- term obligations permitted without commission approval--Maximum outstanding. Section 49-34A-29 shall not apply to the issue or renewal of, or assumption of liability on, a note or draft maturing not more than one year after the date of such issue, renewal, or assumption of liability, and aggregating, together with all other then outstanding notes and drafts of a maturity of one year or less on which such public utility is primarily or secondarily liable, not more than five percentum of the par value of the other securities of the public utility then outstanding. In the case of securities having no par value, the par value for the purpose of this section shall be the fair market value as of the date of issue.
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