Bill Text: MN SF1198 | 2011-2012 | 87th Legislature | Introduced

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Bill Title: Public utilities charitable contributions and issuance of securities clarifications and modifications

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-04-14 - Referred to Energy, Utilities and Telecommunications [SF1198 Detail]

Download: Minnesota-2011-SF1198-Introduced.html

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A bill for an act

relating to utilities; making technical and clarifying changes relating to charitable
contributions and securities issuance by utilities; amending Minnesota Statutes
2010, sections 216B.16, subdivision 9; 216B.49, subdivision 3.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

    Section 1. Minnesota Statutes 2010, section 216B.16, subdivision 9, is amended to read:
    Subd. 9. Charitable contribution. The commission shall allow as operating
expenses only those charitable contributions which that the commission deems prudent and
which that qualify under section 290.21, subdivision 3, clause (b) 300.66, subdivision 3.
Only 50 percent of the qualified contributions shall be are allowed as operating expenses.

    Sec. 2. Minnesota Statutes 2010, section 216B.49, subdivision 3, is amended to read:
    Subd. 3. Commission approval required. It shall be is unlawful for any public
utility organized under the laws of this state to offer or sell any security or, if organized
under the laws of any other state or foreign country, to subject property in this state to
an encumbrance for the purpose of securing the payment of any indebtedness unless the
security issuance of the public utility shall is first be approved by the commission, either
as an individual issuance or as one of multiple possible issuances approved in the course
of a periodic proceeding reviewing the utility's proposed sources and uses of capital funds.
Approval by the commission shall must be by formal written order.