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declared that a quorum was present for the transaction of business of the Cooperative. The second order of business was the Official Notice. Mr. Rivers announced that a copy of the Official Notice of the Annual Meeting of the members of the Cooperative was mailed to each member of the Cooperative at the address of such member, as shown on the records of the Cooperative, by depositing such notice in the U.S. mail at Blountstown, Fla., on Aug. 26, 2016, postage prepaid. No one objected to the form or time of the notice and reading of the notice was waived by motion duly made, seconded and carried. Mr. Rivers then stated the next order of business was the reading of the Minutes of the 2015 Annual Meeting of the members of the Cooperative and their approval by the membership if the same were found to be in order. These Minutes were published in the 2016 Tri-County Annual Report and mailed to each member. Upon the motion duly made, seconded and unanimously carried, the reading of the Official Minutes of the 2015 Annual Meeting of the members of the Cooperative was waived, and the Minutes of such meeting as published in the 2016 Tri-County Annual Report and as set out in the official records of the Cooperative were approved. Mrs. Catherine Bethea was called upon to give the Treasurer’s Report. Mrs. Bethea reported that the Cooperative’s 2015 Financial Report was prepared by Nichols, Cauley and Associates, CPAs, with no instance of non-compliance reported. Mrs. Bethea reminded the membership that the financial statements of the Cooperative were printed in the 2016 Tri-County Annual Report, which was mailed to each member for examination prior to the Annual Meeting. Mrs. Bethea pointed out the most significant financial highlights for 2015 reflect a moderate growth in revenues to $40.1 million with operating expenses of $36.3 million, which resulted in net margins of $2.8 million for the year and slight increase in the number of active meters served. She reported that the Cooperative continues to make major investments in the electric utility plant that
included technology upgrades, poles, wires and substation equipment that resulted in a year-ending plant value of $86.3 million. Further, overall, the financial condition of the Cooperative remains strong. As a display of this fiscal strength, the Board of Trustees voted to retire over $1 million in capital credits last year and returned those dollars back to the membership. Mr. Rivers then stated the next order of business was the election of Trustees from Districts 3, 5 and 6 to serve for a term of three years. He reminded the membership that according to Article III Section 7(a) of the Tri-County Electric Cooperative Bylaws, district meetings were held in July for the purpose of nominating candidates for trustee and that Article III Section 7(b) provides an additional method for nominating a candidate for trustee. Under Section 7(b) a member can indicate his or her intent to nominate a candidate for trustee from the floor during the Annual Meeting by filing their intent at least 15 days prior to the Annual Meeting. DISTRICT NO. 3 There being no official candidate for District 3 at the duly called District Meeting of District 3 due to a lack of a quorum, Mr. Rivers opened the floor for nominations for candidate for Trustee for District 3, pursuant to the applicable provisions of Section 7(b) of Article III of the Bylaws of Tri-County Electric Cooperative, Inc. The floor being opened for such nominations, upon a motion made, seconded, and unanimously carried, Mr. Donnie Waldrep was duly nominated as candidate for Trustee from the floor. That hearing no further nominations for candidate for Trustee made from the floor, the nominations were closed, and after the closing of nominations, having only one candidate for trustee, Mr. Waldrep was elected by a vote of acclamation. DISTRICT NO. 5 Mrs. Catherine Bethea being duly selected as the district’s official candidate at the duly called District Meeting of
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District 5, and no intention to make additional nomination from the floor for Trustee of District 5 being filed as required by the Bylaws of the Cooperative, was elected by a vote of acclamation. DISTRICT NO. 6 Mr. Lonnie Griffin and Mr. Gary Fulford, being duly selected as the district’s official candidates at the duly called District Meeting of District 6, was placed in nomination as the official candidates for District 6, and no intention to make additional nominations from the floor for Trustee of District 6 being filed as required by the Bylaws of the Cooperative, were placed in nomination as the official candidates for Trustee for District 6. The Madison County Supervisor of Elections was present to conduct and supervise the election, to count the ballots cast for the nominees, and to certify the result of the election. Mr. Hardee announced the results of the balloting to the membership as follows: Mr. Gary Fulford. . . . . . .74 votes Mr. Lonnie Griffin . . . . .48 votes Mr. Fulford having received the highest number of votes cast for the respective district was declared to be the duly elected Trustee of the Cooperative from District 6. Mr. Rivers then opened the floor for any unfinished business of the Cooperative which should come before the meeting. There being no unfinished business to come before the meeting, the floor was then opened for any new business of the Cooperative which should come before the membership of the Cooperative at the Annual Meeting. There being no new business to come before the meeting, upon a motion duly made, seconded and unanimously carried, the Annual Meeting of the membership of Tri-County Electric Cooperative, Inc. was duly adjourned at 11:24 a.m., Saturday, Sept. 17, 2016. Thereafter, a drawing for prizes was held. Gary Fulford, President Catherine Bethea, Secretary-Treasurer
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