South Carolina Code 58-31-110. Net earnings; disposition and use
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Terms Used In South Carolina Code 58-31-110
- best interests: means a balancing of the following:
(a) preservation of the financial integrity of the Public Service Authority and its ongoing operations;
(b) the interest of the Public Service Authority's residential, commercial and industrial retail customers, and those wholesale customers served pursuant to contractual arrangements, but excluding joint action agencies and those entities located outside the State, in reliable, adequate, efficient, and safe service, at just and reasonable rates, regardless of customer class;
(c) maintenance, preservation, and keeping of the Public Service Authority's properties and all additions and betterments thereto and extension thereof and every part and parcel in thereof, in good repair, working order and condition;
(d) the support of, economic development and job attraction and retention within the Public Service Authority's present service area or areas within the State authorized to be served by an electric cooperative or municipally owned electric utility that is a direct or indirect wholesale customer of the Authority, provided the remaining items of this subsection have been met; and
(e) subject to the limitations of § 58-31-30(B) and item (A)(3)(a) of this section, exercise of the powers of the Authority set forth in § 58-31-30 in accordance with good business practices and the requirements of applicable licenses, laws, and regulations. See South Carolina Code 58-31-55 - Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
The South Carolina Public Service Authority is a corporation, completely owned by and to be operated for the benefit of the people of this State. Any and all net earnings of the Public Service Authority not necessary for the prudent conduct and operation of its business in the best interests of the Public Service Authority as defined by § 58-31-55(A)(3) or to pay the principal of and interest on its bonds, notes, or other evidences of indebtedness or other obligations, or to fulfill the terms and provisions of any agreements made with the purchasers or holders thereof or others must be paid over semiannually to the State Treasurer for the general funds of the State and must be used to reduce the tax burdens on the people of this State. Nothing in this section shall prohibit the authority from paying to the State each year up to one percent of its projected operating revenues, as such revenues would be determined on an accrual basis, from the combined electric and water systems.