CUMMING - Sawnee Electric Membership Corporation (Sawnee EMC) is preparing to retire approximately $9.03 million to 72,000 eligible members through a general retirement of patronage capital for the years 1994 through 1997. This action will provide a refund to individuals and businesses that were members and received electric service from Sawnee EMC at any time during this four-year period. <br />
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Because Sawnee EMC is a non-profit electric cooperative, each year its members receive an assignment of what is known as "patronage capital" in the records of the Cooperative. Each member's assignment is based on the amount of capital they provided through their electric bills for that year. <br />
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Patronage capital is defined in Sawnee's Bylaws as an "allocation of the revenue in excess of operating costs and expenses" and is required by Georgia law. Sawnee EMC retires patronage capital to the members who provided it, when the Board of Directors determines that doing so will not impair the Cooperative's overall financial position.<br />
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All members who received electric service from Sawnee EMC at any time during 1994 through 1997 are eligible to receive a portion of this general retirement of patronage capital. <br />
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For additional information about this general retirement of patronage capital, please call Sawnee's Customer Service Department at (770) 887-2363 or send an email to
[email protected] or send a tweet to @sawneeassist.<br />
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