Oregon Administrative Rules
Chapter 860 - PUBLIC UTILITY COMMISSION
Division 27 - BUDGETS, FINANCE, ACCOUNTING AND ANNUAL REPORTS
Section 860-027-0035 - Applications by a Utility for Authority to Guarantee Indebtedness
Universal Citation: OR Admin Rules 860-027-0035
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The requirements of this rule will apply to any energy or large telecommunications utility seeking authority under ORS 757.440 and 759.350. Every applicant shall set forth in its application to the Commission, in the manner and form indicated, the following information which should, to the extent possible, be furnished for each person, firm, or corporation involved:
(a) The information required by OAR
860-027-0030(1)(a) to (g) inclusive;
(b) A full description of the securities for
which applicant proposes to assume obligation or liability as guarantor,
endorser, surety or otherwise;
(c)
The amount of other securities of said person, firm or corporation now held,
owned or controlled by the applicant;
(d) A statement as to whether or not any
application with respect to the transaction or any part thereof is required to
be filed with any federal or other state regulatory body;
(e) The reasons, in detail, why it is in
applicant's interest to guarantee such securities;
(f) The reasons, in detail, why it is
necessary for applicant to guarantee such securities; and
(g) The facts relied upon by the applicant to
show the assumption is:
(A) For some lawful
object within the applicant's corporate purposes and compatible with the public
interest;
(B) Necessary or
appropriate for or consistent with the applicant's proper performance of
service as a public or telecommunications utility;
(C) Will not impair its ability to perform
that service; and
(D) Reasonably
necessary or required for such purposes.
(2) Required Exhibits. There shall be filed with the application as part thereof the following exhibits:
(a) EXHIBIT A. A copy of the applicant's
charter or articles of incorporation with amendments to date;
(b) EXHIBIT B. A copy of the bylaws with
amendments to date;
(c) EXHIBIT C.
Copies of all resolutions of directors authorizing the assumption in respect to
which the application is made and, if stockholders' approval has been obtained,
a copy of the stockholders' resolution should also be furnished;
(d) EXHIBIT D. A copy of any mortgage,
indenture, or other agreement securing any security which it proposes to
guarantee; also, a copy of any mortgage, indenture, or other agreement securing
applicant's funded obligations;
(e)
EXHIBIT E. Balance sheets with supporting fixed capital or plant schedules in
conformity with the form set forth in the annual report which applicant is
required to file with the Commission;
(f) EXHIBIT F. A statement of all known
contingent liabilities, except minor items such as damage claims and similar
items involving relatively small amounts at the date of the
application;
(g) EXHIBIT G.
Comparative income statements in conformity with the form set forth in the
annual report which applicant is required to file with the
Commission;
(h) EXHIBIT H. An
analysis of surplus for the period covered by the income statements referred to
in Exhibit G; and
(i) EXHIBIT I. A
statement showing the present market value or other basis of determining the
value of the securities to be guaranteed.
Exhibits referenced are available from the agency.
Stat. Auth.: ORS 183, 756, 757 & 759
Stats. Implemented: ORS 757.440 & 759.335
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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