NC H415

Creates an Electric Power Board for the Town of Fontana Dam to manage and control the town's electric utility system under Article 16 of Chapter 160A of the General Statutes.

Establishes a five-member board appointed by Town Council, consisting of two town residents and three at-large state residents, serving staggered four-year terms with initial terms of four, three, and two years.

Grants the Power Board independent control over management, operation, maintenance, and improvement of the electric utility system, free from Town Council jurisdiction except as expressly provided.

Authorizes the Power Board to employ personnel including a general manager and finance officer, fix service rates, issue revenue bonds for system improvements, and exercise eminent domain for property acquisition.

Becomes effective only if Fontana Village Resort approves transferring its electric power grid to the Town of Fontana Dam and the Town Council approves operating the electric utility system.