(a) In its application for a certificate, the municipality shall file with the commission a verified application in such form as the commission shall by rule prescribe. It shall contain the following information:

(1) A description of the gas or electric utility property proposed to be acquired;

(2) The estimated costs of those properties and the proposed method of financing the acquisition of those properties;

(3) An analysis of the projected economic or financial impact on the municipality, the gas or electric public utility from which those properties will be acquired and its customers, and the local community where the property is located as a result of the acquisition and the operation of those properties by the municipality;

(4) The estimated effects on energy costs to the customers of the gas or electric public utility and the customers to be served by the municipality as a result of the acquisition and operation of those properties by the municipality;

(5) A statement of how the municipality will comply with all applicable laws and regulations to assure that the public health, safety, economy, and convenience will not be adversely affected;

(6) A demonstration that the municipality is technically and financially qualified to engage in the proposed activities in accordance with all applicable laws and regulations; and

(7) Such other information as the municipality may consider relevant or as the commission may by regulation or order require.

(b) In addition, the commission shall by rule or regulation require the filing of an exhibit containing an economic impact statement with the application. The statement shall fully develop the factors listed in subsection (a) of this section, treating in reasonable detail such consideration, if applicable, of the proposed acquisition's direct and indirect effect on:

(1) The municipality;

(2) The customers to be served by the municipality;

(3) The gas or electric public utility from which the properties will be acquired;

(4) The remaining customers of the gas or electric public utility; and

(5) The local economy.

(c) Promptly after filing, the staff of the commission shall invite comments from the gas or electric public utility which owns the property and all state agencies entitled to service under § 14-206-105 as to the adequacy of the municipality's statements. The invitation to comment shall advise the gas or electric public utility and the state agencies that comments must be received within sixty (60) days of the date of mailing or delivery thereof, unless the commission, upon request of the gas or electric public utility or an agency, approves a longer period for consideration.

(d) Upon review of those comments, if any, if the staff shall determine that the municipality failed to include or adequately develop an aspect of the acquisition of the property, it shall then issue a deficiency letter pointing out in detail all such specific deficiencies in the application. The deficiency letter shall be prepared and served upon the municipality no later than thirty (30) days after the last comments were filed. The municipality shall promptly respond to any deficiency letter.