70-653.01.

Electric distribution system; purchase by city or village; payment in lieu of taxes.

Any city or village which has purchased or acquired before June 10, 1947, the plant or property of an existing electric distribution system furnishing electric energy for heat, light, power or other purposes for use within such city or village from any public power district or public power and irrigation district may annually pay out of the revenue of such system to the State of Nebraska, county, city, village or school district in which such public utility is located, in lieu of taxes, a sum equal to the amount which the state, county, city, village or school district received in lieu of taxes from the public power district or public power and irrigation district.