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NO. 18. AN ACT RELATING TO LEGISLATIVE REVIEW OF ELECTRIC INDUSTRY REGULATORY REFORM.

(S.192)

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1. ELECTRIC INDUSTRY REGULATORY REFORM; $70,000.00

APPROPRIATION; AUTHORIZATION

(a) In addition to any other authority granted for this purpose, the joint fiscal committee may authorize the joint fiscal office to contract for and retain electric utility consultants, legal services, and other personnel, and make any other expenditures needed to assist the general assembly in assessing and analyzing the public interests involved in the regulation of the electric industry, industry costs and financial data, and any other issue relating to regulatory reform of the electric industry in Vermont.

(b) The joint fiscal committee may authorize the joint fiscal office to spend up to $70,000.00 for these services. The expenditures authorized shall be transferred from the public service board to the joint fiscal committee.

(c) In addition to any other appropriations, there is hereby appropriated to the public service board in fiscal year 1997 the sum of $70,000.00 to fund the expenditures authorized by the joint fiscal committee.

(d) The board shall allocate all approved expenditures to the electric utility companies under the jurisdiction of the board. The allocation of costs shall be in proportion to the gross operating revenues of each company in the conduct of its public service business in this state for the most recent year for which such revenue figures are available.

Sec. 2. EFFECTIVE DATE

This act shall take effect upon passage.

Approved: May 8, 1997