South Carolina General Assembly
114th Session, 2001-2002

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Bill 1180

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)


INTRODUCED

April 3, 2002

    S. 1180

Introduced by Judiciary Committee

S. Printed 4/3/02--S.

Read the first time April 3, 2002.

            

A JOINT RESOLUTION

TO APPROVE REGULATIONS OF THE PUBLIC SERVICE COMMISSION, RELATING TO THE AMOUNT OF THE BOND FOR WASTEWATER UTILITIES AND WATER UTILITIES, DESIGNATED AS REGULATION DOCUMENT NUMBER 2663, PURSUANT TO THE PROVISIONS OF ARTICLE 1, CHAPTER 23, TITLE 1 OF THE 1976 CODE.

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

SECTION    1.    The regulations of the Public Service Commission, relating to the amount of the bond for wastewater utilities and water utilities, designated as Regulation Document Number 2663, and submitted to the General Assembly pursuant to the provisions of Article 1, Chapter 23, Title 1 of the 1976 Code, are approved.

SECTION    2.    This joint resolution takes effect upon approval by the Governor.

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SUMMARY AS SUBMITTED

BY PROMULGATING AGENCY.

    26 S.C. Code Ann. Regs. 103-512.3.1 and 103-712.3.1 are being amended to comply with S.C. Code Ann. Section 58-5-720 (Supp. 2001).

    103-512.3.1.    This regulation is being amended to specify the amount of bond for wastewater utilities shall be based on, but not limited to, the total amount of the following categories of expenses for twelve months: Operation and Maintenance Expenses, General and Administrative Expenses, Taxes Other than Income Taxes, Income Taxes, and Debt Service Including Interest Expenses. Additionally, Regulation 103-512.3.1. is being amended by increasing the minimum and maximum amount of bonds that wastewater utilities must post with the Commission. Finally, Regulation 103-512.3.1. is being amended to instruct the Commission Staff to review the annual reports and certifications of wastewater utilities and to make recommendations for increasing or reducing the amount of the bond within the minimum and maximum limits prescribed by S.C. Code Ann. Section 58-5-720 (Supp. 2001).

    103-712.3.1.    This regulation is being amended to specify the amount of bond for water utilities shall be based on, but not limited to, the total amount of the following categories of expenses for twelve months: Operation and Maintenance Expenses, General and Administrative Expenses, Taxes Other than Income Taxes, Income Taxes, and Debt Service Including Interest Expenses. Additionally, Regulation 103-712.3.1. is being amended by increasing the minimum and maximum amount of bonds that water utilities must post with the Commission. Finally, Regulation 103-712.3.1. is being amended to instruct the Commission Staff to review the annual reports and certifications of water utilities and to make recommendations for increasing or reducing the amount of the bond within the minimum and maximum limits prescribed by S.C. Code Ann. Section 58-5-720 (Supp. 2001).

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