Section 48:19-31 - RESIC implementation, board authorizationa.(1) The board shall authorize the implementation of a RESIC by a utility to recover costs associated with RESIC-eligible projects through an approved RESIC rate.(2) A utility that offers more than one regulated service may file a joint petition to establish a RESIC that includes RESIC-eligible projects for multiple regulated services or separate petitions to establish a separate RESIC for water and wastewater services, respectively. If a utility files separate petitions, each RESIC approved by the board shall be subject to its own respective RESIC-cap.b. To obtain authorization to implement a RESIC, the utility shall submit a foundational filing to the board. Whether filed separately or concurrently with a base rate case, the utility shall submit the following information with the foundational filing:(1) projected annual capital expenditures on RESIC-eligible projects for a three-year period, identified by major categories of expenditures;(2) actual annual capital expenditures on RESIC-eligible projects for the previous three years, identified by major categories of expenditures;(3) an engineering evaluation and report identifying the specific projects to be included in the proposed RESIC, with descriptions of project objectives, detailed cost estimates, and the estimated in-service dates for each project;(4) vintage, condition, or other similarly relevant and reasonably available information about the eligible infrastructure that is being rehabilitated or replaced, if applicable;(5) a forecast of RESIC-eligible capital expenditures for a three-year period setting forth annual planned capital expenditures;(6) the maximum dollar amount, in aggregate, the utility seeks to recover through the RESIC under the foundational filing; and(7) the estimated rate impact of the proposed RESIC on customers of the utility.c. In considering a utility's foundational filing in support of a RESIC, the board may require the utility to provide any supplemental information that the board deems necessary to evaluate the utility's foundational filing.d. Before the board approves a RESIC, the board shall conduct a public hearing in the utility's service territory, notice of which shall contain the maximum dollar amount the utility seeks to recover through its RESIC and the utility's estimated rate impact.e. A RESIC foundational filing shall not be approved unless a utility has had its base rates set by the board within the past three years and any prior RESIC rate was reset to zero through the current or prior base rate case. After a utility's RESIC rate has been reset to zero, a new foundational filing shall be approved before a new RESIC rate recovery may occur. A RESIC foundational filing may be approved concurrently with the setting of new base rates.f. The board shall act on each foundational filing no later than 120 calendar days after receiving the completed filing, except that if the foundational filing is submitted concurrent with a base rate case or during the pendency of a base rate case, the board may delay action until the effective date of the board's approval of the base rate case.Added by L. 2023, c. 315,s. 3, eff. 1/16/2024.