Oregon Administrative Rules
Chapter 860 - PUBLIC UTILITY COMMISSION
Division 37 - WASTEWATER SERVICE REGULATION FOR JOINT WATER/WASTEWATER UTILITIES
Section 860-037-0525 - Applications for Authority to Guarantee Indebtedness
Universal Citation: OR Admin Rules 860-037-0525
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The requirements of this rule apply to wastewater utilities seeking authority under ORS 757.440. Every applicant shall set forth in its application to the Commission, in the manner and form indicated, the following information that should, to the extent possible, be furnished for each person, firm, or corporation involved:
(a) The information required by OAR
860-037-0520(1)(a) to (g) inclusive;
(b) A full description of the securities the
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 wastewater utility;
(C) Does not impair its ability to perform
that service; and
(D) Reasonably
necessary or required for such purposes.
(2) Required Exhibits. The following exhibits shall be filed as part of the application:
(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 the 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 the 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
Stats. Implemented: ORS 756.040, 757.005, 757.061 & 757.440
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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