Title 40 — Public Utilities and Carriers

In this chapter, unless the context otherwise requires: 1. "Ancillary agreement" means any of the following: (a) A bond. (b) An insurance policy. (c) A letter of credit. (d) A reserve account. (e) An interest rate lock or swap arrangement. (f) A hedging arrangement. (g) A liquidi…

A. It is the public policy of this state to gain the benefits of securitization by establishing irrevocable financing charges that are payable to a qualified special purpose entity and by creating and vesting a present and alienable property interest in financing revenues in a qu…

A. An applicant may request permission to initiate a securitization transaction from the commission by submitting an application for a financing order. The application shall: 1. Identify, as applicable, any transition assets, transition asset retirement costs or significant event…

A. On an applicant's receipt of the net proceeds of the issuance of the transition bonds under section 40-606, subsection A, the commission has the authority to ensure that: 1. Any undepreciated value of the transition assets on the applicant's books are reduced by the correspond…

A. Transition property is immediately created by operation of law on the latter of the approval of a financing order, the creation and capitalization of the qualified special purpose entity and issuance and receipt of value for the applicable transition bonds. Transition property…

A. After approval of a financing order issued pursuant to section 40-603, the qualified special purpose entity is authorized to issue one or more series, classes or tranches of transition bonds and to pledge transition property to secure the payment of ongoing financing costs. On…

A. This section applies to all purported transfers of, grants of liens on, or security interests in transition property. Except as otherwise provided in this section, the creation, perfection and enforcement of a security interest in transition property that is pledged to secure …

A. Financing charges are nonbypassable, are mandatory and apply to all customers. Financing revenues shall be used solely for the payment of ongoing financing costs. B. The true-up mechanism shall correct for any overcollection or undercollection of financing revenues and provide…

A. If a servicer is a public service corporation, the public service corporation shall use its resources and systems to perform the duties of a servicer under a transition billing services tariff. The commission has continuing jurisdiction over the terms of a transition billing s…

A. On or after the issuance of transition bonds, the transition property, the true-up mechanism and the financing charges are irrevocable, final, nondiscretionary and effective without the need for further action by the commission or any other person, and such financing charges s…

A. A party to the proceeding who is dissatisfied with a commission decision as to an application for a financing order under this chapter or the attorney general on behalf of this state may apply to the commission for rehearing in accordance with section 40-253. The application f…

Financing charges are not subject to either: 1. Any assessment of a franchise fee that is imposed by a municipality, county or other local government unit pursuant to a franchise agreement or lawful ordinance. 2. Taxes that are applicable to services provided by, or rates of, a p…

A. Transition bonds are not a public debt, nor a pledge of the faith and credit or taxing power of this state or of any county, municipality, or other local government unit of this state. The approval of a financing order does not obligate this state or any county, municipality o…

Transition bonds are legal investments for all governmental units, permanent funds of this state, finance authorities, financial institutions, insurance companies, fiduciaries and other persons requiring statutory authority regarding legal investments.

Any successor to an applicant, whether pursuant to any bankruptcy, reorganization or other insolvency proceeding or pursuant to any merger or acquisition, sale or transfer or other business combination by operation of law, agreement of the applicant or otherwise, shall perform an…

The laws of this state govern the validity, enforceability, attachment, perfection, priority and exercise of remedies with respect to the creation or transfer of, or of any interest in, transition property, financing charges or financing revenues. If there is any conflict between…

If all or any part of this chapter is invalidated, superseded, replaced, repealed or expires for any reason, that occurrence does not affect the validity of any prior action allowed under this chapter, whether taken by the commission, a public service corporation, a qualified spe…