:
RESOLVED, that the First Amendment to the Cafeteria Plan effective as of January 1, 2026 is
hereby approved and adopted; and
FURTHER RESOLVED, that the officers of the BWL, and their designee(s), are hereby authorized
and directed to take such actions and to implement and execute such documents and
instruments (including the amendment referenced above as well as ancillary docume ntation) as
necessary or desirable to effectuate the intent of this resolution.
Motion by Commissioner Chris Harkins, Seconded by Commissioner Beth Graham to approve
and adopt the First Amendment to the Cafeteria Plan at a Board meeting held on November 18,
2025.
Action: Motion Carried.
RESOLUTION 2025-11-04
Regular Board Meeting Schedule 2026
In accordance with the Lansing Board of Water & Light’s Rules of Administrative Procedure, a
schedule of dates, places, and times for each regular meeting of the Board of Commissioners for
the calendar year shall be adopted in November.
RESOLVED, that regular meetings of the Lansing Board of Water & Light’s Board of Commissioners
are hereby set for calendar year 2026 as follows, unless otherwise notified or as a result of date
conflicts with rescheduled City Council meetings:
2026
Lansing Board of Water & Light Board of Commissioners
Regular Board Meeting Schedule
Tuesday January 27
Tuesday March 24
Tuesday May 19
Regular Board Meeting Minutes
November 18, 2025
Page 18 of 33
Tuesday July 28
Tuesday September 22
Tuesday November 17
Meetings will be held in the Lansing Board of Water & Light REO Town Depot located at 1201 S.
Washington Ave., Lansing, MI at 5:30 p.m.
RESOLVED FURTHER, that a notice of the meeting schedule shall be published in a newspaper of
general circulation in Ingham County the week of January 1, 2026.
Motion by Commissioner Beth Graham, Seconded by Commissioner Tony Mullen, to approve the
2026 Regular Board Meeting Schedule at a Board meeting held on November 18, 2025.
Action: Motion Carried.
RESOLUTION 2025-11-05
FY2025 Audited Financial Statement of the Enterprise Fund
& Pension Fiduciary Funds Resolution
RESOLVED, that the fiscal year 2025 Audited Financial Statements of the Board of Water and Light
have been reviewed and are hereby accepted as presented.
FURTHER RESOLVED, that the Corporate Secretary is hereby directed to file a copy of the fiscal
year 2025 Audited Financial Statements of the Board of Water and Light with the City of Lansing
no later than November 2025.
Motion by Commissioner Semone James, Seconded by Commissioner Dale Schrader, to approve
the Resolution for the acceptance of the Fiscal Year 2025 Audited Financial Statements of the
Enterprise Fund and Pension Fiduciary Funds at a Board meeting held on November 18, 2025.
Action: Motion Carried.
RESOLUTION 2025-11-06
Lansing Board of Water and Light
FOURTH SUPPLEMENTAL UTILITY SYSTEM REVENUE BOND RESOLUTION
A RESOLUTION TO AUTHORIZE:
• Utility System Revenue Refunding Bonds to produce net present value savings by
refunding some or all of the Prior Bonds;
• The solicitation of tender offers and the repurchase of the Series 2017A Bonds, the Series
2019A Bonds and the Series 2019B Bonds;
• Chief Financial Officer to sell Utility System Revenue Refunding Bonds without further
resolution;
• Other matters relative to issuance, sale and delivery of the Utility System Revenue
Refunding Bonds.
Regular Board Meeting Minutes
November 18, 2025
Page 19 of 33
WHEREAS, the City of Lansing (the “City”) provides in its City Charter that the Lansing Board of
Water and Light (the “Board”) has general management over water, heat, steam and electric
services and certain additional utility services of the City; and
WHEREAS, the Board operates facilities for the supply and distribution of water and the
generation and distribution of electricity, steam, chilled water, and heat, including all plants,
works, instrumentalities and properties used or useful in connection w ith the supply and
distribution of water and the generation and distribution of electricity, steam, chilled water, and
heat (the “System”); and
WHEREAS, the Board issues bonds payable from revenues of the System under the provisions of
Act 94, Public Acts of Michigan, 1933, as amended (“Act 94”), and an Amended and Restated
Utility System Revenue Bond Resolution adopted by the Board on March 27, 2 018, as amended
and supplemented from time to time (as amended and supplemented, including by this Fourth
Supplemental Resolution, the “Bond Resolution”), and all terms not defined herein shall have the
meanings set forth in the Bond Resolution; and
WHEREAS, PFM Financial Advisors, LLC (the “Municipal Advisor”), has advised the Board that it
may be able to accomplish a net savings of debt service costs by refunding (including by
repurchase, as applicable) all or a portion of the Board’s outstanding Ut ility System Revenue
Refunding Bonds, Series 2017A, dated February 15, 2017 (the “Series 2017A Bonds”), the Utility
System Revenue Bonds, Series 2019A, dated June 25, 2019 (the “Series 2019A Bonds”), the Utility
System Revenue Refunding Bonds, Series 2019B (Federally Taxable), dated December 19, 2019
(the “Series 2019B Bonds”) and the Utility System Revenue Bonds, Series 2021B (Mandatory Put
Bonds), dated January 26, 2021 (the “Series 2021B Bonds,” together with the Series 2017A Bonds,
the Series 2019A Bonds and the Series 2019B Bonds, the “Prior Bonds”) through the issuance of
one or more series of refunding bonds in an aggregate principal amount of not -to-exceed
$340,000,000 (the “Refunding Bonds” or the “Series 2026 Bonds”); and
WHEREAS, the Municipal Advisor has advised the Board, and the Board has determined, that it is
in the best interest of the Board to authorize: (i) the extension of an invitation to the holders of
all or a portion of the Series 2017A Bonds, the Series 2019A Bonds and the Series 2019B Bonds
to tender such bonds to the Board (the “Invitation”) for repurchase, cancelation or private
purchase (such Series 2017A Bonds, Series 2019A Bonds and Series 2019B Bonds actually
repurchased and cancelled by the Board pursuant to a tender or private purchase, collectively,
the “Repurchased Bonds”), (ii) the repurchase and cancellation by the Board of the Repurchased
Bonds, and (iii) the issuance of the Refunding Bonds to provide funds to pay all or a portion of
the costs of repurchasing and cancelling the Repurchased Bonds; and
WHEREAS, Section 24(a) of the Bond Resolution authorizes the issuance of Additional Bonds of
equal standing and priority of lien with the Outstanding Bonds if the actual or augmented Net
Revenues of the System for the fiscal year of the System ending not m ore than 15 months prior
to the sale of Additional Bonds shall be equal to at least 125% of the maximum Aggregate Debt
Service Requirement in any current or future fiscal year on the Outstanding Bonds and on the
Additional Bonds then being issued; and
Regular Board Meeting Minutes
November 18, 2025
Page 20 of 33
WHEREAS, in order to take advantage of the most favorable market for sale of the Series 2026
Bonds, the Board wishes to authorize the Chief Financial Officer to sell the Series 2026 Bonds at
a negotiated sale without further resolution of the Board.
NOW, THEREFORE, BE IT RESOLVED THAT:
Section 1. Definitions. All terms not defined herein shall have the meanings set forth
in the Bond Resolution, and whenever used in this Fourth Supplemental Resolution, except when
otherwise indicated by the context, the following terms shall have the following meanings:
(a) “Additional Bonds” means any Additional Bonds of equal standing with the outstanding
Senior Lien Bonds issued pursuant to Section 24 of the Bond Resolution adopted on March
27, 2018.
(b) “Assistant General Manager” means the Board’s Assistant General Manager.
(c) “Bond Resolution” means the Amended and Restated Utility System Revenue Bond
Resolution adopted by the Board on March 27, 2018, as amended on March 26, 2019 and
November 17, 2020, and as supplemented on November 19, 2019, July 20, 2023, and
November 14, 2023, and by this Fourth Supplemental Resolution, and any other
resolution which amends or supplements the Bond Resolution.
(d) “Bonds” or “Senior Lien Bonds” means the outstanding portion of the Board’s Series
2017A Bonds, Series 2019A Bonds, Series 2019B Bonds, Utility System Revenue Bonds,
Series 2021A, dated January 26, 2021, Series 2021B Bonds, Utility System Revenue and
Revenue Refunding Bonds, Series 2024A, dated January 31, 2024, Series 2026 Bonds, and
any Additional Bonds of equal standing hereafter issued.
(d) “Chief Financial Officer” means the Board’s Chief Financial Officer.
(e) “Escrow Agreement” means, for purposes of this Fourth Supplemental Resolution, one or
more escrow agreements described in this Fourth Supplemental Resolution to provide for
payment of principal of and interest on the Prior Bonds being refunded.
(f) “Escrow Fund” means, for purposes of this Fourth Supplemental Resolution, one or more
escrow funds established pursuant to the Escrow Agreement to hold the cash and
investments necessary to provide for payment of principal of and interest on the Prior
Bonds being refunded.
(g) “Fourth Supplemental Resolution” means this Fourth Supplemental Utility System
Revenue Bond Resolution.
Regular Board Meeting Minutes
November 18, 2025
Page 21 of 33
(h) “Prior Bonds” means, for purposes of this Fourth Supplemental Resolution, the Series
2017A Bonds, the Series 2019A Bonds, the Series 2019B Bonds and the Series 2021B
Bonds.
(i) “Refunding Bonds” means, for purposes of this Fourth Supplemental Resolution, the
Series 2026 Bonds, and all or any series of refunding bonds issued as Additional Bonds
pursuant to this Fourth Supplemental Resolution.
(j) “Series 2026 Bonds” means the Refunding Bonds issued in one or more series pursuant
to this Fourth Supplemental Resolution.
(l) “System” means the complete facilities of the Board for the supply and distribution of
water and the generation and distribution of electricity, steam, chilled water, and heat,
including all plants, works, instrumentalities and properties used or useful in connection
with the supply and distribution of water and the generation and distribution of
electricity, steam, chilled water, and heat, and all additions, extensions and
improvements thereto existing or hereafter acquired by the Board.
Section 2. Conditions Permitting Issuance of Additional Bonds. Pursuant to Section
24(b) of the Bond Resolution, the Board hereby determines that the Series 2026 Bonds shall be
issued as Additional Bonds that are Senior Lien Bonds of equal standing and priority of lien with
the Outstanding Bonds only if, after giving effect to the refunding of the Prior Bonds, the
maximum amount of Aggregate Debt Service in each future fiscal year shall be less than the
Aggregate Debt Service in each future fiscal year prior to giving effect to the refunding.
The Board hereby determines that the Board is not in default in making its required
payments to the Operation and Maintenance Fund or the Redemption Fund.
Section 3. Refunding Bonds Authorized. If, upon the advice of the Municipal Advisor,
refunding all or a portion of the Prior Bonds will accomplish debt service savings, then in order
to pay costs of the refunding, including the payment of the costs of legal, financial and other
expenses incident thereto and incident to the issuance and sale of the Refunding Bonds, the City,
acting by and through the Board, shall borrow the sum of not -to-exceed Three Hundred Forty
Million Dollars ($340,000,000), and issue the Refunding Bonds therefor in one or more series.
The Refunding Bonds shall be designated as the “UTILITY SYSTEM REVENUE REFUNDING BONDS,
SERIES 2026” or such other series designation as determined at the time of sale by the Chief
Financial Officer to reflect the sequence and the year of sale or delivery of the series or to
otherwise distinguish the series from other series of Bonds.
The Series 2026 Bonds shall be payable solely out of the Net Revenues of the System, and
the City Council of the City shall not be requested to pledge the full faith and credit of the City
for payment of the Series 2026 Bonds. The Series 2026 Bonds shall be sold and the proceeds
applied in accordance with the provisions of Act 94.
Regular Board Meeting Minutes
November 18, 2025
Page 22 of 33
Section 4. Series 2026 Bond Details. The Series 2026 Bonds shall be issued as fully
registered bonds in the denomination of $5,000 or integral multiples thereof and shall be
numbered in consecutive order of registration or authentication from 1 upwards. The Series 2026
Bonds shall be dated as of the date of delivery thereof or such other date as determined at the
time of sale of the Series 2026 Bonds, and shall mature as serial bonds or term bonds on such
dates as shall be determined at the time of sale of the Series 2026 Bonds.
The Series 2026 Bonds shall be subject to optional and mandatory redemption prior to
maturity at the times and prices as finally determined at the time of sale of the Series 2026 Bonds.
The Series 2026 Bonds shall bear interest at a rate or rates to be determined on sale
thereof, payable on July 1, 2026, or such other date as provided at the time of sale of the Series
2026 Bonds, and semi-annually thereafter on January 1st and July 1st of each year.
The Series 2026 Bonds shall be executed by the manual or facsimile signature of the
Chairperson and the Corporate Secretary of the Board. No Series 2026 Bond shall be valid until
authenticated by an authorized representative of the Transfer Agent. The Seri es 2026 Bonds shall
be delivered to the Transfer Agent for authentication and be delivered by the Transfer Agent to
the purchaser in accordance with instructions from the Chief Financial Officer upon payment of
the purchase price for the Series 2026 Bonds.
Section 5. Registration and Transfer. U.S. Bank Trust Company, National Association,
Detroit, Michigan is hereby appointed to act as bond registrar, paying agent and transfer agent
(the “Transfer Agent”) for the Series 2026 Bonds. The Chief Financial Officer is hereby authorized
to execute one or more agreements with the Transfer Agent on behalf of the Board. The Board
reserves the right to replace the Transfer Agent at any time, provided written notice of such
replacement is given to the registered owners of record of bonds not less than sixty (60) days
prior to an interest payment date. Principal of and interest on the Series 2026
Bonds shall be payable by check or draft mailed by the Transfer Agent to the registered owner at
the registered address as shown on the registration books of the Board maintained by the
Transfer Agent. Interest shall be payable to the person or entity who or which is the registered
owner of record as of the fifteenth (15th) day of the month prior to the payment date for each
interest payment. The date of determination of the registered owner for purposes of payment of
interest as provided in this paragraph may be changed by the Board to conform to market
practice in the future.
The Series 2026 Bonds may be issued in book-entry-only form through The Depository
Trust Company in New York, New York (“DTC”), and the Chief Financial Officer is authorized to
execute such custodial or other agreement with DTC as may be necessary to accom plish the
issuance of the Series 2026 Bonds in book-entry-only form and to make such changes in the form
of the Series 2026 Bonds within the parameters of this resolution as may be required to
accomplish the foregoing. Notwithstanding the foregoing, if the Series 2026 Bonds are held in
book-entry-only form by DTC, payment of principal of and interest on the Series 2026 Bonds shall
be made in the manner prescribed by DTC.
Regular Board Meeting Minutes
November 18, 2025
Page 23 of 33
The Series 2026 Bonds may be transferred upon the books required to be kept by the
Transfer Agent pursuant to this section by the person or entity in whose name it is registered, in
person or by the registered owner’s duly authorized attorney, upon surrend er of the bond for
cancellation, accompanied by delivery of a duly executed written instrument of transfer in a form
approved by the Transfer Agent. Whenever any bond shall be surrendered for transfer, the Board
shall execute, and the Transfer Agent shall authenticate and deliver a new bond of the same
series in like aggregate principal amount, maturity and interest rate. The Transfer Agent shall
require the payment by the bondholder requesting the transfer of any tax or other governmental
charge required to be paid with respect to the transfer. Notwithstanding the foregoing, if Bonds
are held by DTC in book-entry-only form, the transfer of Bonds shall be made in the manner
prescribed by DTC.
Section 6. Refunding Bond Proceeds. From the proceeds of sale of the Refunding
Bonds there first shall be immediately deposited in the Redemption Fund an amount equal to the
accrued interest, if any, received on delivery of the Refunding Bonds, and the Board may take
credit for the amount so deposited against the amount required to be deposited in the
Redemption Fund for payment of the next maturing interest on the Refunding Bonds. All or a
portion of any premium received upon delivery of the Refunding Bon ds may be deposited in
either the Redemption Fund or the Escrow Fund, as determined by the Chief Financial Officer in
consultation with Bond Counsel.
There shall next be deposited in the Bond Reserve Account an amount, if any, designated
by the Chief Financial Officer at the time of sale of the Refunding Bonds.
After any deposit to the Bond Reserve Account, proceeds of the Refunding Bonds shall
next be deposited as follows:
(a) Proceeds of sale of Refunding Bonds issued to refund any Prior Bonds other than
Repurchased Bonds shall be deposited in the Escrow Fund and held in cash and
investments in Government Obligations or Municipal Obligations not redeemable at the
option of the Board. U.S. Bank Trust Company, National Association, Detroit, Michigan, is
hereby appointed to act as escrow trustee (the “Escrow Trustee”) under the Escrow
Agreement. The Escrow Trustee shall hold the Escrow Fund in trust pursuant to the
Escrow Agreement which shall irrevocably direct the Escrow Trustee to take all necessary
steps to call such Prior Bonds being refunded for redemption as specified in the Escrow
Agreement. The Chief Financial Officer is hereby authorized to execute and deliver the
Escrow Agreement, to transfer any moneys as he may deem necessary from the
Redemption Fund, or other fund or account of the Board, to the Escrow Fund, and to
purchase, or cause to be purchased, escrow securities consisting of Government
Obligations, including, but not limited to, United States Treasury Obligations – State and
Local Government Series (SLGS), or Municipal Obligations, for deposit in the Escrow Fund.
The Chief Financial Officer is directed to deposit to the Escrow Fund, from Refunding Bond
proceeds and other moneys as necessary, an amount which, together with investment
proceeds to be received thereon, will be sufficient, without reinvestment, to pay the
Regular Board Meeting Minutes
November 18, 2025
Page 24 of 33
principal of and interest on such Prior Bonds being refunded as they become due or upon
call for redemption.
(b) Proceeds of the sale of Refunding Bonds issued to repurchase Repurchased Bonds shall
be deposited and applied in accordance with the instructions for settlement of the tender
and repurchase of the Repurchased Bonds.
The remaining proceeds of the Refunding Bonds shall be deposited in a fund which may be
established to pay costs of issuance of the Series 2026 Bonds and the costs of refunding the Prior
Bonds and of purchasing the Repurchased Bonds. Any moneys remaining after payment of costs
of issuance and costs of refunding the Prior Bonds being refunded shall be transferred to the
Redemption Fund and used to pay interest on the Refunding Bonds.
Section 7. Bond Form. The Series 2026 Bonds shall be in substantially the following
form with such revisions, additions and deletions as the Board may deem advisable or necessary
to comply with the final terms of the Series 2026 Bonds established upon sale thereof:
BOND NO.
R-
UNITED STATES OF AMERICA
STATE OF MICHIGAN
COUNTIES OF INGHAM AND EATON
CITY OF LANSING
LANSING BOARD OF WATER AND LIGHT
UTILITY SYSTEM REVENUE REFUNDING BOND, [SERIES] [FEDERALLY TAXABLE]
Interest Rate Date of Maturity Date of Original Issue CUSIP
Registered Owner: Cede & Co.
Principal Amount:
The City of Lansing, Counties of Ingham and Eaton, State of Michigan (the “City”), acting
through the governing body of the Lansing Board of Water and Light (the “Issuer”), acknowledges
itself to owe and for value received hereby promises to pay to the Registered Owner specified
above, or registered assigns, only from the Net Revenues of the System as hereinafter provided,
the Principal Amount specified above, in lawful money of the United States of America, on the
Date of Maturity specified above, [unless prepaid prior thereto as hereinafter provided,] with
interest thereon (computed on the basis of a 360-day year of twelve 30-day months) from the
Date of Original Issue specified above or such later date to which interest has been paid, until
paid, at the Interest Rate per annum specified above, first payable on [interest payment date]
and semiannually thereafter. Principal of this bond is payable at the designated corporate trust
Regular Board Meeting Minutes
November 18, 2025
Page 25 of 33
office of [transfer agent], or such other transfer agent as the Issuer may hereafter designate by
notice mailed to the registered owner of record not less than sixty (60) days prior to any interest
payment date (the “Transfer Agent”). Interest on this bond is payable by check or draft mailed
by the Transfer Agent to the person or entity who or which is as of the fifteenth (15th) day of the
month prior to each interest payment date, the registered owner of record at the registered
address.
For the prompt payment of principal and interest on this bond, the revenues received by
the Issuer from the operations of the Issuer’s facilities for the supply and distribution of water
and the generation and distribution of electricity, steam, chilled water, and heat (the “System”)
after provision has been made for reasonable and necessary expenses of operation,
maintenance and administration of the System (the “Net Revenues”), are irrevocably pledged
and a statutory first lien thereon has been created to secure the payment of the principal of and
interest on this bond, when due; however, the pledge of Net Revenues and the statutory lien are
on a parity with the pledge of Net Revenues and statutory lien in favor of the Utility System
Revenue Refunding Bonds, Series 2017A, the Utility System Revenue Bonds, Series 2019A, the
Utility System Revenue Refunding Bonds, Series 2019B (Federally Taxable), the Utility System
Revenue Bonds, Series 2021A, the Utility System Revenue Bonds, Series 2021B (Mandatory Put
Bonds) and the Utility System Revenue and Revenue Refunding Bonds, Series 2024A.
This bond is one of a series of bonds of even Date of Original Issue aggregating the
principal sum of $[principal amount]. This bond is issued for the purposes of [making a deposit
to a bond reserve account,] / [ refunding certain outstanding bonds] / [rep urchasing certain
outstanding bonds of the Issuer tendered for such purpose], and paying the costs of issuing the
bonds, pursuant to an Amended and Restated Utility System Revenue Bond Resolution adopted
by the Issuer on March 27, 2018, as amended and supplemented from time to time, including by
a Fourth Supplemental Utility System Revenue Bond Resolution adopted by the Issuer on [date
of resolution] (collectively, the “Bond Resolution”). This bond is issued under and in full
compliance with the Constitution and statutes of the State of Michigan, including specifically Act
94, Public Acts of Michigan, 1933, as amended (“Act 94”).
For a complete statement of the revenues from which and the conditions under which
this bond is payable, a statement of the conditions under which additional bonds of equal
standing as to the Net Revenues may hereafter be issued, and the general covenants and
provisions pursuant to which this bond is issued, reference is made to the Bond Resolution.
Reference is hereby made to the Bond Resolution and any and all supplements thereto and
modifications and amendments thereof, if any, and to Act 94, for a more complete description
of the pledges and covenants securing the bonds of this issue, the nature, extent and manner of
enforcement of such pledges, the rights and remedies of the registered owners of the bonds of
this issue with respect thereto and the terms and conditions upon which the bonds of this issue
are issued and may be issued thereunder. To the extent and in the manner permitted by the
terms of the Bond Resolution, the provisions of the Bond Resolution or any resolution or
agreement amendatory thereof or supplemental thereto, may be modified or amended by the
Issuer, except in specified cases, only with the consent of the registered owners of at least fifty -
one percent (51%) of the principal amount of the bonds of the System then outstanding.
Regular Board Meeting Minutes
November 18, 2025
Page 26 of 33
Bonds of this issue [maturing in the years [date], inclusive,] shall not be subject to
redemption prior to maturity.
[Insert optional and mandatory redemption provisions if applicable]
This bond is transferable only upon the books of the Issuer kept for that purpose at the
office of the Transfer Agent by the registered owner hereof in person, or by the registered
owner’s attorney duly authorized in writing, upon the surrender of this bon d together with a
written instrument of transfer satisfactory to the Transfer Agent duly authorized in writing and
thereupon a new registered bond or bonds in the same aggregate principal amount and of the
same maturity shall be issued to the transferee in exchange therefor as provided in the Bond
Resolution, and upon the payment of the charges, if any, therein prescribed. [The Transfer Agent
shall not be required (i) to issue, register the transfer of, or exchange any bond during a period
beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of bonds selected for redemption under the Bond Resolution and ending at the close
of business on the date of that mailing, or (ii) to register the transfer of or exchange any bond so
selected for redemption in whole or in part, except the unredeemed portion of bonds being
redeemed in part.]
THIS BOND IS A SELF-LIQUIDATING BOND AND IS NOT A GENERAL OBLIGATION OF THE
CITY AND DOES NOT CONSTITUTE AN INDEBTEDNESS OF THE CITY WITHIN ANY
CONSTITUTIONAL, STATUTORY OR CHARTER LIMITATION, AND IS PAYABLE BOTH AS TO
PRINCIPAL AND INTEREST SOLELY FROM THE NET REVENUES OF THE SYSTEM AND CERTAIN
FUNDS AND ACCOUNTS ESTABLISHED UNDER THE BOND RESOLUTION. THE PRINCIPAL OF AND
INTEREST ON THIS BOND ARE SECURED BY THE STATUTORY LIEN HEREINBEFORE DESCRIBED.
The Issuer has covenanted and agreed, and covenants and agrees, to fix and maintain at
all times while any bonds payable from the Net Revenues of the System shall be outstanding,
such rates for service furnished by the System as shall be sufficient to provide for payment of the
principal of and interest on the bonds of this issue and any other bonds payable from the Net
Revenues as and when the same shall become due and payable, to provide for the payment of
expenses of administration and operation and such expenses for maintenance of the System as
are necessary to preserve the same in good repair and working order, and to provide for such
other expenditures and funds for the System as are required by the Bond Resolution.
It is hereby certified and recited that all acts, conditions and things required by law to be
done precedent to and in the issuance of this bond and the series of bonds of which this is one
have been done and performed in regular and due time and form as r equired by law.
This bond is not valid or obligatory for any purpose until the Transfer Agent’s Certificate
of Authentication on this bond has been executed by the Transfer Agent.
Regular Board Meeting Minutes
November 18, 2025
Page 27 of 33
IN WITNESS WHEREOF, the City, acting through the Lansing Board of Water and Light, has
caused this bond to be signed in its name with the facsimile signatures of the Chairperson and
Corporate Secretary of the Lansing Board of Water and Light, and a facsimi le of the City’s
corporate seal to be printed hereon, all as of the Date of Original Issue.
LANSING BOARD OF WATER AND LIGHT By
[definitive Bond to be signed at delivery]
Chairperson
(City Seal)
Countersigned:
By [definitive Bond to be signed at delivery] Its: Corporate Secretary
[STANDARD FORMS OF CERTIFICATE OF AUTHENTICATION AND ASSIGNMENT TO BE INSERTED
ON BOND]
Section 8. Municipal Advisor. The Board hereby requests that PFM Financial
Advisors, LLC continue to serve the Board as Municipal Advisor for the Series 2026 Bonds.
Section 9. Bond Counsel. The Board hereby requests that Miller, Canfield, Paddock
and Stone, P.L.C., Lansing, Michigan, continue to serve the Board as bond counsel for the Series
2026 Bonds. The Board acknowledges that Miller, Canfield, Paddock and Stone, P.L.C. has
represented from time to time, and currently represents, various underwriters, financial
institutions, and other potential participants in the bond financing process, in matters not related
to the issuance and sale of the Series 2026 Bonds.
Section 10. Tax Covenant. Any series of Series 2026 Bonds may be issued on a tax-
exempt basis or a taxable basis. The Board hereby covenants that it shall not invest, reinvest or
accumulate any moneys deemed to be proceeds of a tax-exempt series of Series 2026 Bonds
pursuant to the Internal Revenue Code of 1986, as amended, in such a manner as to cause such
tax-exempt Series 2026 Bonds to be “arbitrage bonds” within the meaning of the Internal
Revenue Code. The Board hereby covenants that, to the extent pe rmitted by law, it will take all
actions within its control and that it shall not fail to take any action as may be necessary to
maintain the exclusion of interest on such tax-exempt Series 2026 Bonds from gross income for
federal income tax purposes, including but not limited to, actions relating to the rebate of
arbitrage earnings, if applicable, and the expenditure and investment of bond proceeds and
moneys deemed to be bond proceeds, all as more fully set forth in the non -arbitrage and tax
compliance certificate to be delivered by the Board on the date of delivery of such tax -exempt
Series 2026 Bonds.
Section 11. Negotiated Sale of Bonds; Appointment of Senior Managing Underwriter.
Based on the advice of the Municipal Advisor, it is hereby determined to be in the best interest
of the Board to sell the Series 2026 Bonds by negotiated sale in order to enable the Board to
select and adjust terms for the Series 2026 Bonds, to enter the market on short notice at a point
in time which appears to be most advantageous, and thereby possibly obtain a lower rate of
Regular Board Meeting Minutes
November 18, 2025
Page 28 of 33
interest on the Series 2026 Bonds, to achieve sale efficiencies so as to reduce the cost of issuance
and interest expense.
The Chief Financial Officer is hereby authorized to select one or more managing
underwriters and to name additional co-managers and/or to develop a selling group in
consultation with the Municipal Advisor. By adoption of this resolution the Board assumes n o
obligations or liability to the underwriter for any loss or damage that may result to the
underwriter from the adoption of this resolution, and all costs and expenses incurred by the
underwriter in preparing for sale of the Series 2026 Bonds shall be paid from the proceeds of the
Series 2026 Bonds, if issued, except as may be otherwise provided in the Bond Purchase
Agreement for Series 2026 Bonds.
Section 12. Bond Ratings and Bond Insurance. The Chief Financial Officer is hereby
authorized to apply for bond ratings from such municipal bond rating agencies as deemed
appropriate, in consultation with the Municipal Advisor. If the Municipal Advisor recommends
that the Board consider purchase of municipal bond insurance, then the Chief Financial Officer is
hereby authorized to negotiate with insurers regarding acquisition of municipal bond insurance,
and, in consultation with the Municipal Advisor, to select an insurer and determine which bonds,
if any, shall be insured, and the Chief Financial Officer is hereby authorized to execute an
agreement with the insurer relating to procedures for paying debt service on the insured bonds
and notifying the insurer of any need to draw on the insurance and other matters.
Section 13. Official Statement. The Chief Financial Officer is authorized to approve
circulation of a Preliminary Official Statement describing the Series 2026 Bonds and, after sale of
the Series 2026 Bonds, to prepare, execute and deliver a final Official Statement.
Section 14. Continuing Disclosure. The Chief Financial Officer is hereby authorized to
execute and deliver, prior to delivery of the Series 2026 Bonds, a written continuing disclosure
undertaking as necessary in order to enable the underwriter or bond purchaser to comply with
the requirements of Securities and Exchange Commission Rule 15c2-12. The continuing
disclosure undertaking shall be in substantially the form which he shall, in consultation with bond
counsel, determine to be appropriate.
Section 15. Sale of Series 2026 Bonds. The Chief Financial Officer is authorized, in
consultation with the Municipal Advisor, to accept an offer to purchase the Series 2026 Bonds
without further resolution of this Board. This authorization includes, but is not limited to,
determination of original principal amount of the Series 2026 Bonds; the prices at which the
Series 2026 Bonds are sold; the date of the Series 2026 Bonds; the schedule of principal
maturities and whether the Series 2026 Bonds shall mature serially or as term bonds; provisions
for early redemption, if any, including mandatory redemption of term bonds, if any; the interest
rates and payment dates of the Series 2026 Bonds; application of the proceeds of the Series
2026 Bonds, and, if necessary to meet the requirements of the bond underwriters or purchasers,
deposit to the Bond Reserve Account from funds on hand or proceeds of the Series 2026 Bonds.
Approval of the matters delegated to the Chief Financial Officer und er this resolution may be
evidenced by the Chief Financial Officer’s execution of the Bond Purchase Agreement for the
Regular Board Meeting Minutes
November 18, 2025
Page 29 of 33
Series 2026 Bonds or other offer to purchase the Series 2026 Bonds, or Sale Order, or the Official
Statement.
The maximum interest rate on the Series 2026 Bonds shall not exceed 5.5%. The first
maturity of principal on the Series 2026 Bonds shall occur no earlier than July 1, 2026. The
Refunding Bonds shall not be sold unless there shall be net present value savin gs after payment
of costs of issuance of the Series 2026 Bonds and costs of refunding the Prior Bonds being
refunded. In making such determinations the Chief Financial Officer is authorized to rely upon
data and computer runs provided by the Municipal Advisor.
Section 16. Verification Agent. The Chief Financial Officer is hereby authorized, at the
Chief Financial Officer’s discretion, to select an independent certified public accountant to serve
as verification agent to verify that the securities and cash to be deposited to the Escrow Fund w ill
be sufficient to provide, at the times and in the amounts required, sufficient moneys
to pay the principal of and interest on the Prior Bonds being refunded as they become due or
upon call for redemption.
Section 17. Tender Agent and Solicitation to Tender the Series 2017A Bonds, the Series
2019A Bonds and the 2019B Bonds. Upon the recommendation of the Municipal Advisor and
with the approval of the Underwriter (hereby selected to serve as Dealer Manager for the
Invitation (the “Dealer Manager”)), the Chief Financial Officer is hereby authorized to approve
the selection of a tender, information and repurchase agent (the “Tender Agent”) to issue the
Invitation for the tender, repurchase and cancellation of the Repurchased Bonds. The Chief
Financial Officer is further authorized, upon the recommendation of the Municipal Advisor,
Dealer Manager and the Tender Agent, to take the following actions relating to such tender: (a)
approve and deliver any and all notices, solicitations and disclosures (including, but not limited
to, one or more Invitations to tender, a tender offer disclosure statement, if necessary, and
related informational statements); (b) negotiate, execute and deliver any and all agreements; (c)
file any and all documents with State or federal agencies; (d) seek any and all approvals; (e)
approve the selection of which portion or all of the Series 2017A Bonds, the Series 2019A Bonds
and Series 2019B Bonds tendered that will be repurchased and can celled; and (f) take all other
actions necessary or appropriate to accomplish the repurchase and cancellation of the
Repurchased Bonds.
Section 18. Other Actions. In the event that the Chief Financial Officer is not available
at the time that it becomes necessary to take actions directed or authorized under this resolution,
then the Assistant General Manager or another a person designated by the Chief Financial Officer
is authorized to take the actions delegated to the Chief Financial Officer by this resolution. The
officers, administrators, agents and attorneys of the Board are authorized and directed to take
all other actions necessary and convenient to facilitate issuance, sale and
delivery of the Series 2026 Bonds, and to execute and deliver all other agreements, documents
and certificates and to take all other actions necessary or convenient in accordance with this
resolution, and to pay costs of issuance including but not limited to rating agency fees, bond
insurance premiums, transfer agent fees, Escrow Trustee fees, verification agent fees, Municipal
Advisor fees, bond counsel fees, underwriter counsel fees, costs of printing the preliminary and
Regular Board Meeting Minutes
November 18, 2025
Page 30 of 33
final official statements, and any other costs necessary to accomplish sale and delivery of the
Series 2026 Bonds.
Section 19. Applicability of the Outstanding Bond Resolutions. Except to the extent
supplemented or otherwise provided in this resolution, all of the provisions and covenants
provided in the Bond Resolution shall apply to the Series 2026 Bonds issued pursuant to
provisions of this resolution, such provisions of the Bond Resolution being made applicable to
the Series 2026 Bonds.
Section 20. Conflicting Resolutions. All resolutions and parts of resolutions insofar as
they conflict with the provisions of this resolution are hereby rescinded.
Section 21. Severability and Paragraph Headings. If any section, paragraph, clause or
provision of this resolution shall be held invalid, the invalidity of such section, paragraph, clause
or provision shall not affect any of the other provisions of this resolution. The paragraph headings
in this resolution are furnished for convenience of reference only and shall not be considered to
be part of this resolution.
Section 22. Publication and Recordation. In accordance with the provisions of Section
6 of Act 94, this resolution shall be published once in full in the Lansing State Journal, a newspaper
of general circulation in the City qualified under State law to publish legal notices, promptly after
its adoption, and shall be recorded in the minutes of the Board and such recording authenticated
by the signatures of the Chairperson and Corporate Secretary of the Board.
Section 23. Effective Date. This resolution is hereby determined to be immediately
necessary for the preservation of the public peace, property, health and safety of the City and
the users of the System. In accordance with the provisions of Section 6 of Act 94, this resolution
shall become effective immediately upon its adoption.
We hereby certify that the foregoing is a true and complete copy of a resolution duly
adopted by the Board of Commissioners of the Lansing Board of Water and Light at a Regular
meeting held on Tuesday, November 18, 2025, at 5:30 p.m., Eastern Time, and that said meeting
was conducted and public notice of said meeting was given pursuant to and in full compliance
with the Open Meetings Act, being Act 267, Public Acts of Michigan, 1976, and that the minutes
of said meeting were kept and will be or have been made available as required by said Act 267.
We further certify that the following Commissioners were present at said meeting :
Commissioners Beth Graham, Chris Harkins, Semone James, Tony Mullen, David Price, Dale
Schrader, and Sandra Zerkle. Non-Voting Commissioners present: Commissioner Brian Ross
(DeWitt Township), and Commissioner Robert Worthy (Delta Township) and that the following
Commissioners were absent Commissioner DeShon Leek and Non-Voting Commissioner J. R.
Beauboeuf (East Lansing).
We further certify that Commissioner Semone James moved adoption of said resolution, and that
said motion was supported by Commissioner Dale Schrader.
Regular Board Meeting Minutes
November 18, 2025
Page 31 of 33
We further certify that the following Commissioners voted for adoption of said resolution :
Commissioners Beth Graham, Chris Harkins, Semone James, Tony Mullen, David Price, Dale
Schrader, and Sandra Zerkle; and that the following Commissioners voted against adoption of
said resolution: None.
We further certify that said resolution has been recorded in the Resolution Book and that such
recording has been authenticated by the signature of the Chairperson and Corporate Secretary.
__________________________________
Chairperson
__________________________________
Corporate Secretary
RESOLUTION 2025-11-07
Acknowledgement of the Acceptance of 2025 Audited Financial Statements for Defined Benefit
Pension Plan, Defined Contribution Pension Plan, and Retiree Benefit Plan
Resolved, that the Corporate Secretary receive and place on file the Defined Benefit, Defined
Contribution, and Retiree Benefit Plan reports presented during the Pension Trustee Meeting.
-------------------------
Staff comments: All three Plans received clean audit reports.
Motion by Tony Mullen, Seconded by Dale Schrader, to acknowledge the Resolution for the Acceptance
of FY 2025 Audited Financial Statements for Defined Benefit Pension Plan, Defined Contribution Pension
Plan, and Retiree Benefit Plan at a Board meeting held on November 18, 2025.
Action: Motion Carried.
MANAGER’S REMARKS
General Manager (GM) Dick Peffley gave the following remarks.
1. A Resource Fair was held on October 21, 2025 at Foster Community Center and
approximately 200 people attended.
2. The United Way Campaign Kickoff for employees was held and $1,000 was raised at the
first meeting.
3. The annual Veteran’s Day celebration was held on November 12, 2025 at the REO Depot
and it was well attended. The Glen Erin Pipe Band performed and GM Peffley thanked
the Commissioners that were able to attend.
4. The Career in Energy Week for students in middle and high schools was held on October
23-24, 2025 and over 200 students attended.
Regular Board Meeting Minutes
November 18, 2025
Page 32 of 33
COMMISSIONERS’ REMARKS
Commissioner Schrader commented on the removal from the agenda of the resolution for the
special electric service contracts for large load customers. Commissioner Schrader stated that it
is how it is supposed to work when citizens speak to the Commissioners, then the Commissioners
speak and if something isn’t understood completely the resolution can’t be passed.
Commissioner Schrader stated that he is proud how it worked as Commissioners are citizens of
the city of Lansing and care about the public.
Commissioner Harkins commented on the removal from the agenda of the resolution for the
special electric service contracts for large load customers. Commissioner Harkins stated that he
appreciated the public feedback, that it was taken to heart, communicated about, and they will
continue with transparency with these processes.
Commissioner Mullen spoke about the community resource fairs and federal government
funding for home heating shutoffs because of the government shutdown. Commissioner Mullen
stated that GM Peffley gave assurance that there is money available for the citizens of Lansing to
pay their bills this winter and said that he would like all citizens to know that if they are having
trouble paying their power bill they can call BWL to help them keep their power on.
Commissioner Price thanked the League of Women Voters for their organization and
communication with the Board and Management which resulted in the resolution being removed
from the agenda.
Commissioner James thanked GM Peffley and his staff for an excellent year in storm responses,
community service, retirement planning, and taking care of the best interest of customers, and
BWL, and the city. Commissioner James added that she had received several calls about the
large load customers resolution and applauded the outcome of the removal of the resolution
from the agenda.
PUBLIC COMMENTS
Elaine Fischoff, Lansing, MI, thanked the Board for answers to her questions about the data
centers and large load customers resolution, for the meeting with Mark Matus, and for the
withdrawal of the resolution for the special electric service contracts for large load customers.
Linda Keefe, Lansing, MI, spoke about concerns of the accuracy of the Smartmeters and would
like an investigation conducted and a remedy provided.
Katherine Alaimo, Lansing, MI, Capital Area Friend of the Environment (CAFÉ), spoke in favor of
the resolution for the large load customers and data centers being removed from the agenda.
Ms. Alaimo stated that CAFE had concerns about data centers, requested that taking public
feedback is continued, and that data center contracts are reviewed, modified or rejected so that
Commissioners have adequate oversight with input from members of the public. Ms. Alaimo also
commented on the benefits and negative impacts of different types of energy. Ms. Alaimo
Regular Board Meeting Minutes
November 18, 2025
Page 33 of 33
requested an adoption of community benefit agreement s for all new large public and private
infrastructure developments and asked the BWL to partner with the city of Lansing to develop a
community benefit ordinance. The delivery of specific benefits would be quantified and legally
bound for all participants in the agreements.
Morgan Quinney-Naval, Lansing, MI spoke about receiving only one utility bill notice before shut
off and would like BWL policy updated to provide additional notice .
MOTION OF EXCUSED ABSENCE
Motion by Commissioner Tony Mullen, Seconded by Commissioner Beth Graham for an excused
absence this evening for Commissioner DeShon Leek.
Action: Motion Carried.
ADJOURNMENT
Chairperson David Price adjourned the meeting at 6:00 p.m.
LaVella J. Todd, Corporate Secretary
Preliminary Minutes filed (electronically) with Lansing City Clerk 12-03-25
Approved by the Board of Commissioners: 01-27-26
Official Minutes filed (electronically) with Lansing City Clerk: 01-29-26