6. Fee

Whenever the Commission authorizes a utility to issue debt and preferred stock, the Commission is required to charge and collect a fee pursuant to §§ 1904(b) and 1904.1. A fee is not applicable on any such issues used to guarantee, take over, refund, discharge, or retire any stock, bond, note, or other evidence of indebtedness on which a fee has theretofore been paid to the Commission. (§ 1904.1.)

Of the $20 million of requested long-term debt, $18 million will be used to retire and replace existing long-term debt for which the fee was previously paid to the Commission. Hence, only the $2 million of the proposed financing proceeds is subject to a fee. If Park actually uses any of the $18 million designated for purposes other than the retirement or refund of indebtedness previously issued, it shall notify the Commission in writing, pay the corresponding fee, and identify in its next Debt Securities report after issuance how it used the $18 million of long-term debt earmarked to replace existing long-term debt.

Park shall remit the required $3,000 fee to the Commission's Fiscal Office.⁵ The authority granted by this decision shall not become effective until Park remits the $3,000 fee to the Commission's Fiscal Office.

⁵ The fee is assessed on $2 million of authorized Long-Term New First Mortgage Bonds as follows: ($2 times ($1,000,000/$1,000) plus ($1 times $1,000,000/$1,000) equals $3,000.