Section 136-27.3 - Relocation of municipalities' utilities by Department; repayment by municipalitiesWhen requiring municipalities to relocate utilities under its power granted in G.S. 136-18(10), the Department may enter into agreements with municipalities to provide that the necessary engineering and utility construction be accomplished by the Department on a reimbursement basis as follows:
(1) Reimbursement to the Department shall be due after completion of the work and within 60 days after date of invoice.(2) Interest shall be paid on any unpaid balance due at a variable rate of the prime rate plus one percent (1%).N.C. Gen. Stat. § 136-27.3
Added by 2012 N.C. Sess. Laws 142, s. 24.22, eff. 7/1/2012, as added by 2012 N.C. Sess. Laws 145,s. 6.1, eff. 7/1/2012.