PEC reveals more details about secret account

From statesman.com, August 19, 2008...

The Pedernales Electric Cooperative continued its efforts to rehabilitate its tattered image Monday, gaining legal control of and releasing new details about a previously undisclosed bank account. It also agreed to abide by sweeping new policies guaranteeing its members access to meetings and co-op records.

The $565,000 noninterest-bearing account, in the name of Texland Electric Cooperative, was revealed three weeks ago by the co-op. Pedernales is still under a court-ordered financial review. Texland was started by the Pedernales cooperative in partnership with Bluebonnet Electric Cooperative 30 years ago, but it appears to have ceased all operations by the mid-1980s.

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Co-op discloses secret bank account

From statesman.com, August 6, 2008...

The Pedernales Electric Cooperative on Tuesday disclosed a $565,000 bank account that few knew existed, including General Manager Juan Garza, who took the helm of the member-owned utility in February.

The account at Cattleman's National Bank in Round Mountain, which is the type that does not accrue interest, could be more than 2 decades old. It is held under the name of Texland Electric Cooperative Inc., an unsuccessful Pedernales venture formed with another Central Texas co-op in the late 1970s to early 1980s to generate electric power.

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