CHAPTER 4. PUBLIC UTILITY SECURITIES

IC 8-1-4
    Chapter 4. Public Utility Securities

IC 8-1-4-1
Maturity dates
    Sec. 1. It shall be unlawful for the commission to approve theissue of any stock, certificates of stock, bonds, notes maturing morethan twelve (12) months after the date thereof, or other evidence ofindebtedness, by any public utility except for cash or other propertyactually received or to be received therefor by such utility, when thetotal amount of such issue, together with the outstanding stock,bonds, notes maturing more than twelve (12) months from the datethereof, or other evidence of indebtedness of such public utility, is inexcess of the fair value of the property of such public utility,including any acquisitions, construction, extensions, additions, andbetterments to such property to be financed in whole or in part bysuch issue or the proceeds thereof, as found by the commission.Provided, however, that any public utility corporation may issue asmay any corporation organized for profit under the laws of the stateof Indiana, its stock, certificates of stock, bonds, notes maturing morethan twelve (12) months from the date thereof, or other evidence ofindebtedness, in an amount not in excess of the value of the propertyof such public utility, including acquisitions, construction,extensions, additions and betterments to such property to beevidenced in whole or in part by such issues or the proceeds thereof,as found by the commission, subject, however, to the approval ofsuch commission as to the character of such issues and the relationin amount to each other of bonds and stock.
(Formerly: Acts 1923, c.65, s.1.) As amended by P.L.23-1988,SEC.36.