Texas Utilities Code 53.110 – Bonded Rates
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(a) A utility may put a changed rate into effect by filing a bond with the commission if:
(1) the 150-day suspension period has been extended under Section 53.108(b); and
(2) the commission fails to make a final determination before the 151st day after the date the rate change would otherwise be effective.
(b) The bonded rate may not exceed the proposed rate.
Terms Used In Texas Utilities Code 53.110
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(c) The bond must be:
(1) payable to the commission in an amount, in a form, and with a surety approved by the commission; and
(2) conditioned on refund.
(d) The utility shall refund or credit against future bills:
(1) money collected under the bonded rates in excess of the rate finally ordered; and
(2) interest on that money, at the current interest rate as determined by the commission.