Any financial agreement or arrangement between GPA and any bank, private banking firm, brokerage firm, bond brokerage firm, or similar financial institutions, which uses, pledges, or arbitrages any GPA revenue, trust funds, debt service payment deposits with trustees, bond proceeds, or interests on any of these, not specifically authorized by existing statute authorizing the issuance or refinancing of bonds, shall require legislative approval, and any income generated from such financial agreement and arrangement may be directed toward decreasing residential ratepayer rates; provided, however, that the pledge of GPA revenue to secure the payment of GPA’s revenue bonds and the direct investment by the bond trustees of GPA moneys in obligations permitted by the GPA’s bond indenture are hereby specifically approved and are not subject to further legislative approval. SOURCE: Added by P.L. 32-140:3 (April 28, 2014).
ARTICLE 3 ALTERNATE ENERGY PLAN