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Provisional Regulations on the Issue of Electricit
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1987.01.01
MINISTRY OF AGRICULTURE
PROVISIONAL REGULATIONS ON THE ISSUE OF ELECTRICITY CONSTRUCTION BONDS
(Approved 11 March 1987 by the State Council)
 @@  Article  1.  These Regulations are formulated in accordance
with the relevant  points  of the Provisional Regulations of the
People's Republic of China  on  the  Control of Banks, in order to
ensure  the  successful issue of electricity  construction  bonds
(hereinafter  referred to as bonds), to strengthen the control of
the  issue  of  bonds  so  as  to  effectively accelerate  the
construction  of  electricity facilities and to ensure the legitimate
rights and interests of bond holders.
 @@  Article  2. The bonds shall be marketable securities which are
issued by electricity  enterprises to raise funds for electricity
construction and shall  be based on the principle that whoever issues
the bonds shall use the funds and repay the debts.
 @@  Article   3.  The  electricity  bureaus  or  electricity
network  administrative  bureaus  of  the  various  provinces,
autonomous regions and directly administered municipalities shall be
the bond issuing units. The branches of the People's Construction
Bank of China in the various regions shall  be engaged by the
issuing  units and shall act as issuing agents, administer other
relevant matters and collect Commission fees in accordance with the
relevant regulations.
 @@  Article  4.  The  bonds shall be bonds which provide the
subscriber  with  electricity  usage  rights  and shall be non
interest-bearing. Each one yuan worth  of bonds shall entitle the
subscriber  to  an electricity consumption quota  of  2  kwh of
electricity for a year. The supply of electricity shall officially
commence  one  year  after  the  purchase  of  bonds  and  the
electricity  consumption  quota  shall  be valid for 20 years. The
principal outlaid  on  the  bonds  shall be repaid over five years
from the 11th year after their purchase at a rate of 20% each year.
 @@  Article  5.  Key  State enterprises shall have pre-emptive
right of purchase  of  bonds, in order to ensure their electricity
supply.  When  the  various   regions   allocate  bonds,  the
requirements  of  the key State enterprises shall be met first and
only then may the remainder of bonds be sold to other units which need
electricity.
 @@ Article 6. The Ministry of Water Resources and Electric Power
shall balance  and  summarise the total amount of bonds and bond
quotas to be allocated  to  and  issued by the various electricity
bureaus  or  electricity  network   administrative   bureaus  in
provinces,   autonomous   regions   and  directly  administered
municipalities and shall report these details to the State Planning
Commission.  These  bonds shall be issued after the annual investment
plan for capital construction has been balanced.
 @@ Article 7. A special account for funds raised from the sale of
bonds shall  be established with the People's Construction Bank of
China. Such funds  shall  be used by issuing units for electricity
construction projects within  their region or electricity network
in accordance with the State plan and shall not be used for other
purposes.
 @@  Article 8. These bonds shall be issued within the territory
of the People`s Republic of China.
 @@  Article  9.  When  issuing  bonds, the various electricity
bureaus or electricity  network  administrative  bureaus  in  the
provinces, autonomous regions and directly administered municipalities
shall submit the following documents to the local People's Bank for
approval:
  (i)  certificates  of  examination and approval issued by the
departments in charge of the enterprises;
 (ii)  statements outlining the use of funds raised from these
bonds, investment  projects,  efficiency estimates, quantity of bonds
to be issued, coupon  value  of a bond, scope of issue, fund usage
plans and bond issuing plans, etc.;
 (iii)  written  certificates  and  documents  for State approved
electricity construction projects included in the annual plan.
 @@  Article  10.  From  1  January  1987, the base amount for
electricity consumption  calculations  shall  be  the  1985 State
allocated electricity quota and the fee for electricity used by the
various  enterprises,  public  institutional  units  and  public
utilities (including buildings, canteens, hotels  and  offices),
except  for  electricity  used  for  agricultural irrigation  and
residential  domestic  consumption, shall be calculated in accordance
with  State stipulated prices based on the amount of electricity
consumed  from  within the

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