54-8-27 - Bill for conversion costs -- Not to exceed estimate -- Payment within 30 days -- Accounting procedures.
54-8-27. Bill for conversion costs -- Not to exceed estimate -- Payment within 30days -- Accounting procedures.
Upon completion of the conversion contemplated by this chapter, the public utilitycorporation shall present the governing body with its verified bill for conversion costs ascomputed pursuant to Section 54-8-24 but based upon the actual cost of constructing theunderground facility rather than the estimated cost of the facility. In no event shall the bill forconversion cost presented by the public utility corporation exceed the amount of estimatedconversion costs by the public utility corporation. In the event the conversion costs are less thanthe estimated conversion costs, each owner within the improvement district shall receive thebenefit, prorated in such form and at such time or times as the governing body may determine.The bill of the public utility corporation shall be paid within 30 days by the governing body fromthe improvement district funds. In determining the actual cost of constructing the undergroundfacility the public utility shall use its standard accounting procedures, such as the UniformSystem of Accounts as defined by the Federal Communications Commission or the FederalPower Commission and as is in use at the time of the conversion by the public utility involved.
Enacted by Chapter 157, 1969 General Session