Tuesday, August 2, 2011
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COVINGTON -- Snapping Shoals EMC is asking customers to destroy duplicate capital credit refund checks that were mailed out in error.
A printing error resulted in some customers receiving two checks, said spokeswoman Leigh-Anne Burgess. The checks were mailed out on July 18.
"We are printing a message on all of our August bills to notify customers and are also sending out letters and/or postcards to affected customers," Burgess said, adding that duplicate checks will not be honored.
Customers with questions should call 678-729-8053.
Capital credits are revenues exceeding the cost of providing service for the electric co-op's customer-owners.
"These are required by lending institutions to establish financial strength for loans. SSEMC routinely refunds these capital credits to its members when its board of directors determines it is appropriate to do so," Burgess said.
Legislation passed in 2005 allows EMCs to retain certain unclaimed capital credits that historically would be turned over to the state. According to the legislation, unclaimed capital credits must be used to support programs such as the Snapping Shoals EMC scholarship program, the Bright Ideas grant program and other economic and community development projects.