(1) The corporation may issue evidences of indebtedness payable within one year from the date of issue without such consent provided such borrowing is necessary as an emergency to restore service immediately after damage by disaster or provided its total evidences of indebtedness so payable within one year from the date of issue do not exceed 20 percent of its total assets. If such evidences of indebtedness would cause its total evidences of indebtedness so payable within one year to exceed 20 percent of its total assets, then it shall give the Commission notice in writing of its intention so to do at least 10 days before the date of the proposed issue and an itemization in such detailed form as the Commission may prescribe. If the Commission determines after considering the notice and the said corporation's report to the Commission that further inquiry is warranted, it shall order such corporation not to issue such evidences of indebtedness under this subdivision without the consent of the Commission given after opportunity for hearing; provided, however, that if the Commission does not make such an order within 10 days from the time it receives such notice under this subdivision, then such corporation may issue such evidences of indebtedness without the consent of the Public Utility Commission, and the Commission upon request shall so notify such corporation in writing; provided, however, that the failure of the Commission to so notify such corporation shall not affect the right of such corporation to issue the evidences of indebtedness described in its notice.

(2) Nothing in this section shall restrict the right of a common carrier by motor vehicle to issue evidences of indebtedness payable within one year from the date of issue without prior notice to or consent by the Commission.

(1) is incorporated in some state other than Vermont;

(2) is conducting an interstate and intrastate telephone business that is subject to regulation by the Federal Communications Commission in some respects;

(3) is conducting telephone operations in four or more states; and

(4) has less than 10 percent of its total investment in property used or useful in rendering service located within this State to the extent that such public utility may issue stock, bonds, notes, debentures, or other evidences of indebtedness not directly or indirectly constituting or creating a lien on any property used or useful in rendering service that is located within this State.

(2) If the Public Utility Commission does not issue its ruling within 90 days of the filing of the petition, as may be extended by consent of the municipality, the issuance of the proposed bonds or notes or pledge of net revenues shall be deemed to be consistent with the general good of the State.

(3) If the Public Utility Commission issues a ruling in accordance with subdivision (1) of this subsection, or does not rule within the period specified in subdivision (2) of this subsection, a municipality must also have obtained voter approval in accordance with 24 V.S.A. chapter 53, if required, prior to issuing bonds or notes or pledging its net revenues.

(1) issue bonds or notes or pledge its net revenues payable within three years from the date of issue without such consent, provided such borrowing is necessary in an emergency to restore service immediately after damage by disaster;

(2) issue bonds or notes or pledge its net revenues payable within one year of the date of issuance without the consent otherwise required by this subdivision, provided its total bonds, notes, or evidences of indebtedness so payable within one year do not exceed 20 percent of its total assets; or

(3) issue bonds or notes without the consent otherwise required by this subdivision, provided: