The proposed bill establishes the "Utility Oversight Fund" within the state treasury, which will consist of fees collected from public utilities, along with appropriations, gifts, grants, and investment earnings. The fund is intended to support the Public Regulation Commission in fulfilling its duties under the Public Utility Act, and any unspent balances will not revert to the general fund at the end of the fiscal year. The bill also amends existing sections of the Public Utility Act to increase certain fees, including the annual inspection and supervision fee for utilities, which will now be set at five hundred ninety thousandths percent of gross receipts from the previous calendar year. Additionally, the commission is granted the authority to adjust these fees annually until July 1, 2031, based on the employment cost index.

Furthermore, the bill modifies the collection and distribution of fees and penalties associated with the Public Utility Act. It mandates that all fees collected be credited to the newly created Utility Oversight Fund and allows the commission to bring legal action to collect any unpaid fees, interest, and penalties. The bill also specifies that penalties recovered will be deposited into the current school fund rather than the general fund. Overall, the legislation aims to enhance the financial resources available for utility oversight and ensure compliance among utilities operating within the state.

Statutes affected:
introduced version: 62-8-8, 62-8-9, 62-13-2, 62-14-8, 63-7-20, 63-7-21, 70-3-2