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	Amend proposed Floor Amendment No. 1 by P. King to CSSB 482
(house committee printing) as follows:
	(1) On page 9, beginning on line 25, strike "the commission 
not less than 120 days before the closing of any transaction in 
which" and substitute "and obtain approval from the commission 
prior to closing any transaction in which".
	(2) On page 10, line 1, strike "." and substitute "; or".        
	(3) On page 10, line 2, insert the following:                                  
		"(3) a controlling interest or operational control of 
the electric utility or transmission and distribution utility will 
be transferred."
	(4) On page 10, line 2 strike Subsection (b) and substitute 
the following:   
	"(b) The commission shall approve a transaction under 
Subsection (a) if it finds that the transaction is in the public 
interest. In making its determination, the commission shall 
consider whether the transaction will adversely affect the 
reliability of service, availability of service, or cost of service 
of the electric utility or transmission and distribution utility."
	(5) On page 10, line 5, strike Subsection (c) and substitute 
the following:  
	"(c) The commission shall conclude its review under 
subsections (a) and (b) within 180 days of filing, without 
extension."
	(6) On page 10, line 18, insert new Subsection (e) to read as 
follows:       
	"(e) For a transaction described in Subsection (a) for which 
a definitive agreement was executed prior to April 1, 2007, the 
electric utility or transmission and distribution utility shall not 
be subject to Subsections (a) and (b); provided, however, that the 
electric utility, transmission and distribution utility, or a 
person seeking to acquire or merge with an electric utility or 
transmission and distribution utility, made a filing for review of 
the transaction, supported by sworn testimony pursuant to Section 
14.101 of this title prior May 1, 2007, and the resulting proceeding 
was not withdrawn."