(a)      (1)      Every local jurisdiction in which a district is designated may enact laws requiring that:

                  (i)      Utility companies relocate underground existing overhead lines and facilities within the defined part of the district or the entire district; and

                  (ii)      If necessary, private owners receiving service from the relocated lines and facilities place any connection underground.

            (2)      A 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 the bonds issued to initially cover private costs; and

                  (iii)      Include any other provisions reasonably related to placing overhead lines and facilities underground and the administration of underground relocation projects.

      (b)      (1)      Notwithstanding any other provision of this section, the Public Service Commission shall:

                  (i)      Prescribe 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 underground relocation.

            (3)      A local jurisdiction may appropriate money for underground relocation projects from any appropriate federal, State, and local funds it receives for the purpose.

      (c)      (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 owner's costs for the relocation of the overhead lines and facilities.

            (2)      (i)      The local jurisdiction may appropriate funds, levy taxes, or borrow funds to pay and advance the costs of an underground relocation.

                  (ii)      The local jurisdiction also may:

                        1.      In order to recapture expended costs, 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.

      (d)      Section 1.02 of this article does not apply to this section.