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1 <br />' S <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br /> <br /> <br />GENERAL ASSEMBLY OF NORTH CAROLINA <br />SESSION 2009 <br />S D <br />SENATE DRS35263-RIxf-18 (03/12) <br />Short Title: Creation of Yadkin River Trust. (Public) <br />Sponsors: Senator Hartsell. <br />Referred to: <br />A BILL TO BE ENTITLED <br />AN ACT TO CREATE THE YADKIN RIVER TRUST IN ORDER TO: (1) DEVELOP THE <br />YADKIN RIVER IN STANLY, DAVIDSON, MONTGOMERY, AND ROWAN <br />COUNTIES AS AN INSTRUMENTALITY OF INTRASTATE, INTERSTATE, AND <br />FOREIGN COMMERCE AND NAVIGATION; (2) ACQUIRE AND OPERATE THE <br />YADKIN PROJECT, AN EXISTING HYDROELECTRIC FACILITY, AND TO <br />AUTHORIZE ISSUANCE OF BONDS AND NOTES BY THE TRUST FOR THAT <br />PURPOSE; AND (3) PRODUCE, DISTRIBUTE, AND SELL HYDROELECTRIC <br />POWER FROM EXISTING OR NEW HYDROELECTRIC FACILITIES. <br />The General Assembly of North Carolina enacts: <br />SECTION 1. Chapter 77 of the General Statutes is amended by adding a new <br />Article to read as follows: <br />"Article 9. <br />"Yadkin River Trust. <br />"~ 77-120. Trust established; purposes. <br />There is established the Yadkin River Trust as a body oolitic and cornorate. The purnose of <br />the Trust is: (i) to develop the Yadkin River in Stanly, Davidson, Montgomery and Rowan <br />Counties as an instrumentality of intrastate, interstate, and foreign commerce and navi ag tion <br />through the development, sale, and distribution of hydroelectric power (ii) to ensure the <br />ectuitable distribution of water for public purposes; and (iii) to maintain recreational facilities <br />associated with the Yadkin River. These purposes are declared to be in all respects for the <br />benefit of the people of the State. <br />"& 77-121. Definitions. <br />The following definitions apply in this Article: <br />~, Board. -The Board of Directors of the Yadkin River Trust. <br />Bonds. -The revenue bonds or other interest bearing obligations authorized <br />to be issued by the Board under this Article. <br />Costs. -The capital cost of a project, including: <br />a. The costs of doing any or all of the following: <br />1. Acquiring, constructing, erectingproviding, developing, <br />installing, furnishing and equipping: <br />2. Reconstructing, remodeling, altering, renovating, replacing, <br />refurnishing, and reequipping_ <br />3. Enlarging, expanding, and extending_ <br />iminm~ii~imi .9. sa,,,o <br />