66-1827. Encumbrance of property; limitation.
(1) A jurisdictional utility shall not subject property used in its intrastate natural gas utility business in this state to an encumbrance for the purpose of securing the payment of any new indebtedness or replacement indebtedness in an amount exceeding one hundred million dollars attributable to this state unless first approved by the commission. Approval or disapproval by the commission shall be by formal written order, which shall be issued within forty-five days of the filing of the application.
(2) Upon the application of a jurisdictional utility for approval of and prior to the encumbrances, the commission may make such inquiry or investigation, hold such hearings, and examine such witnesses, books, papers, documents, or contracts as in its discretion it may deem necessary. If the commission finds that the proposed financing is reasonable and proper and in the public interest and will not be detrimental to the interests of the ratepayers affected thereby, the commission shall by written order grant its permission for the proposed financing.
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