KRS 96.560: Scope of KRS 96.550 to 96.900 -- Legislative purpose and intent.

(1) The provisions of KRS 96.550 to 96.900 shall not apply in the case of a

municipality now operating an electric plant under any existing law, but the

governing body of any such municipality may elect to operate under the provisions

of KRS 96.550 to 96.900, in which case, from the time of the exercise of such

election and the appointment of a board hereunder, the electric plant of such

municipality shall be operated under the provisions of KRS 96.550 to 96.900.

(2) KRS 96.550 to 96.900 are intended to be the complete law of this state with respect

to municipalities acquiring electric plants after June 1, 1942, and the complete law

of this state with respect to the operation of electric plants acquired by any

municipality after June 1, 1942. Any proceedings her etofore taken by any

municipality relating to the subject matter of KRS 96.550 to 96.900, whether or not

commenced under any other law, may be discontinued by the municipality and new

proceedings instituted under KRS 96.550 to 96.900.

(3) It hereby is decl ared to be the legislative purpose and intent to vest in the

municipalities of all the classes in this Commonwealth full power and authority to

establish, acquire, own and operate electric plants; to empower and authorize said

municipalities to contract wi th and acquire from the Tennessee Valley Authority or

any governmental agency electric power or current for resale and to authorize and

require the payment, out of earnings from the sale of electric power or current, of

certain amounts to the state, counti es, municipalities, school districts and other

taxing districts in order that they may not suffer from loss of revenue resulting from

the tax exemption created by the transfer of property from private to public

ownership, and in the interest of the general welfare.

(4) It hereby is declared to be the further legislative intent that KRS 96.550 to 96.900

shall be the complete law of this state with respect to municipalities acquiring

electric plants, after June 1, 1942, and the complete law of this state with respect to

the operation of electric plants acquired by any municipality after June 1, 1942; and

that all laws and parts of laws in conflict herewith, to the extent of such conflict,

hereby are repealed.