1/24/07 N.Y. St. Reg. PSC-04-07-00015-P
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:
Proposed action:
The Commission is considering whether to accept, reject, or modify the request by Corning Natural Gas Corporation to have increased flexibility in the terms by which it is authorized to issue common stock, including attaching warrants to the shares. The modification relates to the remaining shares previously authorized by a prior order issued on Jan. 23, 2003.
Statutory authority:
Public Service Law, section 69
Subject:
Issuance of common stock.
Purpose:
To allow increased flexibility in the terms to issue the common stock already authorized in a prior order issued on Jan. 23, 2003.
Substance of proposed rule:
The commission is considering whether to accept, reject, or modify the request by Corning Natural Gas Corporation (Corning) to have increased flexibility in the terms by which it was previously authorized to issue up to 300,000 shares of Common Stock. The modification relates to the remaining shares previously authorized by the Commission's order issued on January 23, 2003. Corning now seeks to expand the purposes for which the stock sale proceeds can be used to paying down existing lines of credit, payment of current sinking fund obligations, and any other purpose permitted by law. Corning also seeks approval to couple warrants to purchase additional shares (above the 300,000 authorized) with the stock on condition that the issuance of those additional warranted shares remains subject to prior approval by the Commission. In addition, Corning seeks authorization to sell the stock, at its option, by means other than a public offering.
Text of proposed rule and any required statements and analyses may be obtained by filing a Document Request Form (F-96) located on our website http://www.dps.state.ny.us/f96dir.htm. For questions, contact:
Central Operations, Public Service Commission, Bldg. 3, Empire State Plaza, Albany, NY 12223-1350, (518) 474-2500
Data, views or arguments may be submitted to:
Jaclyn A. Brilling, Secretary, Public Service Commission, Bldg. 3, Empire State Plaza, Albany, NY 12223-1350, (518) 474-6530
Public comment will be received until:
45 days after publication of this notice.
Regulatory Impact Statement, Regulatory Flexibility Analysis, Rural Area Flexibility Analysis and Job Impact Statement
Statements and analyses are not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
