South Carolina Code 58-27-1730. Investigation and hearing as to value of issue of securities; certificate of authority
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The Office of Regulatory Staff must thereupon make an investigation as may be necessary, at which investigation the electrical utility is entitled to be heard before the commission. The commission must determine whether the purpose of the issue is proper, value the property or services, if any, to be acquired by the issue, and find and determine the amount of such securities reasonably necessary for the purpose for which they are to be issued. To the extent that the commission approves the proposed issue, it must grant to the electrical utility a certificate of authority stating:
(1) the amount of the securities reasonably necessary for the purpose for which they are to be issued and the character of the securities; and
Terms Used In South Carolina Code 58-27-1730
- commission: means the Public Service Commission of this State. See South Carolina Code 58-27-10
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- rate: means and includes every compensation, charge, toll, rental, and classification, or any of them, demanded, observed, charged, or collected by any electrical utility for any electric current or service offered by it to the public and any rules, regulations, practices, or contracts affecting any such compensation, charge, toll, rental, or classification. See South Carolina Code 58-27-10
- regulatory staff: means the executive director or the executive director and the employees of the Office of Regulatory Staff. See South Carolina Code 58-27-10
- 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
(2) the value of any property or services, if any, to be acquired thereby. Nothing herein contained shall be construed to impose or imply any guaranty or obligation as to the securities on the part of the State or any agency thereof, nor shall the commission, by virtue of the approval of the issuance of such securities, be deemed to be required to prescribe or approve any rate for the reason that such rate may be necessary to provide funds reasonably sufficient to retire such securities or the interest thereon.