BILL ANALYSIS
Senate Research Center H.B. 474
79R2413 CBH-D By: West, George "Buddy" (Armbrister)
AUTHOR'S/SPONSOR'S STATEMENT OF INTENT
Current law requires that gas utilities report to the Railroad Commission of Texas (commission), within a reasonable time, a sale, acquisition, or lease of gas utility plant as an operating unit in Texas for which the total consideration is more than $1 million.
H.B. 474 amends Section 102.051 (Report of Certain Transactions; Railroad Commission Consideration), Utilities Code, to require that such reports be filed with the commission no later than 60 days after the transaction.
The amendment simply specifies a time for utilities to report to the commission information that they are already required to report. This ensures timely reporting of significant gas utility transactions.
RULEMAKING AUTHORITY
SECTION BY SECTION ANALYSIS
SECTION 1. Amends Section 102.051(a), Utilities Code, to require a gas utility, not later than the 60th day after the transaction takes effect, to report to the Railroad Commission of Texas certain amended events.
SECTION 2. Makes application of this Act prospective.
SECTION 3. Effective date: September 1, 2005.