9. Financial Information

We place Cal Am on notice that the reasonableness of any resulting interest rate and cost of money arising from debt capital as well as capital structures, are normally subject to review in the appropriate cost of capital or general rate case proceeding. Therefore, we will not make a finding in this decision of the reasonableness of the projected capital ratios for ratemaking purposes. We will not make a finding in this decision on the reasonableness of Cal Am's proposed construction program. Construction expenditures and the resulting plant balances in rate base are issues that are normally addressed in a general rate case or specific application. The authority to issue securities is distinct from the authority to undertake construction or the right to recover the cost of capital in rates.