| This bill removes the constraint that a consumer-owned water |
| utility may use its contingency reserve allowance only for |
| operating expenses and debt service costs and eliminates the need |
| to maintain a separate contingency reserve account. The bill |
| replaces accumulation limitations that trigger review by the |
| Public Utilities Commission with a single accumulation trigger |
| that is consistent with elimination of the separate contingency |
| fund. The bill replaces a public hearing requirement with a |
| requirement to report to the commission if certain limitations |
| are reached. |
