NC H206

Authorizes the Town of Louisburg to use electric utility revenue for property development or redevelopment projects designed to increase the town's electric customers or electric load.

Allows use of electric rate revenue for economic development costs only if the town's electric rates remain within 10% of rates charged by adjacent electric service providers during the fiscal year the cost is incurred.

Requires the town to maintain a three-month operating reserve in its electric enterprise fund with unappropriated moneys and have a fully developed capital improvement plan that includes funding to replace assets depreciated 75% or more.

Applies exclusively to the Town of Louisburg and becomes effective upon enactment.

Expires July 1, 2031.