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(3) If, within 15 montha after the filing of an annual
report as required by Section 1-20.5-19, the Authority
finds that the utility exceeded the range of i.ts last
authorized rate of return, after an ad~ustment in rates
' as authorized by this subsection implemented within the
vear for which the report was filed or imglemented in
the preceding year, the Authority may order the utility .
to refund the difference plus interest to the ratepayers
and ad~ust rates accordingly. This provision shall not
be construed to require a bond or corporate undertaking
not otherwise required.
(4) Notwithstanding anything herein to the contrary, a
utility may not ad~ust it~ rates under this section more
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than two times in any 12-month period.
(5) The Authority may regularly, not less often than
once each year, establish by orde~c a leverage scale or
scales that reasonably refiect the range of returns on
common equity for an average water or sewer utility and
which, for purposes of this section, shall be used to
~ calculate the last authorized rate of return for any
utility which otherwise would have no established rate
of return. In any other proceeding in which an
suthorized rate of return is to be established, a
utility, in lieu of presenting evidence on its rate of
return on common equity, may move the Authority to adopt
` the range of rates of return on common equity that has
been established under this paragraph. BOOK ~5~ PACE
passages are deleted. Underlined passages are
added. -22-
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