(1)(a) The term securities, when used in
articles 1 to 7 of this title, includes stocks, bonds, notes, and other evidences of
indebtedness.
(b)The requirements of this section apply only to public utilities providing
electricity or gas service.
(2)The power of every gas corporation and of every electrical corporation
operating as a public utility as defined in section 40-1-103 that derives more than
five percent of its consolidated gross revenues in the state of Colorado as a public
utility, or derives a lesser percentage if said revenues are realized by supplying an
amount of energy which equals five percent or more of this state's consumption, to
issue or assume securities and to create liens on its property situated within this
state is a special privilege, hereby subjecte
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(1) (a) The term securities, when used in
articles 1 to 7 of this title, includes stocks, bonds, notes, and other evidences of
indebtedness.
(b) The requirements of this section apply only to public utilities providing
electricity or gas service.
(2) The power of every gas corporation and of every electrical corporation
operating as a public utility as defined in section 40-1-103 that derives more than
five percent of its consolidated gross revenues in the state of Colorado as a public
utility, or derives a lesser percentage if said revenues are realized by supplying an
amount of energy which equals five percent or more of this state's consumption, to
issue or assume securities and to create liens on its property situated within this
state is a special privilege, hereby subjected to the supervision and control of the
commission. Such public utility, when authorized by order of the commission and
not otherwise, may issue or assume securities with a maturity date of more than
twelve months after the date of issuance for the following purposes: The
acquisition of property; the construction, completion, extension, or improvement of
its facilities; the improvement or maintenance of its service; the discharge or lawful
refunding of its obligations; the reimbursement of moneys actually expended for
said purposes from income or from any other moneys in the treasury not secured by
or obtained from the issue of securities within five years next prior to the filing of an
application with the commission for the required authorization; or any of such
purposes or any other lawful purpose authorized by the commission.
(3) Such public utility, by written petition filed with the commission setting
forth the pertinent facts involved, shall make application to the commission for an
order authorizing the proposed issue or assumption of securities and the
application of the proceeds therefrom to the purpose specified. The commission,
with or without a hearing and upon such notice as the commission may prescribe,
shall enter its written order approving the petition and authorizing the proposed
securities transactions unless the commission finds that such transactions are
inconsistent with the public interest or that the purpose thereof is not permitted or
is inconsistent with the provisions of this section.
(4) Such public utility may issue or renew, extend, or assume liability on
securities, other than stocks, with a maturity date of not more than twelve months
after the date of issuance and secured or unsecured, without application to or order
of the commission; but no such securities so issued shall in whole or in part be
refunded by any issue of securities having a maturity of more than twelve months
except on application to and approval of the commission.
(5) All applications for the issuance or assumption of securities shall be
placed at the head of the commission's docket and shall be disposed of promptly,
within thirty days after the petition is filed with the commission unless it is
necessary for good cause to continue the same for a longer period. Whenever such
application is continued beyond thirty days after the time it is filed, the commission
shall enter an order making such continuance and stating fully the facts
necessitating the continuance.
(6) No provision of this section nor any act or deed performed in connection
therewith shall be construed to obligate the state of Colorado to pay or guarantee
in any manner whatsoever any security authorized, issued, or assumed under the
provisions of this section.
(7) All securities issued or assumed without application to and approval of
the commission, except the securities mentioned in subsection (4) of this section,
shall be void.
(8) The commission shall provide for a serial number or other device to be
placed on the face of any such securities for the proper and easy identification
thereof.
(9) Notwithstanding any provision of law to the contrary, the commission
may approve a petition from a public utility proposing an investment in any of the
following if the commission determines that such investment is not otherwise
inconsistent with the public interest or that such investment is not otherwise
inconsistent with this section:
(a) Any public-private initiative with the department of transportation, as
defined in section 43-1-1201 (3), C.R.S.;
(b) Bonds issued for turnpikes in accordance with part 2 of article 3 of title
43, C.R.S.; or
(c) Repealed.
(d) Any other public-private initiative program for transportation system
projects in Colorado authorized by law.