Bill Summary for H 351 (2017-2018)

Summary date: 

Jun 12 2018

Bill Information:

View NCGA Bill Details2017-2018 Session
House Bill 351 (Public) Filed Tuesday, March 14, 2017
AN ACT AUTHORIZING WATER AND WASTEWATER PUBLIC UTILITIES TO ELECT TO USE A FAIR VALUE DETERMINATION FOR RATE-MAKING PURPOSES WHEN ACQUIRING UTILITIES OWNED BY COUNTIES, MUNICIPALITIES, OR OTHER GOVERNMENTAL ENTITIES.
Intro. by Watford, Collins.

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Bill summary

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. 

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