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Current Status Bill Number:View additional legislative information at the LPITS web site.4031 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20010426 Primary Sponsor:McLeod All Sponsors:McLeod and Wilder Drafted Document Number:l:\council\bills\gjk\20556sd01.doc Companion Bill Number:290 Residing Body:Senate Subject:Clinton-Newberry Natural Gas Authority, firm gas sales, revenues; Fuel, Newberry County, Laurens County History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010502 Introduced, read first time, placed on local and uncontested Calendar without reference House 20010501 Read third time, sent to Senate House 20010427 Read second time ------ 20010426 Companion Bill No. 290 House 20010426 Unanimous consent for second reading on Friday, 20010427 House 20010426 Introduced, read first time, placed on Calendar without reference Versions of This Bill Revised on April 26, 2001 - Word format Revised on May 2, 2001 - Word format
Indicates Matter Stricken
Indicates New Matter
INTRODUCED
May 2, 2001
H. 4031
L. Printed 5/2/01--S.
Read the first time May 2, 2001.
TO AMEND ACT 789 OF 1952, AS AMENDED, RELATING TO THE CLINTON-NEWBERRY NATURAL GAS AUTHORITY, SO AS TO ALLOW THE AUTHORITY TO ENTER INTO FIRM GAS SALES, MAKE CONSISTENT CHANGES IN PROVISIONS TO ALLOW FIRM GAS SALES, AND CHANGE THE MANNER OF THE DISPOSITION OF NET REVENUES, SO THAT THEY ARE DIVIDED EQUALLY BETWEEN THE CITIES OF CLINTON AND NEWBERRY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4(10) of Act 789 of 1952 is amended to read:
"(10) To enter into contracts of long duration for the sale of firm and interruptible gas only, but all of such contracts shall contain a provision permitting the authority to increase the price charged its customers for gas if the authority, in turn, shall be required to pay more for its gas than it did on the occasion that such contract was entered into, and no contract of any sort shall be entered into which shall not in all respects be subordinate to any covenant or undertaking which the authority may make in the proceedings taken in connection with the issuance of any bond or other obligation of the authority. And, no contract of any sort shall be made respecting the sale of firm gas, which shall be sold in accordance with such schedule of rates as shall from time to tome be in effect."
SECTION 2. Section 5 of Act 789 of 1952 is amended to read:
"Section 5. All net revenues derived from the system whose disposition the authority shall not have covenanted to otherwise dispose of shall be disposed of as follows:
(a). That sum which reflects the proportion of revenue derived from the sale of firm gas shall be divided between Clinton and Newberry on the basis of firm gas sold within their respective municipal service areas. For the purposes of this section, the Clinton municipal service area is defined as all of the service area of the authority lying in Laurens County, and the Newberry municipal service area is defined as all of the service area of the authority lying in Newberry County. Firm gas sales shall mean gas sold on a non-interruptible basis. Fifty percent to the City of Clinton, irrespective of where the interruptible or firm gas is sold in the services areas of the authority; and
(b). That sum which reflects the proportion of the revenue derived from the sale of interruptible gas shall be divided equally between Clinton and Newberry, irrespective of where such interruptible gas shall be sold. Interruptible gas shall mean gas not sold on a firm basis, but gas sold on an interruptible basis. Fifty percent to the City of Newberry, irrespective of where the interruptible or firm gas is sold in the services areas of the authority.
(c). That portion of the net revenues to which Newberry shall be entitled, hereinafter specified, shall be used by the authority in the manner hereinafter provided to reimburse the authority for the actual cost of constructing that portion of the transmission line which lies between the northwestern municipal limits of Newberry and the line dividing the Counties of Newberry and Laurens. Such cost shall be determined on a per foot basis, in the ratio that the distance between the northwestern municipal limits of Newberry and the line dividing the Counties of Laurens and Newberry bears to the distance between the northwestern municipal limits of Newberry and the point where the said transmission line connects with the transmission line of the Transcontinental Gas Pipe Line Company at or near Fountain Inn. That sum which represents the annual principal and interest requirements on such portion of the construction bond issue as reflects the cost of the portion of the construction bond issue as reflects the cost of the portion of the transmission line between the northwestern municipal limits of Newberry and the line dividing the Counties of Laurens and Newberry shall be deducted from the net revenues due to Newberry for so long a period of time as may be necessary to effect the retirement of such portion of the said construction bond issue. Such payments shall be applied to the effect the earliest possible retirement of the said construction bond issue The provisions of this paragraph shall may not be construed to limit the power of the authority to pledge and apply the gross revenues derived from the system in such the manner as the authority shall determine to the payment of the principal and interest on any bonds, notes, or other obligations which the authority may issue, it being intended that the application of revenues herein provided in this section for shall be is in addition thereto to that application."
SECTION 3. This act takes effect upon approval by the Governor.
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