§ 39-3-15 - Security issues for which permission required. - Rhode Island Statutes

SECTION 39-3-15

   § 39-3-15  Security issues for whichpermission required. – A public utility, as defined in § 39-1-2, may not, without application toand authority from the division, issue stocks, bonds, notes, or other evidencesof indebtedness, payable more than twelve (12) months from the date of issue,when necessary for the acquisition of property, the construction, completion,extension, or improvement of its facilities or for the improvement ormaintenance of its service, or for the reorganization or readjustment of itsindebtedness and/or capitalization, or for the discharge or lawful refunding ofits obligations, or for the reimbursement of money actually expended fromincome or from any other money in the treasury of the public utility notsecured or obtained from the issue of stocks, bonds, notes, or other evidencesof indebtedness of the public utility.

   This section shall not apply to, and a public utility shallnot be required to obtain the approval of the division for, the issuance oftransition bonds or engaging in any other transactions that are set forth in anapplication for a securitization order that is approved by the commissionpursuant to § 39-1-46.