(Estherville)– If you’re a customer of Iowa Lakes Electric Cooperative, you may have some money headed your way.
ILEC General Manager Terry Bruns says the co-op is returning capital credits to current and former customer-owners who received electric service from the cooperative during 1985. Bruns says checks should be in the mail around July 1st.
Bruns says Iowa Lakes Electric Cooperative’s board of directors decides when the cooperative’s equity base is sufficient to return capital credits to customer-owners. He says the fact they’re able to return 470-thousand dollars in capital credits this go-round is proof of the co-op’s strong financial performance. He also says it’s one of the distinct advantages of belonging to a customer-owned cooperative.
Bruns adds the 470-thousand being returned this year is the highest amount in recent years.
Bruns also says they’re reducing the dividend period from 20 years currently to 15. He says they hope to accomplish that by 2010.
To date, ILEC has returned over 9.4 million dollars in capital credits and over 1.8 million in margin rebates to customer-owners. This past March, the cooperative returned a total of 350-thousand dollars in rebates to customer-owners, making for a combined total of 800-thousand dollars returned to customer-owners this year alone.
