FINAL BILL REPORT

SB 5668

                                  C 106 L 87

BYSenators Moore, Benitz, Newhouse, Stratton, Smitherman and Williams

Revising provisions on the issuance of securities by public service companies.

Senate Committee on Financial Institutions

House Committe on Energy & Utilities

SYNOPSIS AS ENACTED

BACKGROUND:

Presently, the Washington Utilities and Transportation Commission does not grant permission to a public service company to issue securities unless the Commission has approved the final terms of the issuance.

SUMMARY:

Any order issued by the Utilities and Transportation Commission that grants a public service company permission to issue securities may be based on reasonable estimates of the final terms, and such order may allow the public service company to complete the transaction if the final terms are within a range of conditions established by the Commission.  The conditions may include a range of time in which the securities may be issued, a range in the maximum amount of the issuance, a range in the cost of the issuance, and a range in the interest rate to be paid.

A statutory provision is repealed that requires a public service company issuing new securities to pay a fee based on the principal amount or stated value of the securities to the Utilities and Transportation Commission.

VOTES ON FINAL PASSAGE:

      Senate    46     0

      House 92   2

EFFECTIVE:July 26, 1987