New Mexico § 62-15-20 - Refunds to members

§ 62-15-20. Refunds to members

Revenues of a cooperative for any fiscal year in excess of the amount thereof necessary: A. to defray expenses of the cooperative and of the operation and maintenance of its

facilities during such fiscal year; B. to pay interest and principal obligation of the cooperative coming due in such

fiscal year; C. to finance, or to provide a reserve for the financing of, the construction or acquisition

by the cooperative of additional facilities to the extent determined by the board

of trustees; D. to provide a reasonable reserve for working capital; E. to provide a reserve for the payment of indebtedness of the cooperative maturing

more than one (1) year after the date of the incurrence of such indebtedness in an

amount not less than the total of the interest and principal payments in respect thereof

required to be made during the next following fiscal year; and F. to provide a fund for education in cooperation and for the dissemination of information

concerning the effective use of electric energy and other services made available

by the cooperative, shall, unless otherwise determined by a vote of the members, be

distributed by the cooperative to its members as patronage refunds prorated in accordance

with the patronage of the cooperative by the respective members paid for during such

fiscal year. Nothing herein contained shall be construed to prohibit the payment by a cooperative

of all or any part of its indebtedness prior to the date when the same shall become

due.