(a)  The proceedings for obtaining the consent and authority of the division for the security issue as provided in § 39-3-15 — § 39-3-23 shall be as follows:

(1)  In case the stocks, bonds, notes, or other evidence of indebtedness are to be issued for money only, the public utility shall file with the division a statement, signed and verified by the president and secretary thereof, setting forth:

(i)  The amount and character of the stocks, bonds, or other evidence of indebtedness;

(ii)  The purposes for which they are to be issued;

(iii)  The terms upon which they are to be issued;

(iv)  The total assets and liabilities of the public utility in such detail as the division may require;

(v)  If the issue is desired for the purpose of reimbursement of money expended from income, as herein provided, the amount expended, when and for what purposes expended; and

(vi)  Such other facts and information pertinent to the inquiry as the division may require.

(2)  If the stocks, bonds, notes, or other evidence of indebtedness are to be issued, partly, or wholly for property or services or other consideration than money, the public utility shall file with the division a statement, signed and verified by its president and secretary, setting forth:

(i)  The amount and character of the stocks, bonds, or other evidence of indebtedness proposed to be issued;

(ii)  The purposes for which they are to be issued;

(iii)  The description and value of the property or services for which they are to be issued;

(iv)  The terms on which they are to be issued or exchanged;

(v)  The amount of money, if any, to be received from the same in addition to the property, service, or other consideration;

(vi)  The total assets and liabilities of the public utility in such detail as the division may require; and

(vii)  Such other facts and information pertinent to the inquiry as the division may require.

Terms Used In Rhode Island General Laws 39-3-17

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Division: means the division of public utilities and carriers. See Rhode Island General Laws 39-1-2
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Public utility: means and includes every company that is an electric distribution company and every company operating or doing business in intrastate commerce and in this state as a railroad, street railway, common carrier, gas, liquefied natural gas, water, telephone, telegraph, and pipeline company, and every company owning, leasing, maintaining, managing, or controlling any plant or equipment, or any part of any plant or equipment, within this state for manufacturing, producing, transmitting, distributing, delivering, or furnishing natural or manufactured gas, directly or indirectly, to or for the public, or any cars or equipment employed on, or in connection with, any railroad or street railway for public or general use within this state, or any pipes, mains, poles, wires, conduits, fixtures, through, over, across, under, or along any public highways, parkways, or streets, public lands, waters, or parks for the transmission, transportation, or distribution of gas for sale to the public for light, heat, cooling, or power for providing audio or visual telephonic or telegraphic communication service within this state, or any pond, lake, reservoir, stream, well, or distributing plant or system employed for the distribution of water to the consuming public within this state, including the water supply board of the city of Providence; provided, that, except as provided in § 39-16-9 and in P. See Rhode Island General Laws 39-1-2

(b)  For the purpose of enabling the division to determine whether it should issue the order, it shall hold such hearings, make such inquiries or investigations, and examine such witnesses, books, papers, documents, and contracts as it may deem proper.

History of Section.
G.L. 1923, ch. 253, § 62; P.L. 1936, ch. 2345, § 1; G.L. 1938, ch. 122, § 58; G.L. 1956, § 39-3-17; P.L. 1997, ch. 326, § 106; P.L. 2020, ch. 79, art. 1, § 4.