(1) As used in this section:

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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.