§ 15.2-5409. Sale of capacity and output to nonmembers; limitations
An authority may sell or exchange the capacity or output of a project not then required by any of its member governmental units for such consideration, for such period, and upon such other terms and conditions as may be determined by the parties, to any person, firm, association or corporation, public or private within or outside the Commonwealth; however, this shall not authorize retail sales by an authority to any nongovernmental end user of electric capacity or energy, except as set forth in § 15.2-5406.1, and sales of such capacity or output of a project shall not be made in such amounts, for such periods of time, and under such terms and conditions as will cause the interest on bonds issued to finance the cost of a project to become taxable by the federal government.
(1979, c. 416, § 15.1-1612; 1997, c. 587; 2006, cc. 929, 941.)
Sections: Previous 15.2-5405 15.2-5405.1 15.2-5406 15.2-5406.1 15.2-5406.2 15.2-5407 15.2-5408 15.2-5409 15.2-5410 15.2-5411 15.2-5412 15.2-5413 15.2-5414 15.2-5415 15.2-5416 NextLast modified: April 16, 2009