Senate Bill 255 proposes significant amendments to the regulation of the Chippewa and Flambeau Improvement Company, primarily focusing on the management and financial operations related to its reservoir system. The bill allows the company to levy tolls for the acquisition and improvement of its reservoir system, which is currently prohibited. Additionally, it permits tolls to cover costs associated with taxes, depreciation, and working capital, while also changing the criteria for toll liability for water power operators. The bill removes previous restrictions on the issuance of negotiable bonds and the payment of dividends to stockholders while bonds are outstanding, thereby enhancing the company's financial flexibility.
Key changes include the elimination of the cap on the proportion of bond funding for acquiring dams and reservoirs, and the adjustment of tolls to reflect a broader range of operational costs. The bill also mandates that the company provide detailed financial statements to the Public Service Commission, ensuring transparency in its operations. Overall, these amendments aim to improve the operational efficiency and financial sustainability of the Chippewa and Flambeau Improvement Company while enhancing its ability to manage water resources effectively.
Statutes affected: Bill Text: 182.71(5)(b), 182.71, 182.71(5)(c), 182.71(5)(f), 182.71(6)(intro.), 182.71(6)(a), 182.71(6)(f), 182.71(7)(c), 182.71(7)(d), 182.71(8)
Text as Enrolled: 182.71(5)(b), 182.71, 182.71(5)(c), 182.71(5)(f), 182.71(6)(intro.), 182.71(6)(a), 182.71(6)(f), 182.71(7)(c), 182.71(7)(d), 182.71(8)