NCSC held its 39th Annual Membership Meeting virtually on August 6. NCSC Board President John C. Lee, president and CEO of Mecklenburg Electric Cooperative and EMPOWER Broadband, Inc., in Virginia, highlighted NCSC’s outstanding loan balance of approximately $698 million at the end of the 2020 fiscal year on May 31.

“NCSC continues to be well positioned to provide flexible financing to assist electric cooperatives in delivering services that go beyond the traditional transmission and distribution of electricity,” Lee shared during the President’s Report.

Petersen Thanked Lee for Nine Years of NCSC Board Service

Following the report, CFC CEO Sheldon Petersen thanked Lee for his nine years of service on the NCSC board. “I appreciate the opportunities we’ve had to work together and I speak on behalf of everyone when I say how much we value your guidance and leadership.”

Lee added, “I want to extend my very sincere thanks to my fellow directors, and the NCSC staff, for their hard work and support—and for everything they do to make NCSC the critically important organization, and beneficial financing option, that it is today. NCSC is indispensable to our cooperative network and serving you, its membership, has been an incredibly gratifying and rewarding experience.”

NCSC Board of Director Elections and Bylaw Amendment Results

During the annual meeting, members elected a new board member and returned an incumbent to serve three-year terms on the board:

Delegates also approved modifications to the NCSC bylaws to allow for remote participation in annual and special meetings. A copy of the amended bylaws will be mailed to all voting members.

Entrepreneur, TV host and investor Kevin O’Leary and Petersen delivered the keynote address with a candid conversation on the state of the economy. NCSC members can watch a recording of the meeting posted on the NCSC Member Website.

New NCSC Board Officers Announced

Following the annual meeting, the NCSC Board of Directors selected the following officers for the coming year: