§ 62-135. Temporary rates under bond. - North Carolina Statutes

§ 62‑135. Temporary rates under bond.

(a)        Notwithstanding an order of suspension of an increase inrates, any public utility except a common carrier may, subject to theprovisions of subsections (b), (c) and (d) hereof, put such suspended rate orrates into effect upon the expiration of six months after the date when suchrate or rates would have become effective, if not so suspended, by notifyingthe Commission and its consumers of its action in making such increase not lessthan 10 days prior to the day when it shall be placed in effect; provided,however, that utilities engaged in the distribution of utility commoditiesbought at wholesale by the utility for distribution to consumers may put suchsuspended rate or rates, to the extent occasioned by changes in the wholesalerate of such utility commodity, into effect at the expiration of 30 days afterthe date when such rate or rates would become effective if not so suspended;provided that no rate or rates shall be left in effect longer than one year unlessthe Commission shall have rendered its decision upon the reasonableness thereofwithin such period. This  section to become effective July 1, 1963.

(b)        No rate or rates placed in effect pursuant to this sectionshall result in an increase of more than twenty percent (20%) on any singlerate classification of the public utility.

(c)        No rate or rates shall be placed in effect pursuant to thissection until the public utility has filed with the Commission a bond in areasonable amount approved by the Commission, with sureties approved by theCommission, or an undertaking approved by the Commission, conditioned upon therefund in a manner to be prescribed by order of the Commission, to the personsentitled thereto of the amount of the excess plus interest from the date thatsuch rates were put into effect, if the rate or rates so put into effect arefinally determined to be excessive. The amount of said interest shall bedetermined pursuant to G.S. 62‑130(e).

(d)        If the rate or rates so put into effect are finallydetermined  to be excessive, the public utility shall make refund of the excessplus interest to its customers within 30 days after such final determination,and the Commission shall set forth in its final order the terms and conditionsfor such refund. If such refund is not paid in accordance with such order, anypersons entitled to such refund may sue therefor, either jointly or severally,and be entitled to recover, in addition to the amount of the refund, all courtcosts and reasonable attorney fees for the plaintiff, to be fixed by the court.(1933, c. 307, s. 7; 1959,c. 422; 1963, c. 1165, s. 1; 1981, c. 461, s. 2.)