Introduced Version






SENATE BILL No. 37

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 8-1-2-83.

Synopsis: Utility acquisition costs. Provides that the costs a public utility incurs in the acquisition of: (1) another public utility or a controlling interest in another public utility; or (2) an interest in a partnership, limited liability company, corporation, or any other person; may not be included in the rates charged to the public utility's customers.

Effective: July 1, 2005.





Antich-Carr




    January 4, 2005, read first time and referred to Committee on Homeland Security, Utilities, and Public Policy.







Introduced

First Regular Session 114th General Assembly (2005)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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SENATE BILL No. 37



    A BILL FOR AN ACT to amend the Indiana Code concerning utilities.

Be it enacted by the General Assembly of the State of Indiana:

    SECTION 1. IC 8-1-2-83 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 83. (a) No A public utility, as defined in section 1 of this chapter, shall may not sell, assign, transfer, lease, or encumber its franchise, works, or system to any other person, partnership, limited liability company, or corporation, or contract for the operation of any part of its works or system by any other person, partnership, limited liability company, or corporation, without the approval of the commission after hearing. And no such
     (b) A public utility may not, except temporarily or in case of emergency and for a period of not exceeding thirty (30) days, shall make any special contract at rates other than those prescribed in its schedule of rates theretofore previously filed with the commission, and in force, with any other utility for rendering any service to or procuring any service from such other utility, without the approval of the commission. It shall be lawful, However, for any a public utility to may make a contract for service to or from another utility at rates previously filed with and approved by the commission and in force.


    (b) (c) The approval of the commission of the sale, assignment, transfer, lease, or encumbrance of a franchise or any part thereof of a franchise under this section shall does not revive or validate any lapsed or invalid franchise, or enlarge or add to the powers and privileges contained in the grant of any franchise or waive any forfeiture. No such
     (d) A public utility shall may not directly or indirectly purchase, acquire, or become the owner of any of the property, stock, or bonds of any other public utility authorized to engage or engaged in the same or a similar business, or operating or purporting to operate under a franchise from the same or any other municipality or under an indeterminate permit unless authorized so to do by the commission.
    (c) Nothing contained in (e) This section shall does not prevent the holding of stock lawfully acquired before May 1, 1913, or prohibit, upon the surrender or exchange of said stock pursuant to under a reorganization plan, the purchase, acquisition, taking, or holding by the owner of a proportionate amount of the stock of any new corporation organized to take over at foreclosure or other sale, the property of the corporation whose stock has been thus surrendered or exchanged.
    (d) (f) Every contract by any public utility for the purchase, acquisition, assignment, or transfer to it of any of the stock of any other public utility by or through any person, partnership, limited liability company, or corporation without the approval of the commission shall be is void, and of no effect, and no such a transfer or assignment of such stock upon the books of the corporation pursuant to under any such contract shall be is not effective for any purpose.
     (g) The costs that a public utility incurs in the acquisition of:
        (1) another public utility or a controlling interest in another public utility; or
        (2) an interest in a partnership, limited liability company, corporation, or any other person;
may not be included in the rates charged to the public utility's customers.