AN ACT AUTHORIZING THE TOWN OF LOUISBURG TO USE REVENUE DERIVED FROM RATES FOR ELECTRIC SERVICE FOR ECONOMIC DEVELOPMENT PROJECTS THAT WILL INCREASE THE TOWN'S NUMBER OF ELECTRIC CUSTOMERS OR ELECTRIC LOAD.
Senate committee substitute to the 2nd edition makes the following changes.
Amends the proposed language in GS 159B-39, allowing Louisburg to use only revenue derived from rates for electric service to pay costs for the development or redevelopment of property or related activities that are likely to increase the number of electric customers or electric load leading to the specified outcomes if: (1) the municipality's electric rates are within 10% of the customer rates charged by any provider of electric service in a service area (was jurisdiction) adjacent to the municipality during the fiscal year in which the cost is incurred (previously did not specify fiscal year); (2) the municipality maintains in its electric enterprise fund moneys available (was has funds available) to pay all costs necessary for operation of its electric system for a three-month period, which funds were not appropriated by the annual budget; and (3) the municipality has a fully developed capital improvement plan that includes a funding source to replace assets depreciated by 75% or more (previously did not include this criteria). Makes technical conforming changes.
Adds the following to the act's effective date provisions. Specifies that the act applies to the use of revenue derived from rates for electric service to pay costs identified in new GS 159B-39(b)(9). Also now sunsets the act on July 1, 2031.