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UTAH STATUTES AND CODES
54-4-31 - Electrical corporation to issue securities only on consent of commission -- Exceptions -- Validity of securities.
54-4-31. Electrical corporation to issue securities only on consent of commission --Exceptions -- Validity of securities.
(1) Except as provided by Subsection (2) or (4), without prior written approval of thecommission, no electrical corporation may:
(a) issue any security; or
(b) assume any obligation or liability as guarantor, endorser, surety, or otherwise, for anysecurity of another person relating to the financing of pollution control revenue bonds.
(2) (a) Authorization of the commission is not required for the issuance or renewal of, orassumption of liability on, a note or draft if:
(i) the maturity date of the note or draft is not more than one year after the date of theissue, renewal, or assumption of liability; and
(ii) the aggregate value of the note or draft together with all other outstanding notes anddrafts of a maturity of one year or less on which the public utility is primarily or secondarilyliable is not more than 5% of the par value of the other outstanding securities of the public utility.
(b) In the case of securities having no par value, the par value for the purpose of thissection is the fair market value as of the date of issue.
(3) Any securities issued pursuant to an order entered by authority of this section shall bevalid notwithstanding the outcome of any further proceedings, unless:
(a) application for stay is filed with a court of competent jurisdiction within five daysfollowing the issuance of the order; and
(b) a stay is entered by the commission or a court of competent jurisdiction within 10days after the order is issued.
(4) The commission may by rule, or by order pursuant to standards promulgated by rule,exempt any security, class of securities, electrical corporation, or class of electrical corporationfrom the requirement of Subsection (1), subject to any terms and conditions prescribed in theorder or rule, if it finds that the application of Subsection (1) to the security, class of securities,electrical corporation, or class of electrical corporation is not required by the public interest.
(1) Except as provided by Subsection (2) or (4), without prior written approval of thecommission, no electrical corporation may:
(a) issue any security; or
(b) assume any obligation or liability as guarantor, endorser, surety, or otherwise, for anysecurity of another person relating to the financing of pollution control revenue bonds.
(2) (a) Authorization of the commission is not required for the issuance or renewal of, orassumption of liability on, a note or draft if:
(i) the maturity date of the note or draft is not more than one year after the date of theissue, renewal, or assumption of liability; and
(ii) the aggregate value of the note or draft together with all other outstanding notes anddrafts of a maturity of one year or less on which the public utility is primarily or secondarilyliable is not more than 5% of the par value of the other outstanding securities of the public utility.
(b) In the case of securities having no par value, the par value for the purpose of thissection is the fair market value as of the date of issue.
(3) Any securities issued pursuant to an order entered by authority of this section shall bevalid notwithstanding the outcome of any further proceedings, unless:
(a) application for stay is filed with a court of competent jurisdiction within five daysfollowing the issuance of the order; and
(b) a stay is entered by the commission or a court of competent jurisdiction within 10days after the order is issued.
(4) The commission may by rule, or by order pursuant to standards promulgated by rule,exempt any security, class of securities, electrical corporation, or class of electrical corporationfrom the requirement of Subsection (1), subject to any terms and conditions prescribed in theorder or rule, if it finds that the application of Subsection (1) to the security, class of securities,electrical corporation, or class of electrical corporation is not required by the public interest.
Amended by Chapter 206, 1997 General Session
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