US Laws, Codes, Statutes & Cases

                                  TITLE  61
                          PUBLIC UTILITY REGULATION
                                  CHAPTER 9
                            ISSUANCE OF SECURITIES
                             BY PUBLIC UTILITIES
    61-903.  SECURITIES WHICH MAY BE ISSUED WITHOUT ORDER OF COMMISSION. Such
public utility may issue securities, other than stock or stock certificates,
payable at periods of not more than twelve (12) months after date of issuance
of the same, secured or unsecured, and aggregating (together with all other
then outstanding notes and drafts of a maturity of one (1) year or less on
which such public utility is primarily or secondarily liable) not more than
five per cent (5%) of the par value or, in the case of securities having no
par value, the fair market value of the other securities of the public utility
then outstanding, without application to or order of the commission, but no
such securities so issued shall in whole or in part be refunded by any issue
of stocks, stock certificates or other securities having a maturity of more
than twelve (12) months, except on application to and approval of the
commission.