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Show SOUTHERN UTAH NEWS News Coconino County Assessor WEDNESDAY APRIL 30, 2003 , reminds citizens of deadline for senior: property valuation . protection option In the November 2000 election, Arizona voters approved aballotmeasure, amending the Arizona Constitution to freeze the valuation ofhomes ownedby seniors (This option is not a tax freeze.) In the recent November 2002 election. Proposition 1102 .was passed, clarifyingthattheincomelevel for multiple owners cannot exceed $33,120-o- r $26,500 for one owner, based nn the Supplemental Security Income (SSI) benefit rate; 7 'V- Proposition 102 also clarifies that property owners must apply or reapply to the County Assessor for the Property Valuation Protection Option on or before September 1 of the application year. The Assessor must , - notify the property owner whether South Central Telephone proposes bylaw changes In March, each of South Central Utah Telephone, Incs cooperative members received a notice of the annual meeting and also a proposed change to the bylaws of the corporation. We would like to herein further clarify the reasons for the proposed bylaw changes. Article VII Section 2 ex- plains patrons capital accounts and also articulates the method by which such capital accounts may be paid to the members (the retirement of capital credits). When South Central was first organized in 1953 as a REA telephone cooperative, a provision was included in the bylaws to protect the financial condition of the company. That provision states that capital credits may not be retired unless the owners equity of the cooperative equals at least 40 percent of the companys total assets, after such retirement. This the application is accepted or de; nied by December L ' If the property owner files the application after September 1, the Assessor will process the application for the follow- ing year., Applications for "2003 are currently being accepted at the Assessors Office, located at 110 E. Cherry Avenue in Flagstaff. Application forms are available at the Assessors Office. Seniors must meet the following requirements in order to qualify for the Protection Option; At least the owner must be 65 years, of age at the time of application. The property must be the primary residence of ' the tax' , y, payer ' ; The owner must have resided in the primary residence for at least two (2) years prior to applying for the option, The owner(s) must report total income from all sources, income including for 2000;200rand 2002. In order to qualify, the income may not exceed certain amounts established by the Social Security Act For more information on the a pro rata retirement on a eral Manager. In the current telecommunications and business world the CEO is generally recognized as the person respony sible for the operation of the company. As it becomes increasingly necessary for our General Manager to negotiate interconnection agreements, loan agreements, etc. those with whom he negotiates want to know they are dealing with the person empowered to make such agreements. The title of Chief Executive Officer offers that assurance. Overall responsibility for the cooperative is still vested in the Board of Directors, the members of which are elected by the patrons whom they serve. The Board of Directors and management of South Central Utah Telephone Association strongly recommend and endorse the approval of the proposed bylaw amendments and ask for your support. day-to-da- fn) - Quality &uto Repair - , , financial condition of the company is examined, and an appropriate amount of capital is retired. The interest of the longer term patrons is still protected, as they will receive larger capital account, due to their having paid in for more years. In fact, cooperative tax of 34.5 percent, an acceptable law requires that capital be ratio in todays economy. But retired on a pro rata basis capital credits cannot be retired and that no member or group until the 40 percent provision is of members be discriminated removed from the bylaws. against. The proposed amensecThe above referenced dment's not contrary to that tion also requires that capital requirement, and also refirst-ou- t be retired on a first-in- , quires that the financial con(FIFO) basis. This provi- dition of the cooperative not sion limits the Boards ability be impaired by any capital to retire capital on a timely retirement. Article VI Section 8 provides basis, as the oldest year on the books must be fully re- for the appointment of a general tired before the next subse- manager by the Board of Direcquent year can be considered. tors. The proposed amendment The Board has expressed a simply provides for the addition desire to use a percentage of of the title CEO (Chief Execuequities method, whereby the tive Officer) to that of the Gen E) (K) ' . language was intended to ensure that capital was not retired prior to the completion of necessary plant additions, upgrades, and improvements. That 40 percent cushion is no longer necessary, as South Centrals owners equity totals more than 18 million dollars. That represents owners equity TIRES!! TIRES!! TIRES!! , , non-taxab- le (PI 5580 R 13) , ' - m Senior Property Valuation Protection Option, call the Assessors Office at (928) 779-650- See Store for Details.., 300ISo aifi L , 1 m&mssmj 90 DAYS SAME AS CASH! 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