Bill Summaries: H206 LOUISBURG ECONOMIC DEVELOPMENT INITIATIVE.

Tracking:
  • Summary date: Aug 12 2021 - More information

    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. SL 2021-103. Enacted Aug. 12, 2021. Effective Aug. 12, 2021.


  • Summary date: Jun 15 2021 - More information

    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.


  • Summary date: May 11 2021 - More information

    House committee substitute to the 1st edition makes the following changes. Amends the proposed language in GS 159B-39 by adding that Louisburg may only use 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 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 jurisdiction adjacent to the municipality; and (2) the municipality 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. 


  • Summary date: Mar 2 2021 - More information

    Amends GS 159B-39 which allows a municipality to use revenue derived from rates for electric service to pay the direct and indirect costs of operating the electric system and to transfer to other funds of the municipality a sum that reflects a rate of return on the investment in the electric system (only to the extent allowed under the statute), with remaining revenue used to produce lower rates on electric service within and to make additional debt service payments on indebtedness incurred by the municipality to finance improvements to the electric system. Specifies that for the Town of Louisburg, direct and indirect costs of operating the electric system include the development or redevelopment of properties, or related activities, likely to increase the municipality's number of electric customers or electric load, leading to reduced electric service rates, improved economic development, job growth, or community improvement. 


© 2021 School of Government The University of North Carolina at Chapel Hill

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