Senate committee substitute makes the following changes to 3rd edition. Amends GS 62-133.1A to require that three separate appraisals conducted by accredited, impartial valuation experts be used to determine the fair value of a system. Previously two appraisals were required. Requires the third appraiser to represent the Public Staff of the Commission (Commission). Requires the Commission to issue its final order approving or denying an application which meets all of the relevant requirements within six months of the application filing date. Previously the order was required within four months. Provides the Commission the authority to adjust the fair value of a system as appropriate and in the public interest if it deems that the average of the appraisals will not result in a reasonable fair value. Makes other clarifying changes. 

House committee substitute makes the following changes to the 1st edition.

Amends proposed GS 62-133.1A (Fair value determination of government-owned water and wastewater systems). Makes technical change to subsection (a). Makes clarifying change to subsubdivision (b)(1)a. Amends subsection (c), setting forth the required content of an application to the Utilities Commission for a determination of the rate base value of the system to be acquired, by adding two new requirements. Adds that the application must contain (1) any deficiencies identified by the engineering assessment and a five-year plan for prudent and necessary infrastructure improvements by the acquiring entity and (2) the projected rate impact for the selling entity's customers for the next five years. Amends subsection (e), establishing that the Commission has the discretion to classify the acquired system as a separate entity for ratemaking purposes, consistent with the public interest.