§ 8-1-4-1 — Maturity dates

It shall be unlawful for the commission to
approve the issue of any stock, certificates of stock, bonds, notes
maturing more than twelve (12) months after the date thereof, or other
evidence of indebtedness, by any public utility except for cash or other
property actually received or to be received therefor by such utility,
when the total amount of such issue, together with the outstanding
stock, bonds, notes maturing more than twelve (12) months from the
date thereof, or other evidence of indebtedness of such public utility,
is in excess of the fair value of the property of such public utility,
including any acquisitions, construction, extensions, additions, and
betterments to such property to be financed in whole or in part by such
issue or the proceeds thereof, as found by the commission. Provided,
however, that any public utility corporation may issue as may any
corporation organized for profit under the laws of the state of Indiana,
its stock, certificates of stock, bonds, notes maturing more than twelve
(12) months from the date thereof, or other evidence of indebtedness,
in an amount not in excess of the value of the property of such public
utility, including acquisitions, construction, extensions, additions and
betterments to such property to be evidenced in whole or in part by
such issues or the proceeds thereof, as found by the commission,
subject, however, to the approval of such commission as to the
character of such issues and the relation in amount to each other of
bonds and stock.
Formerly: Acts 1923, c.65, s.1. As amended by P.L.23-1988,
SEC.36.