CAPITAL CREDIT ASSIGNMENT FOR 2020
Notice is hereby given the members of Petit Jean Electric Cooperative that, in accordance with Article VII of the Cooperative’s bylaws, patronage capital for the year 2020 has been credited to each member’s patronage capital account.
The ratio of the cooperative’s total assignable margins to the total operating revenue for 2020 was 0.0870721590. This means the patronage allocation credited to each consumer’s account was about 8.7% of the total amount of their electric service bills for the year, exclusive of state and local taxes. For example, a consumer who paid the cooperative $500.00 for electric service during the year (not including taxes) would be credited with .0870721590 x $500.00 or $43.54.
PLEASE NOTE that this is a “notice” of patronage capital assignment only. The same article (VII) of the bylaws directs when and how the retirement (payment) of patronage capital will be made. Payment of patronage capital takes place (1) when the board of directors determines that the financial condition of the co-op will not be impaired thereby, and (2) in the order of priority according to the year in which the capital was furnished and credited, the capital first received by the Cooperative being first retired.