Rule 515-7-5-.05 - Administration(1) The universal service fund shall be administered by the Georgia Public Service Commission and maintained by the electing distribution company for which it was created.(2) An electing distribution company shall enter into a written escrow agreement with the bank in which the Commission has created its universal service fund. The Commission shall be a party to this agreement and possess the exclusive authority to direct through a written instrument that a disbursement be made from an electing distribution company's universal service fund. (a) The written escrow agreement entered into shall expressly designate the name, business address and telephone number of the following parties: an escrow agent, the agent of the electing distribution company who will maintain the fund, and a representative of the Commission. Under no circumstance shall the identities of the designated parties be changed without pre-approval being obtained from the Commission.(b) All notices to any party to the agreement shall be reduced to writing and directed to the parties at their respective addresses.(c) In performing any of its duties under the agreement, the escrow agent shall incur liability for any damages, losses or expenses incurred due to conduct that is the product of nonfeasance or malfeasance, willful behavior, a breach of trust or gross incompetence or negligence.(d) The escrow agent shall ensure that the funds held in the escrow account be invested to earn interest. Universal Service Fund investments shall be diversified to minimize risk or loss pursuant to guidelines contained in the escrow agreement.(e) In the event that any term and/or provision of the escrow agreement shall be found to be unenforceable or invalid under state or federal law, said unenforceability shall not invalidate or nullify the entire agreement; rather, the agreement shall be construed as if it did not contain the portion of the agreement found to be invalid or nullified and the rights of the parties shall be construed accordingly.(3) The escrow agent shall provide to the Commission monthly bank statements. The Commission shall have the right to audit the escrow account when, in its discretion, such action is warranted. The electing distribution company shall forward reconciled copies of the bank statements to the Commission at least quarterly.(4) Other than for costs and fees imposed by the financial institution where the escrow account is held, neither the Georgia Public Service Commission nor an electing distribution company shall be entitled to receive disbursements from a universal service fund for their respective roles in administering and maintaining the fund.(5) All interest earned on monies placed in a universal service fund created for an electing distribution company shall accrue to the benefit of the respective fund.(6) Both the electing distribution company and the escrow agent shall notify the Commission immediately if the escrow account is closed for any reason.Ga. Comp. R. & Regs. R. 515-7-5-.05
O.C.G.A. Sec. 46-4-161.
Original Rule entitled "Administration" adopted. F. Nov. 13, 1998; eff. Dec. 2, 1998.Amended: F. June 3, 1999; eff. June 23, 1999.Repealed: New Rule, same title adopted. F. Nov. 28, 2001; eff. Dec. 18, 2001.