§ 16.04. Disposal of Municipal Light and Power to Chugach Electric Association, Inc.; disposition of proceeds.

A.

ML&P to Chugach Electric. In addition to the disposal options provided under section 16.02, and notwithstanding any other provision of this Charter to the contrary, the municipality may by ordinance approved no later than December 31, 2018, sell, lease, or otherwise dispose of all or part of the assets and business of Municipal Light and Power to Chugach Electric Association, Inc.

B.

Disposition of proceeds. Notwithstanding any provision of this Charter to the contrary, a portion of any annual payment received by the municipality in a transaction described in section 16.04A, equivalent to the municipal utility service assessment that the municipality would have received from ML&P had the transaction not occurred, shall be deemed and treated as a "payment in-lieu of taxes" for the purposes of section 14.03(a)(1), and shall be available to the municipality for appropriation. All other proceeds of the sale of ML&P received by the municipality shall be disposed of in accordance with section 13.11.

(AO No. 2018-1(S) , prop. 10, 4-3-18)