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220 ILCS 5/6-108
(220 ILCS 5/6-108) (from Ch. 111 2/3, par. 6-108)
Sec. 6-108.
The Commission shall charge every public utility receiving
permission under this Act for the issue of stocks, bonds, notes and other
evidences of indebtedness an amount equal to 12 cents for every $100
of the
par or stated value of stocks, and 24 cents for every $100 of the
principal
amount of bonds, notes or other evidences of indebtedness, authorized by
the Commission, which shall be paid to the Commission no later than 30
days after service of the Commission order authorizing the issuance of
those stocks, bonds, notes or other evidences of indebtedness. Provided, that
if any such stock, bonds, notes or other evidences of indebtedness constitutes
or creates a lien or charge on, or right to profits from, any property not
situated in this State, this fee shall be paid only on the amount of any such
issue which is the same proportion of the whole issue as the property situated
in this State is of the total property on which such securities issue creates a
lien or charge, or from which a right to profits is established; and provided
further, that no public utility shall be required to pay any fee for permission
granted to it by the Commission in any of the following cases:
(1) To guarantee bonds or other securities.
(2) To issue bonds, notes or other evidences of indebtedness issued for
the purpose of converting, exchanging, taking over, refunding, discharging
or retiring any bonds, notes or other evidences of indebtedness except:
(a) When issued for an aggregate period of longer | | than 2 years for the purpose of converting, exchanging, taking over, refunding, discharging or retiring any note, or renewals thereof, issued without the consent of the State Public Utilities Commission of Illinois or the Public Utilities Commission or the Illinois Commerce Commission; or
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(b) When issued for the purpose of converting,
| | exchanging, taking over, refunding, discharging or retiring bonds, notes or other evidences of indebtedness issued prior to January 1, 1914, and upon which no fee has been previously paid.
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(3) To issue shares of stock upon the conversion of convertible bonds,
notes or other evidences of indebtedness or upon the conversion of
convertible stock of another class in accordance with a conversion
privilege contained in such convertible bonds, notes or other evidences of
indebtedness or contained in such convertible stock, as the case may be,
where a fee (in the amount payable under this Section in the case of
evidences of indebtedness) has been previously paid for the issuance of
such convertible bonds, notes or other evidences of indebtedness, or where
a fee (in the amount payable under this Section in the case of stocks) has
been previously paid for the issuance of such convertible stock, or where
such convertible stock was issued prior to July 1, 1951 and upon which no
fee has been previously paid, as the case may be.
(4) To issue shares of stocks for the purpose of redeeming or otherwise
retiring, or in exchange for, other stocks, where the fee for the issuance
of such other stocks has been previously paid, or where such other stocks
were issued prior to July 1, 1951 and upon which no fee has been previously
paid, as the case may be, but only to the extent that the par or stated
value of the shares of stock so issued does not exceed the par or stated
value of the other stocks redeemed or otherwise retired or exchanged.
All fees collected by the Commission under this Section shall be paid
within 10 days after the receipt of the same, accompanied by a detailed
statement of the same, into the Public Utility Fund in the State treasury.
(Source: P.A. 93-32, eff. 7-1-03.)
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