Opinion ID: 2067671
Heading Depth: 1
Heading Rank: 3

Heading: assignment of appellants' interests to neg & t

Text: In 1965, the appellants assigned their wholesale power contracts with Loup River Public Power District and Platte Valley Public Power and Irrigation District to NEG & T in order to unify their efforts and to secure low cost federal hydropower. The following year Southern and Elkhorn, and in 1971 Niobrara, entered into requirements contracts with NEG & T for the purchase of all their wholesale power. In January 1972, NEG & T entered into a power purchase contract with NPPD. Under the contract, NEG & T leased its transmission lines to NPPD, and all the wholesale power requirements contracts previously assigned to NEG & T were combined to provide for the purchase by NEG & T and the sale by NPPD of the quantities of electric power required by NEG & T for the appellants and NEG & T's other members. The wholesale power contracts between the appellants and NEG & T have been supplemented at various times in response to the REA's insistence that NEG & T take steps to ensure that its loan from the REA will be repaid. More specifically, as a condition to the extension of credit by the REA, NEG & T was required to amend its wholesale power contract with the appellants and other members to extend the term of the agreement to a date no less than 35 years from October 1, 1970. As a result, NEG & T's wholesale power contracts with the appellants now extend through the year 2006.