54-4-22 - Statements of valuations -- Affidavits -- Records of valuation. - Utah Statutes

54-4-22. Statements of valuations -- Affidavits -- Records of valuation.
The Public Service Commission must on or before the first day of December of each yearfurnish every public utility doing business in the state of Utah whose rates are based on thevaluation of its properties or the amount of its investments with blank forms providing spaces forstatements of the valuation of all of the properties of the public utilities located within this state.Said blank forms shall provide for whatever segregation or division of the values of saidproperties as the commission may require.
Each blank form shall have affixed thereto an affidavit which must be substantially asfollows:
"I, ____, do swear that I am ____ (position held), of the ____ (name of company), andthat as such I am in a position to know the valuations of both the tangible and intangibleproperties of the ____ (name of company), located in the state of Utah, and that to the best of myknowledge the above figures represent the true valuations of said properties at 12 noon on the firstday of January of the year ____".
Said affidavit in addition to the above must state the principal place of business of thepublic utility and other information required by the commission.
The Public Service Commission shall require every public utility doing business withinthe state of Utah whose rates are based on the valuation of its properties or the amount of itsinvestments to declare through its authorized agent on said blank forms the full value of all of thetangible and intangible properties of said utility which are located within the state of Utah, and itshall furthermore require that the valuation of the tangible properties be listed separately from theintangible properties. In making this declaration every public utility may take into considerationany increase or decrease in values of its property during the tax year last past and may raise orlower its declared true values accordingly.
The Public Service Commission shall also require that this blank form be filed with thecommission on or before a specific date each year to be determined by the commission, and shallrequire the affidavit of this blank form to be signed and sworn to by a duly qualified and actingofficer of the respective public utility in the manner provided by law. The Public ServiceCommission shall prepare each year a book to be called "Record of Valuations of UtilityCompanies," in which must be entered the names of every person, organization, or corporationengaged in any utility business in Utah together with the valuation of the tangible and thevaluation of the intangible properties of each of said person, organization, or corporation asdetermined and declared by the duly qualified officers of said public utilities and as declared andfiled in accordance with the provisions of this section or as otherwise determined by thecommission according to law. The Public Service Commission shall accept the values filed asprovided herein unless otherwise changed by the commission upon evidence taken by and filedwith the commission as the true values of the tangible and the intangible properties of the publicutility and these last declared values shall be the values upon which said utility might earn a fairreturn. Under no circumstances shall an increase in the rates of any public utility be foundjustified by the commission if the increase shall result in an earning by the respective utility of anamount greater than a fair return on the value of the properties of the public utility located in thestate of Utah as shown on the forms provided herein.

Amended by Chapter 75, 2000 General Session