CERTIFICATION OF ENROLLMENT

                   SUBSTITUTE HOUSE BILL 1658

                    Chapter 15, Laws of 1997

                        55th Legislature

                      1997 Regular Session

SECURITIES ISSUANCE REGULATION--EXEMPTION OF ELECTRICAL AND NATURAL GAS COMPANIES

                    EFFECTIVE DATE:  7/27/97

Passed by the House March 11, 1997   Yeas 96   Nays 0              CLYDE BALLARD Speaker of the       House of Representatives Passed by the Senate April 7, 1997   Yeas 46   Nays 0

CERTIFICATE I, Timothy A. Martin, Chief Clerk of the House of Representatives of the State of Washington, do hereby certify that the attached is SUBSTITUTE HOUSE BILL 1658  as passed by the House of Representatives and the Senate on the dates hereon set forth.

BRAD OWEN President of the Senate

TIMOTHY A. MARTIN                           Chief Clerk

Approved April 15, 1997 Place Style On Codes above, and Style Off Codes below.

FILED                      April 15, 1997 - 5:17 p.m.

GARY LOCKE Governor of the State of Washington

Secretary of State                   State of Washington

          _______________________________________________

                    SUBSTITUTE HOUSE BILL 1658

          _______________________________________________

             Passed Legislature - 1997 Regular Session

State of Washington      55th Legislature     1997 Regular Session

By House Committee on Energy & Utilities (originally sponsored by Representatives Honeyford, Poulsen, Cooper, Crouse and Mastin)

Read first time 02/27/97.

Authorizing the utilities and transportation commission to exempt electrical and natural gas companies from securities regulation.    

    AN ACT Relating to the regulation of securities issuances by electrical and natural gas companies; and adding a new section to chapter 80.08 RCW.

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

NEW SECTION. Sec. 1.  A new section is added to chapter 80.08 RCW to read as follows:

    The commission may from time to time by order or rule, and subject to such terms and conditions as may be prescribed in the order or rule, exempt any security or any class of securities for which a filing is required under this chapter or any electrical or natural gas company or class of electrical or natural gas company from the provisions of this chapter if it finds that the application of this chapter to such security, class of securities, electrical or natural gas company, or class of electrical or natural gas company is not required by the public interest.

    Passed the House March 11, 1997.

    Passed the Senate April 7, 1997.

Approved by the Governor April 15, 1997.

    Filed in Office of Secretary of State April 15, 1997.