Rhode Island General Laws 39-3-15. Security issues for which permission required
A public utility, as defined in § 39-1-2, may not, without application to and authority from the division, issue stocks, bonds, notes, or other evidences of indebtedness, payable more than twelve (12) months from the date of issue, when necessary for the acquisition of property; the construction, completion, extension, or improvement of its facilities; or for the improvement or maintenance of its service; or for the reorganization or readjustment of its indebtedness and/or capitalization; or for the discharge or lawful refunding of its obligations; or for the reimbursement of money actually expended from income or from any other money in the treasury of the public utility not secured or obtained from the issue of stocks, bonds, notes, or other evidences of indebtedness of the public utility.
History of Section.
G.L. 1923, ch. 253, § 62; P.L. 1936, ch. 2345, § 1; G.L. 1938, ch. 122, § 58; G.L. 1956, § 39-3-15; P.L. 1997, ch. 142, § 3; P.L. 2017, ch. 18, § 2; P.L. 2017, ch. 31, § 2.
Terms Used In Rhode Island General Laws 39-3-15
- Division: means the division of public utilities and carriers. See Rhode Island General Laws 39-1-2
- Public utility: means and includes every company that is an electric distribution company and every company operating or doing business in intrastate commerce and in this state as a railroad, street railway, common carrier, gas, liquefied natural gas, water, telephone, telegraph, and pipeline company, and every company owning, leasing, maintaining, managing, or controlling any plant or equipment, or any part of any plant or equipment, within this state for manufacturing, producing, transmitting, distributing, delivering, or furnishing natural or manufactured gas, directly or indirectly, to or for the public, or any cars or equipment employed on, or in connection with, any railroad or street railway for public or general use within this state, or any pipes, mains, poles, wires, conduits, fixtures, through, over, across, under, or along any public highways, parkways, or streets, public lands, waters, or parks for the transmission, transportation, or distribution of gas for sale to the public for light, heat, cooling, or power for providing audio or visual telephonic or telegraphic communication service within this state, or any pond, lake, reservoir, stream, well, or distributing plant or system employed for the distribution of water to the consuming public within this state, including the water supply board of the city of Providence; provided, that, except as provided in § 39-16-9 and in P. See Rhode Island General Laws 39-1-2