10-7-15 - Sale or lease of electrical generation and distribution system -- Appraisal and vote required -- Manner of conducting the election.
10-7-15. Sale or lease of electrical generation and distribution system -- Appraisaland vote required -- Manner of conducting the election.
(1) (a) Before selling or leasing in their entirety the works and plant constructed,purchased, or used by the municipality for the purpose of generating or distributing electricalenergy for light, heat, or power purposes, the municipal legislative body shall:
(i) cause an appraisal of the property proposed to be sold or leased to be made under thesupervision of three resident taxpayers of the municipality, to be appointed by the municipallegislative body; and
(ii) provide for submitting to the registered voters of the municipality the question of thesale or lease of the property, at the next general election or at a special election called for thatpurpose.
(b) The value of the property determined in an appraisal under Subsection (1)(a)(i) shallinclude all items that the municipal legislative body determines to add value to or subtract valuefrom the property.
(2) (a) Subject to Subsection (2)(b), each election under Subsection (1)(a)(ii) shall becalled and conducted in the same manner as provided by statute for the issue of bonds in Section10-7-8, the necessary changes in the form of the ballot being made.
(b) Each notice of election required under Section 11-14-202 for an election held underSubsection (1)(a)(ii) shall include:
(i) a summary of the appraisal made under Subsection (1)(a)(i), including the amount ofthe appraisal; and
(ii) the name of each bidder who submitted a bid that was opened and considered underSection 10-7-17 and the amount of each bid.
(3) In the process of selling or leasing in their entirety the municipality's electrical worksand plant, a municipal legislative body may take whatever action it considers appropriate and inthe sequence it considers appropriate, subject to the requirements of this section and Sections10-7-16 and 10-7-17.
Amended by Chapter 105, 2005 General Session