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2016 Utah Code
Title 54 - Public Utilities
Chapter 3 - Duties of Public Utilities
Section 26 - Retention of unclaimed capital credits by electric and telephone cooperatives -- Use of retained money -- Reporting requirements.

UT Code § 54-3-26 (2016) What's This?
Effective 5/10/2016
54-3-26. Retention of unclaimed capital credits by electric and telephone cooperatives -- Use of retained money -- Reporting requirements.
  • (1) As used in this section:
    • (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.
  • (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:
      • (i) a school;
      • (ii) a non-profit organization; or
      • (iii) a community organization.
  • (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.
  • (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.


Amended by Chapter 315, 2016 General Session

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