The Commission shall thereupon make such investigation as may be necessary, at which investigation the electrical utility shall be entitled to be heard. The Commission shall determine whether the purpose of the issue is proper, shall value the property or services, if any, to be acquired by the issue and it shall find and determine the amount of such securities reasonably necessary for the purpose for which they are to be issued. To the extent that the Commission may approve the proposed issue it shall grant to the electrical utility a certificate of authority stating:

1. (1) The amount of such securities reasonably necessary for the purpose for which they are to be issued and the character of the same; and

2. (2) The value of any property or services, if any, to be acquired thereby.

   Nothing herein contained shall be construed to impose or imply any guaranty or obligation as to such securities on the part of the State or any agency thereof, nor shall the Commission by virtue of the approval of the issuance of such securities be deemed to be required to prescribe or approve any rate for the reason that such rate may be necessary to provide funds reasonably sufficient to retire such securities or the interest thereon.