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(a) Independent Control. The Power Board shall have and exercise and is hereby granted all the powers and duties now possessed by the Town of Murphy with respect to the construction, acquisition, operation, maintenance, improvement, and extension of the electric transmission and distribution plant and appurtenant properties and facilities (hereinafter called ‘the system’) now owned and hereafter acquired by or on behalf of the Town of Murphy. The Power Board, acting by itself or through its duly authorized officers and employees, shall have and maintain full control and complete jurisdiction over the management, operation, maintenance, and improvement of the system and may do any and all acts and things that are necessary, convenient or desirable to the exercise of such control and jurisdiction and to the establishment, preservation, and promotion of an orderly, economic and businesslike administration of the system. Except as expressly provided in this act, the system shall be free from the jurisdiction, direction or control of other Town officers and employees and of the Town Board of Commissioners.
(b) Surety Bonds. The Power Board shall require corporate surety bonds from such of the system’s officers and employees, and in such amounts as the Power Board shall deem necessary. Premiums for such bonds shall be paid out of the funds of the system.
(c) Rates. The Power Board shall fix rates to be charged for services rendered by the system. Such rates shall be fair, reasonable and uniform for all customers in the same class, but different rate schedules may be applied to different classes of customers, as determined by the Power Board. The rates for electric service shall be fixed in conformity with the resale rates that the Town is required to charge by the Town’s contractual obligations with the Tennessee Valley Authority.
(d) Contracts, Leases and Agreements. The Power Board may enter into such leases, contracts and agreements as it deems necessary or desirable in conducting the business and operations of the system, so long as the same are in accordance with the statutes of the State of North Carolina. The authority given the Power Board by this section shall not be construed to mean that the Power Board has the authority to sell, lease or otherwise dispose of all or a major part of the system, unless such transaction is approved by the Board of Commissioners of the Town by ordinance.
(e) Short-Term Loans. The Power Board is hereby authorized to borrow money for a period not to exceed three years and to issue negotiable notes, payable from the revenues of the system or a part thereof, as evidence of such loans, subject to the approval of the Board of Commissioners of the Town. Such short-term notes shall bear interest at not exceeding the maximum rate of interest allowed by law. The action of the Power Board with respect to issuance thereof may be by resolution or resolutions which may be adopted at the same meeting at which introduced and shall take effect immediately upon adoption by the Power Board and approval by the Board of Commissioners of the Town.
(f) Long-Term Revenue Bonds. The Power Board is hereby authorized to provide for the issuance of long-term bonds for the acquisition, construction, improvement, and/ or expansion of the electric system from time to time in the manner hereinafter provided. Such bonds shall be issued by the Board of Commissioners pursuant to the then applicable general or special statutes authorizing the issuance and sale thereof, and shall be issued in such amounts and at such times, and shall bear such maturity dates, as the Power Board shall direct, and it shall be the duty of the Board of Commissioners to provide for the issuance of such bonds pursuant to any such general or special statutes as directed by the Power Board; Provided, however, that the Board of Commissioners shall not be required to issue any such bonds without its approval if the bonds to be issued are payable out of the Town’s general income and revenue, it being the intention hereof that the Power Board be empowered to direct the issuance of such bonds only when the bonds are to be payable solely from the revenues of the electric system.
(g) Rules and Regulations. The Power Board shall have authority to make and enforce all necessary and desirable rules and regulations for the efficient use, operation and management of the system.
(h) Eminent Domain. The Power Board is hereby authorized to exercise the right of eminent domain on behalf and in the name of the Town of Murphy for the purpose of acquiring any property, real, personal, or mixed, necessary or useful in exercising the power and authority conferred in this Article. The title to all property acquired by the Power Board either by contract or by condemnation shall be taken in the name of the Town of Murphy.
(i) Employment of Personnel. The Power Board shall have the power to employ and fix the duties and compensation of such officers and employees as it deems necessary or convenient for the operation of the system. The power to employ and fix the compensation of officers and employees of the system may be delegated by the Power Board to the superintendent of the system after he has been appointed by the Power Board.
(j) Recreation Appropriation. The Power Board is authorized to appropriate not more than one thousand dollars ($1,000) per year to help provide wholesome recreation for the Town of Murphy.