Texas Coop to Retire $4 Million in Capital Credits
Posted on Jul 24, 2014 in Patronage Capital | Comments Off on Texas Coop to Retire $4 Million in Capital Credits
South Plains Electric Cooperative (SPEC) announced that it has approved a capital credits refund of $4 million to its members. To date SPEC has returned more than $28 million to its customer-members. To read more, please click here.
New Mexico Coop Seeks Funding to Prevent Takeover, Will Pay Out Capital Credits
Posted on May 30, 2014 in Corporate Governance | Comments Off on New Mexico Coop Seeks Funding to Prevent Takeover, Will Pay Out Capital Credits
Socorro Electric Cooperative (Socorro Electric) is looking for approximately $250,000 from the National Rural Utilities Cooperative Finance Corporation’s Cooperative System Integrity Fund (Fund) to help the coop ward off a takeover by the city of Socorro, New Mexico. The Fund is intended to help rural coops whose service territories may be threatened. Additionally, Socorro Electric...
Bluebonnet Members to Receive Capital Credits
Posted on May 1, 2014 in Corporate Governance, Patronage Capital | Comments Off on Bluebonnet Members to Receive Capital Credits
Bluebonnet Electric Cooperative in Texas will return $3 million in patronage capital to its members using a member’s past electricity usage and length of membership to determine the amount returned in the form of capital credits. The San Marcos Daily Record has the full story.
Georgia Coop Retires Nearly $11 Million in Patronage Capital
Posted on Jan 21, 2014 in Patronage Capital | Comments Off on Georgia Coop Retires Nearly $11 Million in Patronage Capital
Sawnee Electric Membership Corporation (Sawnee EMC) has announced that it will retire $10.6 million to approximately 63,900 eligible members through a general retirement of patronage capital for the years 1991, 1992 and 1993. This means that members that received electric service from Sawnee EMC during this three-year period will get a refund. The size of the refund will be based on...
North Carolina Coop Authorizes $3 Million in Capital Credits
Posted on Jan 2, 2014 in Corporate Governance, Patronage Capital | Comments Off on North Carolina Coop Authorizes $3 Million in Capital Credits
Members receiving electric service in 2011 and 2012 from EnergyUnited and in 1986 and 1987 from Crescent EMC or Davidson EMC (which later consolidated with EnergyUnited) were refunded $3 million in capital credits in December 2013. The Dispatch has the full story.
Arkansas Coop Refunds $6.5 Million in Capital Credits
Posted on Jan 2, 2014 in Corporate Governance, Patronage Capital | Comments Off on Arkansas Coop Refunds $6.5 Million in Capital Credits
First Electric Cooperative members saw a refund in the form of $6.5 million in capital credits in late 2013. The amount represents a retirement of 1986 capital credits and a portion of all years through 2012. Click here for more information.
New York Coop Refinances with CFC, Changes Patronage Capital Distribution Policy
Posted on Dec 30, 2013 in Corporate Governance, Financing, Grid & Infrastructure, Patronage Capital | Comments Off on New York Coop Refinances with CFC, Changes Patronage Capital Distribution Policy
Otsego Electric Cooperative (OEC), based in Hartwick, New York, recently refinanced its outstanding debt owed to other lenders with the National Rural Utilities Cooperative Finance Corporation (CFC), becoming the first 100% CFC borrower in the state. OEC, which serves about 4,500 members in the area between the Catskill and Adirondack mountain ranges, also worked with CFC to develop a...
Patronage Capital Returned for First Time
Posted on Sep 19, 2013 in Financing, Patronage Capital | Comments Off on Patronage Capital Returned for First Time
For the first time in its 75-year history, Vermont Electric Cooperative will return $850,000 to members who were with the coop during 1997 and 2012. Previously the coop would reinvest patronage capital in system upgrades or to fill capital requirements for power agreements. Click here for more information.
Litigation Update on 14 Patronage Capital Cases in Eight States
Posted on Aug 28, 2013 in Corporate Governance, Derivative Suits, Litigation, Patronage Capital | Comments Off on Litigation Update on 14 Patronage Capital Cases in Eight States
Since 2009, at least 14 cases have been filed against electric cooperatives over patronage capital (or capital credits) in eight states: Alabama, Arkansas, Georgia, Missouri, New Mexico, North Carolina, South Carolina, and Texas. Sutherland has previously issued Legal Alerts regarding these cases—most are in active litigation, some have apparently settled (or are close to settling),...
