Hawaii Administrative Rules
Title 16 - DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
Chapter 601 - RULES OF PRACTICE AND PROCEDURE BEFORE THE PUBLIC UTILITIES COMMISSION
Subchapter 9 - APPLICATIONS TO ISSUE STOCK OR EVIDENCES OF INDEBTEDNESS, OR TO ASSUME LIABILITIES
Section 16-601-101 - Contents
Universal Citation: HI Admin Rules 16-601-101
Current through August, 2024
(a) An application for authority to issue stock and stock certificates or bonds, notes, leverage leases, and other evidences of indebtedness payable at periods of more than twelve months after the date thereof shall comply with sections 16-601-15 to 16-601-24 and section 16-601-74 and shall contain the following data either in the body of the application or in exhibits attached to the application:
(1) A general description of the applicant's
property and the types of public utility service it provides;
(2) The amount and kind of stock or other
evidence of interest or ownership that the applicant proposes to issue and, if
preferred, the nature and extent of the preferences; the amount of bonds,
notes, or other evidences of indebtedness that the applicant proposes to issue,
together with terms and rate of interest, and a description of the manner in
which the bonds, notes, or other evidences of indebtedness are to be secured,
if at all; the amount and description of the indebtedness that the applicant
proposes to assume, to the extent that information is known to the applicant at
the time the application is filed;
(3) If the issuance of securities is to be by
negotiated bid rather than by competitive bid, the justification for that
course of action;
(4) Purposes for
which the securities are to be issued, and:
(A) If for property acquisition, a detailed
description thereof, the consideration to be paid, and the method of arriving
at the amount;
(B) If for
construction, completion, extension, or improvement of facilities, a
description in reasonable detail, the cost or estimated cost, and any
supporting study to indicate the reason or necessity for the
expenditures;
(C) If for
improvement or maintenance of service, a statement of the specific need and
character of the improvements proposed and the reasons why service should be
maintained from capital;
(D) If for
discharge or refunding of obligations, a full description of the obligations to
be discharged or refunded, including the character, principal amount,
applicable discount or premium, date of issue, date of maturity, rate of
interest, and other material facts concerning the obligations, together with a
statement showing the purposes for which the obligations were issued or the
proceeds expended and the commission's decisions, if any, authorizing the
incurrence of the obligations;
(E)
If for reorganization or readjustment of indebtedness or capitalization or for
retirement or exchange of securities, a full description of the indebtedness or
capitalization to be readjusted or exchanged; complete terms and conditions of
the merger, consolidation, exchange, or other reorganization; a pro forma
balance sheet, if possible, giving effect to the reorganization, readjustment,
or exchange; and a statement of the reasons or necessity for the transaction;
or
(F) If for reimbursement of
moneys actually expended from income or from any other moneys in the treasury,
a general description of the expenditure for which reimbursement is sought, the
source of the expenditures, and the reason or necessity for the reimbursement;
and
(5) A description of
any obligation or liability to be assumed by the applicant as guarantor,
endorser, surety, or otherwise, the consideration to be received by the
applicant, and the reason or necessity for that action.
(b) The following exhibits shall be filed with the application:
(1) Financial statements
in accordance with sections 16-601-75 and 16-601-76;
(2) Copy of the instrument defining the terms
of the proposed securities, if available, unless previously filed with the
commission, in which event reference may be made to the proceeding in which it
was filed;
(3) Copy of each plan,
offer, or agreement for the reorganization or readjustment of indebtedness or
capitalization or for the retirement or exchange of securities, if
available;
(4) Copy of the
resolution by the applicant's board of directors originally authorizing the
proposed financing;
(5) Copy of
source and application of funds statement for the latest year and for each of
the succeeding five years ;
(6)
Statement of capital structure for latest year and for each of the succeeding
five years, including notes payable as debt;
(7) Statement showing interest coverage for
the latest year and for each of the succeeding five years;
(8) Where applicable, bond margin
calculations, including pro forma figures giving effect to the proposed
financing; and
(9) A statement of
all estimated expenses for issuance of
securities.
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