1.  If, upon the hearing of the application, it appears to the satisfaction of the board of county commissioners that the applicant is engaged in the business of furnishing electric light, heat or power within two or more counties, including the county in which the application provided in NRS 709.250 is pending, the board shall thereupon extend the term of the franchise under which the applicant is operating for not exceeding 50 years, including the unexpired portion of the term of such former franchise.

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2.  The applicant shall, within 30 days after such franchise extending the term of the former franchise is granted, file with the county recorder of such county an agreement, properly executed by the grantee, to pay annually, on the 1st Monday of July of each year, to the State Treasurer for deposit in the State Education Fund, for the benefit of the public schools in this State, 2 percent of the net profits made by such grantee in the operation of its electric light, heat and power lines within the county. No extension of the term of the original franchise shall be effective in the county until such agreement shall be filed.