RURAL ELECTRIC COOPERATIVE, INC.
MINUTES OF THE 87th ANNUAL MEETING OF THE MEMBERS
October 1, 2026
and
October 3, 2026
The 87th Annual Meeting of the Members of Rural Electric Cooperative, Inc., was conducted through a combination of drive-thru registration and an in-person business meeting. It started off with a drive-thru registration on Thursday, October 1, 2026, from 3:00 p.m. to 6:30 p.m. An in-person meeting was held in the REC Multi-Purpose Center, Lindsay, Oklahoma, Garvin County with registration from 8:00 to 10:00 a.m. and the business portion starting at 10:00 a.m. on Saturday, the 3rd day of October 2026.
A video presentation titled “Cooperative Difference” opened the meeting.
Welcome
Mr. Gary Jones, President of the Cooperative, welcomed the REC membership and guests to the 87th Annual Meeting and mentioned it was good to see the members in person. Mr. Jones stated that this would be current CEO, Dusty Ricks’ last annual meeting as he will be retiring October 9th. Mr. Ricks has served as CEO for 6 years. Mr. Jones introduced Mr. Darren Townley, who will be REC’s new CEO.
Call to Order
President Jones, who presided over the meeting called the 87th Annual Meeting of the Membership to order.
Invocation
Vice-President Scott Christian gave the invocation.
Parade of Colors, National Anthem and Pledge of Allegiance
Mr. Christian introduced the Ball Smith Post 23 of the Lindsay American Legion, who presented the Parade of Colors.
Mr. Christian then led the membership in the Pledge of Allegiance with Cara Belt leading the singing of the National Anthem.
Introductions
Mr. Dusty Ricks, CEO of Rural Electric Cooperative, welcomed the group and expressed his appreciation to them for attending the meeting.
Mr. Ricks introduced REC’s Board of Trustees and their spouses, Mr. Johnny Harrel was unable to attend. He noted that their combined years of service to the co-op was over 182 years. He also thanked WFEC employees, Sandra Boykin, Eric Neill and Manager, Gary Roulet for being in attendance and setting up a booth. Mr. Ricks also thanked Ms. Nicki Fuller, OAEC’s General Manager and Safety & Loss Manager, Jason Brown.
Mr. Ricks introduced retired Trustee Charles Crawford, retired employees, Teresa Billingsley and Delmar Payne and current employees and thanked them for their dedication to the cooperative and its members.
He introduced the Annual Meeting Committee members, including Nominating, Planning and Credential and Elections. He thanked them for their service to the cooperative.
Mr. Ricks introduced Youth Ambassador, Cache Mooney to the stage to give a presentation on Rural Electric Cooperatives Youth Programs.
Determination of Quorum
President Jones reported that, according to the certification provided by Secretary-Treasurer Brent Bacon, 584 members were registered for the Annual Meeting. With a membership of 6,624, a minimum of 332 registered members was required to satisfy the 5% quorum requirement. President Jones declared that a quorum was present.
Notice and Proof of Publication and 2026 Minutes
It was acknowledged that the Annual Meeting Notice was published in five different area newspapers, as well as in REC’s monthly publication “Co-op Comments”, Facebook and REC’s website and mailed to each member. The Official Notice mailed to each member also included an acknowledgment that the 2026 Annual Meeting minutes are posted on the REC website and the Official Ballot to vote for candidates to be seated on the Board of Trustees for each district.
Motion to Dispense with the Reading of the Notice of Proof of Publications
President Jones presented the Reading of Notice and Proof of Publication to the members. Nancy McGee from Elmore City made the motion that the membership dispense with the reading of the Notice and Proof of Publication. Kelly Phillips from Wynnewood seconded the motion. With no further discussion, the motion was unanimously adopted.
Motion to Dispense with the Reading of the 2025 Minutes of the Annual Meeting of the Membership
Mr. Jones called for the reading of the minutes of the 2025 Annual Meeting of the Membership. Loyd Adams from Lindsay made the motion that the membership dispense with the reading of the minutes of the 2025 Annual Meeting. William Chambers from Lindsay seconded the motion. With no further discussion, the motion was unanimously adopted.
President’s Report
President Gary Jones addressed the membership regarding the Cooperative’s financial and strategic priorities, including safety, financial strength, reliability, and rate stability. He discussed increasing wholesale power costs, the Cooperative’s current service availability charge, and upcoming rate adjustments. Mr. Jones also provided examples of anticipated impact of these adjustments on residential member bills.
CEO’S Report
Mr. Townley presented the CEO’S Report, providing an overview of the Cooperative’s operations, financial performance, infrastructure investments, and commitment to its members.
Mr. Townley highlighted the Cooperative’s continued growth and financial strength, including investments in utility plant, increased equity, and the retirement of approximately $1.2 million in capital credits during 2025. He also discussed the Cooperative’s power supply, energy sales, and ongoing efforts to maintain reliable and affordable electric service. Additionally, Mr. Townley emphasized the Cooperative’s commitment to employee and public safety, community involvement, and youth development programs. He highlighted the Cooperative's contributions to local schools through gross receipts taxes, its Operation Round-Up program, and its continued support of educational opportunities and community organizations throughout the service area.
Election Report
Mr. Ricks called Chairperson, James Byrd, for the presentation of the 2026 Credentials and Elections Committee report.
Mr. Byrd explained the voting procedures and introduced the Credentials and Elections Committee. Mr. Byrd reported he had been elected Chairperson and Ms. Jessica Jones had been elected Recording Secretary for the committee.
Chairperson, James Byrd gave the Credentials and Elections report on the Election of Trustees. Mr. Byrd stated that a total of 533 votes were cast. He then reported to the membership the result of the election as follows:
For Office 2, District 1 – Brent Bacon 491 yes votes 30 no votes
For Office 2, District 2 – Larry Anderson 489 yes votes 31 no votes
For Office 2, District 3 – Sonny Harrison 490 yes votes 31 no votes
From these results, Chairperson James Byrd declared the following people were elected to the Board of Trustees of Rural Electric Cooperative, Inc. for a three-year term:
Office 2– District 1 – BRENT BACON
Office 2– District 2 – LARRY ANDERSON
Office 2– District 3 – SONNY HARRISON
The Minutes of the Meeting of the 2026 Credentials and Elections Committee reflecting the results of the Trustee election are attached to these minutes.
Mr. Byrd expressed his appreciation to the Credentials and Elections Committee for the time they committed to serving on this committee.
Unfinished Business
President Jones asked the membership if there was any unfinished business. It was determined there was none.
New Business
President Jones then asked the membership for any items of new business to be discussed. It was determined there was none.
Adjournment of REC’s 87th Annual Meeting of the Membership
With there being no further business to come before the membership, President Jones declared REC’s 87th Annual Meeting of the Membership adjourned. The business meeting adjourned at 10:58 a.m.
Prize Drawings
Immediately following adjournment, prize drawings were held. Each eligible registered member received a $25 credit on their electric bill. REC employees conducted drawings for three $500 electric bill credits, seventy-five $75 electric bill credits, an electric chainsaw donated by WFEC, a 65-inch television donated by Wesco, and two children's bicycles. A list of prize winners is attached to these minutes.