Distribution facilities belonging to another electrical utility which, after July 9, 1973, are located in the present service area of the Public Service Authority as defined in Section 58-31-330, shall be acquired by the Public Service Authority within two years of July 9, 1973 and upon payment to the electrical utility concerned of just compensation therefor. Pending the acquisition of such facilities by the Public Service Authority, electrical service shall continue to be furnished by the electrical utility owning the facilities.
For the purposes of this section, "just compensation" shall consist of the total of the following:
(a) Reproduction cost, new, of the facilities being acquired, less depreciation on a straight line basis;
(b) Cost of reintegrating the system of the selling electrical utility after detaching the portion to be sold including allowance for idle substation capacity caused in the remaining portion of the system.
Just compensation shall otherwise be determined as provided in Section 58-27-1360.
HISTORY: 1962 Code Section 59-22; 1973 (58) 716.