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<br /> General Assembly of North Carolina Session 2009
<br />1 ~ To establish finance purchase construct operate and re ug late
<br />2 hydroelectric facilities to implement the provisions of this Article
<br />3 ~ To manufacture, produce, and generate hydroelectric power using the waters
<br />4 of the Yadkin River, and to sell the hydroelectric power to utilities within
<br />5 and without the State of North Carolina.
<br />6 ~ To set rates, services, and practices, or participate in anY or anized power
<br />7 sales market with one or more entities for the sale, transmission or
<br />8 distribution of the power generated b the hydroelectric facility and to
<br />9 charge and collect fees for the use of power generated.
<br />10 ~ To contract and enter into agreements with the State, local governments
<br />11 other authorities of North Carolina, and other states for the interchange of
<br />12 business and to facilitate the business of the Trust.
<br />13 ~ To rent, lease, purchase, acauire, own, hold, use, encumber, sell transfer or
<br />14 dispose of any prope ,real, personal, or mixed, or any interest therein
<br />15 ~ To acquire purchase establish build construct maintain equip and
<br />16 operate any structure or facilities necessary, useful, or customarily used and
<br />17 employed in generation of hydroelectric power.
<br />18 10 To appoint officers, agents, employees, to prescribe their duties and to fix
<br />19 their compensation.
<br />20 11 To create and operate agencies and departments needed to implement this
<br />21 Article.
<br />22 ~ To pay all necessary costs and expenses in the formation, organization
<br />23 administration, and operation of the Trust.
<br />24 13 To apply for, accept, and administer loans and grants of money from any
<br />25 federal agency, from the State or its political subdivisions, or from any other
<br />26 public or private sources available, to expend the money in accordance with
<br />27 the requirements imposed by the lender or donor, and to ive any evidences
<br />28 of indebtedness that are reauired. No indebtedness of any kind incurred or
<br />29 created by the Trust shall constitute an indebtedness of the State or its
<br />30 political subdivisions, and no indebtedness of the Trust shall involve or be
<br />31 secured by the faith, credit, or taxing power of the State or its political
<br />32 subdivisions.
<br />33 14 To execute security documents and other instruments necessary in exercising
<br />34 its power under this Article.
<br />35 15 To fix, charge, collect, pledge, or assign revenues of the Trust.
<br />36 1~6,~ To employ consulting engineers, architects, attorneys, real estate counselors,
<br />37 appraisers, and other consultants and em l~oyees as may be required in the
<br />38 judgment of the Board and to fix and pay their compensation from funds
<br />39 available to the Trust, and, when approved by the Local Government
<br />40 Commission under G.S. 159-123(e) and (fl as if the Trust were an issuing
<br />41 unit, to select and retain financial consultants. underwriters, and bond
<br />42 attorneys in connection with the issuance of any bonds and to >?ay for their
<br />43 services out of the proceeds of any bond issue for which their services were
<br />44 performed.
<br />45 ~ To issue bonds or notes of the Trust as provided under this Article to pay the
<br />46 costs associated with the business of the Trust.
<br />47 18 To issue revenue refunding bonds of the Trust as provided under this Article.
<br />48 19 To procure and maintain adequate insurance or otherwise provide for
<br />49 adequate protection to indemnify the Trust and its officers, directors, a eg_ nts,
<br />50 employees, adjoining_property owners, or the eg neral public against loss or
<br />51 liability resulting from any act or omission by or on behalf of the Trust.
<br />' 5967 [Filed]
<br />F-2
<br />Attachment number 3
<br />Page 53 of 320
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