(a) An authority created pursuant to this subchapter shall be prohibited from engaging in any sham transaction.(b) For the purposes of this section, a 'sham transaction' means the acquisition or construction of an electric project authorized by this subchapter for the purpose of: (1) A subsequent sale or transfer of the electric project to any municipal electric utility, public utility, or other person engaged in the selling or distributing of electricity to consumers other than a municipal electric utility, public utility, or other person engaged in selling or distributing electricity to consumers that was selling or distributing electricity to consumers on July 16, 2003; or(2) Providing electric service directly to an end user.Acts 2003, No. 366, § 1. (a) An authority created pursuant to this subchapter shall be prohibited from engaging in any sham transaction.(b) For the purposes of this section, a 'sham transaction' means the acquisition or construction of an electric project authorized by this subchapter for the purpose of: (1) A subsequent sale or transfer of the electric project to any municipal electric utility, public utility, or other person engaged in the selling or distributing of electricity to consumers other than a municipal electric utility, public utility, or other person engaged in selling or distributing electricity to consumers that was selling or distributing electricity to consumers on July 16, 2003; or(2) Providing electric service directly to an end user.Acts 2003, No. 366, § 1.
Arkansas Legal Code