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 New York Codes Rules Regulations (Last Updated: March 27,2024)
 TITLE 16. Department of Public Service
 Chapter I. Rules of Procedure
 Subchapter C. Applications for Authority
 Article 4. Securities
 Part 37. Issuance of Stocks, Bonds, Notes or Other Evidences of Indebtedness: Gas, Electric, Steam, Waterworks, Telegraph and Telephone Corporations

  Sec. 37.2. Specific provisions for acquisition of property  

Latest version.
  • If securities are to be issued to acquire property [the petition duly verified shall state or contain]:
    (a) General description of the property to be acquired.
    (b) Consideration to be paid for property and copy of purchase agreement.
    (c) List of franchises, consents and rights to be acquired including the name of the grantor, date when granted, date of approval by this commission and number of case in which approval was granted and copy of said franchises, consents or rights duly certified by the proper official; consent to sale if any is required.
    (d) Inventory of the property proposed to be acquired with the original cost of such property, original cost being as defined in section 31.1(f) of this Subchapter.
    (e) In said inventory, the property shall be classified according to the requirements of the system of accounts prescribed by this commission applicable to the seller.
    (f) An estimate of the accrued depreciation in the property together with a statement of the method or methods used in arriving at such estimate.
    (g) The book cost, viz., amount at which said property is shown upon the balance sheet of the seller.
    (h) The depreciation and amortization reserves applicable to said property, estimated if not ascertainable from books and records.
    (i) A statement of contributions toward construction of said property, such contributions to be subdivided so as to show those subject to refund and those which are not.
    (j) Statement of operating revenues, expenses and taxes for each of the three calendar years preceding the date of the petition relating to the property to be sold and balance sheet of the seller for the latest available date.
    (k) At the hearing, the applicant shall be prepared to show by competent evidence the facts upon which it relies to establish that the transaction is in the public interest, that the property to be acquired is necessary to provide adequate service at reasonable rates and that the statements in the petition are true.