Maine Revised Statutes Title 35-A Sec. 911 – Approval of capital leases
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Terms Used In Maine Revised Statutes Title 35-A Sec. 911
- Commission: means the Public Utilities Commission. See Maine Revised Statutes Title 35-A Sec. 102
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Public utility: includes every gas utility, natural gas pipeline utility, transmission and distribution utility, telephone utility, water utility and ferry, as those terms are defined in this section, and each of those utilities is declared to be a public utility. See Maine Revised Statutes Title 35-A Sec. 102
No capital lease, entered into by a public utility for a term of more than 3 years, of property having a fair value the greater of $50,000 or 1% of the public utility’s total long-term debt is valid without the written approval of the commission. The commission’s procedure and standards governing approval shall be similar to those which apply to applications under sections 901 and 902. [PL 1987, c. 141, Pt. A, §6 (NEW).]
SECTION HISTORY
PL 1987, c. 141, §A6 (NEW).