North Carolina § 116-35 - Electric power plants, campus school, etc.

§ 116-35. Electric power plants, campus school, etc.

Institutions operating electric power plants and distribution systems as of October 30, 1971, are authorized to continue such operation and, after furnishing power to the institution, to sell any excess current to the people of the community at a rate or rates approved by the Utilities Commission. Any net profits derived from the operation, or any proceeds derived from the lease or sale, of such power plants and distribution systems are appropriated and shall be paid into the permanent endowment fund held for the institution as provided for in G.S. 116-36 . Institutions operating or authorized to operate, as of October 30, 1971, water or sewer distribution systems, may continue to do so. Each of the institutions now operating a campus laboratory or demonstration school may continue to do so under the presently existing plan of operation, consistent with the appropriations made therefor. The provisions of this section shall not apply to the University Enterprises of the University of North Carolina at Chapel Hill, which shall continue to be governed in all respects as provided in Chapters 634 and 723 of the Session Laws of 1971, G.S. 116-41.1 through 116-41.12, and other applicable legislation. History (1971, c. 1244, s. 1; 2006-203, s. 43.1.) Editor's Note. - Session Laws 2006-203, s. 126, provides, in part: "Prosecutions for offenses committed before July 1, 2007 are not abated or affected by this act, and the statutes that would be applicable but for this act remain applicable to those prosecutions." Effect of Amendments. - Session Laws 2006-203, s. 43.1, effective July 1, 2007, and applicable to the budget for the 2007-2009 biennium and each subsequent biennium thereafter, added "are appropriated and" following "distribution systems" in the first sentence.