§ 1310. Bond issues.
§ 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.
§ 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 […]
§ 1301. Findings and declaration of policy.
§ 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.
§ 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.
§ 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.
§ 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.
§ 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 […]