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LREC to Seek Authorization from Members at the Annual Meeting


The LREC Board is asking approval by affirmative vote from its members to create a wholly owned subsidiary to operate its telecommunications business. The profits from this subsidiary will be returned to LREC and will help the cooperative keep costs to members as low as possible. By creating this subsidiary business, your cooperative will foster more jobs in our area while providing more quality services for its members. The creation of this subsidiary will enable LREC to


bring Broadband Internet, High Definition Television and Voice-Over-Internet Telephone to our members who opt to receive these services.


Back Then ……. In the 1930s, rural America had been left in the dark


as electricity made its way across the country. Electricity had become a modern necessity, and big cities enjoyed the opportunities this emerging technology brought. But rural folks had to do without this needed commodity. Into the gap stepped the hardworking men and wom-


en of rural America who formed electric cooperatives to bring power to areas that had been overlooked. In our part of Northeast Oklahoma, these pioneers formed Lake Re- gion Electric Cooperative. As a result, the quality of life for our local communities was forever changed.


A New Necessity ….. In the 21st century, a new technology is emerging:


Broadband Internet. This new technology is transform- ing lives and bringing economic development to the areas that adopt it. Once again, we have been left behind. Your cooperative must step up to the plate and do what others won’t do.


In rural Oklahoma, we also need vital services to live


a better life, access resources and ensure our children get the best education possible. LREC is willing and ready to provide this service, but – because we always have the best interest of our members at heart – we don’t want this project to impact electric service costs to members. Us- ing a subsidiary to provide broadband telecommunica- tions services keeps these two businesses separated, and one class of customers will not subsidize the other – only the members requesting this service will be responsible to pay for it.


In order to better serve you, our member-owner, the LREC Powerline Press 3


LREC Board requests the co-op’s membership to autho- rize the creation of a for-profit wholly owned subsidiary to bring broadband telecommunications services to rural Oklahoma.


LREC has been operating a pilot project, offering


Broadband Internet, High Definition Television and VoIP telephone access for approximately 11 months. We know that the system works and can provide the same kind of quality access that people living in Oklahoma City and Tulsa now enjoy. You, as a member of LREC, deserve to have the same services that your relatives and friends have available to them in the big city. We encourage you to sup- port the proposal from your Board of Trustees to provide this valuable service.


Notice of Proposed Action to be taken by Affirmative Vote on Saturday April 26, 2014 at the Annual Meeting of LREC Members


LREC bylaws allow members to approve the cooperatives’ membership in an organization whose purposes further the cause of rural electrification and accomplish those purposes of the cooperative. The LREC Board and management have proposed to operate a subsidiary on a for-profit basis for the purpose of providing telecommunication services. LREC would hold sole membership in the subsid- iary organization, a limited liability corporation. Such ownership and operation has been determined to be an activity furthering LREC’s purposes. On April 26, 2014, at the annual meeting of the LREC members, members will be asked to affirma- tively vote for LREC to own a subsidiary, through holding 100% membership in a limited liability corporation authorized to engage in telecommuni- cation activities on a for-profit basis, and to own and operate such organization to accomplish the purposes of the cooperative.


LREC will continue to be operated on a non- profit basis.


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