Such public utility may issue securities, other than stock or stock certificates, payable at periods of not more than twelve (12) months after date of issuance of the same, secured or unsecured, and aggregating (together with all other then outstanding notes and drafts of a maturity of one (1) year or less on which such public utility is primarily or secondarily liable) not more than five per cent (5%) of the par value or, in the case of securities having no par value, the fair market value of the other securities of the public utility then outstanding, without application to or order of the commission, but no such securities so issued shall in whole or in part be refunded by any issue of stocks, stock certificates or other securities having a maturity of more than twelve (12) months, except on application to and approval of the commission.