Senate Bill 2089

AN ACT TO AMEND SECTION 77-5-203, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF CERTAIN TERMS AS USED IN THE ELECTRIC POWER ASSOCIATION LAW; TO AMEND SECTION 77-5-207, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE PERIOD OF DURATION OF A CORPORATION FORMED UNDER THIS ARTICLE MAY BE PERPETUAL; TO AMEND SECTION 77-5-209, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT THE NAME OF A CORPORATION SHALL INCLUDE EITHER THE WORDS "ELECTRIC POWER ASSOCIATION" OR "ELECTRIC COOPERATIVE"; TO AMEND SECTION 77-5-211, MISSISSIPPI CODE OF 1972, TO CLARIFY THE PROCEDURE FOR FILING A CERTIFICATE OF INCORPORATION WITH THE SECRETARY OF STATE; TO AMEND SECTION 77-5-215, MISSISSIPPI CODE OF 1972, TO REVISE THE PROCEDURE FOR A CORPORATION TO AMEND ITS CERTIFICATE OF INCORPORATION; TO AMEND SECTION 77-5-217, MISSISSIPPI CODE OF 1972, TO REVISE THE PROCEDURE WHEREBY TWO OR MORE CORPORATIONS MAY ENTER INTO AN AGREEMENT FOR CONSOLIDATION; TO AMEND SECTION 77-5-219, MISSISSIPPI CODE OF 1972, TO REVISE THE PROCEDURE FOR DISSOLUTION OF A CORPORATION; TO AMEND SECTION 77-5-221, MISSISSIPPI CODE OF 1972, TO CLARIFY THE PROVISION PROVIDING FOR THE ANNUAL ELECTION OF A BOARD OF DIRECTORS; TO AMEND SECTION 77-5-223, MISSISSIPPI CODE OF 1972, TO REVISE THE POWERS OF THE BOARD OF DIRECTORS; TO AMEND SECTION 77-5-225, MISSISSIPPI CODE OF 1972, TO DELETE CERTAIN LANGUAGE REGARDING RATES TO NONMEMBERS; TO AMEND SECTION 77-5-229, MISSISSIPPI CODE OF 1972, TO MAKE A NONSUBSTANTIVE CHANGE; TO AMEND SECTION 77-5-231, MISSISSIPPI CODE OF 1972, TO REVISE THE SPECIFIC POWERS OF A CORPORATION FORMED UNDER THIS ARTICLE; TO AMEND SECTION 77-5-233, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A CORPORATION SHALL CONTINUE TO HAVE THE POWER TO ACQUIRE, CONSTRUCT, OWN, INVEST IN, OPERATE, MAINTAIN AND/OR IMPROVE GENERATING AND/OR TRANSMISSION ASSETS; TO AMEND SECTION 77-5-235, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ALL RATES OF A CORPORATION FORMED UNDER THIS ARTICLE SHALL BE ESTABLISHED BY THE CORPORATION'S BOARD WITH CERTAIN EXCEPTIONS; TO AMEND SECTION 77-5-239, MISSISSIPPI CODE OF 1972, TO AUTHORIZE A CORPORATION TO INCUR OBLIGATIONS AND LIABILITIES, BORROW MONEY, ISSUE NOTES, BONDS, CERTIFICATES OF INDEBTEDNESS AND OTHER OBLIGATIONS, AND TO ENTER CONTRACTS OF GUARANTY; TO AMEND SECTION 77-5-241, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT ANY NOTE, BOND OR OTHER INDEBTEDNESS ISSUED BY A CORPORATION MAY BEAR SUCH INTEREST RATE OR RATES AS MAY BE DETERMINED BY THE BOARD OF DIRECTORS; TO AMEND SECTION 77-5-243, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR THE SECURITY FOR OBLIGATIONS OF A CORPORATION; TO AMEND SECTION 77-5-247, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT MONIES OF A CORPORATION SHALL BE DEPOSITED OR INVESTED IN ONE OR MORE BANKS, TRUST COMPANIES, FINANCIAL INSTITUTIONS OR SUCH OTHER PUBLIC OR PRIVATE ENTITIES AS MAY BE APPROVED BY THE BOARD OF DIRECTORS; TO AMEND SECTION 77-5-249, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A CORPORATION AND ITS PROPERTY SHALL BE TAXED AND ASSESSED IN ACCORDANCE WITH THE LAWS OF THE STATE OF MISSISSIPPI; TO AMEND SECTION 77-5-253, MISSISSIPPI CODE OF 1972, TO REQUIRE EACH CORPORATION TO SUBMIT FINANCIAL AND COMPLIANCE AUDITS TO THE MISSISSIPPI PUBLIC SERVICE COMMISSION AND PUBLIC UTILITIES STAFF; TO AMEND SECTION 77-5-255, MISSISSIPPI CODE OF 1972, TO PROVIDE FOR MEDIATION PROCEEDINGS OF DISPUTES BETWEEN MEMBERS OR CUSTOMERS AND ELECTRIC POWER ASSOCIATIONS; TO CREATE SECTION 77-5-257, MISSISSIPPI CODE OF 1972, TO DECLARE THAT THE MISSISSIPPI PUBLIC SERVICE COMMISSION AND POLITICAL SUBDIVISIONS OF THE STATE SHALL NOT HAVE JURISDICTION OVER THOSE PORTIONS OR ASPECTS OF A CORPORATION'S OPERATIONS, FACILITIES, SERVICES OR RATES THAT ARE REGULATED BY THE TENNESSEE VALLEY AUTHORITY; TO CREATE SECTION 77-5-259, MISSISSIPPI CODE OF 1972, TO LIMIT THE TIME BY WHICH AN ACTION MAY BE COMMENCED FOR COLLECTION OR REIMBURSEMENT ARISING FROM A BILLING ERROR BY A CORPORATION; AND FOR RELATED PURPOSES.

In the Senate

• Terry C. Burton

  Sponsor

• Senate floor amendmentAdopted

  Adopted Feb 25

l9n doesn't hold this bill's text yet.

In the Senate Jan 26 – Feb 25

1. Jan 26Referred to the Senate committee on Energy
2. Feb 17Reported from committee in the Senate: title sufficient, do pass as a committee substitute
3. Feb 25Committee substitute adopted in the Senate
4. Amended in the Senate
5. Passed the Senate as amended

In the House of Representatives Feb 29 – Mar 22

1. Feb 29Sent to the House
2. Mar 14Referred to the House committee on Public Utilities
3. Mar 22Died in committee in the House