| 1 | 1 | | FIRSTREGULARSESSION |
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| 2 | 2 | | HOUSEBILLNO.713 |
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| 3 | 3 | | 103RDGENERALASSEMBLY |
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| 4 | 4 | | INTRODUCEDBYREPRESENTATIVEPOLLITT. |
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| 5 | 5 | | 1823H.01I DANARADEMANMILLER,ChiefClerk |
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| 6 | 6 | | ANACT |
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| 7 | 7 | | Torepealsections393.1030,393.1400,and393.1700,RSMo,andtoenactinlieuthereoffour |
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| 8 | 8 | | newsectionsrelatingtodeferralsbyelectriccorporations. |
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| 9 | 9 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 10 | 10 | | SectionA.Sections393.1030,393.1400,and393.1700,RSMo,arerepealedandfour |
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| 11 | 11 | | 2newsectionsenactedinlieuthereof,tobeknownassections393.401,393.1030,393.1400, |
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| 12 | 12 | | 3and393.1700,toreadasfollows: |
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| 13 | 13 | | 393.401.1.Forpurposesofthissection,thefollowingtermsshallmean: |
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| 14 | 14 | | 2 (1)"Electricalcorporation",thesameasdefinedinsection386.020,butshallnot |
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| 15 | 15 | | 3includeanelectricalcorporationasdescribedinsubsection2ofsection393.110; |
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| 16 | 16 | | 4 (2)"Existingelectricgeneratingpowerplant",athermalpowerplantofover |
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| 17 | 17 | | 5onehundredmegawattsinnameplatecapacity,ageneratingunitatathermalpower |
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| 18 | 18 | | 6plantwithanameplatecapacityofoveronehundredmegawatts,ortwoormore |
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| 19 | 19 | | 7generatingunitsatathermalpowerplantwithacombinednameplatecapacityofover |
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| 20 | 20 | | 8onehundredmegawatts; |
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| 21 | 21 | | 9 (3)"Regionaltransmissionoperator",aregionaltransmissionorganization, |
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| 22 | 22 | | 10independentsystemoperator,orequivalententityapprovedbytheFederalEnergy |
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| 23 | 23 | | 11RegulatoryCommissionorsuccessoragencythatexercisesfunctionalcontrolover |
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| 24 | 24 | | 12electrictransmissionfacilitieslocatedwithinthisstate. |
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| 25 | 25 | | 13 2.PriortotheclosureofanexistingelectricgeneratingpowerplantinMissouri, |
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| 26 | 26 | | 14iftheclosureoccursonorafterJanuary1,2026,andsubjecttosubsection3ofthis |
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| 27 | 27 | | 15section,anelectricalcorporationregisteredanddoingbusinessinthisstateshallfirst |
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| 28 | 28 | | 16certifytothepublicservicecommissionthatsuchutilitycompanyhassecuredand |
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| 29 | 29 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | 30 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 17placedontheelectricgridanequalorgreateramountofreliableelectricgenerationas |
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| 31 | 31 | | 18accreditedpowerresourcesasdefinedbytheregionaltransmissionoperator.To |
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| 32 | 32 | | 19determineifanequalorgreateramountofreliableelectricgenerationisbeingplacedon |
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| 33 | 33 | | 20theelectricgridtoreplacetheexistingelectricgeneratingpowerplantthatistobe |
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| 34 | 34 | | 21closed,theelectricalcorporationshallcomparetherelevantregionaltransmission |
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| 35 | 35 | | 22operator'saverageofthesummerandwinteraccreditedcapacityforthegeneration |
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| 36 | 36 | | 23technologyoftheto-be-closedexistingelectricgeneratingpowerplanttotherelevant |
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| 37 | 37 | | 24regionaltransmissionoperator'saverageofthesummerandwinteraccreditedcapacity |
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| 38 | 38 | | 25forthegenerationtechnologyofthereplacementreliableelectricgeneration.Such |
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| 39 | 39 | | 26averageaccreditedcapacityforthereplacementreliableelectricgenerationshallequal |
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| 40 | 40 | | 27orexceedsuchaverageaccreditedcapacityfortheexistingelectricgeneratingplantthat |
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| 41 | 41 | | 28istobeclosed. |
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| 42 | 42 | | 29 3.Withrespecttothereplacementreliableelectricgenerationrequiredby |
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| 43 | 43 | | 30subsection2ofthissection,adequateelectrictransmissionlinesshallbeinplaceandthe |
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| 44 | 44 | | 31replacementreliableelectricgenerationshallbefullyoperationalconcurrentlywiththe |
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| 45 | 45 | | 32closureoftheexistingelectricgeneratingplant,exceptwheresomeorallofthe |
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| 46 | 46 | | 33replacementreliableelectricgenerationutilizessomeoralloftheinterconnection |
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| 47 | 47 | | 34facilitiesusedbytheexistingelectricgeneratingpowerplant,orwheretheexisting |
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| 48 | 48 | | 35electricgeneratingpowerplantisclosedasaresultofanunexpectedorunplannedcause |
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| 49 | 49 | | 36orevent.Intheeventthatsomeorallofthereplacementreliableelectricgeneration |
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| 50 | 50 | | 37utilizessomeoralloftheinterconnectionfacilitiesutilizedbytheexistingelectric |
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| 51 | 51 | | 38generatingpowerplant,thensuchreplacementfacilitiesshallbefullyoperationalwithin |
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| 52 | 52 | | 39onehundredtwentydaysoftheclosureoftheexistingelectricgeneratingpowerplant. |
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| 53 | 53 | | 40Intheeventthattheexistingelectricgeneratingpowerplantisclosedasaresultofan |
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| 54 | 54 | | 41unexpectedorunplannedcauseorevent,thentheelectricalcorporationshallinstall |
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| 55 | 55 | | 42replacementreliableelectricgenerationassoonasispracticalfollowingtheclosureof |
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| 56 | 56 | | 43theexistingelectricgeneratingpowerplant.Forpurposesofthissection,"unexpected" |
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| 57 | 57 | | 44or"unplanned"causeoreventshallmeanamanmadeornaturaleventthatcauses |
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| 58 | 58 | | 45functionaloperationsoftheelectricgeneratingpowerplanttocease.Duringany |
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| 59 | 59 | | 46periodsallowedbythissubsectionwherethereplacementreliableelectricgenerationis |
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| 60 | 60 | | 47notfullyoperationalbythetimeoftheclosureoftheexistingelectricgeneratingpower |
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| 61 | 61 | | 48plant,theelectricalcorporationshallacquireadditionalavailablegeneratingcapacity |
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| 62 | 62 | | 49throughafirmpurchasepowercontractthatisequalorgreaterthanthereliable |
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| 63 | 63 | | 50electricgenerationasdefinedinsubsection2ofthissectionfromtherelevantregional |
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| 64 | 64 | | 51transmissionoperator'scapacitymarketorotherwise,sothatitmeetstheplanning |
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| 65 | 65 | | 52reservemarginrequirementoftheregionaltransmissionoperatorinwhichthe |
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| 66 | 66 | | 53electricalcorporationoperateswithoutrelianceonsuchreplacementreliableelectric |
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| 67 | 67 | | HB713 2 54generation.Atsuchtimeassuchreplacementreliableelectricgenerationisfully |
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| 68 | 68 | | 55operational,suchadditionalavailablegeneratingcapacityshallnolongerberequired. |
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| 69 | 69 | | 56 4.Theaverageofthesummerandwinteraccreditedcapacityofthereplacement |
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| 70 | 70 | | 57reliableelectricgenerationasprovidedinsubsection2ofthissectionshallbeequaltoor |
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| 71 | 71 | | 58greaterthantheaverageaccreditedcapacityoftheexistingelectricgeneratingpower |
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| 72 | 72 | | 59plantasprovidedinsubsection2ofthissection,recordedbytheregionaltransmission |
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| 73 | 73 | | 60operatorasofthetimeconstructionbeginsonthereplacementreliableelectric |
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| 74 | 74 | | 61generation.Aspartoftheapprovalprocessbythepublicservicecommissionofthe |
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| 75 | 75 | | 62replacementreliableelectricgenerationundersubsection1ofsection393.170,thepublic |
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| 76 | 76 | | 63servicecommissionshallpromulgaterulesthattherequirementsofthissubsectionshall |
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| 77 | 77 | | 64bemetbythereplacementreliableelectricgeneration.Anyruleorportionofarule,as |
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| 78 | 78 | | 65thattermisdefinedinsection536.010,thatiscreatedundertheauthoritydelegatedin |
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| 79 | 79 | | 66thissectionshallbecomeeffectiveonlyifitcomplieswithandissubjecttoallofthe |
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| 80 | 80 | | 67provisionsofchapter536and,ifapplicable,section536.028.Thissectionandchapter |
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| 81 | 81 | | 68536arenonseverableandifanyofthepowersvestedwiththegeneralassembly |
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| 82 | 82 | | 69pursuanttochapter536toreview,todelaytheeffectivedate,ortodisapproveandannul |
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| 83 | 83 | | 70arulearesubsequentlyheldunconstitutional,thenthegrantofrulemakingauthority |
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| 84 | 84 | | 71andanyruleproposedoradoptedafterAugust28,2025,shallbeinvalidandvoid. |
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| 85 | 85 | | 72 5.Suchreliableelectricgenerationmaybeconstructedoutsidethestateifitis |
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| 86 | 86 | | 73connectedtotheelectricgridoftheregionaltransmissionoperatorofwhichthe |
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| 87 | 87 | | 74electricalcorporationisamember. |
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| 88 | 88 | | 75 6.Onorbeforethedatethatthenewreliableelectricgenerationisplacedin |
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| 89 | 89 | | 76service,theelectricalcorporationshallprovidecertificationtothepublicservice |
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| 90 | 90 | | 77commission,thegeneralassembly,andthegovernorthatithasmettherequirementsof |
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| 91 | 91 | | 78thissection. |
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| 92 | 92 | | 393.1030.1.Thecommissionshall,inconsultationwiththedepartment,prescribeby |
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| 93 | 93 | | 2ruleaportfoliorequirementforallelectricutilitiestogenerateorpurchaseelectricity |
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| 94 | 94 | | 3generatedfromrenewableenergyresources.Suchportfoliorequirementshallprovidethat |
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| 95 | 95 | | 4electricityfromrenewableenergyresourcesshallconstitutethefollowingportionsofeach |
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| 96 | 96 | | 5electricutility'ssales: |
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| 97 | 97 | | 6 (1)Nolessthantwopercentforcalendaryears2011through2013; |
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| 98 | 98 | | 7 (2)Nolessthanfivepercentforcalendaryears2014through2017; |
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| 99 | 99 | | 8 (3)Nolessthantenpercentforcalendaryears2018through2020;and |
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| 100 | 100 | | 9 (4)Nolessthanfifteenpercentineachcalendaryearbeginningin2021. |
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| 101 | 101 | | 10 |
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| 102 | 102 | | 11Atleasttwopercentofeachportfoliorequirementshallbederivedfromsolarenergy.The |
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| 103 | 103 | | 12portfoliorequirementsshallapplytoallpowersoldtoMissouriconsumerswhethersuch |
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| 104 | 104 | | HB713 3 13powerisself-generatedorpurchasedfromanothersourceinoroutsideofthisstate.Autility |
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| 105 | 105 | | 14maycomplywiththestandardinwholeorinpartbypurchasingRECs.Eachkilowatt-hourof |
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| 106 | 106 | | 15eligibleenergygeneratedinMissourishallcountas1.25kilowatt-hoursforpurposesof |
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| 107 | 107 | | 16compliance. |
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| 108 | 108 | | 17 2.(1)Thissubsectionappliestoelectricutilitieswithmorethantwohundred |
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| 109 | 109 | | 18fiftythousandbutlessthanonemillionretailcustomersinMissouriasoftheendofthe |
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| 110 | 110 | | 19calendaryear2024. |
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| 111 | 111 | | 20 (2)Energymeetingthecriteriaoftherenewableenergyportfoliorequirements |
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| 112 | 112 | | 21setforthinsubsection1ofthissectionthatisgeneratedfromrenewableenergy |
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| 113 | 113 | | 22resourcesandcontractedforbyanacceleratedrenewablebuyershall: |
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| 114 | 114 | | 23 (a)Haveallassociatedrenewableenergycertificatesretiredbytheaccelerated |
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| 115 | 115 | | 24renewablebuyer,orontheirbehalf,andthecertificatesshallnotbeusedtomeetthe |
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| 116 | 116 | | 25electricutility'sportfoliorequirementspursuanttosubsection1ofthissection; |
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| 117 | 117 | | 26 (b)Beexcludedfromthetotalelectricutility'ssalesusedtodeterminethe |
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| 118 | 118 | | 27portfoliorequirementspursuanttosubsection1ofthissection;and |
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| 119 | 119 | | 28 (c)Beusedtooffsetalloraportionofitselectricloadforpurposesof |
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| 120 | 120 | | 29determiningcompliancewiththeportfoliorequirementspursuanttosubsection1ofthis |
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| 121 | 121 | | 30section. |
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| 122 | 122 | | 31 (3)Theacceleratedrenewablebuyershallbeexemptfromanyrenewableenergy |
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| 123 | 123 | | 32standardcompliancecostsasmaybeestablishedbytheutilityandapprovedbythe |
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| 124 | 124 | | 33commission,basedontheamountofrenewableenergycertificatesretiredpursuantto |
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| 125 | 125 | | 34thissubsectioninproportiontotheacceleratedrenewablebuyer'stotalelectricenergy |
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| 126 | 126 | | 35consumption,onanannualbasis. |
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| 127 | 127 | | 36 (4)An"acceleratedrenewablebuyer"meansacustomerofanelectricutility, |
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| 128 | 128 | | 37withanaggregateloadovereightyaveragemegawatts,thatentersintoacontractor |
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| 129 | 129 | | 38contractstoobtain: |
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| 130 | 130 | | 39 (a)Renewableenergycertificatesfromrenewableenergyresourcesasdefinedin |
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| 131 | 131 | | 40section393.1025;or |
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| 132 | 132 | | 41 (b)Energyandrenewableenergycertificatesfromsolarorwindgeneration |
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| 133 | 133 | | 42resourceslocatedwithintheSouthwestPowerPoolregionandinitiallyplacedin |
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| 134 | 134 | | 43commercialoperationafterJanuary1,2020,includinganycontractwiththeelectric |
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| 135 | 135 | | 44utilityforsuchgenerationresourcesthatdoesnotallocatetoorrecoverfromanyother |
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| 136 | 136 | | 45customeroftheutilitythecostofsuchresources. |
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| 137 | 137 | | 46 (5)Eachelectricutilityshallcertify,andverifyasnecessary,tothecommission |
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| 138 | 138 | | 47thattheacceleratedrenewablebuyerhassatisfiedtheexemptionrequirementsofthis |
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| 139 | 139 | | 48subsectionforeachyear,oranacceleratedrenewablebuyermaychoosetocertify |
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| 140 | 140 | | 49satisfactionofthisexemptionbyreportingtothecommissionindividually. |
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| 141 | 141 | | HB713 4 50 (6)Thecommissionmaypromulgatesuchrulesandregulationsasmaybe |
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| 142 | 142 | | 51necessarytoimplementtheprovisionsofthissubsection.Anyruleorportionofarule, |
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| 143 | 143 | | 52asthattermisdefinedinsection536.010,thatiscreatedundertheauthoritydelegated |
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| 144 | 144 | | 53inthissectionshallbecomeeffectiveonlyifitcomplieswithandissubjecttoallofthe |
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| 145 | 145 | | 54provisionsofchapter536and,ifapplicable,section536.028.Thissectionandchapter |
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| 146 | 146 | | 55536arenonseverableandifanyofthepowersvestedwiththegeneralassembly |
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| 147 | 147 | | 56pursuanttochapter536toreview,todelaytheeffectivedate,ortodisapproveandannul |
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| 148 | 148 | | 57arulearesubsequentlyheldunconstitutional,thenthegrantofrulemakingauthority |
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| 149 | 149 | | 58andanyruleproposedoradoptedafterAugust28,2025,shallbeinvalidandvoid. |
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| 150 | 150 | | 59 (7)Nothinginthissectionshallbeconstruedasimposingorauthorizingthe |
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| 151 | 151 | | 60impositionofanyreporting,regulatory,orfinancialburdenonanaccelerated |
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| 152 | 152 | | 61renewablebuyer. |
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| 153 | 153 | | 62 3.Thecommission,inconsultationwiththedepartmentandwithinoneyearof |
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| 154 | 154 | | 63November4,2008,shallselectaprogramfortrackingandverifyingthetradingofrenewable |
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| 155 | 155 | | 64energycredits.Anunusedcreditmayexistforuptothreeyearsfromthedateofitscreation. |
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| 156 | 156 | | 65Acreditmaybeusedonlyoncetocomplywithsections393.1020to393.1030andmaynot |
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| 157 | 157 | | 66alsobeusedtosatisfyanysimilarnonfederalrequirement.Anelectricutilitymaynotusea |
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| 158 | 158 | | 67creditderivedfromagreenpricingprogram.Certificatesfromnet-meteredsourcesshall |
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| 159 | 159 | | 68initiallybeownedbythecustomer-generator.Thecommission,exceptwherethedepartment |
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| 160 | 160 | | 69isspecified,shallmakewhateverrulesarenecessarytoenforcetherenewableenergy |
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| 161 | 161 | | 70standard.Suchrulesshallinclude: |
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| 162 | 162 | | 71 (1)Amaximumaverageretailrateincreaseofonepercentdeterminedbyestimating |
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| 163 | 163 | | 72andcomparingtheelectricutility'scostofcompliancewithleast-costrenewablegeneration |
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| 164 | 164 | | 73andthecostofcontinuingtogenerateorpurchaseelectricityfromentirelynonrenewable |
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| 165 | 165 | | 74sources,takingintoproperaccountfutureenvironmentalregulatoryriskincludingtheriskof |
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| 166 | 166 | | 75greenhousegasregulation.Notwithstandingtheforegoing,untilJune30,2020,ifthe |
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| 167 | 167 | | 76maximumaverageretailrateincreasewouldbelessthanorequaltoonepercentifanelectric |
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| 168 | 168 | | 77utility'sinvestmentinsolar-relatedprojectsinitiated,ownedoroperatedbytheelectricutility |
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| 169 | 169 | | 78isignoredforpurposesofcalculatingtheincrease,thenadditionalsolarrebatesshallbepaid |
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| 170 | 170 | | 79andincludedinratesinanamountuptotheamountthatwouldproducearetailrateincrease |
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| 171 | 171 | | 80equaltothedifferencebetweenaonepercentretailrateincreaseandtheretailrateincrease |
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| 172 | 172 | | 81calculatedwhenignoringanelectricutility'sinvestmentinsolar-relatedprojectsinitiated, |
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| 173 | 173 | | 82owned,oroperatedbytheelectricutility.Notwithstandinganyprovisiontothecontraryin |
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| 174 | 174 | | 83thissection,evenifthepaymentofadditionalsolarrebateswillproduceamaximumaverage |
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| 175 | 175 | | 84retailrateincreaseofgreaterthanonepercentwhenanelectricutility'sinvestmentinsolar- |
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| 176 | 176 | | 85relatedprojectsinitiated,ownedoroperatedbytheelectricutilityareincludedinthe |
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| 177 | 177 | | HB713 5 86calculation,theadditionalsolarrebatecostsshallbeincludedintheprudentlyincurredcosts |
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| 178 | 178 | | 87toberecoveredascontemplatedbysubdivision(4)ofthissubsection; |
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| 179 | 179 | | 88 (2)Penaltiesofatleasttwicetheaveragemarketvalueofrenewableenergycredits |
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| 180 | 180 | | 89forthecomplianceperiodforfailuretomeetthetargetsofsubsection1ofthissection.An |
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| 181 | 181 | | 90electricutilitywillbeexcusedifitprovestothecommissionthatfailurewasduetoevents |
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| 182 | 182 | | 91beyonditsreasonablecontrolthatcouldnothavebeenreasonablymitigated,orthatthe |
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| 183 | 183 | | 92maximumaverageretailrateincreasehasbeenreached.Penaltiesshallnotberecoveredfrom |
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| 184 | 184 | | 93customers.Amountsforfeitedunderthissectionshallberemittedtothedepartmentto |
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| 185 | 185 | | 94purchaserenewableenergycreditsneededforcompliance.Anyexcessforfeitedrevenues |
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| 186 | 186 | | 95shallbeusedbythedivisionofenergysolelyforrenewableenergyandenergyefficiency |
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| 187 | 187 | | 96projects; |
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| 188 | 188 | | 97 (3)Provisionsforanannualreporttobefiledbyeachelectricutilityinaformat |
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| 189 | 189 | | 98sufficienttodocumentitsprogressinmeetingthetargets; |
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| 190 | 190 | | 99 (4)Provisionforrecoveryoutsidethecontextofaregularratecaseofprudently |
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| 191 | 191 | | 100incurredcostsandthepass-throughofbenefitstocustomersofanysavingsachievedbyan |
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| 192 | 192 | | 101electricalcorporationinmeetingtherequirementsofthissection. |
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| 193 | 193 | | 102 [3.]4.Asprovidedforinthissection,exceptforthoseelectricalcorporationsthat |
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| 194 | 194 | | 103qualifyforanexemptionundersection393.1050,eachelectricutilityshallmakeavailableto |
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| 195 | 195 | | 104itsretailcustomersasolarrebateforneworexpandedsolarelectricsystemssitedon |
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| 196 | 196 | | 105customers'premises,uptoamaximumoftwenty-fivekilowattspersystem,measuredin |
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| 197 | 197 | | 106directcurrentthatwereconfirmedbytheelectricutilitytohavebecomeoperationalin |
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| 198 | 198 | | 107compliancewiththeprovisionsofsection386.890.Thesolarrebatesshallbetwodollarsper |
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| 199 | 199 | | 108wattforsystemsbecomingoperationalonorbeforeJune30,2014;onedollarandfiftycents |
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| 200 | 200 | | 109perwattforsystemsbecomingoperationalbetweenJuly1,2014,andJune30,2015;one |
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| 201 | 201 | | 110dollarperwattforsystemsbecomingoperationalbetweenJuly1,2015,andJune30,2016; |
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| 202 | 202 | | 111fiftycentsperwattforsystemsbecomingoperationalbetweenJuly1,2016,andJune30, |
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| 203 | 203 | | 1122017;fiftycentsperwattforsystemsbecomingoperationalbetweenJuly1,2017,andJune |
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| 204 | 204 | | 11330,2019;twenty-fivecentsperwattforsystemsbecomingoperationalbetweenJuly1,2019, |
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| 205 | 205 | | 114andJune30,2020;andzerocentsperwattforsystemsbecomingoperationalafterJune30, |
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| 206 | 206 | | 1152020.Anelectricutilitymay,throughitstariffs,requireapplicationsforrebatestobe |
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| 207 | 207 | | 116submitteduptoonehundredeighty-twodayspriortotheJunethirtiethoperationaldate. |
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| 208 | 208 | | 117NothinginthissectionshallpreventanelectricalcorporationfromofferingrebatesafterJuly |
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| 209 | 209 | | 1181,2020,throughanapprovedtariff.Iftheelectricutilitydeterminesthemaximumaverage |
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| 210 | 210 | | 119retailrateincreaseprovidedforinsubdivision(1)ofsubsection[2]3ofthissectionwillbe |
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| 211 | 211 | | 120reachedinanycalendaryear,theelectricutilityshallbeentitledtoceasepayingrebatestothe |
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| 212 | 212 | | 121extentnecessarytoavoidexceedingthemaximumaverageretailrateincreaseiftheelectrical |
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| 213 | 213 | | 122corporationfileswiththecommissiontosuspenditsrebatetarifffortheremainderofthat |
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| 214 | 214 | | HB713 6 123calendaryearatleastsixtydayspriortothechangetakingeffect.Thefilingwiththe |
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| 215 | 215 | | 124commissiontosuspendtheelectricalcorporation'srebatetariffshallincludethecalculation |
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| 216 | 216 | | 125reflectingthatthemaximumaverageretailrateincreasewillbereachedandsupporting |
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| 217 | 217 | | 126documentationreflectingthatthemaximumaverageretailrateincreasewillbereached.The |
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| 218 | 218 | | 127commissionshallruleonthesuspensionfilingwithinsixtydaysofthedateitisfiled.Ifthe |
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| 219 | 219 | | 128commissiondeterminesthatthemaximumaverageretailrateincreasewillbereached,the |
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| 220 | 220 | | 129commissionshallapprovethetariffsuspension.Theelectricutilityshallcontinuetoprocess |
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| 221 | 221 | | 130andpayapplicablesolarrebatesuntilafinalcommissionruling;however,ifthecontinued |
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| 222 | 222 | | 131paymentcausestheelectricutilitytopayrebatesthatcauseittoexceedthemaximumaverage |
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| 223 | 223 | | 132retailrateincrease,theexpendituresshallbeconsideredprudentlyincurredcostsas |
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| 224 | 224 | | 133contemplatedbysubdivision(4)ofsubsection[2]3ofthissectionandshallberecoverableas |
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| 225 | 225 | | 134suchbytheelectricutility.Asaconditionofreceivingarebate,customersshalltransferto |
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| 226 | 226 | | 135theelectricutilityallright,title,andinterestinandtotherenewableenergycreditsassociated |
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| 227 | 227 | | 136withtheneworexpandedsolarelectricsystemthatqualifiedthecustomerforthesolarrebate |
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| 228 | 228 | | 137foraperiodoftenyearsfromthedatetheelectricutilityconfirmedthatthesolarelectric |
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| 229 | 229 | | 138systemwasinstalledandoperational. |
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| 230 | 230 | | 139 [4.]5.Thedepartmentshall,inconsultationwiththecommission,establishbyrulea |
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| 231 | 231 | | 140certificationprocessforelectricitygeneratedfromrenewableresourcesandusedtofulfillthe |
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| 232 | 232 | | 141requirementsofsubsection1ofthissection.Certificationcriteriaforrenewableenergy |
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| 233 | 233 | | 142generationshallbedeterminedbyfactorsthatincludefueltype,technology,andthe |
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| 234 | 234 | | 143environmentalimpactsofthegeneratingfacility.Renewableenergyfacilitiesshallnotcause |
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| 235 | 235 | | 144undueadverseair,water,orlanduseimpacts,includingimpactsassociatedwiththegathering |
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| 236 | 236 | | 145ofgenerationfeedstocks.Ifanyamountoffossilfuelisusedwithrenewableenergy |
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| 237 | 237 | | 146resources,onlytheportionofelectricaloutputattributabletorenewableenergyresources |
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| 238 | 238 | | 147shallbeusedtofulfilltheportfoliorequirements. |
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| 239 | 239 | | 148 [5.]6.Incarryingouttheprovisionsofthissection,thecommissionandthe |
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| 240 | 240 | | 149departmentshallincludemethanegeneratedfromtheanaerobicdigestionoffarmanimal |
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| 241 | 241 | | 150wasteandthermaldepolymerizationorpyrolysisforconvertingwastematerialtoenergyas |
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| 242 | 242 | | 151renewableenergyresourcesforpurposesofthissection. |
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| 243 | 243 | | 152 [6.]7.Thecommissionshallhavetheauthoritytopromulgaterulesforthe |
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| 244 | 244 | | 153implementationofthissection,butonlytotheextentsuchrulesareconsistentwith,anddo |
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| 245 | 245 | | 154notdelaytheimplementationof,theprovisionsofthissection.Anyruleorportionofarule, |
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| 246 | 246 | | 155asthattermisdefinedinsection536.010,thatiscreatedundertheauthoritydelegatedinthis |
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| 247 | 247 | | 156sectionshallbecomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsof |
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| 248 | 248 | | 157chapter536and,ifapplicable,section536.028.Thissectionandchapter536are |
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| 249 | 249 | | 158nonseverableandifanyofthepowersvestedwiththegeneralassemblypursuanttochapter |
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| 250 | 250 | | 159536toreview,todelaytheeffectivedate,ortodisapproveandannularulearesubsequently |
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| 251 | 251 | | HB713 7 160heldunconstitutional,thenthegrantofrulemakingauthorityandanyruleproposedor |
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| 252 | 252 | | 161adoptedafterAugust28,2013,shallbeinvalidandvoid. |
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| 253 | 253 | | 393.1400.1.Forpurposesofthissection,thefollowingtermsshallmean: |
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| 254 | 254 | | 2 (1)"Commission",thepublicservicecommission; |
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| 255 | 255 | | 3 (2)"Electricalcorporation",thesameasdefinedinsection386.020,butshallnot |
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| 256 | 256 | | 4includeanelectricalcorporationasdescribedinsubsection2ofsection393.110; |
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| 257 | 257 | | 5 (3)"Qualifyingelectricplant",allrate-baseadditions,exceptrate-baseadditionsfor |
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| 258 | 258 | | 6newcoal-firedgeneratingunits,newnucleargeneratingunits,[newnaturalgasunits,] orrate- |
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| 259 | 259 | | 7baseadditionsthatincreaserevenuesbyallowingservicetonewcustomerpremises; |
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| 260 | 260 | | 8 (4)"Rate-basecutoffdate",thedaterate-baseadditionsareaccountedforinageneral |
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| 261 | 261 | | 9rateproceeding.Intheabsenceofacommissionorderthatspecifiestherate-basecutoffdate, |
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| 262 | 262 | | 10suchdateasreflectedinanyjointlyproposedproceduralschedulesubmittedbythepartiesin |
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| 263 | 263 | | 11theapplicablegeneralrateproceeding,orasotherwiseagreedtobysuchparties,shallbe |
|---|
| 264 | 264 | | 12used; |
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| 265 | 265 | | 13 (5)"Weightedaveragecostofcapital",thereturnonratebaseusedtodeterminethe |
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| 266 | 266 | | 14revenuerequirementintheelectricalcorporation'smostrecentlycompletedgeneralrate |
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| 267 | 267 | | 15proceeding;provided,thatintheabsenceofacommissiondeterminationofthereturnonrate |
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| 268 | 268 | | 16basewithinthethree-yearperiodpriortoAugust28,[2022] 2024, theweightedaveragecost |
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| 269 | 269 | | 17ofcapitalshallbedeterminedusingtheelectricalcorporation'sactualcapitalstructureasof |
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| 270 | 270 | | 18December31,[2021] 2023, excludingshort-termdebt,theelectricalcorporation'sactualcost |
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| 271 | 271 | | 19oflong-termdebtandpreferredstockasofDecember31,2021,andacostofcommonequity |
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| 272 | 272 | | 20ofnineandone-halfpercent. |
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| 273 | 273 | | 21 2.(1)Notwithstandinganyotherprovisionofthischaptertothecontrary,electrical |
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| 274 | 274 | | 22corporationsshalldefertoaregulatoryasset[eighty-five] ninetypercentofalldepreciation |
|---|
| 275 | 275 | | 23expenseandreturnassociatedwithallqualifyingelectricplantrecordedtoplant-in-serviceon |
|---|
| 276 | 276 | | 24theutility'sbookscommencingonorafterAugust28,2018,iftheelectricalcorporationhas |
|---|
| 277 | 277 | | 25madetheelectionprovidedforbysubsection5ofthissectionbythatdate,oronthedatesuch |
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| 278 | 278 | | 26electionismadeiftheelectionismadeafterAugust28,2018.Ineachgeneralrate |
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| 279 | 279 | | 27proceedingconcludedafterAugust28,2018,thebalanceoftheregulatoryassetasoftherate- |
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| 280 | 280 | | 28basecutoffdateshall,subjectonlytothecapprovidedforinsection393.1655orsection |
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| 281 | 281 | | 29393.1656,asapplicable,beincludedintheelectricalcorporation'sratebasewithoutany |
|---|
| 282 | 282 | | 30offset,reduction,oradjustmentbaseduponconsiderationofanyotherfactor,otherthanas |
|---|
| 283 | 283 | | 31providedforinsubdivision(2)ofthissubsection,withtheregulatoryassetbalancearising |
|---|
| 284 | 284 | | 32fromdeferralsassociatedwithqualifyingelectricplantplacedinserviceaftertherate-base |
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| 285 | 285 | | 33cutoffdatetobeincludedinratebaseinthenextgeneralrateproceeding.Theexpirationof |
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| 286 | 286 | | 34thissectionshallnotaffectthecontinuedinclusioninratebaseandamortizationofregulatory |
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| 287 | 287 | | 35assetbalancesthataroseunderthissectionpriortosuchexpiration. |
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| 288 | 288 | | HB713 8 36 (2)Theregulatoryassetbalancesarisingunderthissectionshallbeadjustedtoreflect |
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| 289 | 289 | | 37anyprudencedisallowancesorderedbythecommission.Theprovisionsofthissectionshall |
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| 290 | 290 | | 38notbeconstruedtoaffectexistinglawrespectingtheburdensofproductionandpersuasionin |
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| 291 | 291 | | 39generalrateproceedingsforrate-baseadditions. |
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| 292 | 292 | | 40 (3)Partsofregulatoryassetbalancescreatedunderthissectionthatarenotyetbeing |
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| 293 | 293 | | 41recoveredthroughratesshallincludecarryingcostsattheelectricalcorporation'sweighted |
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| 294 | 294 | | 42averagecostofcapital,plusapplicablefederal,state,andlocalincomeorexcisetaxes. |
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| 295 | 295 | | 43Regulatoryassetbalancesarisingunderthissectionandincludedinratebaseshallbe |
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| 296 | 296 | | 44recoveredinratesthroughatwenty-yearamortizationbeginningonthedatenewrates |
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| 297 | 297 | | 45reflectingsuchamortizationtakeeffect. |
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| 298 | 298 | | 46 3.(1)Depreciationexpensedeferredunderthissectionshallaccountforall |
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| 299 | 299 | | 47qualifyingelectricplantplacedintoservicelessretirementsofplantreplacedbysuch |
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| 300 | 300 | | 48qualifyingelectricplant. |
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| 301 | 301 | | 49 (2)Returndeferredunderthissectionshallbedeterminedusingtheweightedaverage |
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| 302 | 302 | | 50costofcapitalappliedtothechangeinplant-relatedratebasecausedbythequalifyingelectric |
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| 303 | 303 | | 51plant,plusapplicablefederal,state,andlocalincomeorexcisetaxes.Indeterminingthe |
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| 304 | 304 | | 52returndeferred,theelectricalcorporationshallaccountforchangesinallplant-related |
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| 305 | 305 | | 53accumulateddeferredincometaxesandchangesinaccumulateddepreciation,excluding |
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| 306 | 306 | | 54retirements. |
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| 307 | 307 | | 55 4.BeginningFebruary28,2019,andbyeachFebruarytwenty-eighththereafterwhile |
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| 308 | 308 | | 56theelectricalcorporationisallowedtomakethedeferralsprovidedforbysubsection2ofthis |
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| 309 | 309 | | 57section,electricalcorporationsthatdeferdepreciationexpenseandreturnauthorizedunder |
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| 310 | 310 | | 58thissectionshallsubmittothecommissionafive-yearcapitalinvestmentplansettingforth |
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| 311 | 311 | | 59thegeneralcategoriesofcapitalexpenditurestheelectricalcorporationwillpursuein |
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| 312 | 312 | | 60furtheranceofreplacing,modernizing,andsecuringitsinfrastructure.Theplanshallalso |
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| 313 | 313 | | 61includeaspecificcapitalinvestmentplanforthefirstyearofthefive-yearplanconsistent |
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| 314 | 314 | | 62withthelevelofspecificityusedforannualcapitalbudgetingpurposes.Foreachprojectin |
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| 315 | 315 | | 63thespecificcapitalinvestmentplanonwhichconstructioncommencesonorafterJanuary |
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| 316 | 316 | | 64firstoftheyearinwhichtheplanissubmitted,andwherethecostoftheprojectisestimated |
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| 317 | 317 | | 65toexceedtwentymilliondollars,theelectricalcorporationshallidentifyallcostsandbenefits |
|---|
| 318 | 318 | | 66thatcanbequantitativelyevaluatedandshallfurtheridentifyhowthosecostsandbenefitsare |
|---|
| 319 | 319 | | 67quantified.Foranycostorbenefitwithrespecttosuchaprojectthattheelectrical |
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| 320 | 320 | | 68corporationbelievescannotbequantitativelyevaluated,theelectricalcorporationshallstate |
|---|
| 321 | 321 | | 69thereasonsthecostorbenefitcannotbequantitativelyevaluated,andhowtheelectrical |
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| 322 | 322 | | 70corporationaddressessuchcostsandbenefitswhenreviewinganddecidingtopursuesucha |
|---|
| 323 | 323 | | 71project.Nosuchprojectshallbebasedsolelyoncostsandbenefitsthattheelectrical |
|---|
| 324 | 324 | | 72corporationbelievescannotbequantitativelyevaluated.Anyquantificationforsuchaproject |
|---|
| 325 | 325 | | HB713 9 73thatdoesnotproducequantifiedbenefitsexceedingthecostsshallbeaccompaniedby |
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| 326 | 326 | | 74additionaljustificationinsupportoftheproject.Foreachofthefirstfiveyearsthatan |
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| 327 | 327 | | 75electricalcorporationisallowedtomakethedeferralsprovidedforbysubsection2ofthis |
|---|
| 328 | 328 | | 76section,thepurchaseandinstallationofsmartmetersshallconstitutenomorethansixpercent |
|---|
| 329 | 329 | | 77oftheelectricalcorporation'stotalcapitalexpendituresduringanygivenyearunderthe |
|---|
| 330 | 330 | | 78corporation'sspecificcapitalinvestmentplan.Atleasttwenty-fivepercentofthecostofthe |
|---|
| 331 | 331 | | 79investmentsreflectedineachyear'scapitalinvestmentplan,whichforthepurposesofthis |
|---|
| 332 | 332 | | 80subsectionshallexcludethecostsofinvestmentsinnewgeneratingunitsandenergy |
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| 333 | 333 | | 81storagesystems,shallbecomprisedofgridmodernizationprojects,includingbutnotlimited |
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| 334 | 334 | | 82to: |
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| 335 | 335 | | 83 (1)Increaseduseofdigitalinformationandcontrolstechnologytoimprove |
|---|
| 336 | 336 | | 84reliability,security,andefficiencyoftheelectricgrid; |
|---|
| 337 | 337 | | 85 (2)Dynamicoptimizationofgridoperationsandresources,withfullcybersecurity; |
|---|
| 338 | 338 | | 86 (3)Deploymentandintegrationofdistributedresourcesandgeneration,including |
|---|
| 339 | 339 | | 87renewableresources; |
|---|
| 340 | 340 | | 88 (4)Developmentandincorporationofdemandresponse,demand-sideresources,and |
|---|
| 341 | 341 | | 89energy-efficiencyresources; |
|---|
| 342 | 342 | | 90 (5)Deploymentofsmarttechnologies(real-time,automated,interactivetechnologies |
|---|
| 343 | 343 | | 91thatoptimizethephysicaloperationofappliancesandconsumerdevices)formetering, |
|---|
| 344 | 344 | | 92communications,concerninggridoperationsandstatus,anddistributionautomation; |
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| 345 | 345 | | 93 (6)Integrationofsmartappliancesanddevices; |
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| 346 | 346 | | 94 (7)Deploymentandintegrationofadvancedelectricitystorageandpeak-shaving |
|---|
| 347 | 347 | | 95technologies,includingplug-inelectricandhybridelectricvehicles,andthermalstorageair |
|---|
| 348 | 348 | | 96conditioning; |
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| 349 | 349 | | 97 (8)Provisionoftimelyinformationandcontroloptionstoconsumer; |
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| 350 | 350 | | 98 (9)Developmentofstandardsforcommunicationandinteroperabilityofappliances |
|---|
| 351 | 351 | | 99andequipmentconnectedtotheelectricgrid,includingtheinfrastructureservingthegrid;and |
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| 352 | 352 | | 100 (10)Identificationandloweringofunreasonableorunnecessarybarrierstoadoption |
|---|
| 353 | 353 | | 101ofsmartgridtechnologies,practices,andservices. |
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| 354 | 354 | | 102 |
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| 355 | 355 | | 103Projectspecificinformationneednotbeincludedforthefive-yearperiodcoveredbytheplan. |
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| 356 | 356 | | 104Withinthirtydaysofthefilingofanycapitalinvestmentplanorannualupdatetoanexisting |
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| 357 | 357 | | 105plan,theelectricalcorporationshallhostapublicstakeholdermeetingtoanswerquestions |
|---|
| 358 | 358 | | 106andreceivefeedbackabouttheplan.Afterfeedbackisreceived,theelectricalcorporation |
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| 359 | 359 | | 107shallfileanoticewiththecommissionofanymodificationstothecapitalinvestmentplanit |
|---|
| 360 | 360 | | 108hasaccepted.Changestotheplan,itsimplementation,orthelevelofinvestmentsmadeshall |
|---|
| 361 | 361 | | 109notconstituteevidenceofimprudenceoftheinvestmentsmadeundersuchplan.The |
|---|
| 362 | 362 | | HB713 10 110submissionofacapitalinvestmentplanunderthissectionshallnotaffectinanywaythe |
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| 363 | 363 | | 111commission'sauthoritywithrespecttothegrantordenialofacertificateofconvenienceand |
|---|
| 364 | 364 | | 112necessityundersection393.170.ByFebruarytwenty-eighthfollowingeachyearinwhich |
|---|
| 365 | 365 | | 113theelectricalcorporationsubmitsacapitalinvestmentplan,theelectricalcorporationshall |
|---|
| 366 | 366 | | 114submitareporttothecommissiondetailingactualcapitalinvestmentsmadetheprevious |
|---|
| 367 | 367 | | 115year,thequantitativelyevaluatedbenefitsandcostsgeneratedbyeachofthoseinvestments |
|---|
| 368 | 368 | | 116thatexceededtwentymilliondollars,andanyefficienciesachievedasaresultofthose |
|---|
| 369 | 369 | | 117investments. |
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| 370 | 370 | | 118 5.Thissectionshallonlyapplytoanyelectricalcorporationthathasfiledanotice |
|---|
| 371 | 371 | | 119withthecommissionoftheelectricalcorporation'selectiontomakethedeferralsforwhich |
|---|
| 372 | 372 | | 120thissectionprovides.Anelectricalcorporationmayprovidenoticetothecommissionone |
|---|
| 373 | 373 | | 121timeunderthissubsectionifsuchcorporationhasappliedtothecommissionundersubsection |
|---|
| 374 | 374 | | 1222ofsection386.266,providedthecorporationshallnotconcurrentlyutilizedeferralsunder |
|---|
| 375 | 375 | | 123thissubsectionandtheelectricrateadjustmentssetforthinsubsection3ofsection386.266. |
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| 376 | 376 | | 124Anelectricalcorporation'selectionshallallowittomakethedeferralsprovidedforby |
|---|
| 377 | 377 | | 125subsection2ofthissectionuntilDecember31,[2028] 2035. Notwithstandingthe |
|---|
| 378 | 378 | | 126immediatelyprecedingsentence,anelectricalcorporationmayseekpermissiontocontinueto |
|---|
| 379 | 379 | | 127makethedeferralsprovidedforbysubsection2ofthissectionforanadditionalfiveyears |
|---|
| 380 | 380 | | 128beyondDecember31,[2028] 2035, byfilinganapplicationwiththecommissionseeking |
|---|
| 381 | 381 | | 129suchpermissionbyDecember31,[2026] 2033, whichapplicationshallberuleduponbythe |
|---|
| 382 | 382 | | 130commissionwithinonehundredeightydaysafteritsfiling.Indecidingwhethertograntsuch |
|---|
| 383 | 383 | | 131permissiontocontinuethecommissionshallhavetheauthority,consistentwithitsstatutory |
|---|
| 384 | 384 | | 132authorityoutsidethissection,toconsidersuchfactorsasinitsjudgmentitdeemsnecessary |
|---|
| 385 | 385 | | 133andmayconditionthepermissiononfactorsthatarerelevanttothedeferralsauthorizedby |
|---|
| 386 | 386 | | 134subsection2ofthissection.Thecommissionshallmakethedeterminationofwhetherto |
|---|
| 387 | 387 | | 135grantsuchpermissiontocontinueafterahearing.Anelectricalcorporationmakingdeferrals |
|---|
| 388 | 388 | | 136providedforbysubsection2ofthissectiononandafterJanuary1,2024,shallbesubjectto |
|---|
| 389 | 389 | | 137therevenuerequirementimpactcapsetforthundersection393.1656.Failuretoobtainsuch |
|---|
| 390 | 390 | | 138commissionpermissiontocontinueshallnotaffectdeferralsmadethroughthedateforwhich |
|---|
| 391 | 391 | | 139permissionhasbeengranted,ortheregulatoryandratemakingtreatmentoftheregulatory |
|---|
| 392 | 392 | | 140assetsarisingfromsuchdeferralsasprovidedforbythissection. |
|---|
| 393 | 393 | | 141 6.Thecommissionmaytakeintoaccountanychangeinbusinessrisktothe |
|---|
| 394 | 394 | | 142corporationresultingfromimplementationofthedeferralsinsettingthecorporation'sallowed |
|---|
| 395 | 395 | | 143returninanyrateproceeding,inadditiontoanyotherchangesinbusinessriskexperiencedby |
|---|
| 396 | 396 | | 144thecorporation. |
|---|
| 397 | 397 | | 145 7.ThissectionshallexpireonDecember31,[2033] 2040, exceptthatthe |
|---|
| 398 | 398 | | 146amortizationoftheregulatoryassetbalancesarisingunderthissectionshallcontinuetobe |
|---|
| 399 | 399 | | HB713 11 147reflectedintheelectricalcorporation'sratesandremainingregulatoryassetbalancesshallbe |
|---|
| 400 | 400 | | 148includedintheelectricalcorporation'sratebaseconsistentwiththeratemakingtreatmentand |
|---|
| 401 | 401 | | 149amortizationpreviouslyapprovedbythecommissionpursuanttothissection. |
|---|
| 402 | 402 | | 393.1700.1.Forpurposesofsections393.1700to393.1715,thefollowingterms |
|---|
| 403 | 403 | | 2shallmean: |
|---|
| 404 | 404 | | 3 (1)"Ancillaryagreement",abond,insurancepolicy,letterofcredit,reserveaccount, |
|---|
| 405 | 405 | | 4suretybond,interestratelockorswaparrangement,hedgingarrangement,liquidityorcredit |
|---|
| 406 | 406 | | 5supportarrangement,orotherfinancialarrangemententeredintoinconnectionwith |
|---|
| 407 | 407 | | 6securitizedutilitytariffbonds; |
|---|
| 408 | 408 | | 7 (2)"Assignee",alegallyrecognizedentitytowhichanelectricalcorporationassigns, |
|---|
| 409 | 409 | | 8sells,ortransfers,otherthanassecurity,alloraportionofitsinterestinorrighttosecuritized |
|---|
| 410 | 410 | | 9utilitytariffproperty.Thetermincludesacorporation,limitedliabilitycompany,general |
|---|
| 411 | 411 | | 10partnershiporlimitedpartnership,publicauthority,trust,financingentity,oranyentityto |
|---|
| 412 | 412 | | 11whichanassigneeassigns,sells,ortransfers,otherthanassecurity,itsinterestinorrightto |
|---|
| 413 | 413 | | 12securitizedutilitytariffproperty; |
|---|
| 414 | 414 | | 13 (3)"Bondholder",apersonwhoholdsasecuritizedutilitytariffbond; |
|---|
| 415 | 415 | | 14 (4)"Code",theuniformcommercialcode,chapter400; |
|---|
| 416 | 416 | | 15 (5)"Commission",theMissouripublicservicecommission; |
|---|
| 417 | 417 | | 16 (6)"Electricalcorporation",thesameasdefinedinsection386.020,butshallnot |
|---|
| 418 | 418 | | 17includeanelectricalcorporationasdescribedinsubsection2ofsection393.110; |
|---|
| 419 | 419 | | 18 (7)"Energytransitioncosts"includeallofthefollowing: |
|---|
| 420 | 420 | | 19 (a)Pretaxcostswithrespecttoaretiredorabandonedortoberetiredorabandoned |
|---|
| 421 | 421 | | 20electricgeneratingfacilitythatisthesubjectofapetitionforafinancingorderfiledunderthis |
|---|
| 422 | 422 | | 21sectionwheresuchearlyretirementorabandonmentisdeemedreasonableandprudentbythe |
|---|
| 423 | 423 | | 22commissionthroughafinalorderissuedbythecommission,include,butarenotlimitedto, |
|---|
| 424 | 424 | | 23theundepreciatedinvestmentintheretiredorabandonedortoberetiredorabandoned |
|---|
| 425 | 425 | | 24electricgeneratingfacilityandanyfacilitiesancillarytheretoorusedinconjunction |
|---|
| 426 | 426 | | 25therewith,costsofdecommissioningandrestoringthesiteoftheelectricgeneratingfacility, |
|---|
| 427 | 427 | | 26otherapplicablecapitalandoperatingcosts,accruedcarryingcharges,anddeferredexpenses, |
|---|
| 428 | 428 | | 27withtheforegoingtobereducedbyapplicabletaxbenefitsofaccumulatedandexcess |
|---|
| 429 | 429 | | 28deferredincometaxes,insurance,scrapandsalvageproceeds,andmayincludethecostof |
|---|
| 430 | 430 | | 29retiringanyexistingindebtedness,fees,costs,andexpensestomodifyexistingdebt |
|---|
| 431 | 431 | | 30agreementsorforwaiversorconsentsrelatedtoexistingdebtagreements; |
|---|
| 432 | 432 | | 31 (b)Pretaxcoststhatanelectricalcorporationhaspreviouslyincurredrelatedtothe |
|---|
| 433 | 433 | | 32retirementorabandonmentofsuchanelectricgeneratingfacilityoccurringbeforeAugust28, |
|---|
| 434 | 434 | | 332021; |
|---|
| 435 | 435 | | 34 (8)"Financingcosts"includesallofthefollowing: |
|---|
| 436 | 436 | | HB713 12 35 (a)Interestandacquisition,defeasance,orredemptionpremiumspayableon |
|---|
| 437 | 437 | | 36securitizedutilitytariffbonds; |
|---|
| 438 | 438 | | 37 (b)Anypaymentrequiredunderanancillaryagreementandanyamountrequiredto |
|---|
| 439 | 439 | | 38fundorreplenishareserveaccountorotheraccountsestablishedunderthetermsofany |
|---|
| 440 | 440 | | 39indenture,ancillaryagreement,orotherfinancingdocumentspertainingtosecuritizedutility |
|---|
| 441 | 441 | | 40tariffbonds; |
|---|
| 442 | 442 | | 41 (c)Anyothercostrelatedtoissuing,supporting,repaying,refunding,andservicing |
|---|
| 443 | 443 | | 42securitizedutilitytariffbonds,includingservicingfees,accountingandauditingfees,trustee |
|---|
| 444 | 444 | | 43fees,legalfees,consultingfees,structuringadviserfees,administrativefees,placementand |
|---|
| 445 | 445 | | 44underwritingfees,independentdirectorandmanagerfees,capitalizedinterest,ratingagency |
|---|
| 446 | 446 | | 45fees,stockexchangelistingandcompliancefees,securityregistrationfees,filingfees, |
|---|
| 447 | 447 | | 46informationtechnologyprogrammingcosts,andanyothercostsnecessarytootherwise |
|---|
| 448 | 448 | | 47ensurethetimelypaymentofsecuritizedutilitytariffbondsorotheramountsorcharges |
|---|
| 449 | 449 | | 48payableinconnectionwiththebonds,includingcostsrelatedtoobtainingthefinancingorder; |
|---|
| 450 | 450 | | 49 (d)Anytaxesandlicensefeesorotherfeesimposedontherevenuesgeneratedfrom |
|---|
| 451 | 451 | | 50thecollectionofthesecuritizedutilitytariffchargeorotherwiseresultingfromthecollection |
|---|
| 452 | 452 | | 51ofsecuritizedutilitytariffcharges,inanysuchcasewhetherpaid,payable,oraccrued; |
|---|
| 453 | 453 | | 52 (e)Anystateandlocaltaxes,franchise,grossreceipts,andothertaxesorsimilar |
|---|
| 454 | 454 | | 53charges,includingcommissionassessmentfees,whetherpaid,payable,oraccrued; |
|---|
| 455 | 455 | | 54 (f)Anycostsassociatedwithperformanceofthecommission'sresponsibilitiesunder |
|---|
| 456 | 456 | | 55thissectioninconnectionwithapproving,approvingsubjecttoconditions,orrejectinga |
|---|
| 457 | 457 | | 56petitionforafinancingorder,andinperformingitsdutiesinconnectionwiththeissuance |
|---|
| 458 | 458 | | 57adviceletterprocess,includingcoststoretaincounsel,oneormorefinancialadvisors,or |
|---|
| 459 | 459 | | 58otherconsultantsasdeemedappropriatebythecommissionandpaidpursuanttothissection; |
|---|
| 460 | 460 | | 59 (9)"Financingorder",anorderfromthecommissionthatauthorizestheissuanceof |
|---|
| 461 | 461 | | 60securitizedutilitytariffbonds;theimposition,collection,andperiodicadjustmentsofa |
|---|
| 462 | 462 | | 61securitizedutilitytariffcharge;thecreationofsecuritizedutilitytariffproperty;andthesale, |
|---|
| 463 | 463 | | 62assignment,ortransferofsecuritizedutilitytariffpropertytoanassignee; |
|---|
| 464 | 464 | | 63 (10)"Financingparty",bondholdersandtrustees,collateralagents,anypartyunder |
|---|
| 465 | 465 | | 64anancillaryagreement,oranyotherpersonactingforthebenefitofbondholders; |
|---|
| 466 | 466 | | 65 (11)"Financingstatement",thesameasdefinedinarticle9ofthecode; |
|---|
| 467 | 467 | | 66 (12)"Pledgee",afinancingpartytowhichanelectricalcorporationoritssuccessors |
|---|
| 468 | 468 | | 67orassigneesmortgages,negotiates,pledges,orcreatesasecurityinterestorlienonallorany |
|---|
| 469 | 469 | | 68portionofitsinterestinorrighttosecuritizedutilitytariffproperty; |
|---|
| 470 | 470 | | 69 (13)"Qualifiedextraordinarycosts",costsincurredprudentlybefore,on,orafter |
|---|
| 471 | 471 | | 70August28,2021,ofanextraordinarynaturewhichwouldcauseextremecustomerrate |
|---|
| 472 | 472 | | 71impactsifreflectedinretailcustomerratesrecoveredthroughcustomaryratemaking,suchas |
|---|
| 473 | 473 | | HB713 13 72butnotlimitedtothoserelatedtopurchasesoffuelorpower,inclusiveofcarryingcharges, |
|---|
| 474 | 474 | | 73duringanomalousweatherevents; |
|---|
| 475 | 475 | | 74 (14)"Ratebasecutoffdate",thesameasdefinedinsubdivision(4)ofsubsection1of |
|---|
| 476 | 476 | | 75section393.1400assuchtermexistedonAugust28,2021; |
|---|
| 477 | 477 | | 76 (15)"Securitizedutilitytariffbonds",bonds,debentures,notes,certificatesof |
|---|
| 478 | 478 | | 77participation,certificatesofbeneficialinterest,certificatesofownership,orotherevidences |
|---|
| 479 | 479 | | 78ofindebtednessorownershipthatareissuedbyanelectricalcorporationoranassignee |
|---|
| 480 | 480 | | 79pursuanttoafinancingorder,theproceedsofwhichareuseddirectlyorindirectlytorecover, |
|---|
| 481 | 481 | | 80finance,orrefinancecommission-approvedsecuritizedutilitytariffcostsandfinancingcosts, |
|---|
| 482 | 482 | | 81andthataresecuredbyorpayablefromsecuritizedutilitytariffproperty.Ifcertificatesof |
|---|
| 483 | 483 | | 82participationorownershipareissued,referencesinthissectiontoprincipal,interest,or |
|---|
| 484 | 484 | | 83premiumshallbeconstruedtorefertocomparableamountsunderthosecertificates; |
|---|
| 485 | 485 | | 84 (16)"Securitizedutilitytariffcharge",theamountsauthorizedbythecommissionto |
|---|
| 486 | 486 | | 85repay,finance,orrefinancesecuritizedutilitytariffcostsandfinancingcostsandthatare, |
|---|
| 487 | 487 | | 86exceptasotherwiseprovidedforinthissection,nonbypassablechargesimposedonandpart |
|---|
| 488 | 488 | | 87ofallretailcustomerbills,collectedbyanelectricalcorporationoritssuccessorsorassignees, |
|---|
| 489 | 489 | | 88oracollectionagent,infull,separateandapartfromtheelectricalcorporation'sbaserates, |
|---|
| 490 | 490 | | 89andpaidbyallexistingorfutureretailcustomersreceivingelectricalservicefromthe |
|---|
| 491 | 491 | | 90electricalcorporationoritssuccessorsorassigneesundercommission-approvedrate |
|---|
| 492 | 492 | | 91schedules,exceptforcustomersreceivingelectricalserviceunderspecialcontractsasof |
|---|
| 493 | 493 | | 92August28,2021,evenifaretailcustomerelectstopurchaseelectricityfromanalternative |
|---|
| 494 | 494 | | 93electricitysupplierfollowingafundamentalchangeinregulationofpublicutilitiesinthis |
|---|
| 495 | 495 | | 94state; |
|---|
| 496 | 496 | | 95 (17)"Securitizedutilitytariffcosts",eitherenergytransitioncostsorqualified |
|---|
| 497 | 497 | | 96extraordinarycostsasthecasemaybe; |
|---|
| 498 | 498 | | 97 (18)"Securitizedutilitytariffproperty",allofthefollowing: |
|---|
| 499 | 499 | | 98 (a)Allrightsandinterestsofanelectricalcorporationorsuccessororassigneeofthe |
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| 500 | 500 | | 99electricalcorporationunderafinancingorder,includingtherighttoimpose,bill,charge, |
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| 501 | 501 | | 100collect,andreceivesecuritizedutilitytariffchargesauthorizedunderthefinancingorderand |
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| 502 | 502 | | 101toobtainperiodicadjustmentstosuchchargesasprovidedinthefinancingorder; |
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| 503 | 503 | | 102 (b)Allrevenues,collections,claims,rightstopayments,payments,money,or |
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| 504 | 504 | | 103proceedsarisingfromtherightsandinterestsspecifiedinthefinancingorder,regardlessof |
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| 505 | 505 | | 104whethersuchrevenues,collections,claims,rightstopayment,payments,money,orproceeds |
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| 506 | 506 | | 105areimposed,billed,received,collected,ormaintainedtogetherwithorcommingledwith |
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| 507 | 507 | | 106otherrevenues,collections,rightstopayment,payments,money,orproceeds; |
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| 508 | 508 | | 107 (19)"Specialcontract",electricalserviceprovidedunderthetermsofaspecial |
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| 509 | 509 | | 108incrementalloadratescheduleatafixedpricerateapprovedbythecommission. |
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| 510 | 510 | | HB713 14 109 2.(1)Anelectricalcorporationmaypetitionthecommissionforafinancingorderto |
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| 511 | 511 | | 110financeenergytransitioncoststhroughanissuanceofsecuritizedutilitytariffbonds.The |
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| 512 | 512 | | 111petitionshallincludeallofthefollowing: |
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| 513 | 513 | | 112 (a)Adescriptionoftheelectricgeneratingfacilityorfacilitiesthattheelectrical |
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| 514 | 514 | | 113corporationhasretiredorabandoned,orproposestoretireorabandon,priortothedatethat |
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| 515 | 515 | | 114allundepreciatedinvestmentrelatingtheretohasbeenrecoveredthroughratesandthereasons |
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| 516 | 516 | | 115forundertakingsuchearlyretirementorabandonment,oriftheelectricalcorporationis |
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| 517 | 517 | | 116subjecttoaseparatecommissionorderorproceedingrelatingtosuchretirementor |
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| 518 | 518 | | 117abandonmentascontemplatedbysubdivision(2)ofthissubsection,andadescriptionofthe |
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| 519 | 519 | | 118orderorotherproceeding; |
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| 520 | 520 | | 119 (b)Theenergytransitioncosts; |
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| 521 | 521 | | 120 (c)Anindicatorofwhethertheelectricalcorporationproposestofinanceallora |
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| 522 | 522 | | 121portionoftheenergytransitioncostsusingsecuritizedutilitytariffbonds.Iftheelectrical |
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| 523 | 523 | | 122corporationproposestofinanceaportionofthecosts,theelectricalcorporationshallidentify |
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| 524 | 524 | | 123thespecificportioninthepetition.Byelectingnottofinancealloranyportionofsuch |
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| 525 | 525 | | 124energytransitioncostsusingsecuritizedutilitytariffbonds,anelectricalcorporationshallnot |
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| 526 | 526 | | 125bedeemedtowaiveitsrighttorecoversuchcostspursuanttoaseparateproceedingwiththe |
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| 527 | 527 | | 126commission; |
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| 528 | 528 | | 127 (d)Anestimateofthefinancingcostsrelatedtothesecuritizedutilitytariffbonds; |
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| 529 | 529 | | 128 (e)Anestimateofthesecuritizedutilitytariffchargesnecessarytorecoverthe |
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| 530 | 530 | | 129securitizedutilitytariffcostsandfinancingcostsandtheperiodforrecoveryofsuchcosts; |
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| 531 | 531 | | 130 (f)Acomparisonbetweenthenetpresentvalueofthecoststocustomersthatare |
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| 532 | 532 | | 131estimatedtoresultfromtheissuanceofsecuritizedutilitytariffbondsandthecoststhatwould |
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| 533 | 533 | | 132resultfromtheapplicationofthetraditionalmethodoffinancingandrecoveringthe |
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| 534 | 534 | | 133undepreciatedinvestmentoffacilitiesthatmaybecomesecuritizedutilitytariffcostsfrom |
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| 535 | 535 | | 134customers.Thecomparisonshoulddemonstratethattheissuanceofsecuritizedutilitytariff |
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| 536 | 536 | | 135bondsandtheimpositionofsecuritizedutilitytariffchargesareexpectedtoprovide |
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| 537 | 537 | | 136quantifiablenetpresentvaluebenefitstocustomers; |
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| 538 | 538 | | 137 (g)Aproposedfutureratemakingprocesstoreconcileanydifferencesbetween |
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| 539 | 539 | | 138securitizedutilitytariffcostsfinancedbysecuritizedutilitytariffbondsandthefinal |
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| 540 | 540 | | 139securitizedcostsincurredbytheelectricalcorporationorassigneeprovidedthatanysuch |
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| 541 | 541 | | 140reconciliationshallnotaffecttheamountofsecuritizedutilitytariffbondsortheassociated |
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| 542 | 542 | | 141securitizedutilitytariffchargespaidbycustomers;and |
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| 543 | 543 | | 142 (h)Directtestimonysupportingthepetition. |
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| 544 | 544 | | 143 (2)Anelectricalcorporationmaypetitionthecommissionforafinancingorderto |
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| 545 | 545 | | 144financequalifiedextraordinarycosts.Thepetitionshallincludeallofthefollowing: |
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| 546 | 546 | | HB713 15 145 (a)Adescriptionofthequalifiedextraordinarycosts,includingtheirmagnitude,the |
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| 547 | 547 | | 146reasonsthosecostswereincurredbytheelectricalcorporationandtheretailcustomerrate |
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| 548 | 548 | | 147impactthatwouldresultfromcustomaryratemakingtreatmentofsuchcosts; |
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| 549 | 549 | | 148 (b)Anindicatorofwhethertheelectricalcorporationproposestofinanceallora |
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| 550 | 550 | | 149portionofthequalifiedextraordinarycostsusingsecuritizedutilitytariffbonds.Ifthe |
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| 551 | 551 | | 150electricalcorporationproposestofinanceaportionofthecosts,theelectricalcorporation |
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| 552 | 552 | | 151shallidentifythespecificportioninthepetition.Byelectingnottofinancealloranyportion |
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| 553 | 553 | | 152ofsuchqualifiedextraordinarycostsusingsecuritizedutilitytariffbonds,anelectrical |
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| 554 | 554 | | 153corporationshallnotbedeemedtowaiveitsrighttoreflectsuchcostsinitsretailrates |
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| 555 | 555 | | 154pursuanttoaseparateproceedingwiththecommission; |
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| 556 | 556 | | 155 (c)Anestimateofthefinancingcostsrelatedtothesecuritizedutilitytariffbonds; |
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| 557 | 557 | | 156 (d)Anestimateofthesecuritizedutilitytariffchargesnecessarytorecoverthe |
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| 558 | 558 | | 157qualifiedextraordinarycostsandfinancingcostsandtheperiodforrecoveryofsuchcosts; |
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| 559 | 559 | | 158 (e)Acomparisonbetweenthenetpresentvalueofthecoststocustomersthatare |
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| 560 | 560 | | 159estimatedtoresultfromtheissuanceofsecuritizedutilitytariffbondsandthecoststhatwould |
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| 561 | 561 | | 160resultfromtheapplicationofthecustomarymethodoffinancingandreflectingthequalified |
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| 562 | 562 | | 161extraordinarycostsinretailcustomerrates.Thecomparisonshoulddemonstratethatthe |
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| 563 | 563 | | 162issuanceofsecuritizedutilitytariffbondsandtheimpositionofsecuritizedutilitytariff |
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| 564 | 564 | | 163chargesareexpectedtoprovidequantifiablenetpresentvaluebenefitstoretailcustomers; |
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| 565 | 565 | | 164 (f)Aproposedfutureratemakingprocesstoreconcileanydifferencesbetween |
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| 566 | 566 | | 165securitizedutilitytariffcostsfinancedbysecuritizedutilitytariffbondsandthefinal |
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| 567 | 567 | | 166securitizedcostsincurredbytheelectricalcorporationorassigneeprovidedthatanysuch |
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| 568 | 568 | | 167reconciliationshallnotaffecttheamountofsecuritizedutilitytariffbondsortheassociated |
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| 569 | 569 | | 168securitizedutilitytariffchargespaidbycustomers;and |
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| 570 | 570 | | 169 (g)Directtestimonysupportingthepetition. |
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| 571 | 571 | | 170 (3)(a)Proceedingsonapetitionsubmittedpursuanttothissubsectionbeginwiththe |
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| 572 | 572 | | 171petitionbyanelectricalcorporationandshallbedisposedofinaccordancewiththe |
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| 573 | 573 | | 172requirementsofthissectionandtherulesofthecommission,exceptasfollows: |
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| 574 | 574 | | 173 a.Thecommissionshallestablishaproceduralschedulethatpermitsacommission |
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| 575 | 575 | | 174decisionnolaterthantwohundredfifteendaysafterthedatethepetitionisfiled; |
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| 576 | 576 | | 175 b.Nolaterthantwohundredfifteendaysafterthedatethepetitionisfiled,the |
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| 577 | 577 | | 176commissionshallissueafinancingorderapprovingthepetition,anorderapprovingthe |
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| 578 | 578 | | 177petitionsubjecttoconditions,oranorderrejectingthepetition;provided,however,thatthe |
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| 579 | 579 | | 178electricalcorporationshallprovidenoticeofintenttofileapetitionforafinancingorderto |
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| 580 | 580 | | 179thecommissionnolessthansixtydaysinadvanceofsuchfiling; |
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| 581 | 581 | | 180 c.Judicialreviewofafinancingordermaybehadonlyinaccordancewithsections |
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| 582 | 582 | | 181386.500and386.510. |
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| 583 | 583 | | HB713 16 182 (b)Inperformingitsresponsibilitiesunderthissectioninapproving,approving |
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| 584 | 584 | | 183subjecttoconditions,orrejectingapetitionforafinancingorder,thecommissionmayretain |
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| 585 | 585 | | 184counsel,oneormorefinancialadvisors,orotherconsultantsasitdeemsappropriate.Such |
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| 586 | 586 | | 185outsidecounsel,advisororadvisors,orconsultantsshalloweadutyofloyaltysolelytothe |
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| 587 | 587 | | 186commissionandshallhavenointerestintheproposedsecuritizedutilitytariffbonds.The |
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| 588 | 588 | | 187costsassociatedwithanysuchengagementsshallbepaidbythepetitioningcorporationand |
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| 589 | 589 | | 188shallbeincludedasfinancedcostsinthesecuritizedutilitytariffchargeandshallnotbean |
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| 590 | 590 | | 189obligationofthestateandshallbeassignedsolelytothesubjecttransaction.The |
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| 591 | 591 | | 190commissionmaydirectlycontractcounsel,financialadvisors,orotherconsultantsas |
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| 592 | 592 | | 191necessaryforeffectuatingthepurposesofthissection.Suchcontractingprocedures |
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| 593 | 593 | | 192shallnotbesubjecttotheprovisionsofchapter34,howeverthecommissionshall |
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| 594 | 594 | | 193establishapolicyforthebidprocess.Suchpolicyshallbepubliclyavailableandany |
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| 595 | 595 | | 194informationrelatedtocontractsundertheestablishedpolicyshallbeincludedin |
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| 596 | 596 | | 195publiclyavailableratecasedocumentation. |
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| 597 | 597 | | 196 (c)Afinancingorderissuedbythecommission,afterahearing,toanelectrical |
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| 598 | 598 | | 197corporationshallincludeallofthefollowingelements: |
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| 599 | 599 | | 198 a.Theamountofsecuritizedutilitytariffcoststobefinancedusingsecuritizedutility |
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| 600 | 600 | | 199tariffbondsandafindingthatrecoveryofsuchcostsisjustandreasonableandinthepublic |
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| 601 | 601 | | 200interest.Thecommissionshalldescribeandestimatetheamountoffinancingcoststhatmay |
|---|
| 602 | 602 | | 201berecoveredthroughsecuritizedutilitytariffchargesandspecifytheperiodoverwhich |
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| 603 | 603 | | 202securitizedutilitytariffcostsandfinancingcostsmayberecovered; |
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| 604 | 604 | | 203 b.Afindingthattheproposedissuanceofsecuritizedutilitytariffbondsandthe |
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| 605 | 605 | | 204impositionandcollectionofasecuritizedutilitytariffchargearejustandreasonableandin |
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| 606 | 606 | | 205thepublicinterestandareexpectedtoprovidequantifiablenetpresentvaluebenefitsto |
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| 607 | 607 | | 206customersascomparedtorecoveryofthecomponentsofsecuritizedutilitytariffcoststhat |
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| 608 | 608 | | 207wouldhavebeenincurredabsenttheissuanceofsecuritizedutilitytariffbonds. |
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| 609 | 609 | | 208Notwithstandinganyprovisionsofthissectiontothecontrary,inconsideringwhetherto |
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| 610 | 610 | | 209findtheproposedissuanceofsecuritizedutilitytariffbondsandtheimpositionandcollection |
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| 611 | 611 | | 210ofasecuritizedutilitytariffchargearejustandreasonableandinthepublicinterest,the |
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| 612 | 612 | | 211commissionmayconsiderpreviousinstanceswhereithasissuedfinancingorderstothe |
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| 613 | 613 | | 212petitioningelectricalcorporationandsuchelectricalcorporationhaspreviouslyissued |
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| 614 | 614 | | 213securitizedutilitytariffbonds; |
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| 615 | 615 | | 214 c.Afindingthattheproposedstructuringandpricingofthesecuritizedutilitytariff |
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| 616 | 616 | | 215bondsarereasonablyexpectedtoresultinthelowestsecuritizedutilitytariffcharges |
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| 617 | 617 | | 216consistentwithmarketconditionsatthetimethesecuritizedutilitytariffbondsarepricedand |
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| 618 | 618 | | 217thetermsofthefinancingorder; |
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| 619 | 619 | | HB713 17 218 d.Arequirementthat,forsolongasthesecuritizedutilitytariffbondsareoutstanding |
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| 620 | 620 | | 219anduntilallfinancingcostshavebeenpaidinfull,theimpositionandcollectionof |
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| 621 | 621 | | 220securitizedutilitytariffchargesauthorizedunderafinancingordershallbenonbypassable |
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| 622 | 622 | | 221andpaidbyallexistingandfutureretailcustomersreceivingelectricalservicefromthe |
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| 623 | 623 | | 222electricalcorporationoritssuccessorsorassigneesundercommission-approvedrate |
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| 624 | 624 | | 223schedulesexceptforcustomersreceivingelectricalserviceunderspecialcontractsonAugust |
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| 625 | 625 | | 22428,2021,evenifaretailcustomerelectstopurchaseelectricityfromanalternativeelectric |
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| 626 | 626 | | 225supplierfollowingafundamentalchangeinregulationofpublicutilitiesinthisstate; |
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| 627 | 627 | | 226 e.Aformula-basedtrue-upmechanismformaking,atleastannually,expeditious |
|---|
| 628 | 628 | | 227periodicadjustmentsinthesecuritizedutilitytariffchargesthatcustomersarerequiredtopay |
|---|
| 629 | 629 | | 228pursuanttothefinancingorderandformakinganyadjustmentsthatarenecessarytocorrect |
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| 630 | 630 | | 229foranyovercollectionorundercollectionofthechargesortootherwiseensurethetimely |
|---|
| 631 | 631 | | 230paymentofsecuritizedutilitytariffbondsandfinancingcostsandotherrequiredamountsand |
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| 632 | 632 | | 231chargespayableunderthesecuritizedutilitytariffbonds; |
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| 633 | 633 | | 232 f.Thesecuritizedutilitytariffpropertythatis,orshallbe,createdinfavorofan |
|---|
| 634 | 634 | | 233electricalcorporationoritssuccessorsorassigneesandthatshallbeusedtopayorsecure |
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| 635 | 635 | | 234securitizedutilitytariffbondsandapprovedfinancingcosts; |
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| 636 | 636 | | 235 g.Thedegreeofflexibilitytobeaffordedtotheelectricalcorporationinestablishing |
|---|
| 637 | 637 | | 236thetermsandconditionsofthesecuritizedutilitytariffbonds,including,butnotlimitedto, |
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| 638 | 638 | | 237repaymentschedules,expectedinterestrates,andotherfinancingcosts; |
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| 639 | 639 | | 238 h.Howsecuritizedutilitytariffchargeswillbeallocatedamongretailcustomer |
|---|
| 640 | 640 | | 239classes.Theinitialallocationshallremainineffectuntiltheelectricalcorporationcompletes |
|---|
| 641 | 641 | | 240ageneralrateproceeding,andoncethecommission'sorderfromthatgeneralrateproceeding |
|---|
| 642 | 642 | | 241becomesfinal,allsubsequentapplicationsofanadjustmentmechanismregardingsecuritized |
|---|
| 643 | 643 | | 242utilitytariffchargesshallincorporatechangesintheallocationofcoststocustomersas |
|---|
| 644 | 644 | | 243detailedinthecommission'sorderfromtheelectricalcorporation'smostrecentgeneralrate |
|---|
| 645 | 645 | | 244proceeding; |
|---|
| 646 | 646 | | 245 i.Arequirementthat,afterthefinaltermsofanissuanceofsecuritizedutilitytariff |
|---|
| 647 | 647 | | 246bondshavebeenestablishedandbeforetheissuanceofsecuritizedutilitytariffbonds,the |
|---|
| 648 | 648 | | 247electricalcorporationdeterminestheresultinginitialsecuritizedutilitytariffchargein |
|---|
| 649 | 649 | | 248accordancewiththefinancingorder,andthatsuchinitialsecuritizedutilitytariffchargebe |
|---|
| 650 | 650 | | 249finalandeffectiveupontheissuanceofsuchsecuritizedutilitytariffbondswithsuchcharge |
|---|
| 651 | 651 | | 250tobereflectedonacompliancetariffsheetbearingsuchcharge; |
|---|
| 652 | 652 | | 251 j.Amethodoftracingfundscollectedassecuritizedutilitytariffcharges,orother |
|---|
| 653 | 653 | | 252proceedsofsecuritizedutilitytariffproperty,determiningthatsuchmethodshallbedeemed |
|---|
| 654 | 654 | | 253themethodoftracingsuchfundsanddeterminingtheidentifiablecashproceedsofany |
|---|
| 655 | 655 | | 254securitizedutilitytariffpropertysubjecttoafinancingorderunderapplicablelaw; |
|---|
| 656 | 656 | | HB713 18 255 k.Astatementspecifyingafutureratemakingprocesstoreconcileanydifferences |
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| 657 | 657 | | 256betweentheactualsecuritizedutilitytariffcostsfinancedbysecuritizedutilitytariffbonds |
|---|
| 658 | 658 | | 257andthefinalsecuritizedutilitytariffcostsincurredbytheelectricalcorporationorassignee |
|---|
| 659 | 659 | | 258providedthatanysuchreconciliationshallnotaffecttheamountofsecuritizedutilitytariff |
|---|
| 660 | 660 | | 259bondsortheassociatedsecuritizedutilitytariffchargespaidbycustomers; |
|---|
| 661 | 661 | | 260 l.Aprocedurethatshallallowtheelectricalcorporationtoearnareturn,atthecostof |
|---|
| 662 | 662 | | 261capitalauthorizedfromtimetotimebythecommissionintheelectricalcorporation'srate |
|---|
| 663 | 663 | | 262proceedings,onanymoneysadvancedbytheelectricalcorporationtofundreserves,ifany,or |
|---|
| 664 | 664 | | 263capitalaccountsestablishedunderthetermsofanyindenture,ancillaryagreement,orother |
|---|
| 665 | 665 | | 264financingdocumentspertainingtothesecuritizedutilitytariffbonds; |
|---|
| 666 | 666 | | 265 m.Inafinancingordergrantingauthorizationtosecuritizeenergytransitioncostsor |
|---|
| 667 | 667 | | 266inafinancingordergrantingauthorizationtosecuritizequalifiedextraordinarycoststhat |
|---|
| 668 | 668 | | 267includeretiredorabandonedfacilitycosts,aprocedureforthetreatmentofaccumulated |
|---|
| 669 | 669 | | 268deferredincometaxesandexcessdeferredincometaxesinconnectionwiththeretiredor |
|---|
| 670 | 670 | | 269abandonedortoberetiredorabandonedelectricgeneratingfacility,orinconnectionwith |
|---|
| 671 | 671 | | 270retiredorabandonedfacilitiesincludedinqualifiedextraordinarycosts.Theaccumulated |
|---|
| 672 | 672 | | 271deferredincometaxes,includingexcessdeferredincometaxes,shallbeexcludedfromrate |
|---|
| 673 | 673 | | 272baseinfuturegeneralratecasesandthenettaxbenefitsrelatingtoamountsthatwillbe |
|---|
| 674 | 674 | | 273recoveredthroughtheissuanceofsecuritizedutilitytariffbondsshallbecreditedtoretail |
|---|
| 675 | 675 | | 274customersbyreducingtheamountofsuchsecuritizedutilitytariffbondsthatwouldotherwise |
|---|
| 676 | 676 | | 275beissued.Thecustomercreditshallincludethenetpresentvalueofthetaxbenefits, |
|---|
| 677 | 677 | | 276calculatedusingadiscountrateequaltotheexpectedinterestrateofthesecuritizedutility |
|---|
| 678 | 678 | | 277tariffbonds,fortheestimatedaccumulatedandexcessdeferredincometaxesatthetimeof |
|---|
| 679 | 679 | | 278securitizationincludingtimingdifferencescreatedbytheissuanceofsecuritizedutilitytariff |
|---|
| 680 | 680 | | 279bondsamortizedovertheperiodofthebondsmultipliedbytheexpectedinterestrateonsuch |
|---|
| 681 | 681 | | 280securitizedutilitytariffbonds; |
|---|
| 682 | 682 | | 281 n.Anoutsidedate,whichshallnotbeearlierthanoneyearafterthedatethefinancing |
|---|
| 683 | 683 | | 282orderisnolongersubjecttoappeal,whentheauthoritytoissuesecuritizedutilitytariffbonds |
|---|
| 684 | 684 | | 283grantedinsuchfinancingordershallexpire;and |
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| 685 | 685 | | 284 o.Includeanyotherconditionsthatthecommissionconsidersappropriateandthatare |
|---|
| 686 | 686 | | 285notinconsistentwiththissection. |
|---|
| 687 | 687 | | 286 (d)Afinancingorderissuedtoanelectricalcorporationmayprovidethatcreationof |
|---|
| 688 | 688 | | 287theelectricalcorporation'ssecuritizedutilitytariffpropertyisconditionedupon,and |
|---|
| 689 | 689 | | 288simultaneouswith,thesaleorothertransferofthesecuritizedutilitytariffpropertytoan |
|---|
| 690 | 690 | | 289assigneeandthepledgeofthesecuritizedutilitytariffpropertytosecuresecuritizedutility |
|---|
| 691 | 691 | | 290tariffbonds. |
|---|
| 692 | 692 | | HB713 19 291 (e)Ifthecommissionissuesafinancingorder,theelectricalcorporationshallfile |
|---|
| 693 | 693 | | 292withthecommissionatleastannuallyapetitionoraletterapplyingtheformula-basedtrue-up |
|---|
| 694 | 694 | | 293mechanismand,basedonestimatesofconsumptionforeachrateclassandother |
|---|
| 695 | 695 | | 294mathematicalfactors,requestingadministrativeapprovaltomaketheapplicable |
|---|
| 696 | 696 | | 295adjustments.Thereviewofthefilingshallbelimitedtodeterminingwhetherthereare |
|---|
| 697 | 697 | | 296anymathematicalorclericalerrorsintheapplicationoftheformula-basedtrue-upmechanism |
|---|
| 698 | 698 | | 297relatingtotheappropriateamountofanyovercollectionorundercollectionofsecuritized |
|---|
| 699 | 699 | | 298utilitytariffchargesandtheamountofanadjustment.Theadjustmentsshallensurethe |
|---|
| 700 | 700 | | 299recoveryofrevenuessufficienttoprovideforthepaymentofprincipal,interest,acquisition, |
|---|
| 701 | 701 | | 300defeasance,financingcosts,orredemptionpremiumandotherfees,costs,andchargesin |
|---|
| 702 | 702 | | 301respectofsecuritizedutilitytariffbondsapprovedunderthefinancingorder.Withinthirty |
|---|
| 703 | 703 | | 302daysafterreceivinganelectricalcorporation'srequestpursuanttothisparagraph,the |
|---|
| 704 | 704 | | 303commissionshalleitherapprovetherequestorinformtheelectricalcorporationofany |
|---|
| 705 | 705 | | 304mathematicalorclericalerrorsinitscalculation.Ifthecommissioninformstheelectrical |
|---|
| 706 | 706 | | 305corporationofmathematicalorclericalerrorsinitscalculation,theelectricalcorporationshall |
|---|
| 707 | 707 | | 306correctitserrorandrefileitsrequest.Thetimeframespreviouslydescribedinthisparagraph |
|---|
| 708 | 708 | | 307shallapplytoarefiledrequest. |
|---|
| 709 | 709 | | 308 (f)Atthetimeofanytransferofsecuritizedutilitytariffpropertytoanassigneeorthe |
|---|
| 710 | 710 | | 309issuanceofsecuritizedutilitytariffbondsauthorizedthereby,whicheverisearlier,afinancing |
|---|
| 711 | 711 | | 310orderisirrevocableand,exceptforchangesmadepursuanttotheformula-basedtrue-up |
|---|
| 712 | 712 | | 311mechanismauthorizedinthissection,thecommissionmaynotamend,modify,orterminate |
|---|
| 713 | 713 | | 312thefinancingorderbyanysubsequentactionorreduce,impair,postpone,terminate,or |
|---|
| 714 | 714 | | 313otherwiseadjustsecuritizedutilitytariffchargesapprovedinthefinancingorder.Afterthe |
|---|
| 715 | 715 | | 314issuanceofafinancingorder,theelectricalcorporationretainssolediscretionregarding |
|---|
| 716 | 716 | | 315whethertoassign,sell,orotherwisetransfersecuritizedutilitytariffpropertyortocause |
|---|
| 717 | 717 | | 316securitizedutilitytariffbondstobeissued,includingtherighttodeferorpostponesuch |
|---|
| 718 | 718 | | 317assignment,sale,transfer,orissuance. |
|---|
| 719 | 719 | | 318 (g)Thecommission,inafinancingorderandsubjecttotheissuanceadviceletter |
|---|
| 720 | 720 | | 319processunderparagraph(h)ofthissubdivision,shallspecifythedegreeofflexibilitytobe |
|---|
| 721 | 721 | | 320affordedtheelectricalcorporationinestablishingthetermsandconditionsforthesecuritized |
|---|
| 722 | 722 | | 321utilitytariffbondstoaccommodatechangesinmarketconditions,includingrepayment |
|---|
| 723 | 723 | | 322schedules,interestrates,financingcosts,collateralrequirements,requireddebtserviceand |
|---|
| 724 | 724 | | 323otherreservesandtheabilityoftheelectricalcorporation,atitsoption,toeffectaseriesof |
|---|
| 725 | 725 | | 324issuancesofsecuritizedutilitytariffbondsandcorrelatedassignments,sales,pledges,orother |
|---|
| 726 | 726 | | 325transfersofsecuritizedutilitytariffproperty.Anychangesmadeunderthisparagraphto |
|---|
| 727 | 727 | | 326termsandconditionsforthesecuritizedutilitytariffbondsshallbeinconformancewiththe |
|---|
| 728 | 728 | | 327financingorder. |
|---|
| 729 | 729 | | HB713 20 328 (h)Astheactualstructureandpricingofthesecuritizedutilitytariffbondswillbe |
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| 730 | 730 | | 329unknownatthetimethefinancingorderisissued,priortotheissuanceofeachseriesof |
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| 731 | 731 | | 330bonds,anissuanceadvicelettershallbeprovidedtothecommissionbytheelectrical |
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| 732 | 732 | | 331corporationfollowingthedeterminationofthefinaltermsofsuchseriesofbondsnolater |
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| 733 | 733 | | 332thanonedayafterthepricingofthesecuritizedutilitytariffbonds.Thecommissionshall |
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| 734 | 734 | | 333havetheauthoritytodesignatearepresentativeorrepresentativesfromcommissionstaff,who |
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| 735 | 735 | | 334maybeadvisedbyafinancialadvisororadvisorscontractedwiththecommission,toprovide |
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| 736 | 736 | | 335inputtotheelectricalcorporationandcollaboratewiththeelectricalcorporationinallfacets |
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| 737 | 737 | | 336oftheprocessundertakenbytheelectricalcorporationtoplacethesecuritizedutilitytariff |
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| 738 | 738 | | 337bondstomarketsothecommission'srepresentativeorrepresentativescanprovidethe |
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| 739 | 739 | | 338commissionwithanopiniononthereasonablenessofthepricing,terms,andconditionsofthe |
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| 740 | 740 | | 339securitizedutilitytariffbondsonanexpeditedbasis.Neitherthedesignatedrepresentativeor |
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| 741 | 741 | | 340representativesfromthecommissionstaffnoroneormorefinancialadvisorsadvising |
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| 742 | 742 | | 341commissionstaffshallhaveauthoritytodirecthowtheelectricalcorporationplacesthebonds |
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| 743 | 743 | | 342tomarketalthoughtheyshallbepermittedtoattendallmeetingsconvenedbytheelectrical |
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| 744 | 744 | | 343corporationtoaddressplacementofthebondstomarket.Theformofsuchissuanceadvice |
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| 745 | 745 | | 344lettershallbeincludedinthefinancingorderandshallindicatethefinalstructureofthe |
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| 746 | 746 | | 345securitizedutilitytariffbondsandprovidethebestavailableestimateoftotalongoing |
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| 747 | 747 | | 346financingcosts.Theissuanceadvicelettershallreporttheinitialsecuritizedutilitytariff |
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| 748 | 748 | | 347chargesandotherinformationspecifictothesecuritizedutilitytariffbondstobeissued,asthe |
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| 749 | 749 | | 348commissionmayrequire.Unlessanearlierdateisspecifiedinthefinancingorder,the |
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| 750 | 750 | | 349electricalcorporationmayproceedwiththeissuanceofthesecuritizedutilitytariffbonds |
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| 751 | 751 | | 350unless,priortonoononthefourthbusinessdayafterthecommissionreceivestheissuance |
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| 752 | 752 | | 351adviceletter,thecommissionissuesadisapprovalletterdirectingthatthebondsasproposed |
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| 753 | 753 | | 352shallnotbeissuedandthebasisforthatdisapproval.Thefinancingordermayprovidesuch |
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| 754 | 754 | | 353additionalprovisionsrelatingtotheissuanceadviceletterprocessasthecommission |
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| 755 | 755 | | 354considersappropriateandasarenotinconsistentwiththissection. |
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| 756 | 756 | | 355 (4)(a)Inperformingtheresponsibilitiesofthissectioninconnectionwiththe |
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| 757 | 757 | | 356issuanceofafinancingorder,approvingthepetition,anorderapprovingthepetitionsubject |
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| 758 | 758 | | 357toconditions,oranorderrejectingthepetition,thecommissionshallundertakeduediligence |
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| 759 | 759 | | 358asitdeemsappropriatepriortotheissuanceoftheorderregardingthepetitionpursuantto |
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| 760 | 760 | | 359whichthecommissionmayrequestadditionalinformationfromtheelectricalcorporationand |
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| 761 | 761 | | 360mayengageoneormorefinancialadvisors,oneormoreconsultants,andcounselasthe |
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| 762 | 762 | | 361commissiondeemsnecessary.Anyfinancialadvisororadvisors,counsel,andconsultants |
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| 763 | 763 | | 362engagedbythecommissionshallhaveafiduciarydutywithrespecttotheproposedissuance |
|---|
| 764 | 764 | | 363ofsecuritizedutilitybondssolelytothecommission.Allexpensesassociatedwithsuch |
|---|
| 765 | 765 | | HB713 21 364servicesshallbeincludedaspartofthefinancingcostsofthesecuritizedutilitytariffbonds |
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| 766 | 766 | | 365andshallbeincludedinthesecuritizedutilitytariffcharge. |
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| 767 | 767 | | 366 (b)Ifanelectricalcorporation'spetitionforafinancingorderisdeniedorwithdrawn, |
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| 768 | 768 | | 367orforanyreasonsecuritizedutilitytariffbondsarenotissued,anycostsofretainingoneor |
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| 769 | 769 | | 368morefinancialadvisors,oneormoreconsultants,andcounselonbehalfofthecommission |
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| 770 | 770 | | 369shallbepaidbythepetitioningelectricalcorporationandshallbeeligibleforfullrecovery, |
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| 771 | 771 | | 370includingcarryingcosts,ifapprovedbythecommissionintheelectricalcorporation'sfuture |
|---|
| 772 | 772 | | 371rates. |
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| 773 | 773 | | 372 (5)Attherequestofanelectricalcorporation,thecommissionmaycommencea |
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| 774 | 774 | | 373proceedingandissueasubsequentfinancingorderthatprovidesforrefinancing,retiring,or |
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| 775 | 775 | | 374refundingsecuritizedutilitytariffbondsissuedpursuanttotheoriginalfinancingorderifthe |
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| 776 | 776 | | 375commissionfindsthatthesubsequentfinancingordersatisfiesallofthecriteriaspecifiedin |
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| 777 | 777 | | 376thissectionforafinancingorder.Effectiveuponretirementoftherefundedsecuritizedutility |
|---|
| 778 | 778 | | 377tariffbondsandtheissuanceofnewsecuritizedutilitytariffbonds,thecommissionshall |
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| 779 | 779 | | 378adjusttherelatedsecuritizedutilitytariffchargesaccordingly. |
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| 780 | 780 | | 379 (6)(a)Afinancingorderremainsineffectandsecuritizedutilitytariffpropertyunder |
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| 781 | 781 | | 380thefinancingordercontinuestoexistuntilsecuritizedutilitytariffbondsissuedpursuantto |
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| 782 | 782 | | 381thefinancingorderhavebeenpaidinfullordefeasedand,ineachcase,allcommission- |
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| 783 | 783 | | 382approvedfinancingcostsofsuchsecuritizedutilitytariffbondshavebeenrecoveredinfull. |
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| 784 | 784 | | 383 (b)Afinancingorderissuedtoanelectricalcorporationremainsineffectand |
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| 785 | 785 | | 384unabatednotwithstandingthereorganization,bankruptcy,orotherinsolvencyproceedings, |
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| 786 | 786 | | 385merger,orsaleoftheelectricalcorporationoritssuccessorsorassignees. |
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| 787 | 787 | | 386 3.(1)Thecommissionmaynot,inexercisingitspowersandcarryingoutitsduties |
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| 788 | 788 | | 387regardinganymatterwithinitsauthority,considerthesecuritizedutilitytariffbondsissued |
|---|
| 789 | 789 | | 388pursuanttoafinancingordertobethedebtoftheelectricalcorporationotherthanforfederal |
|---|
| 790 | 790 | | 389andstateincometaxpurposes,considerthesecuritizedutilitytariffchargespaidunderthe |
|---|
| 791 | 791 | | 390financingordertobetherevenueoftheelectricalcorporationforanypurpose,considerthe |
|---|
| 792 | 792 | | 391securitizedutilitytariffcostsorfinancingcostsspecifiedinthefinancingordertobethecosts |
|---|
| 793 | 793 | | 392oftheelectricalcorporation,normaythecommissiondetermineanyactiontakenbyan |
|---|
| 794 | 794 | | 393electricalcorporationwhichisconsistentwiththefinancingordertobeunjustor |
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| 795 | 795 | | 394unreasonable,andsection386.300shallnotapplytotheissuanceofsecuritizedutility |
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| 796 | 796 | | 395tariffbonds. |
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| 797 | 797 | | 396 (2)Securitizedutilitytariffchargesshallnotbeutilizedoraccountedforin |
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| 798 | 798 | | 397determiningtheelectricalcorporation'saverageoverallrate,asdefinedinsection393.1655 |
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| 799 | 799 | | 398andasusedtodeterminethemaximumretailrateimpactlimitationsprovidedforby |
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| 800 | 800 | | 399subsections3and4ofsection393.1655. |
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| 801 | 801 | | HB713 22 400 (3)Noelectricalcorporationisrequiredtofileapetitionforafinancingorderunder |
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| 802 | 802 | | 401thissectionorotherwiseutilizethissection.Anelectricalcorporation'sdecisionnottofilea |
|---|
| 803 | 803 | | 402petitionforafinancingorderunderthissectionshallnotbeadmissibleinanycommission |
|---|
| 804 | 804 | | 403proceedingnorshallitbeotherwiseutilizedorreliedonbythecommissioninanyproceeding |
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| 805 | 805 | | 404respectingtheelectricalcorporation'sratesoritsaccounting,including,withoutlimitation, |
|---|
| 806 | 806 | | 405anygeneralrateproceeding,fueladjustmentclausedocket,orproceedingsrelatingto |
|---|
| 807 | 807 | | 406accountingauthority,whetherinitiatedbytheelectricalcorporationorotherwise.The |
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| 808 | 808 | | 407commissionmaynotorderorotherwisedirectlyorindirectlyrequireanelectricalcorporation |
|---|
| 809 | 809 | | 408tousesecuritizedutilitytariffbondstorecoversecuritizedutilitytariffcostsortofinanceany |
|---|
| 810 | 810 | | 409project,addition,plant,facility,extension,capitalimprovement,equipment,oranyother |
|---|
| 811 | 811 | | 410expenditure. |
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| 812 | 812 | | 411 (4)Thecommissionmaynotrefusetoallowanelectricalcorporationtorecover |
|---|
| 813 | 813 | | 412securitizedutilitytariffcostsinanotherwisepermissiblefashion,orrefuseorcondition |
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| 814 | 814 | | 413authorizationorapprovaloftheissuanceandsalebyanelectricalcorporationofsecuritiesor |
|---|
| 815 | 815 | | 414theassumptionbytheelectricalcorporationofliabilitiesorobligations,becauseofthe |
|---|
| 816 | 816 | | 415potentialavailabilityofsecuritizedutilitytariffbondfinancing. |
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| 817 | 817 | | 416 (5)Aftertheissuanceofafinancingorderwithorwithoutconditions,theelectrical |
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| 818 | 818 | | 417corporationretainssolediscretionregardingwhethertocausethesecuritizedutilitytariff |
|---|
| 819 | 819 | | 418bondstobeissued,includingtherighttodeferorpostponesuchsale,assignment,transfer,or |
|---|
| 820 | 820 | | 419issuance.Nothingshallpreventtheelectricalcorporationfromabandoningtheissuanceof |
|---|
| 821 | 821 | | 420securitizedutilitytariffbondsunderthefinancingorderbyfilingwiththecommissiona |
|---|
| 822 | 822 | | 421statementofabandonmentandthereasonstherefor;provided,thattheelectricalcorporation's |
|---|
| 823 | 823 | | 422abandonmentdecisionshallnotbedeemedimprudentbecauseofthepotentialavailabilityof |
|---|
| 824 | 824 | | 423securitizedutilitytariffbondfinancing;andprovidedfurther,thatanelectricalcorporation's |
|---|
| 825 | 825 | | 424decisiontoabandonissuanceofsuchbondsmayberaisedbyanyparty,includingthe |
|---|
| 826 | 826 | | 425commission,asareasonthecommissionshouldnotauthorize,orshouldmodify,therate- |
|---|
| 827 | 827 | | 426makingtreatmentproposedbytheelectricalcorporationofthecostsassociatedwiththe |
|---|
| 828 | 828 | | 427electricgeneratingfacilitythatwasthesubjectofapetitionunderthissectionthatwouldhave |
|---|
| 829 | 829 | | 428beensecuritizedasenergytransitioncostshadsuchabandonmentdecisionnotbeenmade,but |
|---|
| 830 | 830 | | 429onlyiftheelectricalcorporationrequestsnonstandardplantretirementtreatmentofsuchcosts |
|---|
| 831 | 831 | | 430forrate-makingpurposes. |
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| 832 | 832 | | 431 (6)Thecommissionmaynot,directlyorindirectly,utilizeorconsiderthedebt |
|---|
| 833 | 833 | | 432reflectedbythesecuritizedutilitytariffbondsinestablishingtheelectricalcorporation's |
|---|
| 834 | 834 | | 433capitalstructureusedtodetermineanyregulatorymatter,includingbutnotlimitedtothe |
|---|
| 835 | 835 | | 434electricalcorporation'srevenuerequirementusedtosetitsrates. |
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| 836 | 836 | | 435 (7)Thecommissionmaynot,directlyorindirectly,considertheexistenceof |
|---|
| 837 | 837 | | 436securitizedutilitytariffbondsorthepotentialuseofsecuritizedutilitytariffbondfinancing |
|---|
| 838 | 838 | | HB713 23 437proceedsindeterminingtheelectricalcorporation'sauthorizedrateofreturnusedto |
|---|
| 839 | 839 | | 438determinetheelectricalcorporation'srevenuerequirementusedtosetitsrates. |
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| 840 | 840 | | 439 4.Theelectricbillsofanelectricalcorporationthathasobtainedafinancingorder |
|---|
| 841 | 841 | | 440andcausedsecuritizedutilitytariffbondstobeissuedshallcomplywiththeprovisionsofthis |
|---|
| 842 | 842 | | 441subsection;however,thefailureofanelectricalcorporationtocomplywiththissubsection |
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| 843 | 843 | | 442doesnotinvalidate,impair,oraffectanyfinancingorder,securitizedutilitytariffproperty, |
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| 844 | 844 | | 443securitizedutilitytariffcharge,orsecuritizedutilitytariffbonds.Theelectricalcorporation |
|---|
| 845 | 845 | | 444shalldothefollowing: |
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| 846 | 846 | | 445 (1)Explicitlyreflectthataportionofthechargesonsuchbillrepresentssecuritized |
|---|
| 847 | 847 | | 446utilitytariffchargesapprovedinafinancingorderissuedtotheelectricalcorporationand,if |
|---|
| 848 | 848 | | 447thesecuritizedutilitytariffpropertyhasbeentransferredtoanassignee,shallincludea |
|---|
| 849 | 849 | | 448statementtotheeffectthattheassigneeistheowneroftherightstosecuritizedutilitytariff |
|---|
| 850 | 850 | | 449chargesandthattheelectricalcorporationorotherentity,ifapplicable,isactingasa |
|---|
| 851 | 851 | | 450collectionagentorservicerfortheassignee.Thetariffapplicabletocustomersshallindicate |
|---|
| 852 | 852 | | 451thesecuritizedutilitytariffchargeandtheownershipofthecharge; |
|---|
| 853 | 853 | | 452 (2)Includethesecuritizedutilitytariffchargeoneachcustomer'sbillasaseparate |
|---|
| 854 | 854 | | 453lineitemandincludeboththerateandtheamountofthechargeoneachbill. |
|---|
| 855 | 855 | | 454 5.(1)(a)Allsecuritizedutilitytariffpropertythatisspecifiedinafinancingorder |
|---|
| 856 | 856 | | 455constitutesanexisting,presentintangiblepropertyrightorinteresttherein,notwithstanding |
|---|
| 857 | 857 | | 456thattheimpositionandcollectionofsecuritizedutilitytariffchargesdependsontheelectrical |
|---|
| 858 | 858 | | 457corporation,towhichthefinancingorderisissued,performingitsservicingfunctionsrelating |
|---|
| 859 | 859 | | 458tothecollectionofsecuritizedutilitytariffchargesandonfutureelectricityconsumption. |
|---|
| 860 | 860 | | 459Thepropertyexists: |
|---|
| 861 | 861 | | 460 a.Regardlessofwhetherornottherevenuesorproceedsarisingfromtheproperty |
|---|
| 862 | 862 | | 461havebeenbilled,haveaccrued,orhavebeencollected;and |
|---|
| 863 | 863 | | 462 b.Notwithstandingthefactthatthevalueoramountofthepropertyisdependenton |
|---|
| 864 | 864 | | 463thefutureprovisionofservicetocustomersbytheelectricalcorporationoritssuccessorsor |
|---|
| 865 | 865 | | 464assigneesandthefutureconsumptionofelectricitybycustomers. |
|---|
| 866 | 866 | | 465 (b)Securitizedutilitytariffpropertyspecifiedinafinancingorderexistsuntil |
|---|
| 867 | 867 | | 466securitizedutilitytariffbondsissuedpursuanttothefinancingorderarepaidinfullandall |
|---|
| 868 | 868 | | 467financingcostsandothercostsofsuchsecuritizedutilitytariffbondshavebeenrecoveredin |
|---|
| 869 | 869 | | 468full. |
|---|
| 870 | 870 | | 469 (c)Alloranyportionofsecuritizedutilitytariffpropertyspecifiedinafinancing |
|---|
| 871 | 871 | | 470orderissuedtoanelectricalcorporationmaybetransferred,sold,conveyed,orassignedtoa |
|---|
| 872 | 872 | | 471successororassigneethatiswhollyowned,directlyorindirectly,bytheelectricalcorporation |
|---|
| 873 | 873 | | 472andcreatedforthelimitedpurposeofacquiring,owning,oradministeringsecuritizedutility |
|---|
| 874 | 874 | | 473tariffpropertyorissuingsecuritizedutilitytariffbondsunderthefinancingorder.Allorany |
|---|
| 875 | 875 | | HB713 24 474portionofsecuritizedutilitytariffpropertymaybepledgedtosecuresecuritizedutilitytariff |
|---|
| 876 | 876 | | 475bondsissuedpursuanttothefinancingorder,amountspayabletofinancingpartiesandto |
|---|
| 877 | 877 | | 476counterpartiesunderanyancillaryagreements,andotherfinancingcosts.Anytransfer,sale, |
|---|
| 878 | 878 | | 477conveyance,assignment,grantofasecurityinterestinorpledgeofsecuritizedutilitytariff |
|---|
| 879 | 879 | | 478propertybyanelectricalcorporation,oranaffiliateoftheelectricalcorporation,toan |
|---|
| 880 | 880 | | 479assignee,totheextentpreviouslyauthorizedinafinancingorder,doesnotrequiretheprior |
|---|
| 881 | 881 | | 480consentandapprovalofthecommission. |
|---|
| 882 | 882 | | 481 (d)Ifanelectricalcorporationdefaultsonanyrequiredremittanceofsecuritized |
|---|
| 883 | 883 | | 482utilitytariffchargesarisingfromsecuritizedutilitytariffpropertyspecifiedinafinancing |
|---|
| 884 | 884 | | 483order,acourt,uponapplicationbyaninterestedparty,andwithoutlimitinganyother |
|---|
| 885 | 885 | | 484remediesavailabletotheapplyingparty,shallorderthesequestrationandpaymentofthe |
|---|
| 886 | 886 | | 485revenuesarisingfromthesecuritizedutilitytariffpropertytothefinancingpartiesortheir |
|---|
| 887 | 887 | | 486assignees.Anysuchfinancingorderremainsinfullforceandeffectnotwithstandingany |
|---|
| 888 | 888 | | 487reorganization,bankruptcy,orotherinsolvencyproceedingswithrespecttotheelectrical |
|---|
| 889 | 889 | | 488corporationoritssuccessorsorassignees. |
|---|
| 890 | 890 | | 489 (e)Theinterestofatransferee,purchaser,acquirer,assignee,orpledgeeinsecuritized |
|---|
| 891 | 891 | | 490utilitytariffpropertyspecifiedinafinancingorderissuedtoanelectricalcorporation,andin |
|---|
| 892 | 892 | | 491therevenueandcollectionsarisingfromthatproperty,isnotsubjecttosetoff,counterclaim, |
|---|
| 893 | 893 | | 492surcharge,ordefensebytheelectricalcorporationoranyotherpersonorinconnectionwith |
|---|
| 894 | 894 | | 493thereorganization,bankruptcy,orotherinsolvencyoftheelectricalcorporationoranyother |
|---|
| 895 | 895 | | 494entity. |
|---|
| 896 | 896 | | 495 (f)Anysuccessortoanelectricalcorporation,whetherpursuanttoanyreorganization, |
|---|
| 897 | 897 | | 496bankruptcy,orotherinsolvencyproceedingorwhetherpursuanttoanymergeroracquisition, |
|---|
| 898 | 898 | | 497sale,orotherbusinesscombination,ortransferbyoperationoflaw,asaresultofelectrical |
|---|
| 899 | 899 | | 498corporationrestructuringorotherwise,shallperformandsatisfyallobligationsof,andhave |
|---|
| 900 | 900 | | 499thesamerightsunderafinancingorderas,theelectricalcorporationunderthefinancingorder |
|---|
| 901 | 901 | | 500inthesamemannerandtothesameextentastheelectricalcorporation,includingcollecting |
|---|
| 902 | 902 | | 501andpayingtothepersonentitledtoreceivetherevenues,collections,payments,orproceeds |
|---|
| 903 | 903 | | 502ofthesecuritizedutilitytariffproperty.Nothinginthissectionisintendedtolimitorimpair |
|---|
| 904 | 904 | | 503anyauthorityofthecommissionconcerningthetransferorsuccessionofinterestsofpublic |
|---|
| 905 | 905 | | 504utilities. |
|---|
| 906 | 906 | | 505 (g)Securitizedutilitytariffbondsshallbenonrecoursetothecreditoranyassetsof |
|---|
| 907 | 907 | | 506theelectricalcorporationotherthanthesecuritizedutilitytariffpropertyasspecifiedinthe |
|---|
| 908 | 908 | | 507financingorderandanyrightsunderanyancillaryagreement. |
|---|
| 909 | 909 | | 508 (2)(a)Thecreation,perfection,priority,andenforcementofanysecurityinterestin |
|---|
| 910 | 910 | | 509securitizedutilitytariffpropertytosecuretherepaymentoftheprincipalandinterestand |
|---|
| 911 | 911 | | 510otheramountspayableinrespectofsecuritizedutilitytariffbonds,amountspayableunder |
|---|
| 912 | 912 | | HB713 25 511anyancillaryagreementandotherfinancingcostsaregovernedbythissectionandnotbythe |
|---|
| 913 | 913 | | 512provisionsofthecode,exceptasotherwiseprovidedinthissection. |
|---|
| 914 | 914 | | 513 (b)Asecurityinterestinsecuritizedutilitytariffpropertyiscreated,valid,and |
|---|
| 915 | 915 | | 514bindingatthelaterofthetime: |
|---|
| 916 | 916 | | 515 a.Thefinancingorderisissued; |
|---|
| 917 | 917 | | 516 b.Asecurityagreementisexecutedanddeliveredbythedebtorgrantingsuch |
|---|
| 918 | 918 | | 517securityinterest; |
|---|
| 919 | 919 | | 518 c.Thedebtorhasrightsinsuchsecuritizedutilitytariffpropertyorthepowerto |
|---|
| 920 | 920 | | 519transferrightsinsuchsecuritizedutilitytariffproperty;or |
|---|
| 921 | 921 | | 520 d.Valueisreceivedforthesecuritizedutilitytariffproperty. |
|---|
| 922 | 922 | | 521 |
|---|
| 923 | 923 | | 522Thedescriptionofsecuritizedutilitytariffpropertyinasecurityagreementissufficientifthe |
|---|
| 924 | 924 | | 523descriptionreferstothissectionandthefinancingordercreatingthesecuritizedutilitytariff |
|---|
| 925 | 925 | | 524property.Asecurityinterestshallattachasprovidedinthisparagraphwithoutanyphysical |
|---|
| 926 | 926 | | 525deliveryofcollateralorotheract. |
|---|
| 927 | 927 | | 526 (c)Uponthefilingofafinancingstatementwiththeofficeofthesecretaryofstateas |
|---|
| 928 | 928 | | 527providedinthissection,asecurityinterestinsecuritizedutilitytariffpropertyshallbe |
|---|
| 929 | 929 | | 528perfectedagainstallpartieshavingclaimsofanykindintort,contract,orotherwiseagainst |
|---|
| 930 | 930 | | 529thepersongrantingthesecurityinterest,andregardlessofwhetherthepartieshavenoticeof |
|---|
| 931 | 931 | | 530thesecurityinterest.Withoutlimitingtheforegoing,uponsuchfilingasecurityinterestin |
|---|
| 932 | 932 | | 531securitizedutilitytariffpropertyshallbeperfectedagainstallclaimsofliencreditors,and |
|---|
| 933 | 933 | | 532shallhavepriorityoverallcompetingsecurityinterestsandotherclaimsotherthanany |
|---|
| 934 | 934 | | 533securityinterestpreviouslyperfectedinaccordancewiththissection. |
|---|
| 935 | 935 | | 534 (d)Thepriorityofasecurityinterestinsecuritizedutilitytariffpropertyisnot |
|---|
| 936 | 936 | | 535affectedbythecomminglingofsecuritizedutilitytariffchargeswithotheramounts.Any |
|---|
| 937 | 937 | | 536pledgeeorsecuredpartyshallhaveaperfectedsecurityinterestintheamountofall |
|---|
| 938 | 938 | | 537securitizedutilitytariffchargesthataredepositedinanycashordepositaccountofthe |
|---|
| 939 | 939 | | 538qualifyingelectricalcorporationinwhichsecuritizedutilitytariffchargeshavebeen |
|---|
| 940 | 940 | | 539commingledwithotherfundsandanyothersecurityinterestthatmayapplytothosefunds |
|---|
| 941 | 941 | | 540shallbeterminatedwhentheyaretransferredtoasegregatedaccountfortheassigneeora |
|---|
| 942 | 942 | | 541financingparty. |
|---|
| 943 | 943 | | 542 (e)Noapplicationoftheformula-basedtrue-upmechanismasprovidedinthis |
|---|
| 944 | 944 | | 543sectionwillaffectthevalidity,perfection,orpriorityofasecurityinterestinortransferof |
|---|
| 945 | 945 | | 544securitizedutilitytariffproperty. |
|---|
| 946 | 946 | | 545 (f)Ifadefaultoccursunderthesecuritizedutilitytariffbondsthataresecuredbya |
|---|
| 947 | 947 | | 546securityinterestinsecuritizedutilitytariffproperty,thefinancingpartiesortheir |
|---|
| 948 | 948 | | 547representativesmayexercisetherightsandremediesavailabletoasecuredpartyunderthe |
|---|
| 949 | 949 | | HB713 26 548code,includingtherightsandremediesavailableunderpart6ofarticle9ofthecode.The |
|---|
| 950 | 950 | | 549commissionmayalsoorderamountsarisingfromsecuritizedutilitytariffchargesbe |
|---|
| 951 | 951 | | 550transferredtoaseparateaccountforthefinancingparties'benefit,towhichtheirlienand |
|---|
| 952 | 952 | | 551securityinterestshallapply.Onapplicationbyoronbehalfofthefinancingparties,the |
|---|
| 953 | 953 | | 552circuitcourtforthecountyorcityinwhichtheelectricalcorporation'sheadquartersislocated |
|---|
| 954 | 954 | | 553shallorderthesequestrationandpaymenttothemofrevenuesarisingfromthesecuritized |
|---|
| 955 | 955 | | 554utilitytariffcharges. |
|---|
| 956 | 956 | | 555 (3)(a)Anysale,assignment,orothertransferofsecuritizedutilitytariffproperty |
|---|
| 957 | 957 | | 556shallbeanabsolutetransferandtruesaleof,andnotapledgeoforsecuredtransaction |
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| 958 | 958 | | 557relatingto,theseller'sright,title,andinterestin,to,andunderthesecuritizedutilitytariff |
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| 959 | 959 | | 558propertyifthedocumentsgoverningthetransactionexpresslystatethatthetransactionisa |
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| 960 | 960 | | 559saleorotherabsolutetransferotherthanforfederalandstateincometaxpurposes.Forall |
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| 961 | 961 | | 560purposesotherthanfederalandstateincometaxpurposes,theparties'characterizationofa |
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| 962 | 962 | | 561transactionasasaleofaninterestinsecuritizedutilitytariffpropertyshallbeconclusivethat |
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| 963 | 963 | | 562thetransactionisatruesaleandthatownershiphaspassedtothepartycharacterizedasthe |
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| 964 | 964 | | 563purchaser,regardlessofwhetherthepurchaserhaspossessionofanydocumentsevidencing |
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| 965 | 965 | | 564orpertainingtotheinterest.Asaleorsimilaroutrighttransferofaninterestinsecuritized |
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| 966 | 966 | | 565utilitytariffpropertymayoccuronlywhenallofthefollowinghaveoccurred: |
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| 967 | 967 | | 566 a.Thefinancingordercreatingthesecuritizedutilitytariffpropertyhasbecome |
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| 968 | 968 | | 567effective; |
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| 969 | 969 | | 568 b.Thedocumentsevidencingthetransferofsecuritizedutilitytariffpropertyhave |
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| 970 | 970 | | 569beenexecutedbytheassignoranddeliveredtotheassignee;and |
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| 971 | 971 | | 570 c.Valueisreceivedforthesecuritizedutilitytariffproperty. |
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| 972 | 972 | | 571 |
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| 973 | 973 | | 572Aftersuchatransaction,thesecuritizedutilitytariffpropertyisnotsubjecttoanyclaimsof |
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| 974 | 974 | | 573thetransferororthetransferor'screditors,otherthancreditorsholdingapriorsecurityinterest |
|---|
| 975 | 975 | | 574inthesecuritizedutilitytariffpropertyperfectedinaccordancewiththissection. |
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| 976 | 976 | | 575 (b)Thecharacterizationofthesale,assignment,orothertransferasanabsolute |
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| 977 | 977 | | 576transferandtruesaleandthecorrespondingcharacterizationofthepropertyinterestofthe |
|---|
| 978 | 978 | | 577purchasershallnotbeaffectedorimpairedbytheoccurrenceofanyofthefollowingfactors: |
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| 979 | 979 | | 578 a.Comminglingofsecuritizedutilitytariffchargeswithotheramounts; |
|---|
| 980 | 980 | | 579 b.Theretentionbythesellerof(i)apartialorresidualinterest,includinganequity |
|---|
| 981 | 981 | | 580interest,inthesecuritizedutilitytariffproperty,whetherdirectorindirect,orwhether |
|---|
| 982 | 982 | | 581subordinateorotherwise,or(ii)therighttorecovercostsassociatedwithtaxes,franchise |
|---|
| 983 | 983 | | 582fees,orlicensefeesimposedonthecollectionofsecuritizedutilitytariffcharges; |
|---|
| 984 | 984 | | 583 c.Anyrecoursethatthepurchasermayhaveagainsttheseller; |
|---|
| 985 | 985 | | HB713 27 584 d.Anyindemnificationrights,obligations,orrepurchaserightsmadeorprovidedby |
|---|
| 986 | 986 | | 585theseller; |
|---|
| 987 | 987 | | 586 e.Theobligationofthesellertocollectsecuritizedutilitytariffchargesonbehalfof |
|---|
| 988 | 988 | | 587anassignee; |
|---|
| 989 | 989 | | 588 f.Thetransferoractingastheservicerofthesecuritizedutilitytariffchargesorthe |
|---|
| 990 | 990 | | 589existenceofanycontractthatauthorizesorrequirestheelectricalcorporation,totheextent |
|---|
| 991 | 991 | | 590thatanyinterestinsecuritizedutilitytariffpropertyissoldorassigned,tocontractwiththe |
|---|
| 992 | 992 | | 591assigneeoranyfinancingpartythatitwillcontinuetooperateitssystemtoprovideserviceto |
|---|
| 993 | 993 | | 592itscustomers,willcollectamountsinrespectofthesecuritizedutilitytariffchargesforthe |
|---|
| 994 | 994 | | 593benefitandaccountofsuchassigneeorfinancingparty,andwillaccountforandremitsuch |
|---|
| 995 | 995 | | 594amountstoorfortheaccountofsuchassigneeorfinancingparty; |
|---|
| 996 | 996 | | 595 g.Thetreatmentofthesale,conveyance,assignment,orothertransferfortax, |
|---|
| 997 | 997 | | 596financialreporting,orotherpurposes; |
|---|
| 998 | 998 | | 597 h.Thegrantingorprovidingtobondholdersapreferredrighttothesecuritizedutility |
|---|
| 999 | 999 | | 598tariffpropertyorcreditenhancementbytheelectricalcorporationoritsaffiliateswithrespect |
|---|
| 1000 | 1000 | | 599tosuchsecuritizedutilitytariffbonds; |
|---|
| 1001 | 1001 | | 600 i.Anyapplicationoftheformula-basedtrue-upmechanismasprovidedinthis |
|---|
| 1002 | 1002 | | 601section. |
|---|
| 1003 | 1003 | | 602 (c)Anyrightthatanelectricalcorporationhasinthesecuritizedutilitytariffproperty |
|---|
| 1004 | 1004 | | 603beforeitspledge,sale,ortransferoranyotherrightcreatedunderthissectionorcreatedinthe |
|---|
| 1005 | 1005 | | 604financingorderandassignableunderthissectionorassignablepursuanttoafinancingorder |
|---|
| 1006 | 1006 | | 605ispropertyintheformofacontractrightorachoseinaction.Transferofaninterestin |
|---|
| 1007 | 1007 | | 606securitizedutilitytariffpropertytoanassigneeisenforceableonlyuponthelaterof: |
|---|
| 1008 | 1008 | | 607 a.Theissuanceofafinancingorder; |
|---|
| 1009 | 1009 | | 608 b.Theassignorhavingrightsinsuchsecuritizedutilitytariffpropertyorthepowerto |
|---|
| 1010 | 1010 | | 609transferrightsinsuchsecuritizedutilitytariffpropertytoanassignee; |
|---|
| 1011 | 1011 | | 610 c.Theexecutionanddeliverybytheassignoroftransferdocumentsinconnection |
|---|
| 1012 | 1012 | | 611withtheissuanceofsecuritizedutilitytariffbonds;and |
|---|
| 1013 | 1013 | | 612 d.Thereceiptofvalueforthesecuritizedutilitytariffproperty. |
|---|
| 1014 | 1014 | | 613 |
|---|
| 1015 | 1015 | | 614Anenforceabletransferofaninterestinsecuritizedutilitytariffpropertytoanassigneeis |
|---|
| 1016 | 1016 | | 615perfectedagainstallthirdparties,includingsubsequentjudicialorotherliencreditors,whena |
|---|
| 1017 | 1017 | | 616noticeofthattransferhasbeengivenbythefilingofafinancingstatementinaccordancewith |
|---|
| 1018 | 1018 | | 617subsection7ofthissection.Thetransferisperfectedagainstthirdpartiesasofthedateof |
|---|
| 1019 | 1019 | | 618filing. |
|---|
| 1020 | 1020 | | 619 (d)Thepriorityofatransferperfectedunderthissectionisnotimpairedbyanylater |
|---|
| 1021 | 1021 | | 620modificationofthefinancingorderorsecuritizedutilitytariffpropertyorbythecommingling |
|---|
| 1022 | 1022 | | HB713 28 621offundsarisingfromsecuritizedutilitytariffpropertywithotherfunds.Anyothersecurity |
|---|
| 1023 | 1023 | | 622interestthatmayapplytothosefunds,otherthanasecurityinterestperfectedunderthis |
|---|
| 1024 | 1024 | | 623section,isterminatedwhentheyaretransferredtoasegregatedaccountfortheassigneeora |
|---|
| 1025 | 1025 | | 624financingparty.Ifsecuritizedutilitytariffpropertyhasbeentransferredtoanassigneeor |
|---|
| 1026 | 1026 | | 625financingparty,anyproceedsofthatpropertyshallbeheldintrustfortheassigneeor |
|---|
| 1027 | 1027 | | 626financingparty. |
|---|
| 1028 | 1028 | | 627 (e)Thepriorityoftheconflictinginterestsofassigneesinthesameinterestorrights |
|---|
| 1029 | 1029 | | 628inanysecuritizedutilitytariffpropertyisdeterminedasfollows: |
|---|
| 1030 | 1030 | | 629 a.Conflictingperfectedinterestsorrightsofassigneesrankaccordingtopriorityin |
|---|
| 1031 | 1031 | | 630timeofperfection.Prioritydatesfromthetimeafilingcoveringthetransferismadein |
|---|
| 1032 | 1032 | | 631accordancewithsubsection7ofthissection; |
|---|
| 1033 | 1033 | | 632 b.Aperfectedinterestorrightofanassigneehaspriorityoveraconflicting |
|---|
| 1034 | 1034 | | 633unperfectedinterestorrightofanassignee; |
|---|
| 1035 | 1035 | | 634 c.Aperfectedinterestorrightofanassigneehaspriorityoverapersonwhobecomes |
|---|
| 1036 | 1036 | | 635aliencreditoraftertheperfectionofsuchassignee'sinterestorright. |
|---|
| 1037 | 1037 | | 636 6.Thedescriptionofsecuritizedutilitytariffpropertybeingtransferredtoanassignee |
|---|
| 1038 | 1038 | | 637inanysaleagreement,purchaseagreement,orothertransferagreement,grantedorpledgedto |
|---|
| 1039 | 1039 | | 638apledgeeinanysecurityagreement,pledgeagreement,orothersecuritydocument,or |
|---|
| 1040 | 1040 | | 639indicatedinanyfinancingstatementisonlysufficientifsuchdescriptionorindicationrefers |
|---|
| 1041 | 1041 | | 640tothefinancingorderthatcreatedthesecuritizedutilitytariffpropertyandstatesthatthe |
|---|
| 1042 | 1042 | | 641agreementorfinancingstatementcoversallorpartofthepropertydescribedinthefinancing |
|---|
| 1043 | 1043 | | 642order.Thissectionappliestoallpurportedtransfersof,andallpurportedgrantsorliensor |
|---|
| 1044 | 1044 | | 643securityinterestsin,securitizedutilitytariffproperty,regardlessofwhethertherelatedsale |
|---|
| 1045 | 1045 | | 644agreement,purchaseagreement,othertransferagreement,securityagreement,pledge |
|---|
| 1046 | 1046 | | 645agreement,orothersecuritydocumentwasenteredinto,oranyfinancingstatementwasfiled. |
|---|
| 1047 | 1047 | | 646 7.Thesecretaryofstateshallmaintainanyfinancingstatementfiledtoperfectasale |
|---|
| 1048 | 1048 | | 647orothertransferofsecuritizedutilitytariffpropertyandanysecurityinterestinsecuritized |
|---|
| 1049 | 1049 | | 648utilitytariffpropertyunderthissectioninthesamemannerthatthesecretaryofstate |
|---|
| 1050 | 1050 | | 649maintainsfinancingstatementsfiledunderthecodetoperfectasecurityinterestincollateral |
|---|
| 1051 | 1051 | | 650ownedbyatransmittingutility.Exceptasotherwiseprovidedinthissection,allfinancing |
|---|
| 1052 | 1052 | | 651statementsfiledpursuanttothissectionshallbegovernedbytheprovisionsregarding |
|---|
| 1053 | 1053 | | 652financingstatementsandthefilingthereofunderthecode,includingpart5ofarticle9ofthe |
|---|
| 1054 | 1054 | | 653code.Asecurityinterestinsecuritizedutilitytariffpropertymaybeperfectedonlybythe |
|---|
| 1055 | 1055 | | 654filingofafinancingstatementinaccordancewiththissection,andnoothermethodof |
|---|
| 1056 | 1056 | | 655perfectionshallbeeffective.Notwithstandinganyprovisionofthecodetothecontrary,a |
|---|
| 1057 | 1057 | | 656financingstatementfiledpursuanttothissectioniseffectiveuntilaterminationstatementis |
|---|
| 1058 | 1058 | | 657filedunderthecode,andnocontinuationstatementneedbefiledtomaintainitseffectiveness. |
|---|
| 1059 | 1059 | | HB713 29 658Afinancingstatementfiledpursuanttothissectionmayindicatethatthedebtorisa |
|---|
| 1060 | 1060 | | 659transmittingutility,andwithoutregardtowhetherthedebtorisanelectricalcorporation,an |
|---|
| 1061 | 1061 | | 660assigneeorotherwisequalifiesasatransmittingutilityunderthecode,butthefailuretomake |
|---|
| 1062 | 1062 | | 661suchindicationshallnotimpairthedurationandeffectivenessofthefinancingstatement. |
|---|
| 1063 | 1063 | | 662 8.Thelawgoverningthevalidity,enforceability,attachment,perfection,priority,and |
|---|
| 1064 | 1064 | | 663exerciseofremedieswithrespecttothetransferofaninterestorrightorthepledgeor |
|---|
| 1065 | 1065 | | 664creationofasecurityinterestinanysecuritizedutilitytariffpropertyshallbethelawsofthis |
|---|
| 1066 | 1066 | | 665state. |
|---|
| 1067 | 1067 | | 666 9.Neitherthestatenoritspoliticalsubdivisionsareliableonanysecuritizedutility |
|---|
| 1068 | 1068 | | 667tariffbonds,andthebondsarenotadebtorageneralobligationofthestateoranyofits |
|---|
| 1069 | 1069 | | 668politicalsubdivisions,agencies,orinstrumentalities,noraretheyspecialobligationsor |
|---|
| 1070 | 1070 | | 669indebtednessofthestateoranyagencyorpoliticalsubdivision.Anissueofsecuritizedutility |
|---|
| 1071 | 1071 | | 670tariffbondsdoesnot,directly,indirectly,orcontingently,obligatethestateoranyagency, |
|---|
| 1072 | 1072 | | 671politicalsubdivision,orinstrumentalityofthestatetolevyanytaxormakeanyappropriation |
|---|
| 1073 | 1073 | | 672forpaymentofthesecuritizedutilitytariffbonds,otherthanintheircapacityasconsumersof |
|---|
| 1074 | 1074 | | 673electricity.Allsecuritizedutilitytariffbondsshallcontainonthefacethereofastatementto |
|---|
| 1075 | 1075 | | 674thefollowingeffect:"Neitherthefullfaithandcreditnorthetaxingpowerofthestateof |
|---|
| 1076 | 1076 | | 675Missouriispledgedtothepaymentoftheprincipalof,orintereston,thisbond.". |
|---|
| 1077 | 1077 | | 676 10.Allofthefollowingentitiesmaylegallyinvestanysinkingfunds,moneys,or |
|---|
| 1078 | 1078 | | 677otherfundsinsecuritizedutilitytariffbonds: |
|---|
| 1079 | 1079 | | 678 (1)Subjecttoapplicablestatutoryrestrictionsonstateorlocalinvestmentauthority, |
|---|
| 1080 | 1080 | | 679thestate,unitsoflocalgovernment,politicalsubdivisions,publicbodies,andpublicofficers, |
|---|
| 1081 | 1081 | | 680exceptformembersofthecommission,thecommission'stechnicaladvisoryandotherstaff, |
|---|
| 1082 | 1082 | | 681oremployeesoftheofficeofthepubliccounsel; |
|---|
| 1083 | 1083 | | 682 (2)Banksandbankers,savingsandloanassociations,creditunions,trustcompanies, |
|---|
| 1084 | 1084 | | 683savingsbanksandinstitutions,investmentcompanies,insurancecompanies,insurance |
|---|
| 1085 | 1085 | | 684associations,andotherpersonscarryingonabankingorinsurancebusiness; |
|---|
| 1086 | 1086 | | 685 (3)Personalrepresentatives,guardians,trustees,andotherfiduciaries; |
|---|
| 1087 | 1087 | | 686 (4)Allotherpersonsauthorizedtoinvestinbondsorotherobligationsofasimilar |
|---|
| 1088 | 1088 | | 687nature. |
|---|
| 1089 | 1089 | | 688 11.(1)Thestateanditsagencies,includingthecommission,pledgeandagreewith |
|---|
| 1090 | 1090 | | 689bondholders,theownersofthesecuritizedutilitytariffproperty,andotherfinancingparties |
|---|
| 1091 | 1091 | | 690thatthestateanditsagencieswillnottakeanyactionlistedinthissubdivision.This |
|---|
| 1092 | 1092 | | 691subdivisiondoesnotprecludelimitationoralterationiffullcompensationismadebylawfor |
|---|
| 1093 | 1093 | | 692thefullprotectionofthesecuritizedutilitytariffchargescollectedpursuanttoafinancing |
|---|
| 1094 | 1094 | | 693orderandofthebondholdersandanyassigneeorfinancingpartyenteringintoacontractwith |
|---|
| 1095 | 1095 | | 694theelectricalcorporation.Theprohibitedactionsareasfollows: |
|---|
| 1096 | 1096 | | HB713 30 695 (a)Altertheprovisionsofthissection,whichauthorizethecommissiontocreatean |
|---|
| 1097 | 1097 | | 696irrevocablecontractrightorchoseinactionbytheissuanceofafinancingorder,tocreate |
|---|
| 1098 | 1098 | | 697securitizedutilitytariffproperty,andmakethesecuritizedutilitytariffchargesimposedbya |
|---|
| 1099 | 1099 | | 698financingorderirrevocable,binding,ornonbypassablechargesforallexistingandfuture |
|---|
| 1100 | 1100 | | 699retailcustomersoftheelectricalcorporationexceptitsexistingspecialcontractcustomers; |
|---|
| 1101 | 1101 | | 700 (b)Takeorpermitanyactionthatimpairsorwouldimpairthevalueofsecuritized |
|---|
| 1102 | 1102 | | 701utilitytariffpropertyorthesecurityforthesecuritizedutilitytariffbondsorrevisesthe |
|---|
| 1103 | 1103 | | 702securitizedutilitytariffcostsforwhichrecoveryisauthorized; |
|---|
| 1104 | 1104 | | 703 (c)Inanywayimpairtherightsandremediesofthebondholders,assignees,andother |
|---|
| 1105 | 1105 | | 704financingparties; |
|---|
| 1106 | 1106 | | 705 (d)Exceptforchangesmadepursuanttotheformula-basedtrue-upmechanism |
|---|
| 1107 | 1107 | | 706authorizedunderthissection,reduce,alter,orimpairsecuritizedutilitytariffchargesthatare |
|---|
| 1108 | 1108 | | 707tobeimposed,billed,charged,collected,andremittedforthebenefitofthebondholders,any |
|---|
| 1109 | 1109 | | 708assignee,andanyotherfinancingpartiesuntilanyandallprincipal,interest,premium, |
|---|
| 1110 | 1110 | | 709financingcostsandotherfees,expenses,orchargesincurred,andanycontractstobe |
|---|
| 1111 | 1111 | | 710performed,inconnectionwiththerelatedsecuritizedutilitytariffbondshavebeenpaidand |
|---|
| 1112 | 1112 | | 711performedinfull. |
|---|
| 1113 | 1113 | | 712 (2)Anypersonorentitythatissuessecuritizedutilitytariffbondsmayincludethe |
|---|
| 1114 | 1114 | | 713languagespecifiedinthissubsectioninthesecuritizedutilitytariffbondsandrelated |
|---|
| 1115 | 1115 | | 714documentation. |
|---|
| 1116 | 1116 | | 715 12.Anassigneeorfinancingpartyisnotanelectricalcorporationorpersonproviding |
|---|
| 1117 | 1117 | | 716electricservicebyvirtueofengaginginthetransactionsdescribedinthissection. |
|---|
| 1118 | 1118 | | 717 13.Ifthereisaconflictbetweenthissectionandanyotherlawregardingthe |
|---|
| 1119 | 1119 | | 718attachment,assignment,orperfection,ortheeffectofperfection,orpriorityof,assignmentor |
|---|
| 1120 | 1120 | | 719transferof,orsecurityinterestinsecuritizedutilitytariffproperty,thissectionshallgovern. |
|---|
| 1121 | 1121 | | 720 14.Ifanyprovisionofthissectionisheldinvalidorisinvalidated,superseded, |
|---|
| 1122 | 1122 | | 721replaced,repealed,orexpiresforanyreason,thatoccurrencedoesnotaffectthevalidityof |
|---|
| 1123 | 1123 | | 722anyactionallowedunderthissectionwhichistakenbyanelectricalcorporation,anassignee, |
|---|
| 1124 | 1124 | | 723afinancingparty,acollectionagent,orapartytoanancillaryagreement;andanysuchaction |
|---|
| 1125 | 1125 | | 724remainsinfullforceandeffectwithrespecttoallsecuritizedutilitytariffbondsissuedor |
|---|
| 1126 | 1126 | | 725authorizedinafinancingorderissuedunderthissectionbeforethedatethatsuchprovisionis |
|---|
| 1127 | 1127 | | 726heldinvalidorisinvalidated,superseded,replaced,orrepealed,orexpiresforanyreason. |
|---|
| 1128 | 1128 | | âś” |
|---|
| 1129 | 1129 | | HB713 31 |
|---|