278.218 Approval of commission for change in ownership or control of assets

113 words·~1 min read·/ky/278-218

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

owned by utility.

(1)No person shall acquire or transfer ownership of or control, or the right to control,

any assets that are owned by a utility as defined under KRS 278.010(3)(a) without

prior approval of the commission, if the assets have an original book value of one

million dollars ($1,000,000) or more and:

(a)The assets are to be transferred by the utility for reasons other than

obsolescence; or

(b)The assets will continue to be used to provide the same or similar service to

the utility or its customers.

(2)The commission shall grant its approval if the transaction is for a proper purpose

and is consistent with the public interest.