| (1) |
As used in this section:
Terms Used In Utah Code 54-3-26- Commission: means the Public Service Commission. See Utah Code 54-2-1
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
| (a) |
“Cooperative” means a:
| (i) |
distribution electrical cooperative, as defined in Section 54-2-1, that is incorporated in the state; or |
| (ii) |
telephone cooperative, as defined in Section 54-2-1, that is incorporated in the state. |
|
| (b) |
“Unclaimed capital credit” means a capital credit issued by a cooperative to the cooperative’s customer that is unclaimed on the last day of the year three years after the year in which the credit was issued. |
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| (2) |
A cooperative shall retain an unclaimed capital credit. |
| (3) |
A cooperative shall use the proceeds of a retained unclaimed capital credit to:
| (a) |
pay all or a portion of a low-income individual’s utility bills; |
| (b) |
provide scholarships to graduating high school seniors in the area where the cooperative provides service; or |
| (c) |
provide financial assistance to, in the area where the cooperative provides service:
| (ii) |
a non-profit organization; or |
| (iii) |
a community organization. |
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| (4) |
A cooperative shall establish criteria for recipients of the financial assistance described in this section that are based on:
| (a) |
a recipient’s financial or other needs; and |
| (b) |
the recipient community’s interests. |
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| (5) |
A cooperative shall submit a report, before November 1 of each year, to the Public Service Commission that describes:
| (a) |
the amount of unclaimed capital credits retained by the cooperative; |
| (b) |
the amount and recipients of financial assistance disbursed under this section; and |
| (c) |
the criteria used by the cooperative to determine the recipients and amount of financial assistance disbursed under this section. |
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Amended by Chapter 315, 2016 General Session
