For purposes of this subsection, "permanently ceases operations" means a cessation of operations, other than a temporary cessation caused by fire, flood, storm or other act of God, that does not include a schedule for recommencing pulp and paper production operations.

4. The Legislature shall review the rights, privileges, immunities and franchises bestowed by law upon Great Northern Paper, Inc., or its successor, that relate to the location, construction, operation or maintenance of those dams if either of the events described in subsection 3 occurs. If the Legislature fails to repeal this subsection within 12 months following the occurrence of either of the events described in subsection 3, the rights, privileges, immunities and franchises bestowed by law upon Great Northern Paper, Inc., or its successors that relate to the location, construction, operation or maintenance of those dams terminate.

If the rights and privileges, immunities and franchises bestowed by law upon Great Northern Paper, Inc., or its successor, that relate to the location, construction, operation or maintenance of those dams are terminated pursuant to this subsection, the owner of those dams shall petition the Federal Energy Regulatory Commission to terminate its licenses.

Sec. 2. Transfer of hydroelectric rights and privileges granted to Great Northern Paper, Inc. to Great Northern Energy, LLC. Great Northern Paper, Inc. is authorized to sell, transfer or convey to Great Northern Energy, a limited liability company, Great Northern Paper, Inc.'s rights, privileges, immunities and franchises that have, by private and special act of the Legislature, been bestowed upon Great Northern Paper, Inc. that relate to the location, construction, operation or maintenance of dams used in the generation of electricity. Upon acquisition by Great Northern Energy, LLC of those dams, Great Northern Energy, LLC acquires all of those rights, privileges, immunities and franchises and is subject to all the obligations, duties, limitations, liabilities and other conditions, including those specified in section 1, that by law accompany those rights, privileges, immunities and franchises.

SUMMARY

This bill provides that the rights and privileges held by Great Northern Paper, Inc. that relate to the location,

construction, operation or maintenance of dams used in the generation of electricity may be transferred to Great Northern Energy, LLC upon the acquisition by Great Northern Energy of the dams.