§ 159B‑5. Jointownership of a project; provisions of the contract or agreement with respectthereto.
Each municipality shall own a project in proportion to the amount ofthe money furnished or the value of property or other consideration supplied byit for the planning, development, acquisition or construction thereof, andshall be entitled to a percentage share of the output and capacity therefromequal to such ownership proportion in such project.
Each municipality shall be severally liable for its own acts and notjointly or severally liable for the acts, omissions or obligations of others,and no money or property or other consideration supplied by any municipalityshall be credited or otherwise applied to the account of any othermunicipality, nor shall the share of any municipality in a project be chargeddirectly or indirectly with any debt or obligation of any other municipality orbe subject to any lien as a result thereof. The acquisition of a project shallinclude, but shall not be limited to, the purchase or lease of an existing,completed project and the purchase of a project under construction. Amunicipality participating in the joint or several planning, financing,construction, reconstruction, acquisition, improvement, enlargement, betterment,ownership, operation or maintenance of any project under this Chapter mayfurnish money derived solely from the proceeds of bonds or from the ownershipand operation of its electric system, or both, and provide property, both realand personal, services and other considerations.
Any contracts entered into by municipalities with respect to ownershipin a project shall contain such terms, conditions and provisions, notinconsistent with the provisions hereof, as the governing boards of themunicipalities shall deem to be in the interests of the municipalities. Anysuch contracts shall be ratified by resolution of the governing board of eachmunicipality spread upon its minutes. Any such contracts shall include, butshall not be limited to, the following:
(1) The purpose or purposes of the contract;
(2) The duration of the contract;
(3) The manner of appointing or employing the personnelnecessary in connection with the project;
(4) The method of financing the project, including theapportionment of costs and revenues;
(5) Provisions specifying the ownership interests of the partiesin real property used or useful in connection with the project, and theprocedures for the disposition of such property when the contract expires, isterminated or when the project, for any reason, is abandoned, decommissioned ordismantled;
(6) Provisions relating to alienation and prohibiting partitionof a municipality's interest in a project, which provisions shall not besubject to any provision of law restricting covenants against alienation orpartition;
(7) Provisions for the construction of a project, which mayinclude the determination that one participating municipality or any person,firm or corporation may construct the project as agent for all the parties;
(8) Provisions for the operation and maintenance of a project,which may include the determination that one participating municipality or anyperson, firm or corporation may operate and maintain the project as agent forall the parties;
(9) Provisions for the creation of a committee ofrepresentatives of the participating municipalities with such powers ofsupervision of the construction and operation of the project as the contract,not inconsistent with the provisions of this Chapter, may provide;
(10) Provisions that if one or more of the municipalities shalldefault in the performance or discharge of its or their obligations withrespect to the project, the other party or parties may assume, pro rata orotherwise, the obligations of such defaulting party or parties and may succeedto such rights and interests of the defaulting party or parties in the projectas may be agreed upon in the contract;
(11) Methods for amending the contract;
(12) Methods for terminating the contract; and
(13) Any other necessary or proper matter.
For the purpose of paying its respective share of the cost of a projector projects, a municipality may issue its bonds as provided in this Chapter,and, notwithstanding the provisions of any other law to the contrary, maysecure the payment of the principal of, premium, if any, and interest on suchbonds by a lien and charge on all, or any portion of, the revenue derived or tobe derived from the ownership and operation of its system or facilities for thegeneration, transmission, or distribution of electric power or energy or itsinterests in any project or projects, or a combination of such revenues.Provided that all bonds issued under the provisions of this Chapter shall beauthorized and issued by the governing board of a city, town, or other unit ofmunicipal government created under the laws of the State.
In connection with any project undertaken pursuant to this Chapter, amunicipality shall have all of the rights and powers granted to a joint agencyby subdivisions (12) and (13) of G.S. 159B‑11.
Notwithstanding the provisions of any other law to the contrary, anycontracts with respect to the sale or purchase of capacity, output, power orenergy from a project may extend for a period not exceeding 50 years from thedate a project is estimated to be placed in normal continuous operation; andthe execution and effectiveness thereof shall not be subject to anyauthorizations or approvals by the State or any agency, commission orinstrumentality or political subdivision thereof except as in this Chapterspecifically required and provided. (1975, c. 186, s. 1; 1983, c. 574, ss. 2‑2.6.)
§ 159B‑5. Jointownership of a project; provisions of the contract or agreement with respectthereto.
Each municipality shall own a project in proportion to the amount ofthe money furnished or the value of property or other consideration supplied byit for the planning, development, acquisition or construction thereof, andshall be entitled to a percentage share of the output and capacity therefromequal to such ownership proportion in such project.
Each municipality shall be severally liable for its own acts and notjointly or severally liable for the acts, omissions or obligations of others,and no money or property or other consideration supplied by any municipalityshall be credited or otherwise applied to the account of any othermunicipality, nor shall the share of any municipality in a project be chargeddirectly or indirectly with any debt or obligation of any other municipality orbe subject to any lien as a result thereof. The acquisition of a project shallinclude, but shall not be limited to, the purchase or lease of an existing,completed project and the purchase of a project under construction. Amunicipality participating in the joint or several planning, financing,construction, reconstruction, acquisition, improvement, enlargement, betterment,ownership, operation or maintenance of any project under this Chapter mayfurnish money derived solely from the proceeds of bonds or from the ownershipand operation of its electric system, or both, and provide property, both realand personal, services and other considerations.
Any contracts entered into by municipalities with respect to ownershipin a project shall contain such terms, conditions and provisions, notinconsistent with the provisions hereof, as the governing boards of themunicipalities shall deem to be in the interests of the municipalities. Anysuch contracts shall be ratified by resolution of the governing board of eachmunicipality spread upon its minutes. Any such contracts shall include, butshall not be limited to, the following:
(1) The purpose or purposes of the contract;
(2) The duration of the contract;
(3) The manner of appointing or employing the personnelnecessary in connection with the project;
(4) The method of financing the project, including theapportionment of costs and revenues;
(5) Provisions specifying the ownership interests of the partiesin real property used or useful in connection with the project, and theprocedures for the disposition of such property when the contract expires, isterminated or when the project, for any reason, is abandoned, decommissioned ordismantled;
(6) Provisions relating to alienation and prohibiting partitionof a municipality's interest in a project, which provisions shall not besubject to any provision of law restricting covenants against alienation orpartition;
(7) Provisions for the construction of a project, which mayinclude the determination that one participating municipality or any person,firm or corporation may construct the project as agent for all the parties;
(8) Provisions for the operation and maintenance of a project,which may include the determination that one participating municipality or anyperson, firm or corporation may operate and maintain the project as agent forall the parties;
(9) Provisions for the creation of a committee ofrepresentatives of the participating municipalities with such powers ofsupervision of the construction and operation of the project as the contract,not inconsistent with the provisions of this Chapter, may provide;
(10) Provisions that if one or more of the municipalities shalldefault in the performance or discharge of its or their obligations withrespect to the project, the other party or parties may assume, pro rata orotherwise, the obligations of such defaulting party or parties and may succeedto such rights and interests of the defaulting party or parties in the projectas may be agreed upon in the contract;
(11) Methods for amending the contract;
(12) Methods for terminating the contract; and
(13) Any other necessary or proper matter.
For the purpose of paying its respective share of the cost of a projector projects, a municipality may issue its bonds as provided in this Chapter,and, notwithstanding the provisions of any other law to the contrary, maysecure the payment of the principal of, premium, if any, and interest on suchbonds by a lien and charge on all, or any portion of, the revenue derived or tobe derived from the ownership and operation of its system or facilities for thegeneration, transmission, or distribution of electric power or energy or itsinterests in any project or projects, or a combination of such revenues.Provided that all bonds issued under the provisions of this Chapter shall beauthorized and issued by the governing board of a city, town, or other unit ofmunicipal government created under the laws of the State.
In connection with any project undertaken pursuant to this Chapter, amunicipality shall have all of the rights and powers granted to a joint agencyby subdivisions (12) and (13) of G.S. 159B‑11.
Notwithstanding the provisions of any other law to the contrary, anycontracts with respect to the sale or purchase of capacity, output, power orenergy from a project may extend for a period not exceeding 50 years from thedate a project is estimated to be placed in normal continuous operation; andthe execution and effectiveness thereof shall not be subject to anyauthorizations or approvals by the State or any agency, commission orinstrumentality or political subdivision thereof except as in this Chapterspecifically required and provided. (1975, c. 186, s. 1; 1983, c. 574, ss. 2‑2.6.)
§ 159B‑5. Jointownership of a project; provisions of the contract or agreement with respectthereto.
Each municipality shall own a project in proportion to the amount ofthe money furnished or the value of property or other consideration supplied byit for the planning, development, acquisition or construction thereof, andshall be entitled to a percentage share of the output and capacity therefromequal to such ownership proportion in such project.
Each municipality shall be severally liable for its own acts and notjointly or severally liable for the acts, omissions or obligations of others,and no money or property or other consideration supplied by any municipalityshall be credited or otherwise applied to the account of any othermunicipality, nor shall the share of any municipality in a project be chargeddirectly or indirectly with any debt or obligation of any other municipality orbe subject to any lien as a result thereof. The acquisition of a project shallinclude, but shall not be limited to, the purchase or lease of an existing,completed project and the purchase of a project under construction. Amunicipality participating in the joint or several planning, financing,construction, reconstruction, acquisition, improvement, enlargement, betterment,ownership, operation or maintenance of any project under this Chapter mayfurnish money derived solely from the proceeds of bonds or from the ownershipand operation of its electric system, or both, and provide property, both realand personal, services and other considerations.
Any contracts entered into by municipalities with respect to ownershipin a project shall contain such terms, conditions and provisions, notinconsistent with the provisions hereof, as the governing boards of themunicipalities shall deem to be in the interests of the municipalities. Anysuch contracts shall be ratified by resolution of the governing board of eachmunicipality spread upon its minutes. Any such contracts shall include, butshall not be limited to, the following:
(1) The purpose or purposes of the contract;
(2) The duration of the contract;
(3) The manner of appointing or employing the personnelnecessary in connection with the project;
(4) The method of financing the project, including theapportionment of costs and revenues;
(5) Provisions specifying the ownership interests of the partiesin real property used or useful in connection with the project, and theprocedures for the disposition of such property when the contract expires, isterminated or when the project, for any reason, is abandoned, decommissioned ordismantled;
(6) Provisions relating to alienation and prohibiting partitionof a municipality's interest in a project, which provisions shall not besubject to any provision of law restricting covenants against alienation orpartition;
(7) Provisions for the construction of a project, which mayinclude the determination that one participating municipality or any person,firm or corporation may construct the project as agent for all the parties;
(8) Provisions for the operation and maintenance of a project,which may include the determination that one participating municipality or anyperson, firm or corporation may operate and maintain the project as agent forall the parties;
(9) Provisions for the creation of a committee ofrepresentatives of the participating municipalities with such powers ofsupervision of the construction and operation of the project as the contract,not inconsistent with the provisions of this Chapter, may provide;
(10) Provisions that if one or more of the municipalities shalldefault in the performance or discharge of its or their obligations withrespect to the project, the other party or parties may assume, pro rata orotherwise, the obligations of such defaulting party or parties and may succeedto such rights and interests of the defaulting party or parties in the projectas may be agreed upon in the contract;
(11) Methods for amending the contract;
(12) Methods for terminating the contract; and
(13) Any other necessary or proper matter.
For the purpose of paying its respective share of the cost of a projector projects, a municipality may issue its bonds as provided in this Chapter,and, notwithstanding the provisions of any other law to the contrary, maysecure the payment of the principal of, premium, if any, and interest on suchbonds by a lien and charge on all, or any portion of, the revenue derived or tobe derived from the ownership and operation of its system or facilities for thegeneration, transmission, or distribution of electric power or energy or itsinterests in any project or projects, or a combination of such revenues.Provided that all bonds issued under the provisions of this Chapter shall beauthorized and issued by the governing board of a city, town, or other unit ofmunicipal government created under the laws of the State.
In connection with any project undertaken pursuant to this Chapter, amunicipality shall have all of the rights and powers granted to a joint agencyby subdivisions (12) and (13) of G.S. 159B‑11.
Notwithstanding the provisions of any other law to the contrary, anycontracts with respect to the sale or purchase of capacity, output, power orenergy from a project may extend for a period not exceeding 50 years from thedate a project is estimated to be placed in normal continuous operation; andthe execution and effectiveness thereof shall not be subject to anyauthorizations or approvals by the State or any agency, commission orinstrumentality or political subdivision thereof except as in this Chapterspecifically required and provided. (1975, c. 186, s. 1; 1983, c. 574, ss. 2‑2.6.)
