Ill. Admin. Code tit. 83, § 105.40 - Sales and Leases and Other Transactions which need not be filed or approved
a) Pursuant to
Section 7-102 of the Act, and subject to the other provisions of this Part, the
Commission hereby waives, as to all public utilities, the filing and necessity for
approval of:
1) sales of property involving a
consideration of not more than $300,000 for utilities with gross revenues in excess
of $50,000,000 annually and a consideration of not more than $100,000 for all other
utilities;
2) leases, easements and
licenses involving a consideration or rental of not more than $30,000 for utilities
with gross revenues in excess of $50,000,000 annually and a consideration or rental
of not more than $10,000 per year for all other utilities;
3) leases of office building space not required by
the public utility in rendering service to the public;
4) the temporary leasing, lending, or
interchanging of equipment in the ordinary course of business or in case of an
emergency; and
5) purchase-money
mortgages given by the public utility in connection with the purchase of tangible
personal property where the total obligation to be secured shall be payable within a
period not exceeding one year.
b) The foregoing waiver shall not apply to any
sale, lease, easement, license or other transaction involving more than 10 percent
of the assets of the public utility participating therein.
c) The foregoing waiver shall not apply to any
such sale, lease, easement, license or other transaction by a public utility with
its employees or their agents where the consideration therefor is more than $500 and
not determined in the manner provided by 83 Ill. Adm. Code
310.70
or by Section 2-328 of the Uniform Commercial Code [810 ILCS
5/2-328 ] and Section 1 of the Auction Sales Sign Act
[720 ILCS
225/1 ].
Notes
Amended at 19 Ill. Reg. 16821, effective January 1, 1996
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