(a) (1) Each local jurisdiction in which a district is designated may enact local laws requiring that:
(i) utility companies relocate existing overhead lines and facilities underground within the defined part of the district or the entire district; and
(ii) if necessary, private owners who receive service from the relocated lines and facilities place any connection underground.
(2) A local law enacted under this section shall:
(i) require that the estimated cost to property owners for work performed on private property be determined and made available to affected property owners;
(ii) provide financing for these costs to private owners, including financing for any charges for the amortization of bonds issued to initially cover private costs; and
(iii) include any other provisions reasonably related to placing overhead lines and facilities underground and administering underground relocation projects.
(b) (1) Except as otherwise provided in this section, the Public Service Commission shall:
(i) determine the amount of the monthly surcharge required to support the net capital costs of an underground relocation and determine which customers of the applicable utility are subject to the surcharge;
(ii) include the related net capital costs in the rate base; or
(iii) adopt any other method to appropriately apportion the costs.
(2) A utility may not be required to pay more than one–half of the net capital costs of an underground relocation.
(c) A local jurisdiction may appropriate money for underground relocation projects from any federal, State, and local funds the local jurisdiction receives for that purpose.
(d) (1) In implementing subsection (a)(2)(ii) of this section, the local jurisdiction may enter into an agreement with individual property owners under which the local jurisdiction agrees to advance funds to cover the property owners’ costs for the relocation of the overhead lines and facilities.
(2) (i) The local jurisdiction may appropriate money, impose taxes, or borrow money to pay and advance the costs of an underground relocation.
(ii) In order to recapture expended costs, the local jurisdiction may:
1. impose a benefit assessment against property in the district on behalf of which the utility is relocated underground; and
2. provide for the collection of the assessment.