Article 7. Financing Provisions of California Public Utilities Code >> Division 5. >> Chapter 1. >> Article 7.
The Legislature finds and declares that financing the
acquisition of privately owned facilities of an electrical or gas
corporation by a municipal corporation not previously engaged in
furnishing electricity or gas to customers on a regular and ongoing
basis or by a redevelopment agency should be subject to the
investigation and safeguards provided by this article in the public
interest. The Legislature further finds and declares that the purpose
of this article is to ensure that the power to acquire and operate
these facilities is exercised in the wisest manner consistent with
its grant and in the public interest.
As used in this article:
(a) "Electrical corporation" means an electrical corporation as
defined in Section 218.
(b) "Gas corporation" means a gas corporation as defined in
(c) "Redevelopment agency" means a redevelopment agency as defined
in Section 34102 of the Health and Safety Code.
The use of certificates of participation by a municipal
corporation not previously engaged in furnishing electricity or gas
to customers on a regular and ongoing basis, or the use of any
evidence of indebtedness, including, but not limited to, certificates
of participation, by a redevelopment agency, for the acquisition of
all, or any portion, of the facilities of an electrical or gas
corporation for the purpose of furnishing electricity or gas to
customers is subject to an election held pursuant to Article 3
(commencing with Section 54380) of Chapter 6 of Part 1 of Division 2
of Title 5 of the Government Code, except that, in the case of any
acquisition by a redevelopment agency, the term "qualified voters,"
as used in Section 54380 of the Government Code, means those persons
who would be served by the facilities proposed to be acquired.