§ 48:19-29 — Definitions.

1. As used in P.L.2023, c.315 (C.48:19-29 et seq.): "Adjusted weighted average cost of capital" means the weighted average of the debt and equity components of a utility's capital structure, where the equity component shall equal the equity rate approved by the board in the utility's most recent base rate case and the debt component shall equal the approved embedded long-term cost of debt (LTD), which component shall be adjusted semi-annually to reflect the actual embedded cost of LTD at the end of the RESIC recovery period, and which component shall not include short-term debt. "Board" means the Board of Public Utilities or any successor agency. "Depreciation expense" means the amount equal to the total amount of RESIC eligible investments, multiplied by the weighted composite depreciation rate on those assets utilizing depreciation rates, as most recently approved by the board. "In-service" means when a RESIC-eligible project has been substantially completed, is functioning in its intended purpose, and is used and useful for the provision of utility service. "Pre-tax adjusted weighted average cost of capital" means the adjusted weighted average cost of capital calculated on a pre-income tax basis. "Requirement" means a decision or regulation imposed on a utility by the State, including any political subdivision thereof, or the federal government, in connection with any of the following: the "Federal Water Pollution Control Act Amendments of 1972" (33 U.S.C. s.1251 et seq.); the federal "Safe Drinking Water Act" (42 U.S.C. 300f et seq.); any other law, order, or regulation administered by the United States Environmental Protection Agency, the United States Army Corps of Engineers, the United States Department of Transportation, the United States Department of Homeland Security, the New Jersey Office of Homeland Security and Preparedness, the New Jersey Department of Transportation, or the New Jersey Department of Environmental Protection; or d. a regulation imposed by any local government unit related to the provision of water or wastewater service, or both, or imposing more stringent standards than those adopted by law. "RESIC" means the Resiliency and Environmental System Investment Charge program, established pursuant to P.L.2023, c.315 (C.48:19-29 et seq.). "RESIC-cap" or "cap" means the maximum amount of RESIC revenues that a utility may recover, during the period the RESIC rate is in effect, through the assessment or surcharge computed pursuant to P.L.2023, c.315 (C.48:19-29 et seq.). "RESIC-eligible project" or "eligible project" means a water or wastewater system project, or both, with projected costs that are: non-revenue producing; specifically identified by the utility within its petition in support of a RESIC; not already being recovered through current base rates, as set by the utility's most recent base rate case proceeding or through another infrastructure surcharge mechanism; and approved by the board for inclusion in a RESIC in response to the utility's petition. "RESIC filing" means the semi-annual filing made by a utility pursuant to section 4 of P.L.2023, c.315 (C.48:19-32) for each RESIC recovery period, which filing contains actual data for the RESIC recovery period. "RESIC period" means the period of time between the effective date of the foundational filing and the rate effective date of the next base rate case. "RESIC rate" means the surcharge added to a utility customer's bill, calculated pursuant to the provisions of P.L.2023, c.315 (C.48:19-29 et seq.), which rate shall be assessed on the basis of meter charges or meter equivalent basis, and which shall remain in effect for the duration of the RESIC period. "RESIC recovery period" means the six-month period preceding each RESIC filing submitted pursuant to subsection b. of section 4 of P.L.2023, c.315 (C.48:19-32), provided that the RESIC-eligible project for which filing is submitted shall be completed and in-service during this period. "RESIC revenue requirement recovery amount" means the total eligible amount to be recovered through the RESIC rate, as calculated pursuant to section 7 of P.L.2023, c.315 (C.48:19-35). "Restoration costs" means costs necessary to restore construction to preconstruction condition or as dictated by federal, State, county, or municipal laws, rules, ordinances, orders, or regulations, including, but not limited to, paving, sidewalks, curbing, landscaping, and traffic control costs for RESIC-eligible projects approved in a foundational filing. "Revenue factor" means a gross-up for the associated revenue taxes, uncollectibles, board assessment, and Division of Rate Counsel assessment, adjusted to properly reflect the revenue required to generate the agreed upon rate of return. "Utility" means a water utility and wastewater utility as defined in this section. "Wastewater treatment service" means the management of wastewater and includes any activity related to the collection, storage, transport, handling, delivery, processing, treatment, or disposal of wastewater, and other similar activities. "Wastewater utility" means an investor-owned public utility, as defined in R.S.48:2-13, that provides wastewater treatment service. "Water utility" means an investor-owned public utility, as defined in R.S.48:2-13, that provides water service, or a municipal public utility that provides water service to more than 1,000 billed customers in another municipality and charges a different rate to customers inside the municipality than it charges customers outside of the municipality. L.2023, c.315, s.1.