(1) If the public utility contends that an immediate and impelling necessity exists for the requested rate increase, a petition may be filed with the Arkansas Public Service Commission narrating the alleged circumstances and requesting a hearing on the petition.
(2) The hearing must commence within thirty (30) days from the date of the filing of the petition or at such subsequent time as may be mutually agreeable to the commission and the utility.
(3) If the commission finds at the hearing that there is substantial merit to the allegation of the utility's claims, the commission may permit all or a portion of the rate to become effective if there is filed with the commission a bond to be approved by it, payable to the State of Arkansas in such amount and with such sufficient security to insure the prompt payment of any damages or refunds, with interest, to the persons entitled thereto if the rate so put into effect is finally determined to be excessive or if there is substituted for the bond other arrangements satisfactory to the commission for the protection of the parties interested.
(4) The findings of the commission relative to the petition of the utility for the immediate and impelling necessity for relief shall be issued on or before the sixtieth day following the date of filing of the petition.