Bill Summary for S 1076 (2025-2026)
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Summary date:
May 5 2026
Bill Information:
| View NCGA Bill Details | 2025-2026 Session |
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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Bill 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.