(A) The Gas Utility Superintendent shall have the authority to make monthly miscellaneous expenditures of up to $15,000 in advance of obtaining final approval of the Town Council at its next regularly scheduled monthly meeting.
(B) The Gas Utility Superintendent has the authority to purchase the gas and to hedge purchases of gas if the majority of the members of the gas purchasing coalition agree to the hedge prices, and to establish the monthly gas tracker and gas cost adjustment factors to be applied to the current gas utility rates and charges with the following guidelines in mind.
(1) Establishing an adequate cash reserve for gas line extensions, improvements, repairs, and maintenance, with a goal of attracting businesses to the town for purposes of economic development and employment.
(2) To maintain the lowest possible gas utility rates and charges to the customers of the town gas utility, with the understanding that the large commercial users purchase a significant amount of natural gas on a year-round basis.
(3) To stabilize the gas utility costs to its customers throughout the year, understanding that the residential customers’ gas utilization is dependent upon seasonable usage, whereas commercial customers’ utilization is year-round.
(Res. 2008-5, passed 1-8-2008)