LIHU‘E — The County of Kaua‘i’s capital patronage refund was greater than $10 and hand-delivered by David Bissell, the Kaua‘i Island Utility Cooperative president and Chief Executive Officer, and Phil Tacbian, KIUC Board Chair, Tuesday morning.
KIUC started delivering 2010 patronage capital refunds and updated patronage capital account information to its members from mid-July and Bissell and Tacbian handed over a check for more than $40,000 to Kaua‘i Mayor Bernard Carvalho Jr. and the county’s Finance Director Wally Rezentes, representing the county’s patronage capital refund.
“This year, instead of sending checks, KIUC will be issuing bill credits to member accounts during the July billing period to avoid the added expense of cutting individual checks,” said Barbara Nagamine, KIUC Member Services Manager, in a release. “If the refund amount is more than $10 and the account is inactive, it will be refunded in the form of a check.
Patronage capital results from the money a cooperative has left over after paying all of its expenses in a given year, the release states.