(a) It is the purpose of this subchapter to allow municipal electric utilities to utilize the provisions of the Interlocal Cooperative Act, § 25-20-101 et seq., for the purpose of planning, developing, and operating electric projects.
(b)
(1) Participating municipal electric utilities are authorized to contribute to an authority such real and personal property as the governing body of the municipal electric utility deems necessary or appropriate to the ownership and operation of an electric project, or as otherwise allowed by law.
(2) However, any contributions of reserve funds held in trust under § 14-73-101 et seq. or any official action of the governing body of a municipal electric utility or other trust-related agreements shall be made on the condition that the funds may be used only for the purposes described in the applicable trust agreement and until so used shall remain in a trust fund complying with the requirements of § 14-73-101 et seq. or any applicable official action of the governing body of a municipal electric utility or any other trust-related agreements.
(c) Governing bodies of municipal electric utilities shall have the power to execute all contracts, leases, deeds, bills of sale, easements, assignments, and other instruments of conveyance as may be required or convenient to exercise the powers granted in this subchapter.
(d) No authority shall provide electric service at retail nor enter into contracts for the sale of energy or capacity to another party, other than the authority's participating municipal electric utilities, for a term of more than one (1) year, except in the event the Arkansas Public Service Commission authorizes a longer period pursuant to § 23-18-531[repealed].
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