Public Utilities and Carriers

Regulatory Powers of Administration

SECTION 39-3-15

§ 39-3-15 Security issues for which permission required.

A public utility, as defined in § 39-1-2, may not, without application to and authority from the division, issue stocks, bonds, notes, or other evidences of indebtedness, payable more than twelve (12) months from the date of issue, when necessary for the acquisition of property, the construction, completion, extension, or improvement of its facilities or for the improvement or maintenance of its service, or for the reorganization or readjustment of its indebtedness and/or capitalization, or for the discharge or lawful refunding of its obligations, or for the reimbursement of money actually expended from income or from any other money in the treasury of the public utility not secured or obtained from the issue of stocks, bonds, notes, or other evidences of indebtedness of the public utility.

This section shall not apply to, and a public utility shall not be required to obtain the approval of the division for, the issuance of transition bonds or engaging in any other transactions that are set forth in an application for a securitization order that is approved by the commission pursuant to § 39-1-46.

History of Section.
(G.L. 1923, ch. 253, § 62; P.L. 1936, ch. 2345, § 1; G.L. 1938, ch. 122, § 58; G.L. 1956, § 39-3-15; P.L. 1997, ch. 142, § 3.)