§ 1301. Findings and declaration of policy. It is determined and declared as a matter of legislative finding that: (1) Operation of electric utility systems by municipalities and the improvement of the systems through joint action in the fields of the generation, transmission and distribution of electric power and energy is in the public interest; […]
§ 1303. Creation. (a) Any combination of municipalities engaged in or desiring to engage in the transmission or distribution of electric power and energy may, by contract with each other, establish a separate governmental entity to be known as a municipal electric company to be used by such contracting municipalities to effect joint development of […]
§ 1304. Contract. Any contract establishing an electric company under this chapter shall specify: (1) The name and purpose of the company and the functions or services to be provided by the company. The name may refer to the company as an agency, authority, company, corporation, group, system or other descriptive title. (2) The establishment […]
§ 1305. Powers. The general powers of an electric company shall include the power to: (1) Plan, develop, acquire, construct, reconstruct, operate, manage, dispose of, participate in, maintain, repair, extend or improve 1 or more projects within or outside the State and act as agent, or designate 1 or more other persons participating in a […]
§ 1306. Public character. An electric company established by contract under this chapter shall constitute a political subdivision and body public and corporate of the State, exercising public powers, separate from the contracting municipalities. It shall have the duties, privileges, immunities, rights, liabilities and disabilities of a public body politic and corporate but shall not […]
§ 1307. Purchase and sales agreements; advance payments. (a) The contracting municipalities may provide in the contract created under § 1303 of this title for payment to the company of funds for commodities to be procured and services to be rendered by the company. These municipalities and other persons and public agencies may enter into […]
§ 1308. Sale of excess capacity. (a) An electric company may sell or exchange excess power and energy produced or owned by it not required by any of the contracting municipalities for such consideration and for such period and upon such terms and conditions as it may determine to any other person or public agency. […]
§ 1309. Regulation. Except as otherwise provided in §§ 201, 203A and 203B of subchapter II of Title 26, the Delaware Public Service Commission shall have no supervision or regulation over any municipal electric company formed pursuant to this chapter or over the budget, operations, rates, property, property rights, equipment, facilities or franchises of any […]
§ 1310. Bond issues. (a) An electric company may issue such types of bonds as it may determine, subject only to any agreement with the holders of particular bonds, including bonds as to which the principal and interest are payable exclusively from all or a portion of the revenues from 1 or more projects, or […]
§ 1311. Form and sale of bonds. (a) Bonds of an electric company shall be authorized by resolution of the board of directors and may be issued under such resolution or under a trust indenture or other security instrument in 1 or more series and shall bear such date or dates, mature at such time […]
§ 1312. Covenants. The company shall have power in connection with the issuance of its bonds to: (1) Covenant as to the use of any or all of its property, real or personal. (2) Redeem the bonds, to covenant for their redemption and to provide the terms and conditions thereof. (3) Covenant to charge rates, […]
§ 1313. Refunding bonds. A company may issue refunding bonds for the purpose of paying any of its bonds at or prior to maturity or upon acceleration or redemption. Refunding bonds may be issued at such time prior to the maturity or redemption of the refunded bonds as the company deems to be in the […]
§ 1314. Bonds eligible for investment. Bonds issued by a company under this chapter are hereby made securities in which all public officers and agencies of the State and all political subdivisions, all insurance companies, trust companies, banks, savings and loan associations, investment companies, executors, administrators, trustees and other fiduciaries may properly and legally invest […]
§ 1315. Tax exemption. (a) All bonds of a municipal electric company are declared to be issued on behalf of the State for an essential public and governmental purpose and to be debts of a state municipal corporation. (b) The property of a company including any pro rata share of any property owned by a […]
§ 1316. Successor entities. A company shall, if the contract so provides, be the successor to any nonprofit corporation, agency or any other entity theretofore organized by such contracting municipalities to provide the same or a related function, and the company shall be entitled to all rights and privileges and shall assume all obligations and […]
§ 1317. Other statutes. The powers granted under this chapter do not limit the powers of municipalities to enter into intergovernmental cooperation or contracts or to establish separate legal entities under municipal charters or any other applicable law or otherwise to carry out their powers under applicable statutory provisions, nor shall such powers limit the […]
§ 1318. Construction. This chapter shall be interpreted liberally to effect the purposes set forth in this chapter. 61 Del. Laws, c. 496, § 1;
