10/24/07 N.Y. St. Reg. PSC-43-07-00022-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 or reject a petition filed by Corning Natural Gas Corporation (Corning, the company) to amend the commission order in this case to allow the company to issue preferred stock as well as common stock.
Statutory authority:
Public Service Law, section 69
Subject:
Issuance of preferred stock.
Purpose:
To allow Corning to issue and sell up to $14.9 million of preferred stock or common stock.
Substance of proposed rule:
Corning Natural Gas Corporation (Corning, the Company) requires funding to support major investment in improvements to the Company's system for providing service to its customers and for refunding of debt. The Company was authorized to issue up to $14.9 million of Common Stock. To have additional financial flexibility, the Company requests to be able to issue Preferred Stock as well as Common Stock under this authorization. The Commission is considering whether to approve or reject, Corning's request.
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.
