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2018 SESSION
SB 780 Hydroelectric plant; revenue sharing agreement among certain localities.
Introduced by: A. Benton "Ben" Chafin | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED SENATE:
Hydroelectric plant revenue sharing agreement among certain localities. Requires the Counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise and the City of Norton to enter into a perpetual revenue sharing agreement regarding a certain electric storage or generation facility to be located in one of these localities. The measure establishes the percentage of the revenue to be allocated to each locality and provides that the host locality shall receive an additional share of six percent of the revenue. Any direct costs of infrastructure improvements incurred by the host locality for purposes of the facility will be allocated among the localities in the same proportion as the revenues from the facility. This bill is identical to HB 1555.
SUMMARY AS INTRODUCED:
Hydroelectric plant revenue sharing agreement among certain localities. Requires the Counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise and the City of Norton to enter into a hydroelectric plant revenue sharing agreement whereby the host county shall receive revenue from a hydroelectric plant and distribute a portion of that revenue to the other localities on the basis of the agreed-upon formula.