H*4546(Rat #0426, Act #0349 of 1996)  General Bill, By Klauber, Askins, Bailey, 
Carnell, Cato, C.D. Chamblee, Davenport, L.L. Elliott, R.C. Fulmer, Gamble, 
Haskins, R.J. Herdklotz, Kennedy, Knotts, Koon, Lanford, Law, Littlejohn, Mason, 
Meacham, Quinn, Rice, Riser, Sharpe, Simrill, D. Smith, R. Smith, Tripp, Vaughn, 
Whatley, Witherspoon, S.S. Wofford, H.G. Worley, D.A. Wright, W.J. Young and 
Young-Brickell
 A Bill to amend Section 58-27-1300, as amended, Code of Laws of South
 Carolina, 1976, relating to electric utilities and electric cooperatives, the
 disposition of properties, powers, franchises, or privileges, and the
 permission to sell certain out-of-state property, so as to delete references
 to out-of-state property, delete the requirement of a hearing, make the
 provisions of this Section applicable to "utility property", change from
 "initial purchase value" to "fair market value", and provide, among other
 things, for the definition of "utility property" for purposes of this
 Section.-amended title

   02/06/96  House  Introduced and read first time HJ-173
   02/06/96  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-174
   04/17/96  House  Committee report: Majority favorable with amend.,
                     minority unfavorable Labor, Commerce and Industry HJ-5
   04/24/96  House  Debate adjourned until Thursday, April 25, 1996 HJ-479
   05/01/96  House  Amended HJ-77
   05/01/96  House  Read second time HJ-79
   05/01/96  House  Roll call Yeas-91 Nays-0 HJ-79
   05/02/96  House  Read third time and sent to Senate HJ-39
   05/02/96  Senate Introduced and read first time SJ-39
   05/02/96  Senate Referred to Committee on Judiciary SJ-39
   05/08/96  Senate Committee report: Favorable Judiciary SJ-15
   05/16/96  Senate Read second time SJ-74
   05/16/96  Senate Ordered to third reading with notice of
                     amendments SJ-74
   05/21/96  Senate Read third time and enrolled SJ-21
   05/23/96         Ratified R 426
   05/29/96         Signed By Governor
   05/29/96         Effective date 05/29/96
   06/06/96         Copies available
   06/06/96         Act No. 349

AN ACT TO AMEND SECTION 58-27-1300, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ELECTRIC UTILITIES AND ELECTRIC COOPERATIVES, THE DISPOSITION OF PROPERTIES, POWERS, FRANCHISES, OR PRIVILEGES, AND THE PERMISSION TO SELL CERTAIN OUT-OF-STATE PROPERTY, SO AS TO DELETE REFERENCES TO OUT-OF-STATE PROPERTY, DELETE THE REQUIREMENT OF A HEARING, MAKE THE PROVISIONS OF THIS SECTION APPLICABLE TO "UTILITY PROPERTY", CHANGE FROM "INITIAL PURCHASE VALUE" TO "FAIR MARKET VALUE", AND PROVIDE, AMONG OTHER THINGS, FOR THE DEFINITION OF "UTILITY PROPERTY" FOR PURPOSES OF THIS SECTION.

Be it enacted by the General Assembly of the State of South Carolina:

Disposition of property; provisions amended

SECTION 1. Section 58-27-1300 of the 1976 Code, as amended by Act 449 of 1988, is further amended to read:

"Section 58-27-1300. No electrical utility, without the approval of the commission and compliance with all other existing requirements of the laws of the State in relation thereto, may sell, assign, transfer, lease, consolidate, or merge its utility property, powers, franchises, or privileges, or any of them, except that any electrical utility which has utility property, the fair market value of which is one million dollars or less, may sell, assign, transfer, lease, consolidate, or merge this property without prior approval of the commission. The commission may, at its discretion, hold a hearing on the request of an electrical utility to sell, assign, transfer, lease, consolidate, or merge its utility property, powers, franchises, or privileges, or any of them. An electric utility seeking approval of a transfer under this provision shall serve a copy of the application on the South Carolina Consumer Advocate. For purposes of this section, `utility property' shall include property used and useful to provide customers with electric service and which has been properly included in the electric utility's rate base, including construction work in progress or property held to serve future customers. Utility property that has been transferred to nonutility accounts shall continue to be treated as utility property under this provision for five years following the transfer."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 29th day of May, 1996.