UTAH CODE (Last Updated: January 16, 2015) |
Title 54. Public Utilities |
Chapter 4. Authority of Commission Over Public Utilities |
§ 54-4-31. Electrical corporation to issue securities only on consent of commission -- Exceptions -- Validity of securities.
Latest version.
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(1) Except as provided by Subsection (2) or (4), without prior written approval of the commission, no electrical corporation may: (a) issue any security; or (b) assume any obligation or liability as guarantor, endorser, surety, or otherwise, for any security of another person relating to the financing of pollution control revenue bonds. (3) Any securities issued pursuant to an order entered by authority of this section shall be valid notwithstanding the outcome of any further proceedings, unless: (a) application for stay is filed with a court of competent jurisdiction within five days following the issuance of the order; and (b) a stay is entered by the commission or a court of competent jurisdiction within 10 days after the order is issued. (4) The commission may by rule, or by order pursuant to standards promulgated by rule, exempt any security, class of securities, electrical corporation, or class of electrical corporation from the requirement of Subsection (1), subject to any terms and conditions prescribed in the order or rule, if it finds that the application of Subsection (1) to the security, class of securities, electrical corporation, or class of electrical corporation is not required by the public interest.
Amended by Chapter 206, 1997 General Session