§ 8-1-2-78 — Stocks, bonds, commercial paper, and other evidences of indebtedness; authority to issue

A public utility, as defined in section 1 of this
chapter, may, with the approval of the commission, issue stock,
certificates of stock, bonds, notes, or other evidence of indebtedness
payable at periods of more than twelve (12) months after the date
thereof, for the purpose of and to the extent required for obtaining
funds sufficient for:
(a) the acquisition of property, material, or working capital;
(b) the construction, completion, extension, or improvement of its
facilities, plant, or distributing system;
(c) the improvement of its service;
(d) the discharge or lawful refunding of its obligations; or
(e) the reimbursement of its treasury for money actually expended
from income, or from any other money in the treasury of the
public utility, for such purposes, not secured or obtained from the
issue of stock, bonds, notes, or other evidence of indebtedness of
such public utility, where the applicant shall have kept its
accounts and vouchers of such expenditures in such manner as to
enable the commission to ascertain the amount of money so
expended and the purpose for which such expenditure was made.
Formerly: Acts 1913, c.76, s.90; Acts 1939, c.19, s.2; Acts
1941, c.37, s.2. As amended by P.L.59-1984, SEC.34.