Substitute House Bill 422 Summary

• Large water-works or sewage disposal system companies (with annual operating revenues of $250,000 or more) may purchase municipal water-works or sewage disposal systems with Public Utilities Commission approval if the acquisition is determined to be just and reasonable.

• Acquiring companies must obtain three independent appraisals from utility-valuation experts mutually selected by both parties, with the average of the three appraisals used as fair market value for the acquisition.

• The Public Utilities Commission must maintain a list of qualified utility-valuation experts and establish reasonable criteria for inclusion on the list.

• Petitions for acquisition approval are deemed approved if the Commission fails to issue a final order within 270 days of filing, unless review is suspended for good cause.

• The bill releases restrictions and conditions on real estate previously conveyed to Miami Valley Research Foundation by Governor's Deed dated July 24, 1981, including removing reverter clauses and use restrictions.