These capital credits are retained by the Cooperative and used to build and maintain the infrastructure necessary to serve the members and service the long-term debt of the Cooperative. When the financial condition and cash position of the Cooperative permits, the capital credits are then retired and paid back to you, as members and owners. Every year your Cooperative mails capital credit statements to every Cooperative member notifying them of their allocated capital credit balance and the amount of capital credits allocated to them in the previous year. This statement shows each member their equity and ownership in the Cooperative.
At this time I am pleased to inform you, as Cooperative members and owners, that your Cooperative's Board of Trustees has approved the retirement and return of $1.34 million of Capital Credits to the members. The capital credits that are being returned are from the years 1982 & 2016. This means that if you were a Cooperative member in either or both of these years, you should be receiving a check in early December for those capital credits. Over the past eight years, your Cooperative has retired and returned over $14 million to Cooperative members.
I would like to close by stating that all of us can be proud to be a part of the Electric Cooperative program. The founders of the electric cooperative program developed a unique business structure that by its very nature, makes electric cooperatives very accountable to the members it serves. This unique structure has contributed to the success of your cooperative over the years and remains unchanged even today, some 79 years later. Your cooperative is governed by local people that live and work in your very own communities. Your cooperative is operated by a group of local employees that also live and work in your very own communities. Your cooperative's sole purpose is to provide you, as cooperative member-owners, with reliable and quality service at equitable rates.
See you next month and as always, "We'll keep the lights on for you."