NC H1114

Expands application of S.L. 2011-129 from 3 towns (Clayton, Selma, Smithfield) to 31 cities and towns that are members of the North Carolina Eastern Municipal Power Agency, effective July 1, 2014.

Allows member municipalities to use electric service rate revenue to pay direct and indirect operating costs, transfer amounts representing return on investment, and make debt service payments.

Modifies the maximum return on investment transfer calculation to allow transfers of the greater of either 3% of gross capital assets or 5% of gross annual revenues (previously stated as "either of" both limits).

Clarifies that the transfer amount may be less than the calculated maximum but cannot exceed it, based on amounts reported in the municipality's audited financial statements from the preceding fiscal year.