Title 30 — Power
6 chapters · 98 sections in this title.
A.R.S. § 30-1001 Definitions
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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.R.S. § 30-1002 Statement of public policy
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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 in the qualified special purpose entity a present and alienable propert…
A.R.S. § 30-1003 Securitization transactions; public meeting; notice; securitization proposal; financing resolution adoption
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A. A public power entity may initiate a securitization transaction by providing public notice of the public power entity's intent to adopt a financing resolution. The public notice shall identify the date, time and location of the public meeting of the governing body, which shall…
A.R.S. § 30-1004 Transition property; property rights; default on transition bonds
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A. Transition property is immediately created by operation of law on the latter of the approval of a financing resolution, the creation and capitalization of a qualified special purpose entity and the issuance and receipt of value for the applicable transition bonds. Transition p…
A.R.S. § 30-1005 Transition bonds; issuance; authority of qualified special purpose entity; reimbursement of costs
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A. After approval of a financing resolution pursuant to section 30-1003, a 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 is…
A.R.S. § 30-1006 Transition property; security interest; lien; priority
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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.R.S. § 30-1007 Financing charges; true-up mechanism; civil action
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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.R.S. § 30-1008 Public power entity as servicer; transition billing services tariffs; AAA rating
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A. If a servicer is a public power entity, the public power entity shall use its resources and systems to perform the duties of a servicer under a transition billing services tariff. B. If a servicer collects payment made by a customer for financing charges, whether under a trans…
A.R.S. § 30-1009 Transition bonds; irrevocability; public policy; noncompliance
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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 governing body or this state, and such financing charges sha…
A.R.S. § 30-1010 Financing resolution; application for rehearing; judicial review
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A. A party to the proceeding who is dissatisfied with a governing body's decision as to a financing resolution adopted pursuant to this chapter or the attorney general on behalf of this state may apply to the governing body for rehearing. The application for rehearing shall be fi…
A.R.S. § 30-1011 Fees and taxes
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Financing charges are not subject to either: 1. A franchise fee that is imposed by a municipality, county or other local government unit as a result of a franchise agreement or lawful ordinance. 2. Taxes that are applicable to services provided by or rates of a public power entit…
A.R.S. § 30-1012 Transition bonds; public debt prohibition
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A. Transition bonds are not a public debt, a lien nor a pledge of the revenues, faith and credit or taxing power of a public power entity, this state or any county, municipality or other local government unit of this state. The approval of a financing resolution does not obligate…
A.R.S. § 30-1013 Transition bonds; legal investments
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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.
A.R.S. § 30-1014 Obligations of successor to public power entity
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Any successor to a public power entity, whether pursuant to a bankruptcy, reorganization or other insolvency proceeding or pursuant to a merger, acquisition, sale or transfer or other business combination by operation of law or agreement of the public power entity or otherwise, s…
A.R.S. § 30-1015 Choice of law; conflicts with other laws
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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…
A.R.S. § 30-1016 Effect of invalidity on actions
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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 a public power entity, a qualified special purpose entity or …