70-803.

Formation of district; petition; contents.

Any electric cooperative corporation, whether organized or incorporated under the laws of this state or of any other state, which shall own and operate within this state any electric utility engaged in furnishing electric energy to customers in a rural area, may file in the office of the Nebraska Power Review Board a petition for the creation of a public power district, which petition must state and contain:

(1) The name of the proposed district, incorporating in each name the words public power district;

(2) The location of the principal place of business of the proposed district;

(3) The names of the municipalities within the proposed district and the boundaries thereof, including within the same, but not limited to all municipalities served by the petitioner in its electric utility business;

(4) A general description of the nature of the business in which the proposed district is to engage, the location and method of operation of the electric utility both theretofore operated by the petitioner and as proposed for the district when created;

(5) A statement that the proposed district shall not have the power to levy taxes nor to issue bonds which shall be general obligations of the district;

(6) The names and the addresses of the members of the board of directors of the district, which board shall consist of not less than five nor more than twenty-one members, except where the district comprises or proposes to operate in more than fifty counties in the state in which case the number shall be seven, who shall serve until their successors are elected and qualified as provided for in Chapter 70, article 8; the directors named shall be divided as nearly as possible into three equal groups, (a) the members of the first group to hold office until their successors elected at the first general state election thereafter shall have qualified, (b) the members of the second group to hold office until their successors elected at the second general state election thereafter shall have qualified, and (c) the members of the third group to hold office until their successors elected at the third general state election thereafter shall have qualified; and after the name of each director, it shall state to which of the three groups he or she belongs;

(7) A statement in substance that the proposed district when created pursuant to the provisions of Chapter 70, article 8, shall be a public power district subject to and governed by the provisions of Chapter 70, article 6, and all other provisions of law, insofar as the same are applicable to public power districts in this state after their creation; and

(8) Duly certified copies of documents and records of proceedings preceding the filing of the petition which must include and show the following: (a) Due authorization of and an irrevocable covenant for the complete dissolution of the corporate existence of the petitioner, such dissolution to be effective when, as, and if the petition is approved and the proposed district created; (b) due authorization of and irrevocable covenant for the absolute assignment, transfer, grant, deed, and conveyance of all of the property and assets of the petitioner to the district when, as, and if the petition is approved and the district created, including an itemized and detailed description of all of said property and assets, the location thereof, and the exact nature and amount of the consideration and terms of each such assignment, transfer, grant, deed, and conveyance, and further including the names and addresses of the officers of the petitioner authorized to execute, acknowledge, and deliver any and all instruments and documents necessary or proper to fully consummate said transaction; and (c) duly certified copies of resolutions of the stockholders or members of the petitioner authorizing the execution and filing of the petition and the prosecution of the same to conclusion.