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.
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.
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