N.C. Gen. Stat. § 159B-1
Short title
Short title. This Chapter may be cited as the "Joint Municipal Electric Power and Energy Act." (1975, c. 186, s. 1.)
North Carolina General Statutes Chapter 159B — Chapter 159B.
North Carolina · statute · N.C. Gen. Stat. ch. 159B · 50 active provisions
N.C. Gen. Stat. § 159B-2
Legislative findings and purposes
Legislative findings and purposes. The General Assembly hereby finds and determines that: A critical situation exists with respect to the present and future supply of electric power and energy in the State of North Carolina; The public utilities operating in the State have sustained greatly increased capital and operat…
N.C. Gen. Stat. § 159B-3
Definitions
Definitions. The following terms whenever used or referred to in this Chapter shall have the following respective meanings unless a different meaning clearly appears from the context: (1) "Bonds" shall mean revenue bonds, notes and other evidences of indebtedness of a joint agency or municipality issued under the provi…
N.C. Gen. Stat. § 159B-4
Authority of municipalities to jointly cooperate
Authority of municipalities to jointly cooperate. In addition and supplemental to the powers otherwise conferred on municipalities by the laws of the State, and in order to accomplish the purposes of this Chapter and to obtain a supply of electric power and energy for the present and future needs of its inhabitants and…
N.C. Gen. Stat. § 159B-5
Joint ownership of a project; provisions of the contract or agreement with respect thereto
Joint ownership of a project; provisions of the contract or agreement with respect thereto. Each municipality shall be severally liable for its own acts and not jointly or severally liable for the acts, omissions or obligations of others, and no money or property or other consideration supplied by any municipality shal…
N.C. Gen. Stat. § 159B-5.1
Joint ownership with other public or private entities engaged in generation, transmission or distribution of electric power for resale
Joint ownership with other public or private entities engaged in generation, transmission or distribution of electric power for resale. Municipalities and joint agencies may jointly or severally own, operate and maintain projects with any person, firm, association or corporation, public or private, engaged in the gener…
N.C. Gen. Stat. § 159B-6
Sale of capacity and output by a municipality
Sale of capacity and output by a municipality. Capacity or output derived by a municipality from its ownership share of a project not then required by such municipality for its own use and for the use of its consumers may be sold or exchanged by such municipality, for such consideration and for such period and upon suc…
N.C. Gen. Stat. § 159B-7
Licenses, permits, certificates and approvals
Licenses, permits, certificates and approvals. Municipalities proposing to jointly plan, finance, develop, own and operate a project are hereby authorized, either jointly or separately, to apply to the appropriate agencies of the State, the United States, or any state thereof, and to any other proper agency for such li…
N.C. Gen. Stat. § 159B-9
Creation of a joint agency; board of commissioners
Creation of a joint agency; board of commissioners. (a) The governing boards of two or more municipalities may by resolution or ordinance determine that it is in the best interests of the municipalities in accomplishing the purposes of this Chapter to create a joint agency as prescribed herein for the purpose of undert…
N.C. Gen. Stat. § 159B-10
Executive committee, composition; powers and duties; terms
Executive committee, composition; powers and duties; terms. (a) The board of commissioners of a joint agency may create an executive committee by resolution. The board may provide for the composition and terms of office of, and the method of filling vacancies on, the executive committee. The executive committee may inc…
N.C. Gen. Stat. § 159B-11
General powers of joint agencies; prerequisites to undertaking projects
General powers of joint agencies; prerequisites to undertaking projects. (a) Each joint agency shall have all of the rights and powers necessary or convenient to carry out and effectuate the purposes and provisions of this Chapter, including, but without limiting the generality of the foregoing, the rights and powers:…
N.C. Gen. Stat. § 159B-12
Sale of capacity and output by a joint agency; support contracts; other contracts with a joint agency
Sale of capacity and output by a joint agency; support contracts; other contracts with a joint agency. (a) Any municipality which is a member of the joint agency may contract to buy from the joint agency power and energy for its present or future requirements, including the capacity and output of one or more specified…
N.C. Gen. Stat. § 159B-13
Sale of excess capacity and output by a joint agency
Sale of excess capacity and output by a joint agency. A joint agency may sell or exchange the excess capacity or output of a project not then required by any of its members, for such consideration and for such period and upon such other terms and conditions as may be determined by the parties, to any person, firm, asso…
N.C. Gen. Stat. § 159B-14
Bonds of a joint agency
Bonds of a joint agency. (a) A joint agency may issue bonds for the purpose of paying the cost of a project and secure both the principal of and interest on the bonds by a pledge of part or all of the revenues derived or to be derived from all or any of its projects, and any additions and betterments thereto or extensi…
N.C. Gen. Stat. § 159B-15
Issuance of bonds
Issuance of bonds. (a) Each municipality and joint agency is hereby authorized to issue at one time or from time to time its bonds for the purpose of paying all or any part of the cost of any of the purposes herein authorized. The principal of, premium, if any, and the interest on bonds issued to pay the cost of a proj…
N.C. Gen. Stat. § 159B-16
Resolution or trust agreement
Resolution or trust agreement. In the discretion of the governing board of the issuer, any bonds issued under the provisions of this Chapter may be secured by a trust agreement by and between the issuer and a corporate trustee, which may be any trust company or bank having the powers of a trust company within or withou…
N.C. Gen. Stat. § 159B-16.1
Revenues - NCEMPA members
Revenues - NCEMPA members. (a) A municipality is hereby authorized to fix, charge and collect rents, rates, fees and charges for electric power and energy and other services, facilities and commodities sold, furnished or supplied through the facilities of its electric system or its interest in any joint project. Before…
N.C. Gen. Stat. § 159B-17
Revenues - other municipalities
Revenues - other municipalities. (a) A municipality is hereby authorized to fix, charge and collect rents, rates, fees and charges for electric power and energy and other services, facilities and commodities sold, furnished or supplied through the facilities of its electric system or its interest in any joint project.…
N.C. Gen. Stat. § 159B-18
Trust funds; investment authority
Trust funds; investment authority. (a) Notwithstanding any other provisions of law to the contrary, all moneys received pursuant to the authority of this Chapter, whether as proceeds from the sale of bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this Chapter. The r…
N.C. Gen. Stat. § 159B-19
Remedies
Remedies. Any holder of bonds issued under the provisions of this Chapter or any of the coupons appertaining thereto, and the trustee under any trust agreements, except to the extent the rights herein given may be restricted by such trust agreement or the resolution authorizing the issuance of such bonds, may, either a…
N.C. Gen. Stat. § 159B-20
Status of bonds under Uniform Commercial Code
Status of bonds under Uniform Commercial Code. Whether or not the bonds and interest coupons appertaining thereto are of such form and character as to be investment securities under Article 8 of the Uniform Commercial Code as enacted in this State, all bonds and interest coupons appertaining thereto issued under this C…
N.C. Gen. Stat. § 159B-21
Bonds eligible for investment
Bonds eligible for investment. Bonds issued by a municipality or joint agency under the provisions of this Chapter are hereby made securities in which all public officers and agencies of the State and all political subdivisions, all insurance companies, banking associations, investment companies, executors, administrat…
N.C. Gen. Stat. § 159B-22
Agreement of the State
Agreement of the State. The State does hereby covenant and agree with the holders of any bonds that so long as any bonds of a municipality or joint agency are outstanding and unpaid the State will not limit or alter the rights vested in such municipality or joint agency to acquire, construct, reconstruct, improve, enla…
N.C. Gen. Stat. § 159B-23
Limited liability
Limited liability. (a) Bonds shall be special obligations of the municipality or joint agency issuing them. The principal of, premium, if any, and interest on the bonds shall not be payable from the general funds of the municipality or joint agency. Bonds issued to pay the cost of a project and, except as provided in t…
N.C. Gen. Stat. § 159B-24
Approval and sale of bonds
Approval and sale of bonds. Prior to the acquisition or the commencement of construction of any project consisting of a system or facilities for the generation of power and energy which is to be financed by the issuance of bonds under the provisions of this Chapter, the participating municipalities or joint agency, as…
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