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          </USAddress>
        </ContractorAddress>
        <ServicesDesc>SOFTWARE &amp; SUPP</ServicesDesc>
        <CompensationAmt>404809</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1Txt>OSMOSE UTILITIES SERVICES</BusinessNameLine1Txt>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1Txt>PO BOX 8000</AddressLine1Txt>
            <CityNm>BUFFALO</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>14267</ZIPCd>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>POLE INSPECTION</ServicesDesc>
        <CompensationAmt>394920</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>15</CntrctRcvdGreaterThan100KCnt>
      <ProgramServiceRevenueGrp>
        <Desc>ELECTRIC SALES</Desc>
        <BusinessCd>221000</BusinessCd>
        <TotalRevenueColumnAmt>152093624</TotalRevenueColumnAmt>
        <ExclusionAmt>152093624</ExclusionAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>POLE ATTACHMENTS</Desc>
        <BusinessCd>221000</BusinessCd>
        <TotalRevenueColumnAmt>593546</TotalRevenueColumnAmt>
        <ExclusionAmt>593546</ExclusionAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>152687170</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>67677</TotalRevenueColumnAmt>
        <ExclusionAmt>67677</ExclusionAmt>
      </InvestmentIncomeGrp>
      <OtherRevenueMiscGrp>
        <Desc>CAPITAL CREDITS</Desc>
        <BusinessCd>221000</BusinessCd>
        <TotalRevenueColumnAmt>2927649</TotalRevenueColumnAmt>
        <ExclusionAmt>2927649</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueMiscGrp>
        <Desc>OTHER NON OPERATING INCOME</Desc>
        <BusinessCd>221000</BusinessCd>
        <TotalRevenueColumnAmt>124881</TotalRevenueColumnAmt>
        <ExclusionAmt>124881</ExclusionAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>3052530</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>155807377</TotalRevenueColumnAmt>
        <ExclusionAmt>155807377</ExclusionAmt>
      </TotalRevenueGrp>
      <BenefitsToMembersGrp>
        <TotalAmt>2286460</TotalAmt>
      </BenefitsToMembersGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>1001845</TotalAmt>
      </CompCurrentOfcrDirectorsGrp>
      <CompDisqualPersonsGrp>
        <TotalAmt>381141</TotalAmt>
      </CompDisqualPersonsGrp>
      <OtherSalariesAndWagesGrp>
        <TotalAmt>819433</TotalAmt>
      </OtherSalariesAndWagesGrp>
      <InterestGrp>
        <TotalAmt>4701720</TotalAmt>
      </InterestGrp>
      <DepreciationDepletionGrp>
        <TotalAmt>10424150</TotalAmt>
      </DepreciationDepletionGrp>
      <OtherExpensesGrp>
        <Desc>COST OF POWER</Desc>
        <TotalAmt>99358235</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>DISTRIBUTION- MAINTENANCE</Desc>
        <TotalAmt>9558803</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>ADMINISTRATIVE &amp; GENERAL</Desc>
        <TotalAmt>6443159</TotalAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>CONSUMER ACCOUNTS</Desc>
        <TotalAmt>4997247</TotalAmt>
      </OtherExpensesGrp>
      <AllOtherExpensesGrp>
        <TotalAmt>8394539</TotalAmt>
      </AllOtherExpensesGrp>
      <TotalFunctionalExpensesGrp>
        <TotalAmt>148366732</TotalAmt>
        <ProgramServicesAmt>0</ProgramServicesAmt>
        <ManagementAndGeneralAmt>0</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
      </TotalFunctionalExpensesGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>3328321</BOYAmt>
        <EOYAmt>9165765</EOYAmt>
      </SavingsAndTempCashInvstGrp>
      <AccountsReceivableGrp>
        <BOYAmt>13075465</BOYAmt>
        <EOYAmt>13891425</EOYAmt>
      </AccountsReceivableGrp>
      <ReceivablesFromOfficersEtcGrp>
        <BOYAmt>235</BOYAmt>
      </ReceivablesFromOfficersEtcGrp>
      <InventoriesForSaleOrUseGrp>
        <BOYAmt>6067494</BOYAmt>
        <EOYAmt>5838688</EOYAmt>
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      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>83726</BOYAmt>
        <EOYAmt>98840</EOYAmt>
      </PrepaidExpensesDefrdChargesGrp>
      <LandBldgEquipCostOrOtherBssAmt>279631627</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>79783288</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>194529818</BOYAmt>
        <EOYAmt>199848339</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsProgramRelatedGrp>
        <BOYAmt>56570909</BOYAmt>
        <EOYAmt>59144576</EOYAmt>
      </InvestmentsProgramRelatedGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>6288351</BOYAmt>
        <EOYAmt>5435958</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>279944319</BOYAmt>
        <EOYAmt>293423591</EOYAmt>
      </TotalAssetsGrp>
      <AccountsPayableAccrExpnssGrp>
        <BOYAmt>16338391</BOYAmt>
        <EOYAmt>18018272</EOYAmt>
      </AccountsPayableAccrExpnssGrp>
      <TaxExemptBondLiabilitiesGrp>
        <BOYAmt>6879083</BOYAmt>
        <EOYAmt>6712457</EOYAmt>
      </TaxExemptBondLiabilitiesGrp>
      <MortgNotesPyblScrdInvstPropGrp>
        <BOYAmt>127529461</BOYAmt>
        <EOYAmt>122252801</EOYAmt>
      </MortgNotesPyblScrdInvstPropGrp>
      <OtherLiabilitiesGrp>
        <BOYAmt>14436327</BOYAmt>
        <EOYAmt>23793360</EOYAmt>
      </OtherLiabilitiesGrp>
      <TotalLiabilitiesGrp>
        <BOYAmt>165183262</BOYAmt>
        <EOYAmt>170776890</EOYAmt>
      </TotalLiabilitiesGrp>
      <OrgDoesNotFollowSFAS117Ind>X</OrgDoesNotFollowSFAS117Ind>
      <CapStkTrPrinCurrentFundsGrp>
        <BOYAmt>276210</BOYAmt>
        <EOYAmt>283075</EOYAmt>
      </CapStkTrPrinCurrentFundsGrp>
      <RtnEarnEndowmentIncmOthFndsGrp>
        <BOYAmt>114484847</BOYAmt>
        <EOYAmt>122363626</EOYAmt>
      </RtnEarnEndowmentIncmOthFndsGrp>
      <TotalNetAssetsFundBalanceGrp>
        <BOYAmt>114761057</BOYAmt>
        <EOYAmt>122646701</EOYAmt>
      </TotalNetAssetsFundBalanceGrp>
      <TotLiabNetAssetsFundBalanceGrp>
        <BOYAmt>279944319</BOYAmt>
        <EOYAmt>293423591</EOYAmt>
      </TotLiabNetAssetsFundBalanceGrp>
      <ReconcilationRevenueExpnssAmt>7440645</ReconcilationRevenueExpnssAmt>
      <OtherChangesInNetAssetsAmt>444999</OtherChangesInNetAssetsAmt>
      <MethodOfAccountingAccrualInd>X</MethodOfAccountingAccrualInd>
      <AccountantCompileOrReviewInd>false</AccountantCompileOrReviewInd>
      <FSAuditedInd>true</FSAuditedInd>
      <FSAuditedBasisGrp>
        <SeparateBasisFinclStmtInd>X</SeparateBasisFinclStmtInd>
      </FSAuditedBasisGrp>
      <AuditCommitteeInd>true</AuditCommitteeInd>
      <FederalGrantAuditRequiredInd>false</FederalGrantAuditRequiredInd>
    </IRS990>
    <IRS990ScheduleD documentId="RetDoc3">
      <OtherLandBuildingsGrp>
        <InvestmentCostOrOtherBasisAmt>279631627</InvestmentCostOrOtherBasisAmt>
        <DepreciationAmt>79783288</DepreciationAmt>
        <BookValueAmt>199848339</BookValueAmt>
      </OtherLandBuildingsGrp>
      <TotalBookValueLandBuildingsAmt>199848339</TotalBookValueLandBuildingsAmt>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - POWERSOUTH</Desc>
        <BookValueAmt>54627735</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - GRESCO</Desc>
        <BookValueAmt>1645057</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENT - NRUCFC</Desc>
        <BookValueAmt>1084633</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENT - CO-BANK</Desc>
        <BookValueAmt>584737</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENT - FED. RURAL ELECTRIC INS</Desc>
        <BookValueAmt>582871</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - NRUCFC</Desc>
        <BookValueAmt>276097</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - UNITED UTILITY</Desc>
        <BookValueAmt>219372</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - NISC</Desc>
        <BookValueAmt>113147</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - ARKANSAS ELECTRIC</Desc>
        <BookValueAmt>5158</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>PATRONAGE CAP - NRTC</Desc>
        <BookValueAmt>4769</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>INVESTMENT - NRTC</Desc>
        <BookValueAmt>1000</BookValueAmt>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <InvstProgramRelatedOrgGrp>
        <Desc>ECONOMIC DEVELOPMENT PROJECTS</Desc>
        <MethodValuationCd>C</MethodValuationCd>
      </InvstProgramRelatedOrgGrp>
      <TotalBookValueProgramRltdAmt>59144576</TotalBookValueProgramRltdAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>CONSUMER DEPOSITS</Desc>
        <Amt>6607065</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>OTHER DEFERRRED CREDITS</Desc>
        <Amt>5909675</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>POSTRETIREMENT BENEFITS</Desc>
        <Amt>5776620</Amt>
      </OtherLiabilitiesOrgGrp>
      <OtherLiabilitiesOrgGrp>
        <Desc>LINE OF CREDIT</Desc>
        <Amt>5500000</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>23793360</TotalLiabilityAmt>
      <TotalRevEtcAuditedFinclStmtAmt>155807377</TotalRevEtcAuditedFinclStmtAmt>
      <RevenueSubtotalAmt>155807377</RevenueSubtotalAmt>
      <TotalRevenuePerForm990Amt>155807377</TotalRevenuePerForm990Amt>
      <TotExpnsEtcAuditedFinclStmtAmt>146080272</TotExpnsEtcAuditedFinclStmtAmt>
      <ExpensesSubtotalAmt>146080272</ExpensesSubtotalAmt>
      <OtherExpensesNotIncludedAmt>2286460</OtherExpensesNotIncludedAmt>
      <ExpensesNotRptFinclStmtAmt>2286460</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>148366732</TotalExpensesPerForm990Amt>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE D, PAGE 4, PART XII, LINE 4B</FormAndLineReferenceDesc>
        <ExplanationTxt>RETIREMENT OF CAPITAL CREDITS PAID 2,286,460</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleD>
    <IRS990ScheduleJ documentId="RetDoc4">
      <IdemnificationGrossUpPmtsInd>X</IdemnificationGrossUpPmtsInd>
      <WrittenPolicyRefTAndEExpnssInd>true</WrittenPolicyRefTAndEExpnssInd>
      <SubstantiationRequiredInd>true</SubstantiationRequiredInd>
      <IndependentConsultantInd>X</IndependentConsultantInd>
      <WrittenEmploymentContractInd>X</WrittenEmploymentContractInd>
      <CompensationSurveyInd>X</CompensationSurveyInd>
      <BoardOrCommitteeApprovalInd>X</BoardOrCommitteeApprovalInd>
      <SeverancePaymentInd>false</SeverancePaymentInd>
      <SupplementalNonqualRtrPlanInd>false</SupplementalNonqualRtrPlanInd>
      <EquityBasedCompArrngmInd>false</EquityBasedCompArrngmInd>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>KAREN L MOORE</PersonNm>
        <TitleTxt>CEO</TitleTxt>
        <BaseCompensationFilingOrgAmt>261590</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>550</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>16867</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>80923</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>17470</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>377400</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>ALAN L SCHOTT</PersonNm>
        <TitleTxt>VP FIN/ACC</TitleTxt>
        <BaseCompensationFilingOrgAmt>190658</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>12109</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>5057</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>60370</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>17311</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>285505</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>WILLIAM JODY TAYLOR</PersonNm>
        <TitleTxt>VP OPERATIONS</TitleTxt>
        <BaseCompensationFilingOrgAmt>188999</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>3512</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>6005</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>60053</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>17305</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>275874</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>A CLYDE ABRAMS</PersonNm>
        <TitleTxt>VP ADMIN SERVICES</TitleTxt>
        <BaseCompensationFilingOrgAmt>199961</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>4589</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>12413</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>63668</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>17382</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>298013</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>SUE CAMPBELL</PersonNm>
        <TitleTxt>MANAGER HR</TitleTxt>
        <BaseCompensationFilingOrgAmt>144299</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>9780</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>12510</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>45069</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>8235</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>219893</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>STEVEN KENT IRVIN</PersonNm>
        <TitleTxt>VP ENGINEERING</TitleTxt>
        <BaseCompensationFilingOrgAmt>148225</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>4010</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>12274</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>47120</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>17028</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>228657</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>MARK INGRAM</PersonNm>
        <TitleTxt>VP ENERGY SERVICES</TitleTxt>
        <BaseCompensationFilingOrgAmt>133847</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>5089</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>944</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>40993</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>16904</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>197777</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>W BRIAN SEALS</PersonNm>
        <TitleTxt>MANAGER ENGINEERING</TitleTxt>
        <BaseCompensationFilingOrgAmt>118571</BaseCompensationFilingOrgAmt>
        <BonusFilingOrganizationAmount>3280</BonusFilingOrganizationAmount>
        <OtherCompensationFilingOrgAmt>9640</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>37766</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>16829</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>186086</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>E A JAKINS JR</PersonNm>
        <TitleTxt>FORMER CEO</TitleTxt>
        <BaseCompensationFilingOrgAmt>23339</BaseCompensationFilingOrgAmt>
        <OtherCompensationFilingOrgAmt>357801</OtherCompensationFilingOrgAmt>
        <DeferredCompensationFlngOrgAmt>14006</DeferredCompensationFlngOrgAmt>
        <NontaxableBenefitsFilingOrgAmt>1472</NontaxableBenefitsFilingOrgAmt>
        <TotalCompensationFilingOrgAmt>396618</TotalCompensationFilingOrgAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE J, PART III</FormAndLineReferenceDesc>
        <ExplanationTxt>OTHER REPORTABLE COMPENSATION OF E.A. JAKINS, JR IS THE FINAL PENSION RESTORATION PLAN DISTRIBUTION EARNED WHILE EMPLOYED AT BALDWIN EMC. BASE COMPENSATION FOR E.A. JAKINS, JR IS PRIMARILY MADE OF THE PAYMENT OF ACCRUED VACATION REMAINING AT THE TIME OF TERMINATION OF EMPLOYMENT.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleK documentId="RetDoc5">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>GULF OPPORTUNITY ZONE BONDS</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuedDt>2008-07-01</BondIssuedDt>
        <IssuePriceAmt>7900465</IssuePriceAmt>
        <DefeasedInd>false</DefeasedInd>
        <OnBehalfOfIssuerInd>false</OnBehalfOfIssuerInd>
        <PoolFinancingInd>false</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <CapitalExpendituresAmt>7900465</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2008</SubstantialCompletionYr>
        <CurrentRefundingInd>false</CurrentRefundingInd>
        <AdvanceRefundingInd>false</AdvanceRefundingInd>
        <FinalAllocationMadeInd>true</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>true</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <OwningBondFinancedPropertyInd>false</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>true</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>false</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>false</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>false</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>false</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>true</ProcsNonqualifiedBondRemdtdInd>
      </TaxExemptBondsPrivateBusUseGrp>
      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>false</Form8038TFiledInd>
        <RebateNotDueYetInd>false</RebateNotDueYetInd>
        <ExceptionToRebateInd>false</ExceptionToRebateInd>
        <NoRebateDueInd>false</NoRebateDueInd>
        <VariableRateIssueInd>false</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>false</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>false</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>false</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>false</WrittenProcToMonitorReqsInd>
      </TaxExemptBondsArbitrageGrp>
      <ProceduresCorrectiveActionGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <ProceduresCorrectiveActionInd>false</ProceduresCorrectiveActionInd>
      </ProceduresCorrectiveActionGrp>
    </IRS990ScheduleK>
    <IRS990ScheduleO documentId="RetDoc6">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990</FormAndLineReferenceDesc>
        <ExplanationTxt>PART IX, LINE 4 - RETIREMENT OF CAPITAL CREDITS DISCLOSED REPRESENT THE RETIREMENT OF PATRONAGE CAPITAL ALLOCATED IN PRIOR YEARS WHICH WERE PAID TO MEMBERS IN THE CURRENT YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 2, PART III, LINE 4D</FormAndLineReferenceDesc>
        <ExplanationTxt>PROVIDED ELECTRIC SERVICE TO AN AVERAGE OF 72,561 CUSTOMERS IN THE RURAL AREAS OF BALDWIN AND MONROE COUNTIES IN ALABAMA.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 6</FormAndLineReferenceDesc>
        <ExplanationTxt>MEMBER OWNED CORPORATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7A</FormAndLineReferenceDesc>
        <ExplanationTxt>BOARD OF DIRECTORS ARE ELECTED BY THE MEMBERS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 7B</FormAndLineReferenceDesc>
        <ExplanationTxt>BYLAW CHANGES, ELECTION OF BOARD OF DIRECTORS AND SALE OF COOPERATIVE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>MANAGEMENT PRESENTS THE TAX RETURN TO THE BOARD FOR REVIEW PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>OFFICER, DIRECTORS OR TRUSTEES, AND KEY EMPLOYEES ARE REQUIRED TO NOTIFY MANAGEMENT OR THE BOARD AS POTENTIAL CONFLICTS ARISE. THE CORPORATION REVIEWS ALL PAYMENTS AND EACH SUPERVISOR DETERMINES IF A POTENTIAL CONFLICT SHOULD BE CONSIDERED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15A</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CORPORATION USES AN INDEPENDENT CONSULTANT WHO PRESENTS A COMPENSATION COMPARISION FOR ALL POSITIONS AT THE CORPORATION; THIS COMPARISON IS THE BASIS FOR COMPENSATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 15B</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CORPORATION USES AN INDEPENDENT CONSULTANT WHO PRESENTS A COMPENSATION COMPARISION FOR ALL POSITIONS AT THE CORPORATION; THIS COMPARISON IS THE BASIS FOR COMPENSATION.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PAGE 6, PART VI, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>DOCUMENTS ARE AVAILABLE FOR INSPECTION IN SUMMERDALE, AL UPON REQUEST. BYLAWS AND ANNUAL REPORT AVAILABLE ONLINE ON THE COMPANY WEBSITE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XI, LINE 9</FormAndLineReferenceDesc>
        <ExplanationTxt>CHANGE IN MEMBERSHIPS 6,865 UNCLAIMED CAPITAL CREDIT CHECKS 438,134 TOTAL 444,999</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
    <IRS990ScheduleR documentId="RetDoc7">
      <IdRelatedTaxExemptOrgGrp>
        <DisregardedEntityName>
          <BusinessNameLine1Txt>BALDWIN CO ELECT MEMBER CHARITABLE</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>FOUNDATION INC</BusinessNameLine2Txt>
        </DisregardedEntityName>
        <USAddress>
          <AddressLine1Txt>P O BOX 220</AddressLine1Txt>
          <CityNm>SUMMERDALE</CityNm>
          <StateAbbreviationCd>AL</StateAbbreviationCd>
          <ZIPCd>36580</ZIPCd>
        </USAddress>
        <EIN>200654595</EIN>
        <PrimaryActivitiesTxt>CHARITABLE</PrimaryActivitiesTxt>
        <LegalDomicileStateCd>AL</LegalDomicileStateCd>
        <ExemptCodeSectionTxt>501C</ExemptCodeSectionTxt>
        <PublicCharityStatusTxt>7</PublicCharityStatusTxt>
        <DirectControllingEntityName>
          <BusinessNameLine1Txt>NA</BusinessNameLine1Txt>
        </DirectControllingEntityName>
        <ControlledOrganizationInd>false</ControlledOrganizationInd>
      </IdRelatedTaxExemptOrgGrp>
      <ReceiptOfIntAnntsRntsRyltsInd>false</ReceiptOfIntAnntsRntsRyltsInd>
      <GiftGrntOrCapContriToOthOrgInd>true</GiftGrntOrCapContriToOthOrgInd>
      <GiftGrntCapContriFromOthOrgInd>false</GiftGrntCapContriFromOthOrgInd>
      <LoansOrGuaranteesToOtherOrgInd>false</LoansOrGuaranteesToOtherOrgInd>
      <LoansOrGuaranteesFromOthOrgInd>false</LoansOrGuaranteesFromOthOrgInd>
      <DivRelatedOrganizationInd>false</DivRelatedOrganizationInd>
      <AssetSaleToOtherOrgInd>false</AssetSaleToOtherOrgInd>
      <AssetPurchaseFromOtherOrgInd>false</AssetPurchaseFromOtherOrgInd>
      <AssetExchangeInd>false</AssetExchangeInd>
      <RentalOfFacilitiesToOthOrgInd>false</RentalOfFacilitiesToOthOrgInd>
      <RentalOfFcltsFromOthOrgInd>false</RentalOfFcltsFromOthOrgInd>
      <PerformOfServicesForOthOrgInd>true</PerformOfServicesForOthOrgInd>
      <PerformOfServicesByOtherOrgInd>false</PerformOfServicesByOtherOrgInd>
      <SharingOfFacilitiesInd>false</SharingOfFacilitiesInd>
      <PaidEmployeesSharingInd>false</PaidEmployeesSharingInd>
      <ReimbursementPaidToOtherOrgInd>false</ReimbursementPaidToOtherOrgInd>
      <ReimbursementPaidByOtherOrgInd>false</ReimbursementPaidByOtherOrgInd>
      <TransferToOtherOrgInd>false</TransferToOtherOrgInd>
      <TransferFromOtherOrgInd>false</TransferFromOtherOrgInd>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>BALDWIN CO ELECT MEMBER CHARITABLE</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>FOUNDATION</BusinessNameLine2Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>B</TransactionTypeTxt>
        <InvolvedAmt>350994</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1Txt>BALDWIN CO ELECT MEMBER CHARITABLE</BusinessNameLine1Txt>
          <BusinessNameLine2Txt>FOUNDATION</BusinessNameLine2Txt>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>154064</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>