V. Comments on Draft Decision
The draft decision of ALJ Grau was mailed to the parties in accordance with Pub. Util. Code § 311(g)(1) and Rule 77.7 of the Rules of Practice and Procedure. Comments were filed on ________, 2002. Reply comments were filed on ________, 2002.
1. Verizon requests exemption from Pub. Util. Code
§§ 816-830.
2. Verizon requests exemption from the Commission's Competitive Bidding Rule.
3. In D.89-10-031, the Commission concluded it retained its responsibility and authority over stock and security transactions consistent with §§ 816-830, established the NRF goal of financial and rate stability, and concluded that it would monitor applications filed under §§ 816-830 as one tool to achieve that goal.
4. The Commission has exempted utilities from the Competitive Bidding Rule for certain financial transactions.
5. The Commission has permitted certain energy utilities to submit the reports required by GO 24-B quarterly rather than monthly.
1. The request for exemption from the Commission's Competitive Bidding Rule is reasonable and should be granted for the financial transactions identified in the body of this decision.
2. The request for Pub. Util. Code §§ 816-830 exemption should be denied as not in the public interest, since the Commission's responsibility for and authority over stock and security transactions is an integral part of NRF.
IT IS ORDERED that:
1. This application for exemption from Pub. Util. Code §§ 816-830 is denied.
2. Verizon California Inc. (Verizon) is exempted from the Competitive Bidding Rules for §§ 816-830 debt issues with principal amounts greater than $200 million and for variable rate debt securities and negotiated financing transactions.
3. Verizon is permitted to submit the reports required by General Order 24-B quarterly.
4. This proceeding is closed.
This order is effective today.
Dated , at San Francisco, California.
