(1) The pendency of proceedings to review shall not of itself stay or suspend the operation of the order of the commission. However, any party may, as a matter of right, secure from the court in which a review of or an appeal from the order of the commission not related to changing rates or rate design is sought, an order suspending or staying the operation of the order of the commission pending a review of such order, by adequately securing the other parties against loss due to the delay in the enforcement of the order in case the order under review is affirmed, the security to be in such form and amount as shall be directed by the court granting the stay or suspension.

(2) If an appeal to the chancery court be taken from an order of the commission reducing existing rates or refusing to approve rates proposed by a utility, the utility, if it is not then collecting under refunding bond rates in excess of rates which have been ordered by the commission, may request upon motion filed in the chancery court an order allowing the utility to place into effect forthwith interim rates which may be charged and collected, subject to refund as hereinafter provided, pending final determination of the rate proceeding. The court may, in its discretion, upon a finding that undue hardship or irreparable injury to the utility or the public interest would probably result otherwise, allow the utility to place into effect such interim rates at a revenue level up to, but not exceeding, the proposed rates. The court may allow the utility to collect all or part of a proposed rate increase. However, before such increased rates can take effect, the utility shall file with the court a bond in a reasonable amount approved by the court, with sureties approved by the court, conditioned upon the refund, with interest at the same rate prescribed in Section 77-3-39, Section 77-3-69 and Section 77-3-71, to the parties entitled thereto, of the amount of the excess if the existing rate or rates or the rate or rates so put into effect are finally determined to be excessive. In lieu of payment, the utility may credit the service account with the amount due under this subsection if the consumer entitled to the refund is, at that time, a consumer of the utility. If the court does not dispose of the motion for interim rates as contemplated herein within thirty (30) days of the filing of such motion, then the public utility, as a matter of right, may place into effect forthwith fifty percent (50%) of that portion of the proposed rate schedule not allowed by the commission’s order, pending final determination of the appeal, upon filing with the court a surety bond in the same manner as previously provided for herein.

(3) If the court does not make a final determination and adjudication of the rate proceeding within one hundred eighty (180) days after the record has been certified and filed, or if the court remands the matter to the commission for further proceedings and the commission has not entered its order allowing rates within forty-five (45) days from the time of receipt of the mandate of the court, or if the commission has at any time entered its order after remand and an appeal therefrom has been taken, then, in any such case, the public utility may, as a matter of right, place into effect the entire proposed rate schedule, under refunding bond, as provided for in this section or in Section 77-3-39, whichever is applicable. Interim rates under refunding bond charged by the utility under this subsection shall terminate upon final disposition of the rate proceeding without timely appeal.