South Carolina § 58-17-1610 - Filing of annual schedule and report.

§ 58-17-1610. Filing of annual schedule and report.

Each railroad company chartered by this State is required to file in the Office of Regulatory Staff, on or before the thirty-first day of March in each year, a full and detailed schedule and report of the condition and operations of the road for the current year ending on the thirty-first day of December then immediately preceding. The schedule and report must be made in accordance with the following rules and form:

(1) All liabilities, including interest accrued on funded debt, must be entered upon the books in the month when they were incurred, without reference to the date of payment.

(2) Expenses must be charged each month with such supplies, materials, and similar articles as have been used during that month, without reference to the time when they were purchased or paid for.

(3) No expenditure must be charged to property accounts except for actual interest during construction, equipment, or other property, unless it is made on old work in such a way as clearly to increase the value of the property over and above the cost of renewing the old work and in such cases only the amount of increased cost must be charged, and the amount allowed on account of the old work must be stated.

(4) Mileage of passenger and freight trains must include only the miles shown to be run by distances between stations and allowances made to passenger or freight trains for switching and all mileage of switch engines, computed on a basis of eight miles per hour for the time of actual service, must be stated separately.

(5) Season ticket passengers must be computed on the basis of twelve passengers per week for the time of each ticket.

(6) Local traffic must include all passengers carried on local tickets and all freight carried at local tariff or special local rates and all other traffic must be considered through.

These rules are subject to any changes as may be made upon petition by the Office of Regulatory Staff by the Public Service Commission under the authority conferred on it by Section 58-17-1900.

HISTORY: 1962 Code SECTION 58-1041; 1952 Code SECTION 58-1041; 1942 Code SECTION 8269; 1932 Code SECTION 8214; Civ. C. '22 SECTION 4778; Civ. C. '12 SECTION 3113; Civ. C. '02 SECTION 2039; G. S. 1438, 1439; R. S. 1608; 1935 (39) 25; 2006 Act No. 318, SECTION 118, eff May 24, 2006.