8/14/13 N.Y. St. Reg. PSC-33-13-00030-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 approve, reject or modify, in whole or in part, a petition filed by Orange and Rockland Utilities, Inc. requesting permission to issue and sell securities.
Statutory authority:
Public Service Law, section 69
Subject:
Issuance of securities.
Purpose:
To permit the Company to issue and sell securities.
Substance of proposed rule:
On July 12, 2013, Orange and Rockland Utilities, Inc (Company) submitted a petition (Petition) requesting Commission approval to issue and sell securities. The proposed agency action would permit the Company (i) to issue and sell not to exceed $305 million aggregate principal amount of unsecured debt obligations of the Company having a maturity of more than one year for purposes of reimbursement of the Company’s treasury for moneys expended for capital purposes (ii) to enter into or continue one or more revolving credit agreements and to issue and sell not to exceed $250 million aggregate principal amount at any time outstanding of unsecured debt obligations having a maturity of more than one year pursuant to the Revolver(s), such issuance and sale to be for purposes of reimbursement of the Company’s treasury for moneys expended for capital purposes and (iii) to issue and sell an aggregate amount of unsecured debt obligations having a maturity of more than one year (the “Refunding Debt” (a) not to exceed $125 million aggregate principal amount of outstanding debt securities of the Company to be refunded with the Refunding Debt (“Old Debt”) and (b) the costs of such refunding (including any premium), the net proceeds from the sale of which are to be applied solely and exclusively to refund Old Debt. The Commission may decide to approve, reject or modify the Petition, in whole or in part. The Commission may also address related matters.
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.ny.gov/f96dir.htm. For questions, contact:
Deborah Swatling, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 486-2659, email:
Deborah.Swatling@dps.ny.govData, views or arguments may be submitted to:
Jeffrey C. Cohen, Acting Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 408-1978, email:
secretary@dps.ny.govPublic 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.
