{"operation":"document","citation":"4 CCR 723-4 Rule 4105","title":"Securities and Liens","source_type":"regulation","agency":"Colorado Public Utilities Commission","status":"current","official":true,"published_on":null,"effective_on":null,"summary":"(a) Subject to the exception contained in paragraph (h) of this rule, a utility which either derives more than five percent of its consolidated gross revenues in Colorado as a public utility or derives a lesser percentage if its revenues are earned by supplying an amount of energy which equals five ","machine_formats":{"json":"https://regulus.evalyn.ai/document/co-ccr-4-723-4-4105.json","markdown":"https://regulus.evalyn.ai/document/co-ccr-4-723-4-4105.md"},"app_url":"https://regulus.evalyn.ai/document/co-ccr-4-723-4-4105","source_url":"https://www.sos.state.co.us/CCR/DisplayRule.do?action=ruleinfo&ruleId=2260&deptID=18&agencyID=96&deptName=Department%20of%20Regulatory%20Agencies&agencyName=Public%20Utilities%20Commission&seriesNum=4%20CCR%20723-4","body":"(a) Subject to the exception contained in paragraph (h) of this rule, a utility which\neither derives more than five percent of its consolidated gross revenues in\nColorado as a public utility or derives a lesser percentage if its revenues are\nearned by supplying an amount of energy which equals five percent or more of\nColorado's consumption shall file an application for Commission approval of any\nproposal to issue or to assume any security or to create a lien.\n(b) An application for the issuance or assumption of securities with a maturity of 12\nmonths or more or to create a lien shall include, in the following order and\nspecifically identified, the following information, either in the application or in\nappropriately identified attachments:\n(I) all information required in paragraphs 4002(b) and 4002(c);\n(II) the resolution of the applying utility’s board of directors approving the\nissuance, or assumption of the securities or to create a lien, together with,\nas applicable and available, the proposed indenture requirements, the\nmortgage note, the amendment to the loan contract, and the contract for\nsale of securities or creation of a lien;\n(III) a statement describing each short-term and long-term indebtedness\noutstanding on the date of the most recent balance sheet;\n(IV) a statement describing the classes and amounts of capital stock\nauthorized by the articles of incorporation and the amount by each class of\ncapital stock outstanding on the date of the most recent balance sheet;\n(V) a statement of capital structure showing common equity, long-term debt,\npreferred stock, if any, and pro forma capital structure on the date of the\nmost recent balance sheet giving effect to the issuance of the proposed\nsecurities. Debt and equity percentages to total capitalization, actual and\npro forma, shall be shown;\n(VI) a statement of the amount and rate of dividends declared and paid, or the\namount and year of capital credits assigned and capital credits refunded,\nduring the previous four calendar years including the present year to the\ndate of the most recent balance sheet;\n\n(VII) a statement describing the type and amount of securities to be issued; the\nanticipated interest rate or dividend rate; the redemption or sinking fund\nprovisions, if any; and, within ten days of their filing with the Securities and\nExchange Commission, the registration statement, related forms, and\npreliminary prospectus filed with the Securities and Exchange\nCommission relating to the proposed issuance;\n(VIII) a statement of proposed uses, including construction, to which the funds\nwill be or have been applied and a concise statement of the need for the\nfunds; and\n(IX) a statement of the estimated cost of financing.\n(c) For applications for the creation of a lien on the applying utility's property situated\nwithin the State of Colorado where the creation of the lien is not related to the\nissuance or assumption of a security, the application shall also include, in the\nfollowing order and specifically identified, the following information, either in the\napplication or in appropriately identified attachments:\n(I) a description of the property which will be subject to the lien;\n(II) the amount of the lien;\n(III) the proposed use of the funds to be received from the lien;\n(IV) the estimated cost for the creation of the lien;\n(V) the anticipated duration of the lien;\n(VI) the anticipated release date of the lien;\n(VII) the retirement payment plan to release the lien;\n(VIII) a description of how the applying utility will ensure that neither the creation\nof the lien nor the use of the proceeds will violate § 40-3-114, C.R.S.;\n(IX) a statement that, for the duration of the lien, the applying utility will advise\nthe Commission within ten days of any bankruptcy, foreclosure, or\nliquidation proceeding; and\n(X) a statement that the applying utility will advise the Commission within ten\ndays of any deviation from its lien retirement payment plan;\n(d) The Commission shall issue notice of the application, which shall set a ten-day\nintervention period and a hearing date.\n\n(e) Customer notice. Within three days after the filing of an application to issue or to\nassume a security, the applying utility shall publish notice of the filing of the\napplication in a newspaper of general circulation. The notice shall include, in\naddition to the information required by subparagraphs 4002(d)(I) - (XII), the\naddress of the applicant.\n(f) The applying utility shall file with the Commission the published notice and an\naffidavit of publication as soon as possible after the filing of the application. The\nCommission shall not grant the application without the notice and the affidavit of\npublication.\n(g) The Commission shall give priority to an application made pursuant to this rule\nand shall grant or deny the application within 30 days after filing, unless the\nCommission, for good cause shown, enters an order granting an extension and\nstating fully the facts necessitating the extension. The Commission shall approve\nor disapprove an application made pursuant to this rule by written order.\n(h) Pursuant to § 40-1-104, C.R.S., a utility may issue, renew, extend or assume\nliability on securities, other than stocks, with a maturity date of not more than 12\nmonths after the date of issuance, whether secured or unsecured, without\napplication to or order of the Commission provided that no such securities so\nissued shall be refunded, in whole or in part, by any issue of securities having a\nmaturity of more than 12 months except on application to and approval of the\nCommission.\n(i) Any security requiring Commission approval, but issued or assumed without such\napproval, shall be void.","truncated":false,"body_characters":5703}