§ 58-27-415 — Franchise fee not to be paid or collected under "Stateline Accounts"; calculation of franchise fee.

(A) The State shall not pay, nor shall any person, including a municipality or utility, impose, pay, or collect a franchise fee with respect to electrical power provided to the State by a utility under the "Stateline Accounts". The "Stateline Accounts" referenced in this section are those state electrical power accounts that arose from the 1925 agreement validated, ratified, and approved in Act 440 of 1925 (34 Stats. 852). (B) The utility shall exclude all gross sales revenue accrued from the Stateline Accounts when calculating any franchise fee owed to a municipality and shall therefore not include those Stateline Account gross sales revenues in the payment of the franchise fee to the municipality. The "Stateline Accounts" referenced in this section are those state electrical power accounts that arose from the 1925 agreement validated, ratified, and approved in Act 440 of 1925 (34 Stats. 852).

Legislative History

HISTORY: 2008 Act No. 329, SECTION 1, eff June 16, 2008. Editor's Note 2008 Act No. 329, SECTION 2 provides as follows: "Section 58-27-415(A) takes effect upon approval by the Governor. Section 58-27-415(B) takes effect January 1, 2009."