| (a) If a utility that is required by law to possess
a certificate of convenience and necessity (CCN) receives notice that
all or a portion of the utility's or system's facilities or property
used to provide utility service is being posted for foreclosure, the
utility shall notify the commission in writing of that fact and shall
provide a copy of the foreclosure notice to the commission not later
than the tenth day after the date on which the retail public utility
or system receives the notice.
(b) A person other than a financial institution that
forecloses on facilities used to provide utility service shall not
charge or collect rates for providing retail public water or sewer
service unless the person has a completed application for a CCN or
to transfer the current CCN on file with the commission within 30
days after the foreclosure is completed.
(c) A financial institution that forecloses on a utility
or on any part of the utility's facilities or property that are used
to provide utility service is not required to provide the 120-day
notice prescribed by TWC §13.301, but shall provide written notice
to the commission before the 30th day preceding the date on which
the foreclosure is completed.
(d) The financial institution may operate the utility
for an interim period not to exceed 12 months before selling, transferring,
merging, consolidating, acquiring, leasing, or renting its facilities
or otherwise obtaining a CCN unless the commission in writing extends
the time period for good cause shown. A financial institution that
operates a utility during an interim period under this subsection
is subject to each commission rule to which the utility was subject
and in the same manner.
(e) Not later than the 48th hour after a retail public
utility files a bankruptcy petition, the retail public utility shall
report this fact to the commission and the TCEQ in writing.
|
