S.B. 555: COMMITTEE SUMMARY                                         PUBLIC UTILITIES SECURITIES

Senate Bill 555

Sponsor: Senator Mat J. Dunaskiss Committee: Financial Services

Date Completed: 9-13-95

SUMMARY OF SENATE BILL 555 as introduced 5-23-95:

The bill would repeal Public Act 144 of 1909, which regulates the issuance of stocks, bonds, and other evidence of indebtedness by certain public utilities.

MCL 460.301-460.303                                                                    Legislative Analyst: P. Affholter

FISCAL IMPACT

During the last couple of years, the Public Service Commission has been involved in a number of security cases, mostly cases that involved telecommunication companies. In total, 31 securities cases have been reviewed since January 1994. Ten of these cases involved rural electric cooperatives.

This bill would reduce the workload of the Public Service Commission, and the budget for FY 1995- 96 has been reduced in anticipation of the repeal of Public Act 144 of 1909.

Fiscal Analyst: K. Lindquist

S9596\S555SA

This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.

Page 1 of 1                                                                                                                      sb555/9596