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Capital Credit Refund Authorized Checks to be mailed this month


N


ortheast Oklahoma Electric Cooperative’s board of trustees recently authorized the distribution of


$360,000 in capital credit. Capital credit represents member equity in the cooperative. Current and former members who received electric


service from the cooperative in 1984 are eligible for a re- fund. Checks will be mailed to eligible members in Septem- ber 2013 for their portion of the credit retired. Amounts to- taling less than $10 will roll over to future years and a check will be issued aſt er a minimum amount of $10 is reached. Electric cooperatives create ownership for members by


allowing them to share in the success of the business. Unlike other utilities, your cooperative exists to make sure your needs are met—not to make a profi t. As a member-own- er, you share in these profi ts in the form of capital credit refunds. T e cooperative works hard to keep rates low, and prof-


it (or margins) go back to you—the member/owner. Rates are set at a level necessary to pay operating costs, make


Proud Service


cold rains of the fall and the snow and icy winds of winter. “I have seen the cities gradually acquire a night


as light as day. “I can close my eyes and recall the innumerable


scenes of harvest and the unending punishing tasks performed by hundreds of thousands of women, growing old prematurely, dying before their time, conscious of the great gap between their lives and the lives of those whom the accident of birth or choice placed in towns and cities. “Why shouldn’t I be interested in the emancipa-


tion of hundreds of thousands of farm women?” T e lack of opportunity for rural people was


obvious when compared to the abundant privilege aff orded those whose homes were in areas more densely populated. Municipalities were in the best position to bal-


ance the scales. However, they steered clear of build- ing electric to outlying areas, feeling the idea was not economically feasible. It took cooperatives, made up


14 - Northeast Connection


of men and women working in unison to achieve a common purpose, to bring electricity to the country- side.


T ere were 14 such individuals who came


together on behalf of Northeast Oklahoma Electric Cooperative. With the sum of $5,000 in hand, they applied for incorporation back on September 19, 1938. You may have known, or perhaps even be relat- ed to, one of our original founders. Along with Mr. Freeman, there was Leo Spald-


ing of Vinita, H. E. Burns of Mazie, Luther Marlin of Salina, Dora Whitsel of Pryor, Fred Adair of Pry- or, Van Chandler of Cleora, D. L. Stone of Miami, Claude Farley of Fairland, James Hall of Fairland, Roger Frost of Vinita, R. H. Lightfoot of Vinita, Guy Jennison of Miami, and J. V. Roberts of Vinita. Seventy-fi ve years later, we salute these individ-


uals for bringing us into the light and helping estab- lish the foundation for what we have today—a strong distribution electric cooperative with a proud legacy of service in northeast Oklahoma.


payments on loans, and provide an emergency reserve. Operating costs are subtracted from the total amount collected during the year. T e balance is margins. Margins are allocated based on kWh usage. Before distrib-


uting the capital credit, NEOEC’s board of trustees fi rst considers the fi nan- cial condition of the cooperative, the need for capital funds, and the availability of loan funds. T e board is honored to serve you and to have the opportunity to share the success of 2012 with you because our success is your success.


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