Senate committee substitute to the 1st edition makes the following changes. Changes the act’s titles.
Makes the act’s changes to GS 159B-39 also applicable to Louisburg. Repeals SL 2021-103, which amended GS 159B-39 to allow Louisburg to use revenue derived from rates for electric service for economic development projects that would have increased the town's number of electric customers or electric load.
Enacts new GS 160A-314.2, applicable to Rocky Mount only, requiring it to use the revenues from its natural gas utility service rates to pay the directed and indirect costs (as defined) of operating the natural gas system with remaining revenue used to lower the rates on natural gas services within the area it serves and to make additional debt service payments on bonds or other indebtedness incurred to finance improvements to the natural gas system. Prohibits otherwise transferring revenue from a natural gas utility fund to any other municipal fund for any other purpose not explicitly authorized by law. Specifies that the restrictions in this statute do not apply to any action required to be taken for a municipality by the Local Government Commission.
LIMIT ELECTRIC/NATURAL GAS REVENUE USES. (NEW)
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AN ACT TO PROHIBIT THE CITY OF ROCKY MOUNT FROM TRANSFERRING THE REVENUES OF ITS ELECTRIC AND NATURAL GAS SYSTEMS TO OTHER MUNICIPAL FUNDS; TO PROHIBIT THE TOWN OF LOUISBURG FROM TRANSFERRING THE REVENUES OF ITS ELECTRIC SYSTEM TO OTHER MUNICIPAL FUNDS; AND TO DISALLOW THE TOWN OF LOUISBURG FROM USING REVENUE DERIVED FROM RATES FOR ELECTRIC SERVICE FOR ECONOMIC DEVELOPMENT PROJECTS.Intro. by Barnes, B. Newton, Moffitt.
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S 1076
Bill Summaries:
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Bill S 1076 (2025-2026)Summary date: May 12 2026 - View Summary
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Bill S 1076 (2025-2026)Summary date: May 5 2026 - View Summary
Modifies GS 159B-39 for only the City of Rocky Mount removing the authorization to transfer revenue from rates for electric service to other municipal funds a sum that reflects a rate of return on the investment in the electric system, including removing subsection (c) related to calculating the rate of return and total amount that can be transferred.
Effective July 1, 2026.
View: All Summaries for Bill
Committee substitute to the 1st edition changed the long title. Original long title was AN ACT TO PROHIBIT THE CITY OF ROCKY MOUNT FROM TRANSFERRING THE REVENUES OF ITS ELECTRIC SYSTEM TO OTHER MUNICIPAL FUNDS.