South Carolina Code 58-27-1020. Capitalization for rate-making purposes
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In South Carolina Code 58-27-1020
- commission: means the Public Service Commission of this State. See South Carolina Code 58-27-10
- Contract: A legal written agreement that becomes binding when signed.
- electrical utility: includes municipalities to the extent of their business, property, rates, transactions, and operations without the corporate limits of the municipality, persons and corporations, their lessees, assignees, trustees, receivers, or other successors in interest owning or operating in this State equipment or facilities for generating, transmitting, delivering, or furnishing electricity for street, railway, or other public uses or for the production of light, heat, or power to or for the public for compensation; but it shall not include an electric cooperative or a consolidated political subdivision and shall not include a person, corporation, or municipality furnishing electricity only to himself or itself, their residents, employees, or tenants when such current is not resold or used by others. See South Carolina Code 58-27-10
- 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
- securities: means and includes stock, stock certificates, bonds, notes, debentures, or other evidences of indebtedness and any assumption or guaranty thereof. See South Carolina Code 58-27-10
No electrical utility shall, for rate-making purposes, capitalize its franchises, rights, powers, privileges or right to own and operate or enjoy any such franchises, rights, powers or privileges in excess of the amount paid to the State or to any political subdivision of the State as the consideration for the grant thereof or so capitalize any lease, contract of sale or contract for consolidation or merger of two or more electrical utilities or issue by way of substitution any capital stock, trust certificates, bonds, notes or other evidences of indebtedness or other securities for any consolidated or merged company exceeding the aggregate values of the properties so consolidated or merged plus any additional sum of money actually contributed in cash and any additional property or labor actually contributed; and the determination of such consideration or value as aforesaid shall be subject to the approval of the Commission. The Commission shall not permit any electrical utility to do any of the things that an electrical utility is forbidden by this section to do.