Utah Code 54-8-27. Bill for conversion costs — Not to exceed estimate — Payment within 30 days — Accounting procedures
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Utah Code 54-8-27
- Commission: means the Public Service Commission. See Utah Code 54-2-1
- conversion: means the removal of all or any part of any existing overhead electric or communications facilities and the replacement thereof with underground electric or communication facilities constructed at the same or different locations. See Utah Code 54-8-3
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: includes an association and a joint stock company having any powers or privileges not possessed by individuals or partnerships. See Utah Code 54-2-1
- Governing body: means the board of commissioners, city council, or board of trustees as may be appropriate depending on whether the improvement district is located in a county or within a city or town. See Utah Code 54-8-3
- Public utility: means any electric corporation or communications corporation that provides electric or communication service to the general public by means of electric or communication facilities. See Utah Code 54-8-3
Upon completion of the conversion contemplated by this chapter, the public utility corporation shall present the governing body with its verified bill for conversion costs as computed pursuant to Section 54-8-24 but based upon the actual cost of constructing the underground facility rather than the estimated cost of the facility. In no event shall the bill for conversion cost presented by the public utility corporation exceed the amount of estimated conversion costs by the public utility corporation. In the event the conversion costs are less than the estimated conversion costs, each owner within the improvement district shall receive the benefit, prorated in such form and at such time or times as the governing body may determine. The bill of the public utility corporation shall be paid within 30 days by the governing body from the improvement district funds. In determining the actual cost of constructing the underground facility the public utility shall use its standard accounting procedures, such as the Uniform System of Accounts as defined by the Federal Communications Commission or the Federal Power Commission and as is in use at the time of the conversion by the public utility involved.
Enacted by Chapter 157, 1969 General Session