(1) Notwithstanding the procedures governing review of basic local exchange rate increases in sections 86-144 to 86-146, when a telecommunications company files a rate list to increase its basic local exchange rates by more than ten percent within any consecutive twelve-month period, the commission shall conduct only the limited review provided in this section if (a) such increase, when considered together with all other rate changes which the telecommunications company proposes to implement simultaneously with the basic local exchange rate increase, does not increase the telecommunications company's aggregate annual revenue resulting from such rate changes in this state by more than one percent and (b) the basic local exchange rates specified in the rate list do not exceed the telecommunications company's actual cost as defined in section 86-145 of providing basic local exchange service to the affected subscribers.
(2) A telecommunications company filing rate lists in accordance with the procedures provided in this section shall submit to the commission with such filing: (a) Documentation to demonstrate that the combined effect of the proposed rate changes, in the aggregate, will not increase the telecommunications company's annual revenue resulting from such rate changes in this state by more than one percent and (b) if the commission so requires, documentation to demonstrate that the proposed basic local exchange rates do not exceed the telecommunications company's actual cost as defined in section 86-145 of providing basic local exchange service to the affected subscribers.
(3) The commission shall hold a public hearing to receive evidence concerning the basic local exchange rate increase proposed by the telecommunications company. Unless an extension is granted, such hearing shall be held within sixty days after the date on which the rate list providing for such increase was filed with the commission or, if the commission requires further documentation to be filed with the rate list filing, within sixty days after the date of receipt by the telecommunications company of notice for further documentation from the commission. The commission upon its own motion may grant a one-time, thirty-day extension for the hearing date. If the telecommunications company presents evidence at the hearing that such increase is in accordance with this section, not more than sixty days after the close of such hearing the commission shall enter an order approving or disapproving the proposed basic local exchange rate increase and, if approved, the revised basic local exchange rates shall become effective upon the entry of such order.