From the Boardroom – May 2021

by Dion Cooper, President & CEO

The Board of Directors held meetings on May 27 to conduct its regular monthly Board Meeting to discuss and review several agenda items. During the meetings, they approved the Minutes of the last Board meeting and accepted the reports of the Attorney, President and Vice Presidents. In addition, Southwest Arkansas Telecommunication & Technology also held a regular Board Meeting.

SWAECC Agenda Items Reviewed and Actions Taken

The Board authorized the Cooperative to allocate 2020 capital credits in the amount of $6,958,139.

Chairman Russell Pendergraft was authorized as the NRECA Director representative for AECI and Vice Chairman Warren Plyler was authorized as the NRECA Director representative for AECC. President & CEO Dion Cooper was selected as alternate representative for both organizations.

The President reported that the Safety Magic Shows presented by Mr. Scott Davis to area school children for 2021 were presented on a social media platform. In 2022, Mr. Davis plans to make in-person presentations at the schools.

Information provided by Cooperative Finance Corporation on the Cooperative’s Semi-Annual Interest Payment was reviewed and accepted.

The Board authorized CFC to deduct 5% of the Cooperative’s 2021 Patronage Capital Refund, not to exceed $4,000, for the CFC Cooperative System Integrity Fund.

The Board approved a $500 contribution to the Nashville Chamber of Commerce’s “Stand Up for America” July 4th event.

The Board authorized the Cooperative to make changes to its Energy Resources Conservation Loan Program Policy.

The Board authorized the Cooperative to purchase 20 shares of $5,000 par value stock from SWATT for a total of $100,000.

The President was selected to serve as the voting delegate for CFC and NCSC at the annual meetings.

The Board approved 121 new member applications making the total number of members to date 18,903.

SWATT Agenda Items Reviewed and Actions Taken

The Board authorized the Cooperative to apply for a letter of credit to be issued by National Rural Utilities Cooperative Finance Corporation (CFC) and authorized Board Chairman Russell Pendergraft, President & CEO Dion Cooper and CFO and Vice President Kecia Wolf to act on behalf of the Cooperative in regard to loans with CFC.

Leave a Reply

Your email address will not be published. Required fields are marked *