In the upcoming election, Owners will have an opportunity to vote on authorizing the issuance of a second class of shares as a part of our Bylaws restatement. Specifically, 'B' shares can be used for special development projects. These are sometimes referred to as Preferred Investment Shares.
Cooperative principal #1 addresses cooperative ownership. So what does this mean? Making this specific change in our Bylaws creates more cooperative opportunity for our Owners. It allows us more flexibility to respond to changes in the market economy. A program like this:
- Allows for fuller participation in ownership of our co-op
- Allows us to make capital improvements such as replacing our existing (obsolete) solar system, purchasing new equipment or launching an expansion project
- Increases our financial sustainability
- Makes us more attractive to lenders
To learn more visit our elections page!