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4 <br />6 <br />8 <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 /> <br />General Assembly of North Carolina Session 2009 <br />"& 77-136. Exemption from taxation; payments in lieu of taxes. <br />~a~ Property owned by the Yadkin River Trust is exempt from taxation in accordance <br />with Article V Section 2 of the North Carolina Constitution, except as provided in this section. <br />The Trust shall pay annually to all counties, municipalities, and school districts in <br />which the Trust has acquired property a sum of mone~quivalent to the amount paid annually <br />for taxes on properties within these jurisdictions at the time of acquisition of the property by the <br />Trust. Payments shall be apportioned between the counties, municipalities, and school districts <br />to which the property is owned or an operation is carried on by the Trust on the basis of the <br />percentage of loss of property taxes to each. Payments in lieu of taxes shall only be made from <br />the Trust after: (i~payment of necessary operating expenses; (iil payment of all annual debt <br />requirements on bonds, notes, or other obligations at any time outstanding (iii the <br />discharge of all annual obligations arising under finance agreements with the United States or <br />any agent o~rporation of the United States and indentures or other instruments under which <br />bonds have been, or may be issued. <br />"& 77-137. Annual budget and report. <br />The Yadkin River Trust shall submit a budget for the upcomin fiscal year and a report <br />regardin ig is operations and transactions for the precedin fig scal year to the Joint Legislative <br />Commission on Governmental Operations, the Joint Legislative Utility Review Committee, and <br />the House and Senate Committees on Appropriations on or before July 1 of each year. The <br />annual report shall include, but not be limited to, the following information: (i) the amount of <br />power and energy produced by the Trust; (ii) financial and operating information for the Trust <br />during the precedin fg i~year including income and expense statements, balance sheets, and <br />changes in financial position, debt structure, and a summary of funds on a cash basis, all in <br />accordance with e~y accepted accounting_principles; and (iii the price of power and <br />energy sold by the Trust." <br />SECTION 2. Notwithstanding G.S. 77-122(b), as enacted by Section 1 of this act, <br />in order to provide for the staggering of the terms of the Board of Directors of the Yadkin River <br />Trust, the terms of the initial appointments of the directors made by the Governor shall be made <br />as follows: (i) two shall be for a period of two years; (ii) two shall be for a period of three <br />years; and (iii) three shall be for a period of four years. <br />SECTION 3. This act becomes effective July 1, 2009. <br /> <br /> <br />fl <br />C <br />L <br />~I~ <br />Page 14 <br />F-2 <br />Attachment number 3 <br />5967 ~Fai2 of 320 <br />