Capital Credit Refunds: The Board of Directors authorized payment of capital credit refunds totaling $2,250,701 which includes the remaining unretired credits from 2007 and about 48% of the credits allocated in 2008. Capital credit refunds are processed in October.
Minimum Refund Amount: The Board authorized a ten-dollar minimum threshold for issuing capital credit refund checks. Refund amounts less than the minimum will be combined with the individual members’ future capital credit refunds. If there are no future refunds for the member, they will receive their refund check even if it is less than ten dollars.
General Manager’s Report
Tony Schacher announced that the east side facilities project adjacent to our Alumina substation has received tentative approval from the City of Salem. Cooperative Building Solutions will begin the permitting and bidding processes. Once bids are in and permits are issued, staff will present the final design and costs to the Board for approval before finalizing the loan and beginning construction of the warehouse.