Computation of interest on refunds of excess rates by public utilities

Checkout our iOS App for a better way to browser and research.

Notwithstanding any provision of law to the contrary, the lawful rate of interest which shall be paid on a refund of excess rates by any public utility which has put rates into effect under bond, as provided for in Sections 77-3-39, 77-3-69 and 77-3-71, shall be computed from the date of collection until the date refunds are made and shall be equal to a rate which is two percent (2%) above the average discount rate for the total period under bond, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the public utility has its principal place of business.


Download our app to see the most-to-date content.