Most of the people who buy power from Nodak don’t know, or at least don’t think about, the real connection they have with this utility. In the next few months, you will have several opportunities to better understand and participate in your electric utility.
In the last issue of the Nodak Neighbor, and again this month, we are giving notice of the election of three of nine members of the board of directors. You may well know one or more of the candidates running for these positions. Even if you know none of these candidates, it is your right as a member/owner of the cooperative to call them with any questions about the cooperative. It is also your right, and more importantly your benefit, to cast a vote for the person you want to sit on our board of directors and make policy for the cooperative. You don’t even have to leave home as you can cast a ballot by mail after the ballots are sent out with our Annual Report.
On April 8, 2006, you are invited to attend the annual meeting of the cooperative. It will be held at the Alerus Center in Grand Forks. The annual meeting is a short business meeting at which time the current status of the cooperative is reported and time is provided for attendees to ask any questions about the business. The more participation we get at our annual meeting, the better our board of directors and management understand the pulse of our membership. We strongly urge you to attend and participate at this meeting. As a little incentive for your time, we will have numerous drawings for attendance prizes during the meeting, and we will again be serving a great noon meal following the meeting.
During the coming months, we will be issuing capital credit checks based on your past patronage with the cooperative. Each year that you buy power from Nodak you earn a small chunk of equity in the business. You may or may not view this as a great value, but none the less you get this piece of equity quite painlessly. You don’t purchase equity with cash; rather it comes with doing business with the cooperative. I guess it is a little bit like earning airline miles when you use a particular credit card. At a later date, we cash out your oldest equity by issuing you a capital credit check. It’s not an investment on your part, and it does not earn interest. It is simply a tangible benefit that goes along with buying power from Nodak. Keep an eye on future issues of the Nodak Neighbor when we will be notifying you of the next capital credit payment.
In summary, we hope that you always view Nodak as an electric utility that has fair rates and good service. In addition, we hope you have an awareness of the extras that go along with having ownership in the business. These extras include having a voice in the business and earning equity as you buy power from the cooperative.
We look forward to seeing you at the Alerus Center on April 8.