§ 8-1-30.3-6.6 — Alternate filing procedure for acquisition of offered utility with appraised value of $3,000,000 or less

Indiana § 8-1-30.3-6.6

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 30.3: Acquisition of Distressed Water or Wastewater

Text

6. (a) This section does not apply to a petition
that is filed with the commission under section 5 of this chapter before
July 1, 2024.
(b) Subject to subsection (d) and notwithstanding any other law or
any rule of the commission, including 170 IAC 1-6-1(b), if:
(1) the appraised value of the utility property to be acquired, as
determined under:
(A) section 5.5 of this chapter; or
(B) IC 8-1.5-2-5;
as applicable, does not exceed three million dollars ($3,000,000);
and
(2) the purchase price for the utility property is less than the
appraised value;
a utility company seeking to acquire the utility property of an offered
utility is not required to file a petition under section 5 of this chapter,
and may instead submit to the commission a filing to obtain the relief
set forth in section 5 of this chapter under the procedures set forth in
170 IAC 1-6, as modified by this section.
(c) A filing authorized under subsection (b) must include the
following:
(1) A copy of the purchase agreement entered into between the
acquiring utility company and the offered utility.
(2) A copy of the journal entry reflecting the accounting entries
recording the acquisition in accordance with section 5(f) of this
chapter.
(3) A copy of the appraisal of the utility property under:
(A) section 5.5 of this chapter; or
(B) IC 8-1.5-2-5;
as applicable.
(4) A statement of known infrastructure, environmental, or other
issues affecting the offered utility, and the process for
determining reasonable and prudent improvements upon
completing the acquisition.
(5) Any other information required to be submitted under the
procedures set forth in 170 IAC 1-6, as modified by this section.
(d) In an order approving a filing submitted under this section, the
commission:
(1) may only authorize the acquiring utility company to make
accounting entries recording the acquisition that reflect:
(A) the full purchase price, as set forth in section 5(f)(1) of this
chapter; and
(B) the estimated:
(i) incidental expenses, as set forth in section 5(f)(2) of this
chapter; and
(ii) other costs of acquisition, as set forth in section 5(f)(3) of
this chapter;
as the net original cost of the utility plant in service assets being
acquired; and
(2) shall provide that any:
(A) estimated incidental expenses, as set forth in section 5(f)(2)
of this chapter; or
(B) other estimated costs of acquisition, as set forth in section
5(f)(3) of this chapter;
are subject to a reasonableness review as part of the acquiring
utility company's next base rate case.

Legislative History

As added by P.L.34-2024, SEC.2.