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Treasurer Cowell Calls for Passage of Eastern Municipal Power Legislation

FOR IMMEDIATE RELEASE

Treasurer Cowell Calls for Passage of Eastern Municipal Power Legislation

RALEIGH, N.C. – State Treasurer Janet Cowell today called on the North Carolina Senate to pass legislation authorizing the buyout of the Eastern Municipal Power Agency assets. Cowell chairs the Local Government Commission, which oversees all municipal finances in the state.

“We have witnessed how the cities and towns in Eastern North Carolina have been continually hamstrung by the financial burden of this utility arrangement,” Cowell wrote. “This bill offers a solid potential solution to the higher rates that customers have seen due in part to a debt that NCEMPA and its member towns have carried for the last few decades.”

The bipartisan measure, Senate Bill 305, is slated to be considered this week.

Read the Treasurer’s letter

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The Department of State Treasurer’s State and Local Government Finance Division handles the sale and delivery of all State and local debt and monitors the repayment of State and local government debt. More information can be found at http://www.nctreasurer.com/slg