N.C. Gen. Stat. § 116-35
Electric power plants, campus school, etc
Redline — December 1, 2021 → current.View current text →
Current — April 1, 2022
As of December 1, 2021
Institutions operating electric power plants and distribution systems as of October 30, 1971, are authorized to continue such operation and, after furnishing power to the institution, to sell any excess current to the people of the community at a rate or rates approved by the Utilities Commission. Any net profits derived from the operation, or any proceeds derived from the lease or sale, of such power plants and distribution systems are appropriated and shall be paid into the permanent endowment fund held for the institution as provided for in G.S. 116-36. Institutions operating or authorized to operate, as of October 30, 1971, water or sewer distribution systems, may continue to do so. Each of the institutions now operating a campus laboratory or demonstration school may continue to do so under the presently existing plan of operation, consistent with the appropriations made therefor. The provisions of this section shall not apply to the University Enterprises of the University of North Carolina at Chapel Hill, which shall continue to be governed in all respects as provided in Chapters 634 and 723 of the Session Laws of 1971, G.S. 116-41.1 through 116-41.12, and other applicable legislation.
Institutions operating electric power plants and distribution systems as of October 30, 1971, are authorized to continue such operation and, after furnishing power to the institution, to sell any excess current to the people of the community at a rate or rates approved by the Utilities Commission. Any net profits derived from the operation, or any proceeds derived from the lease or sale, of such power plants and distribution systems are appropriated and shall be paid into the permanent endowment fund held for the institution as provided for in G.S. 116-36. Institutions operating or authorized to operate, as of October 30, 1971, water or sewer distribution systems, may continue to do so. Each of the institutions now operating a campus laboratory or demonstration school may continue to do so under the presently existing plan of operation, consistent with the appropriations made therefor. The provisions of this section shall not apply to the University Enterprises of the University of North Carolina at Chapel Hill, which shall continue to be governed in all respects as provided in Chapters 634 and 723 of the Session Laws of 1971, G.S. 116-41.1 through 116-41.12, and other applicable legislation.
History
(1971, c. 1244, s. 1; 2006-203, s. 43.1.)
Effect of Amendments. - Session Laws 2006-203, s. 43.1, effective July 1, 2007, and applicable to the budget for the 2007-2009 biennium and each subsequent biennium thereafter, added "are appropriated and" following "distribution systems" in the first sentence.
Opinions of Attorney General
The words "net profit" were not intended to include funds which were needed to maintain the operating system. See opinion of Attorney General to Mr. Myron L. Coulter, Western Carolina University, 55 N.C.A.G. 35 (1985).
Western Carolina University (WCU) is not a public utility subject to supervision by the Commission, except that, pursuant to G.S. 116-35, sales to the public of excess power must be "at a rate or rates approved by the Utilities Commission." See opinion of Attorney General to Mr. Myron L. Coulter, Chancellor, Western Carolina University, 55 N.C.A.G. 55 (1985).
Distribution of Refunds. - As to voluntary, partial refund plan submitted by Western Carolina University (WCU) for approval to the Commission for refund of a portion of refund made to it by wholesaler incident to litigation to its own retail customers for the years involved, the language of the escheats statute, former G.S. 116B-15, did not become operative so as to mandate the escheating to the State Treasurer of unclaimed refunds, and as proposed to be treated by WCU to maintain the existing system for accounting purposes, the refunds did not constitute net profits which had to be turned over to the endowment fund. See opinion of Attorney General to Mr. Myron L. Coulter, Chancellor, Western Carolina University, 55 N.C.A.G. 55 (1985).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.