Public utilities: transfer of moneys to a utility holding company.

Under existing law, the Public Utilities Commission has regulatory authority over public utilities, as defined. Under the Public Utilities Act, a public utility is required to seek commission approval prior to selling, leasing, assigning, mortgaging, or otherwise disposing of or encumbering any property necessary or useful in the performance of its duties to the public. This bill would prohibit a public utility from paying or transferring moneys to its holding company unless approved by a 23 vote of the public utility's ratepayers. Under existing law, a violation of the Public Utilities Act or any order, decision, rule, direction, demand, or requirement of the commission is a crime. Because the provisions of this bill would be a part of the act, the bill would impose a state-mandated local program by creating a new crime. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason.