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C A N A D I A N November 2013


V SUPPLEMENT TO OKLAHOMA LIVING


A ELECTRALITE By George IF


Yates Adcock (left), president of CVEC’s board of trustees, and Gary McCune (right), chairman of CREC’s board of trustees, discuss the compatibility study to be conducted by CFC with CFC Senior Electric Program Analyst Johnny Vaughn.


Study Analyzes Compatibility of Co-op Consolidation


Canadian Valley Electric Cooperative and Central Rural Electric Cooperative, located in Stillwater, Okla., announced in September that the two cooperatives have entered into discussions on how they can work together to create a more efficient electric distribution system.


“The National Rural Utilities Cooperative Finance Corporation, more commonly known as CFC, was selected by the CVEC and CREC boards of trustees to complete a comprehensive study analyzing the compatibility of the two organizations,” says CVEC General Manager George Hand. “This study will help determine the economic impact and savings that a potential consolidation would produce.” Initial reviews have shown the two cooperatives have many similarities. A prelim- inary review indicated probable economic benefit and increased long-term member- ship value from the opportunities for economies of scale, increased financial strength, rate stability, elimination of duplicate services and additional operating efficiencies. The CVEC and CREC boards of trustees encourage members and interested par-


ties to visit, www.buildingourenergyfuturetogether.com, for the latest information about this collaboration.


CVEC offices will be closed Thursday, Nov. 28 for the Thanksgiving Day holiday.


The studies of a possible consolida- tion of the two electric cooperatives, Canadian Valley Electric Cooperative and Central Rural Electric Cooperative, continue to show positive outcomes for the member/owner/customers and, The boards of trustees do not find any “irreconcilable differences” in the operations and objectives of the two cooperatives, and both determine that it would be in the long-term best interests of the memberships, that the two coop- eratives be consolidated into one new electric cooperative to serve the needs of the combined membership.


Then the boards of trustees will call separate meetings of their members in the service areas of both cooperatives for their consideration and decision on any proposal to consolidate the two coopera- tives into one operating entity. The authority to affect a consolida- tion of the two electric cooperatives is reserved by law to the member/owners of the cooperatives. Official notice of any meetings that might be called to consider this issue would state the purpose of the meeting. A quorum of members at both cooperative meetings would be required to have an official meeting and consider the matter. To proceed further, an affir- mative vote by two-thirds of the mem- bers present at both meetings would be required. If the boards of trustees each decide that the consolidation could be a good thing for the combined member- ships, the final decision will be up to the memberships. WHERE ARE WE NOW? A preliminary independent study of the possible consolidation of the two


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