A public utility, as defined in § 39-1-2, may not, without application to and authority from the division, issue stocks, bonds, notes, or other evidences of indebtedness, payable more than twelve (12) months from the date of issue, when necessary for the acquisition of property; the construction, completion, extension, or improvement of its facilities; or for the improvement or maintenance of its service; or for the reorganization or readjustment of its indebtedness and/or capitalization; or for the discharge or lawful refunding of its obligations; or for the reimbursement of money actually expended from income or from any other money in the treasury of the public utility not secured or obtained from the issue of stocks, bonds, notes, or other evidences of indebtedness of the public utility.
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