South Carolina Code 58-27-1170. Commission may retain independent outside consultants; compensation
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 58-27-1170
- code: means The Uniform Commercial Code, Title 36 of the South Carolina Code of Laws. See South Carolina Code 58-27-1105
- commission: means the Public Service Commission of South Carolina. See South Carolina Code 58-27-1105
- electrical utility: is a s defined in § 58-27-10(7). See South Carolina Code 58-27-1105
- storm: means , individually or collectively, a named tropical storm or hurricane, a tornado, ice storm or snowstorm, flood, an earthquake, or other significant weather or natural disaster. See South Carolina Code 58-27-1105
- storm recovery bonds: means bonds, debentures, notes, certificates of participation, certificates of beneficial interest, certificates of ownership, or other evidences of indebtedness or ownership that are issued by an electrical utility or an assignee pursuant to a financing order, the proceeds of which are used directly or indirectly to recover, finance, or refinance commission-approved storm recovery costs and financing costs, and that are secured by or payable from storm recovery property. See South Carolina Code 58-27-1105
In connection with its responsibilities under this article, the commission may retain independent outside consultants to serve as advisors and counsel to the commission. Such consultants shall not have authority to direct how the electrical utility places the storm recovery bonds to market. Any such consultants will be subject to the same ex parte prohibitions contained in Chapter 3 of Title 58 as are applicable to the employees of the commission. The commission shall endeavor to retain such consultants in order to best control costs ultimately paid by customers. The compensation paid to such consultants may not exceed compensation generally paid by the regulated industry for such specialists. The consultants’ duty will be to the commission, and the consultants shall not have any financial interest in the storm recovery bonds or participate in the underwriting or secondary market trading of the storm recovery bonds. The commission is exempt from complying with the State Procurement Code in the selection and hiring of independent outside consultants authorized by this section.