Chapter 6 - Securities Issued By Gas And Electric Corporations
CHAPTER 6 - Securities Issued by Gas and Electric Corporations
37-6-101. Right to issue securities and create liens subject tocontrol of commission; purposes enumerated.
Theright of every gas corporation and of every electrical corporation operating asa public utility in the state of Wyoming to issue, assume or guarantee securitiesand to create liens on its property situated within the state of Wyoming is aspecial privilege, hereby subjected to the supervision and control of thepublic service commission of the state of Wyoming, as hereinafter in this actset forth. Such public utility when authorized by order of the commission andnot otherwise, may issue stocks and stock certificates and may issue, assume orguarantee other securities payable at periods of more than eighteen (18) monthsafter the date thereof, for the following purposes: for the acquisition ofproperty; for the construction, completion, extension or improvement of itsfacilities; for the improvement or maintenance of its service; for thedischarge or lawful refunding of its obligations; for the reimbursement ofmonies actually expended for said purposes from income or from other monies inthe treasury not secured by or obtained from the issue, assumption or guaranteeof securities, within five (5) years next prior to the filing of an applicationwith the commission for the required authorization; or for any other purposeapproved by the commission.
37-6-102. Application for authorization regarding securities; approvalor disapproval.
Suchpublic utility shall, by written petition, filed with the commission andsetting forth the pertinent facts involved, make application to the commissionfor an order authorizing the proposed issue, assumption or guarantee ofsecurities, and the application of the proceeds therefrom for the purposesspecified. The commission shall, after such hearing and upon such notice as thecommission may prescribe, enter its written order approving the petition andauthorizing the proposed securities transactions, unless the commission shallfind: that such transactions are inconsistent with the public interest; or thatthe purpose or purposes thereof are not permitted by this act; or that theaggregate amount of the securities outstanding and proposed to be outstandingwould exceed the fair value of the properties and business of the publicutility.
37-6-103. Securities which may be issued without approval; not to berefunded by stock without approval; securities exempted from chapter.
(a) Such public utility may issue suchsecurities other than stock or stock certificates, payable at periods of notmore than eighteen (18) months after date of issuance of the same, and securedor unsecured, without application to or order of the commission, but no suchsecurities so issued shall in whole or in part be refunded by any issue ofstocks, stock certificates or other securities having a maturity of more thaneighteen (18) months, except on application to and approval of the commission.
(b) The commission may from time to time by order or rule, andsubject to such terms and conditions as may be prescribed therein, exempt anysecurity or any class of securities for which an application is required underthis chapter or any public utility or class of public utility from theprovisions of this chapter if it finds that the application thereof to suchsecurity, class of securities, public utility or class of public utility is notrequired by the public interest.
37-6-104. Disposal of applications.
Allapplications for the issuance, assumption or guarantee of securities shall bedisposed of promptly, and within thirty (30) days after petition is filed withthe commission unless it is necessary, for good cause, to continue same for alonger period. Whenever such application is continued beyond thirty (30) daysafter the time it is filed the commission shall enter an order making suchcontinuance and stating fully the facts necessitating same.
37-6-105. State not obligated to pay or guarantee securities.
Noprovision of this act, or any act or deed done or performed in connectiontherewith shall be construed to obligate the state of Wyoming to pay orguarantee in any manner whatsoever any security authorized, issued, assumed orguaranteed under the provisions of this act.
37-6-106. Unapproved securities void; exception.
Allsecurities issued, assumed or guaranteed without application to or approval ofthe commission, provided herein, except the securities mentioned in W.S.37-6-103, shall be void.
37-6-107. Identification of certificates.
Thecommission shall provide by serial number or other device to be placed on theface thereof, for the proper and easy identification of such stock, stockcertificates, bonds, notes and other evidence of indebtedness as may be issuedby a public utility under the provisions of this act.