North Itasca Electric distributes more than $300,000 in capital credits
by Jared Echternach, CEO
As a member of North Itasca Electric Cooperative you are also an owner. Any margins realized at the end of the year are allocated to the members based on the amount of electricity used. We credit this amount on an annual basis to a patronage allocation account in your name. This allocation is held by the cooperative as equity which allows us to reduce borrowing costs while maintaining your distribution plant.
I am pleased to inform you that your Board of Directors has authorized a capital credit retirement of $295,522 in 2013. This year your cooperative also retired another $41,449 to the estates of deceased members to ease the closing of the estate. Checks are scheduled to be mailed in early December. Members with fewer than $10 in capital credit allocations will have their amount rolled over into the next year's retirement.
Registration is open for the annual Voyageurs Sled Dog Race on Friday and Saturday, January 11 and 12. Vet check and mushers meeting is on Friday, race start is on Saturday. Information and registration is on the race website, www.voyageursclassic.com.
There will be two classes this year, a 70 mile 8 Dog Pro Class running between Northome and Barney's Resort off Highway 4 west of Spring Lake and a 22 mile Trophy Class with from Northome to Squaw Lake.
The critical factor is snow. Organizers hope for better weather - meaning adequate snow - this year, said Dan Bergerson, race marshal. The race was cancelled last year due to poor trail conditions.