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SF 1198

as introduced - 87th Legislature (2011 - 2012) Posted on 06/12/2012 02:45pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to utilities; making technical and clarifying changes relating to charitable
contributions and securities issuance by utilities; amending Minnesota Statutes
2010, sections 216B.16, subdivision 9; 216B.49, subdivision 3.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 216B.16, subdivision 9, is amended to read:


Subd. 9.

Charitable contribution.

The commission shall allow as operating
expenses only those charitable contributions deleted text begin whichdeleted text end new text begin that new text end the commission deems prudent and
deleted text begin whichdeleted text end new text begin that new text end qualify under section deleted text begin 290.21, subdivision 3, clause (b)deleted text end new text begin 300.66, subdivision 3new text end .
Only 50 percent of the qualified contributions deleted text begin shall bedeleted text end new text begin are new text end allowed as operating expenses.

Sec. 2.

Minnesota Statutes 2010, section 216B.49, subdivision 3, is amended to read:


Subd. 3.

Commission approval required.

It deleted text begin shall bedeleted text end new text begin is new text end unlawful for any public
utility organized under the laws of this state to offer or sell any security or, if organized
under the laws of any other state or foreign country, to subject property in this state to
an encumbrance for the purpose of securing the payment of any indebtedness unless the
security issuance of the public utility deleted text begin shalldeleted text end new text begin is new text end first deleted text begin bedeleted text end approved by the commissionnew text begin , either
as an individual issuance or as one of multiple possible issuances approved in the course
of a periodic proceeding reviewing the utility's proposed sources and uses of capital fundsnew text end .
Approval by the commission deleted text begin shalldeleted text end new text begin must new text end be by formal written order.