PSC-34-09-00018-P Issues of Stock, Bonds and Other Forms of Indebtedness and Charges

8/26/09 N.Y. St. Reg. PSC-34-09-00018-P

NEW YORK STATE REGISTER

VOLUME XXXI, ISSUE 34

August 26, 2009

RULE MAKING ACTIVITIES

PUBLIC SERVICE COMMISSION

PROPOSED RULE MAKING

NO HEARING(S) SCHEDULED

 

I.D No. PSC-34-09-00018-P

Issues of Stock, Bonds and Other Forms of Indebtedness and Charges

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 the petition of Long Island Water Corporation d/b/a Long Island American Water for authority to issue and sell up to $20 million of long-term debt.

Statutory authority:

Public Service Law, section 89-f

Subject:

Issues of stock, bonds and other forms of indebtedness and charges.

Purpose:

To allow Long Island Water Corporation to issue and sell up to $20 million in debt.

Text of proposed rule:

The Public Service Commission is considering whether to approve, deny or modify, in whole or in part, a petition by Long Island Water Corporation, d/b/a Long Island American Water (LIWC) to issue and sell long-term debt in one or more offerings from time to time up until December 31, 2010, in an aggregate amount not to exceed $20,000,000 consisting of one or more series of general mortgage bonds, notes or other evidence of indebtedness. LIWC also requests authority to execute and deliver one or more supplemental mortgage indentures, loan agreements, notes and such other documents related to the issuance of the long-term debt as well as take other such actions as LIWC determines may be necessary in connection with the issuance of long-term debt. The proceeds from long-term debt will provide funds for capital projects or to pay down short-term borrowings accumulated to date.

The Commission shall consider all other 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.state.ny.us/f96dir.htm. For questions, contact:

Leann Ayer, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, [phone], email: [e-mail]

Data, views or arguments may be submitted to:

Jaclyn A. Brilling, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, [phone], email: [e-mail]

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.

(09-W-0596SP1)