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S.B. 1 VETOES
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(ii) a sum equal to the amount to be transferred has been expended
from income or other money in the treasury of the public service company not secured
by, obtained from, or reimbursed by the issuance of stocks, bonds, notes, or other
evidence of indebtedness of the public service company for a purpose described in
subsection (b)(1), (2), or (3) of this section.
(3) The amount that the Commission determines under paragraph (2)(i)
of this subsection may not be less than:
(i) the aggregate par value of the stock whose issuance is to be
authorized; or
(ii) if the stock has no par value, the capital value of the stock.
(d) (1) An authorization by the Commission under subsection (b) or (c) of
this section shall be by order.
(2) The order shall specify:
(i) the amount of the issuance authorized; and
(ii) the purpose under subsection (b) or (c) of this section for which
the issuance is reasonably required.
(e) (1) Notwithstanding subsections (b), (c), (d), and (g) of this section, the
Commission may approve the issuance of stocks, bonds, securities, notes, or other
evidence of indebtedness in connection with the organization of a new public service
company by the purchaser of the franchise or property of a public service company
sold under judicial proceedings, mortgage, or deed of trust.
(2) An issuance that the Commission approves under this subsection
shall be in the amount that the Commission considers necessary fully to protect the
rights and equities of the holders of the securities of the predecessor company.
(f) A public service company's application for authorization under this section
of long-term debt in excess of $1,000,000 shall include a copy of any restrictive
covenant attached to the debt.
(g) (1) Except as provided in paragraph (2) of this subsection, this section
does not prevent a public service company from issuing, without the prior consent of
the Commission, notes that are:
(i) for proper corporate purposes;
(ii) not otherwise in violation of the law; and
(iii) payable at periods totaling not more than 12 months after the
date of issuance.
(2) Except as authorized under subsection (b) or (c) of this section, notes
issued under paragraph (1) of this subsection may not be refunded directly or
indirectly, wholly or partly, by an evidence of indebtedness running for more than 12
months.
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