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.
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.
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