In addition to the powers conferred upon a city elsewhere
in this chapter, any city operating a city electric utility on
January 1, 2003, may enter into agreements with and acquire
equity interests in independent transmission companies or
similar independent transmission entities in which they are
participating that are approved by the federal energy
regulatory commission. The purpose of such equity investments
shall be to mitigate expenses incurred by the city electric
utility due to its procurement of electric transmission
service or to otherwise facilitate investment in transmission
facilities and shall not be for general city or city utility
investment purposes.