Section 757.400 – “Stocks” defined for ORS 757.400 to 757.460.
As used in ORS 757.400 to 757.460, “stocks” means stocks, stock certificates or other evidence of interest or ownership.
Section 757.405 – Power to regulate issuance of utility securities.
The power of public utilities to issue stocks and bonds, notes and other evidences of indebtedness and to create liens on their property situated within this state is a special privilege, the right of supervision, regulation, restriction and control of which is and shall continue to be vested in the state. Such power shall be […]
Section 757.410 – When issuance of securities is void.
All stocks and bonds, notes or other evidences of indebtedness, and any security of a public utility shall be void when issued: (1) Without an order of the Public Utility Commission authorizing the same then in effect except as provided in ORS 757.412 or 757.415 (3). (2) With the authorization of the commission, but not […]
Section 757.412 – Exemption from securities regulation.
Subject to such terms and conditions as the Public Utility Commission may prescribe, the commission, by rule or order, may exempt the following from any or all of the provisions of ORS 757.400 to 757.480, if the commission finds that application of the law is not required by the public interest: (1) Any stocks and […]
Section 757.415 – Purposes for which securities and notes may be issued; order required.
(1) Except as otherwise permitted by subsection (4) of this section, a public utility may issue stocks and bonds, notes and other evidences of indebtedness, certificates of beneficial interests in a trust and securities for the following purposes and no others: (a) The acquisition of property, or the construction, completion, extension or improvement of its […]
Section 757.417 – Limitation on application of ORS 757.415.
ORS 757.415 does not apply to the issuance, renewal or assumption of liability on any evidence of indebtedness when such issuance, renewal or assumption is for the purpose of acquiring specific real or personal property, if the aggregate principal amount thereof, together with all other then outstanding evidences of indebtedness issued, renewed or assumed under […]
Section 757.419 – Limitation on application of ORS 757.480.
ORS 757.480 does not apply to any mortgage or other encumbrance upon any real or personal property given to secure payment of any evidence of indebtedness issued under ORS 757.415. [1971 c.655 §89]
Section 757.420 – Hearings and supplemental orders relating to issuance of securities; joint approval of issuance by interstate utility.
(1) To enable the Public Utility Commission to determine whether the commission will issue an order under ORS 757.415, the commission may hold a hearing and may make such additional inquiry or investigation, examine such witnesses, books, papers, documents and contracts and require the filing of such data as the commission deems necessary. The application […]
Section 757.425 – State not obligated following approval of issuance.
No provision of ORS 757.405 to 757.450, and no deed or act done or performed under or in connection therewith, shall be held or construed to obligate the State of Oregon to pay or guarantee, in any manner whatsoever, any stock or bond, note or other evidence of indebtedness, authorized, issued or executed under the […]
Section 757.430 – Conditional approval of issuance authorized.
The Public Utility Commission may by order grant permission for the issue of stocks or bonds, notes or other evidences of indebtedness in the amount applied for, or in a lesser amount, or not at all, and may attach to the exercise of the permission such condition or conditions as the commission deems reasonable and […]
Section 757.435 – Disposal of proceeds from issuance of securities; rules.
(1) No public utility shall, without the consent of the Public Utility Commission, apply the issue of any stock or bond, note or other evidence of indebtedness, or any part or proceeds thereof, to any purpose not specified in the commission’s order, or to any purpose specified in the commission’s order in excess of the […]
Section 757.440 – Approval required before utility may guarantee another’s indebtedness.
No public utility shall assume any obligation or liability as guarantor, indorser, surety or otherwise in respect to the securities of any other person, firm or corporation, when such securities are payable at periods of more than 12 months after the date thereof, without first having secured from the Public Utility Commission an order authorizing […]
Section 757.445 – Wrongful issues or use of proceeds by utility.
No public utility shall directly or indirectly, issue or cause to be issued any stock or bond, note or other evidence of indebtedness, in nonconformity with the order of the Public Utility Commission authorizing the same or contrary to the provisions of ORS 757.400 to 757.460, or of the Constitution of this state, or apply […]
Section 757.450 – Wrongful acts relating to issuance of securities.
No person shall: (1) Knowingly authorize, direct, aid in, issue or execute, or cause to be issued or executed, any stock or bond, note or other evidence of indebtedness, in nonconformity with the order of the Public Utility Commission authorizing the same, or contrary to the provisions of ORS 757.400 to 757.460 or of the […]
Section 757.455 – Conservation program investment policy; application for bondable investments; utility rates to include investment costs.
(1) It is the policy of the Public Utility Commission of Oregon to encourage financing investments at the lowest possible cost to utility customers, including but not limited to conservation program expenditures. (2) If the commission decides that a public utility should defer and amortize certain conservation program expenditures, the public utility may apply to […]
Section 757.460 – Pledge of conservation investment assets as bond collateral; perfection of security interest; foreclosure.
(1) A public utility or finance subsidiary may pledge conservation investment assets as collateral for conservation bonds by providing for a security interest in the conservation investment assets. A security interest in conservation investment assets is created and perfected only upon entry of an order by the Public Utility Commission of Oregon approving a contract […]