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previously authorized rates. However, revenues ~
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collected under those rates sufficient to reduce the
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achieved rate of return to the maximum of the last
authorized rate of return shall be piaced under bond or
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corporate undertakin~ sub~ect to refund with interest at ~
a rate ordered by the Authority.
(3) The Authority shall determine whether corporate
. undertaking may be filed in lieu of the bond.
(b) In granting such relief, the Authority may, in an
ex edited hearing but within 60 days of the commencement of the
proceeding, upon petition or upon its own motion, preclude the
k recovery of any extraordinary or imprudently incurred
expenditures or, for good cause shown, increase the amaunt of the
bond or corporate undertaking.
(c) Any refund ordered by the Authority shall be calculated
to reduce the utility`s rate of return during the pendency of the
proceeding to the same level within the range of the newly
authorized rate of return which is found fair and reasonable on a
e pros ective basis, but the refund shall not be in excess of the
amount of the revenues collected sub~ect to refund ancl in
accordance with paragraph (a)(2). In addition, the Authority may
require interest on the refund at a rate established by the
Authority.
(d)(1) In setting interim rates or setting revenues
sub~ec~ to refund, the Authority shaii determine the
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revenue deficiency or excess by calculating the
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passages are deleted. Underl ne passages are
added. -25- ~
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