"An Act relating to the regulation of water and sewer utilities of political subdivisions that are not in competition with other water and sewer utilities; and providing for an effective date. "
Section 1. Inserts language that includes water and sewer utilities under the exemption of RCA regulation.
Section 2. Adds to uncodified law language continuing any pending matters before the RCA and thereby not affecting those matters through this legislation. Additionally, rulings made by the RCA pending the effective date of the legislation remain in effect until the public body is established and completes a rate review process based on the utility's cost in a test year (test year not earlier than 2004).
Section 3. Adds to uncodified law language allowing the legislation to take effect only if the governing body establishes a separate body to continue the fair and open process of setting rates based on standard industry practices.
Section 4. Establishes the effective date as the day after the date the chair of the RCA notifies the lieutenant governor and the revisor of statutes under section 3(b) of this Act that a political subdivision has been created and functions according the intent of the legislation.