In any of the instances where WFEC finances a portion or all of the construction, the member will be required to execute, prior to construction, a CIAC agreement for the amount financed with the provision that should the member fail to continue the purchase of electric energy from WFEC, said note will become payable immediately.
Members may finance cost in aid of construction (CIAC) amounts between $1,000 and $5,000. Amounts of CIAC that do not fall within this relevant range do not qualify for financing and must be paid in full prior to construction. The cooperative will require written contracts be completed prior to the extension of the service in order to legally guarantee the payment of all CIAC charges. Financing of CIAC is currently available at the annual percentage rate of 11%, and is subject to good credit verification. Signing of required written contracts authorizes WFEC to request a member’s credit score from any one of the three major credit reporting agencies.
Members qualifying for financing will have the CIAC charges agreed upon in the primary line extension payment agreement included on their monthly electric statement. Any payment made by the member for CIAC to the cooperative will not convey to the member any rights of ownership, and is due immediately in full upon the termination of electric service.