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1996 SESSION

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966945176
HOUSE BILL NO. 586 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee for Courts of Justice on February 8, 1996) (Patron Prior to Substitute--Delegate Moore) A BILL to amend and reenact § 15.1-900 of the Code of Virginia, relating to condemnation.

Be it enacted by the General Assembly of Virginia:

1. That § 15.1-900 of the Code of Virginia is amended and reenacted as follows:

§ 15.1-900. Condemnation of property of corporations possessing power of eminent domain.

A municipal corporation in the exercise of the power of eminent domain, pursuant to the provisions of this article shall be subject to the provisions of § 25-233 when the interest sought is held by another corporation having the power of eminent domain. In any condemnation proceeding by a municipal corporation against an electric utility, and subject to satisfaction of the requirements of § 25-233, the circuit court shall allow evidence as to the amount of stranded investment, if any, that will result from such condemnation.

For the purposes of this section, "stranded investment" shall mean the loss in the economic value of an electric utility system that results from the condemnation of a portion of such system and from the cessation of, or change in, purchases of retail electric service; provided, however, such definition of "stranded investment" shall expire on July 1 of the year following the State Corporation Commission's adoption of a general order, rule or regulation containing a different definition of "stranded investment".