(A) The City Council makes the following findings:
(1) A separate joint agency North Carolina Municipal Power Agency Number 1 (NCMPA#1) was made up of two or more municipalities in order to finance the cost of generation and transmission projects in a more efficient and economical manner than individual municipalities acting individually;
(2) It is probable that a better financial market acceptance will result if a joint agency is responsible for issuing all of the bonds required for a project or projects in a timely and orderly manner and with a uniform credit rating than individual multiple municipalities issuing separate issues of bonds;
(3) It is probable that savings and other advantages may be obtained by municipalities through separate joint operating agencies responsible for the investigation, acquisition, construction, ownership and operation of a generation and transmission project or projects; and
(4) It is probable that the existence of a separate joint agency will foster the continuation of joint investigation, planning and undertaking of generation and transmission projects, and the resulting economics and efficiencies would be derived therefrom.
(B) Based upon these findings, the City Council determined that it was in the best interest of the city to become a member of the joint agency North Carolina Municipal Power Agency Number 1 (NCMPA#1) pursuant to the provisions of G.S. Chapter 159B for the purpose of providing power and energy to the city and the other members thereof as provided in G.S. Chapter 159B.
(C) The names of two or more of the municipalities which formed the joint agency North Carolina Municipal Power Agency Number 1 (NCMPA#1) are: Albemarle, Bostic, Cherryville, Cornelius, Drexel, Gastonia, Granite Falls, High Point, Huntersville, Landis, Lexington, Lincolnton, Maiden, Monroe, Morganton, Newton, Pineville, Shelby and Statesville, all located in this state.
(Prior Code, § 8-138)