(1) A telecommunications carrier may elect to be subject to this section and ORS § 759.410. The telecommunications carrier shall notify, in writing, the Public Utility Commission of its election. Such election shall be effective 30 days after the written notification is received by the Public Utility Commission. A telecommunications carrier that elects to be subject to this section and ORS § 759.410 shall be subject to the infrastructure investment and price regulation requirements of this section and ORS § 759.410 and shall not be subject to any other regulation based on earnings, rates or rate of return.

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(2) A telecommunications carrier that elects to be subject to this section and ORS § 759.410 shall establish in its accounts a Telecommunications Infrastructure Account. The telecommunications carrier shall commit to its Telecommunications Infrastructure Account over a four-year period amounts totaling 20 percent of the telecommunications carrier’s gross regulated intrastate revenue for the calendar year immediately prior to the year the telecommunications carrier elects to be subject to this section and ORS § 759.410. Of the total committed amount, 30 percent shall be credited to and made available for the purposes of the electing carrier’s account on the date the telecommunications carrier’s election becomes effective. An electing telecommunications carrier shall credit an equal amount on the same date in the next following year. The electing carrier shall credit to its Telecommunications Infrastructure Account an amount equal to 20 percent of the total committed amount on the same date in each of the next following two years.

(3)(a) A telecommunications carrier that elects to be subject to this section and ORS § 759.410 shall expend the moneys in the telecommunications carrier’s Telecommunications Infrastructure Account on a plan or plans approved by the Oregon Business Development Commission under ORS § 759.430. Subject to paragraphs (c) and (d) of this subsection, the total amount of capital and other expenses associated with completing the projects shall equal the total amount of moneys available in the account.

(b) Moneys in the account shall be used primarily to ensure that rural and urban Oregonians have improved access to telecommunications technology and services. Expenditures from the account shall be used for investment in telecommunications infrastructure and deployment of new and advanced telecommunications services.

(c)(A) Within 120 days following the effective date of a telecommunications carrier’s election to be regulated under this section and ORS § 759.410, but not later than January 1 of the year following the effective date of a telecommunications carrier’s election, and on the same date in each of the next following three years, a telecommunications carrier serving less than one million access lines in Oregon shall transfer 40 percent of the moneys most recently credited to its Telecommunications Infrastructure Account to the Connecting Oregon Communities Fund established under ORS § 759.445.

(B) Within 120 days following the effective date of a telecommunications carrier’s election to be regulated under this section and ORS § 759.410, but not later than January 1 of the year following the effective date of a telecommunications carrier’s election, and on the same date in the next following year, a telecommunications carrier serving one million or more access lines in Oregon shall transfer 70 percent of the moneys most recently credited to its Telecommunications Infrastructure Account to the Connecting Oregon Communities Fund established under ORS § 759.445.

(d) Notwithstanding ORS § 285A.075 (2), if the Oregon Business Development Commission determines, following notice and a public hearing, that the telecommunications carrier is not complying with plans or plan modifications approved under ORS § 759.430, following notice to the telecommunications carrier and reasonable opportunity to cure any noncompliance, the Oregon Business Development Commission may require the telecommunications carrier to transfer any or all moneys remaining in the carrier’s Telecommunications Infrastructure Account, and any future amounts credited to the account, to the Connecting Oregon Communities Fund established under ORS § 759.445.

(4) Nothing in this section affects the authority of a city or municipality to manage the public rights of way or to require fair and reasonable compensation from a telecommunications carrier, on a competitively neutral and nondiscriminatory basis, under ORS § 221.420, 221.450, 221.510 and 221.515. [1999 c.1093 § 24; 2001 c.104 § 295]