9-41A MUNICIPAL POWER AGENCIES
MUNICIPAL POWER AGENCIES
Definition of terms.
Formation of agency by agency agreement.
Contents of agency agreement.
Filing of agency agreement and resolutions--Certificate issued.
Commencement of corporate existence--Certificate as evidence of incorporation.
Powers of city representatives--Meetings--Quorum.
Expenses of formation of agency--City representatives' expenses.
Amendment of agency agreement--Ratification and filing.
Initial meeting of directors.
Adoption of bylaws--Contents.
Registered office of agency--Change of location.
Composition and powers of board of directors--Terms of office--Filling of vacancies.
Meetings of directors--Quorum.
Appointment of officers of agency--Removal--Powers and duties.
Employee unions and collective bargaining.
Indemnity of officers and employees for official acts--Liability insurance for
Powers exercised by directors--Good faith required.
Action through agents or by contract.
Acquisition, maintenance, and improvement of projects--Agency.
Investigation, surveys, and estimates of additional sources of energy.
Cooperation with others in development of energy sources.
Applications to regulatory agencies--Compliance with requirements.
Determination of location and character of projects.
Contracts for project construction and sale of energy.
Purchase, sale, and transmission of electric energy--Agreements.
Powers over money.
Acceptance of loans and grants--Compliance with conditions.
Borrowing power--Bonds and notes.
Investment of funds.
Powers over personal property.
Powers over real property.
Power of eminent domain.
Franchises and leases of facilities.
Encumbrance of property to secure obligations.
Insurance against losses to property.
Payments in lieu of property tax--Valuation of property.
Powers incidental to purposes of chapter.
Bonds and notes authorized--Purposes.
Terms of bonds and notes.
Bonds and notes payable solely from agency revenues--State and first or second class
municipalities not obligated.
Agency funds pledged for security of bonds and notes.
State approval not required for bonds and notes--Establishment and pledge of rents
Negotiability of bonds and notes.
Continuing validity of officers' signatures on bonds and notes--Temporary bonds.
Sale of bonds and notes.
Bonds and notes as legal investments for public, corporate and fiduciary funds.
Trust indenture or security agreement as contract with holders of bonds or notes--Contents.
Encumbrance of property to secure bonds and notes--Filings.
Officers and members of agency not personally liable on bonds or notes.
Repurchase of bonds and notes--Cancellation or resale.
Condemnation under power of eminent domain--Continuing power.
Property already used for electric power not subject to condemnation.
Exemption from bidding and performance bond requirements applicable to public
Establishment of rates, charges and reserves.
Pledge of revenues to bonds, notes and contractual obligations.