Acquisition of Nonstock Securities
In accordance with section 12773 of the California Public Utilities Code (Municipal Utility District Act), SMUD received authority to hold nonstock security in a corporation or other private entity if the security is acquired as part of a procurement of goods or services from that entity, with certain restrictions.
The SMUD Board adopted a resolution on December 10, 2020 to authorize SMUD to operate a pilot project and policy governing the acquisition of nonstock security. This allows SMUD’s CEO & General Manager to operate a Nonstock Security Pilot Project Program during the period from January 1, 2020, to January 1, 2025. View the Resolution No. 22-09-02 and Attachment A below.