Bill Summary for H 117/SL 2011-129 (2011-2012)

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Bill: ELECTRIC CITIES/USES OF RATE REVENUE.

Summary date: 

Jun 15 2011
S.L. 2011-129

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 117 (Public) Filed Wednesday, February 16, 2011
PROVIDING THAT A MUNICIPALITY OWNING OR OPERATING A MUNICIPAL ELECTRIC SYSTEM SHALL USE REVENUE DERIVED FROM RATES FOR ELECTRIC SERVICE FOR PAYING THE COSTS OF OPERATING THE ELECTRIC SYSTEM AND MAKING DEBT SERVICE PAYMENTS AND SHALL USE EXCESS REVENUE FOR LOWERING RATES, MAKING ADDITIONAL DEBT SERVICE PAYMENTS, AND REDUCING THE MUNICIPALITY'S COMMITMENT UNDER CONTRACTUAL OBLIGATIONS TO A JOINT MUNICIPAL POWER AGENCY.
Intro. by Daughtry, Wainwright.

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Bill summary

AN ACT PROVIDING THAT THE TOWNS OF CLAYTON, SELMA, AND SMITHFIELD SHALL USE REVENUE DERIVED FROM RATES FOR ELECTRIC SERVICE FOR PAYING THE DIRECT AND INDIRECT COSTS OF OPERATING THE ELECTRIC SYSTEM, TRANSFERRING AMOUNTS THAT REPRESENT A RATE OF RETURN ON THE INVESTMENT IN THE ELECTRIC SYSTEM, AND MAKING DEBT SERVICE PAYMENTS. Summarized in Daily Bulletin 2/16/11 and 6/2/11. Enacted June 15, 2011. Effective July 1, 2011.