Utah Code 54-3-26. Retention of unclaimed capital credits by electric and telephone cooperatives — Use of retained money — Reporting requirements
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(1) As used in this section:
Terms Used In Utah Code 54-3-26
- Commission: means the Public Service Commission. See Utah Code 54-2-1
- Distribution electrical cooperative: includes an electrical corporation that:(8)(a) is a cooperative;(8)(b) conducts a business that includes the retail distribution of electricity the cooperative purchases or generates for the cooperative's members; and(8)(c) is required to allocate or distribute savings in excess of additions to reserves and surplus on the basis of patronage to the cooperative's:(8)(c)(i) members; or(8)(c)(ii) patrons. See Utah Code 54-2-1
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Telephone cooperative: means a telephone corporation that:
(32)(a) is a cooperative; and(32)(b) is organized for the purpose of providing telecommunications service to the telephone corporation's members and the public at cost plus a reasonable rate of return. See Utah Code 54-2-1(1)(a) “Cooperative” means a:(1)(a)(i) distribution electrical cooperative, as defined in Section 54-2-1, that is incorporated in the state; or(1)(a)(ii) telephone cooperative, as defined in Section 54-2-1, that is incorporated in the state.(1)(b) “Unclaimed capital credit” means a capital credit issued by a cooperative to the cooperative’s customer that is unclaimed on the last day of the year three years after the year in which the credit was issued.(2) A cooperative shall retain an unclaimed capital credit.(3) A cooperative shall use the proceeds of a retained unclaimed capital credit to:(3)(a) pay all or a portion of a low-income individual’s utility bills;(3)(b) provide scholarships to graduating high school seniors in the area where the cooperative provides service; or(3)(c) provide financial assistance to, in the area where the cooperative provides service:(3)(c)(i) a school;(3)(c)(ii) a non-profit organization; or(3)(c)(iii) a community organization.(4) A cooperative shall establish criteria for recipients of the financial assistance described in this section that are based on:(4)(a) a recipient’s financial or other needs; and(4)(b) the recipient community’s interests.(5) A cooperative shall submit a report, before November 1 of each year, to the Public Service Commission that describes:(5)(a) the amount of unclaimed capital credits retained by the cooperative;(5)(b) the amount and recipients of financial assistance disbursed under this section; and(5)(c) the criteria used by the cooperative to determine the recipients and amount of financial assistance disbursed under this section.