FL H0579

Requires entities created under the Interlocal Cooperation Act of 1969 that supply electricity to member municipalities to annually submit independently prepared financial statements to the Public Service Commission and each participating member municipality.

Financial statements must include balance sheets, income statements, cash flow statements for each individual generation asset, with hedging gains or losses separately itemized.

Financial statements must include current fair market value determinations for each generation asset assuming a willing buyer-seller transaction, including each member municipality's equity position and the net return of equity or cost to exit for each member.

Requires all governing body members of electricity-supplying interlocal entities to be elected officials from member municipalities, effective July 1, 2018 for new appointments (existing non-elected members may serve until expiration of current terms).

Bill takes effect July 1, 2016.