S305 - NCEMPA Asset Sale (SL 2015-3)

Overview: S.L. 2015-3 enacts legislative changes needed to effectuate the sale of the ownership interest in electric generation facilities of a municipal power agency to an investor-owned utility. The first part of the act provides cost recovery for a public utility that purchases generation assets from a municipal power agency. The second part of the act authorizes the municipal power agency to issue bonds to pay the difference in price paid for the assets and any outstanding amount owed on the assets. The second part of the act also makes other statutory changes necessary to allow the power agencies to enter into power purchase agreements to replace the electricity that had been provided through the ownership interest in the electric generation facilities.

This act became effective April 2, 2015.