HB 2679 — power; public utilities; UCC; securities

(ii) DISRUPTIONS IN TRANSPORTATION INFRASTRUCTURE OR SUPPLY CHAINS.

(iii) MARKET VOLATILITY.

(iv) SUBSTANTIAL CUSTOMER LOAD GROWTH.

(v) ANY OTHER REASONABLY UNFORESEEN CIRCUMSTANCE.

ESTIMATE THE TRANSITION COSTS AND FINANCING COSTS.COSTS INCLUDING AN ESTIMATE OF RECOVERING SUCH COSTS ON A NET PRESENT VALUE BASIS.

PROVIDE THE PROJECTED FINANCING CHARGES AND EXPLAIN HOW THE FINANCING CHARGES WILL RESULT IN THE COLLECTION OF FINANCING REVENUES IN AMOUNTS SUFFICIENT BUT NOT GREATER THAN NECESSARY TO ENABLE THE TIMELY AND COMPLETE- RECOVERY7 AND- PAYMENTH.B. OF ALL ONGOING FINANCING COSTS.

-2679 7COMPLETE -RECOVERY H.B.AND PAYMENT OF ALL ONGOING FINANCING COSTS.

2679FOR 5.THE PURPOSES OF THIS PARAGRAPH, "FINANCING CHARGES" INCLUDES ANY COSTS AND FEES THAT ARE ASSOCIATED WITH HIRING EXPERT CONSULTANTS WHO ARE NECESSARY TO AID THE GOVERNING BODY IN REVIEWING AND APPROVING OF A SECURITIZATION PROPOSAL.

5.

(b) ANY REGULATORY ASSET OR RECORDED LIABILITY THAT IS ASSOCIATED WITH TRANSITION BONDS TO RECOVER UNRECOVERED FUEL COSTS OR SIGNIFICANT EVENT RECOVERY COSTS IN EXCHANGE FOR THE NET PROCEEDS OF THE TRANSITION BONDS.

- 8 - H.B.

2679 16.

INCLUDE AN ANALYSIS THAT SHOWS THE SECURITIZATION TRANSACTION WILL RESULT IN LOWER COSTS TO THE PUBLIC POWER ENTITY'S CUSTOMERS ON A NET PRESENT VALUE BASIS AS COMPARED TO FINANCING OPTIONS THAT ARE OTHERWISE AVAILABLE TO THE PUBLIC POWER ENTITY.

-2. 8 - H.B.

2679 2.

THE SECURITIZATION TRANSACTION WILL RESULT IN LOWER COSTS TO THE PUBLIC POWER ENTITY'S CUSTOMERS ON A NET PRESENT VALUE BASIS AS COMPARED TO OTHER FINANCING OPTIONS THAT ARE OTHERWISE AVAILABLE TO THE PUBLIC POWER ENTITY, WHICH SHALL BE DETERMINED BASED ON WHETHER THE TRANSITION BENEFIT TEST HAS BEEN SATISFIED.

ANY PROPOSED TRANSITION BILLING SERVICES TARIFFTARIFF, INCLUDING ANY TRUE-UP MECHANISM THAT IS DESIGNED TO ADDRESS OVERCOLLECTION OR UNDERCOLLECTION FROM THE PUBLIC POWER ENTITY'S CUSTOMERS, SUPPORTS AFFORDABILITY AND RELIABILITY, IS IN THE PUBLIC INTEREST AND SHOULD BE PLACED INTO EFFECT.

FOR A SECURITIZATION PROPOSAL THAT INVOLVES A TRANSITION ASSET THAT IS AN ELECTRIC POWER GENERATION FACILITY THAT WILL BE OR HAS BEEN RETIRED, SOLD, ABANDONED, DISPOSED OF OR OTHERWISE REMOVED FROM SERVICE OF THE- APPLICANT'S9 CUSTOMERS,- INH.B. WHOLE OR IN PART, AS PROVIDED IN SECTION 30-901, PARAGRAPH 16, SUBDIVISIONS (a) AND (b), THE REPLACEMENT MEANS OF SATISFYING THE CUSTOMER LOAD SERVED BY THE ELECTRIC POWER GENERATION FACILITY THAT WILL BE OR HAS BEEN REMOVED FROM SERVICE IS MORE COST-EFFECTIVE FOR THE APPLICANT'S CUSTOMERS THAN CONTINUED RELIANCE ON OR OPERATION OF THE ELECTRIC POWER GENERATION FACILITY THAT WILL BE OR HAS BEEN REMOVED FROM SERVICE.

COST-EFFECTIVENESS2679 SHALLTHE BEAPPLICANT'S DETERMINEDCUSTOMERS, BYIN COMPARINGWHOLE THEOR SUMIN OFPART, THEAS NETPROVIDED PRESENTIN VALUESECTION OF30-901, ALLPARAGRAPH THE16, COSTSSUBDIVISIONS (a) AND EXPENSES(b), OFTHE RELIABLE REPLACEMENT GENERATIONMEANS OF EQUALSATISFYING OR GREATER CONTRIBUTION TOWARD THE UTILITY'SCUSTOMER RESOURCELOAD ADEQUACYSERVED THANBY THE ELECTRIC POWER GENERATION FACILITY THAT WILL BE OR HAS BEEN REMOVED FROM SERVICE OVERIS THEMORE REPLACEMENTCOST-EFFECTIVE GENERATION'SFOR EXPECTED USEFUL LIFE COMBINED WITH THE PROJECTEDAPPLICANT'S NETCUSTOMERS PRESENTTHAN VALUECONTINUED TORELIANCE RATEPAYERSON OF THE TOTAL EXPECTED COST OF THE TRANSITION BONDS OVER THE TERM OF SUCH BONDS, AS COMPARED TO THE NET PRESENT VALUE TO RATEPAYERS OF THE COST, INCLUDING ANY UNRECOVERED COSTS ASSOCIATED WITH UNDEPRECIATED VALUE OR UNRECOVEREDOPERATION BALANCES OF THE TRANSITIONELECTRIC ASSETPOWER IFGENERATION SUCHFACILITY COSTSTHAT WEREWILL TO BE FINANCEDOR DIRECTLYHAS BYBEEN THEREMOVED PUBLICFROM POWERSERVICE. ENTITY, OF CONTINUING TO OPERATE THE ELECTRIC POWER GENERATION - 9 - H.B.

2679COST-EFFECTIVENESS SHALL BE DETERMINED BY COMPARING THE SUM OF THE NET PRESENT VALUE OF ALL THE COSTS AND EXPENSES OF RELIABLE REPLACEMENT GENERATION OF EQUAL OR GREATER CONTRIBUTION TOWARD THE UTILITY'S RESOURCE ADEQUACY THAN THE ELECTRIC POWER GENERATION FACILITY THAT WILL BE OR HAS BEEN REMOVED FROM SERVICE OVER THE REPLACEMENT GENERATION'S EXPECTED USEFUL LIFE COMBINED WITH THE PROJECTED NET PRESENT VALUE TO RATEPAYERS OF THE TOTAL EXPECTED COST OF THE TRANSITION BONDS OVER THE TERM OF SUCH BONDS, AS COMPARED TO THE NET PRESENT VALUE TO RATEPAYERS OF THE COST, INCLUDING ANY UNRECOVERED COSTS ASSOCIATED WITH UNDEPRECIATED VALUE OR UNRECOVERED BALANCES OF THE TRANSITION ASSET IF SUCH COSTS WERE TO BE FINANCED DIRECTLY BY THE PUBLIC POWER ENTITY, OF CONTINUING TO OPERATE THE ELECTRIC POWER GENERATION FACILITY THAT WILL BE OR HAS BEEN REMOVED FROM SERVICE OVER AN EQUIVALENT TIME FRAME REGARDLESS OF THE FUEL SOURCE OF THE POWER GENERATION.

F.

FOR THE PURPOSES OF REVIEWING AND APPROVING A SECURITIZATION PROPOSAL, THE GOVERNING BODY MAY RETAIN THE USE OF OUTSIDE EXPERT CONSULTANTS AND CHARGE THE QUALIFIED SPECIAL PURPOSE ENTITY FOR REIMBURSEMENT OF ANY COSTS AND FEES THAT ARE ASSOCIATED WITH HIRING THE EXPERT CONSULTANTS.

A QUALIFIED SPECIAL PURPOSE ENTITY SHALL NOT CONDUCT ANY BUSINESS UNRELATED TO OWNING, PROTECTING AND ADMINISTERING THE TRANSITION- PROPERTY10 OR- ISSUING,H.B. MARKETING, PLACING, AUTHORIZING, SUPPORTING, REPAYING REFINANCING, SERVICING, ADMINISTERING OR REFUNDING TRANSITION BONDS.

2679 TRANSITION PROPERTY OR ISSUING, MARKETING, PLACING, AUTHORIZING, SUPPORTING, REPAYING REFINANCING, SERVICING, ADMINISTERING OR REFUNDING TRANSITION BONDS.

TRANSITION PROPERTY, FINANCING CHARGES, FINANCING REVENUES AND THE INTERESTS OF A FINANCING PARTY OR ANY OTHER PERSON IN TRANSITION PROPERTY OR IN FINANCING REVENUES ARE NOT SUBJECT TO OFFSET, COUNTERCLAIM, SURCHARGE OR DEFENSE BY A SERVICER, A CUSTOMER, A PUBLIC POWER ENTITY, A CREDITOR OF A PUBLIC POWER ENTITY, A CREDITOR OF THE QUALIFIED SPECIAL PURPOSE ENTITY OR ANY OTHER PERSON, OR IN CONNECTION WITH ANY DEFAULT, -BANKRUPTCY, 10REORGANIZATION -OR H.B.OTHER INSOLVENCY PROCEEDING OF ANY SUCH PERSON.

2679 BANKRUPTCY, REORGANIZATION OR OTHER INSOLVENCY PROCEEDING OF ANY SUCH PERSON.

30-905.- 11 - H.B.

2679 30-905.

-30-906. 11 - H.B.

2679 30-906.

3.- 12 - H.B.

2679 3.

ANY PLEDGEE OR SECURED PARTY HAS A PERFECTED SECURITY INTEREST IN THE AMOUNT OF ALL FINANCING REVENUES THAT ARE DEPOSITED IN ANY ACCOUNT OF THE SERVICER IN WHICH FINANCING REVENUES HAVE BEEN COMMINGLED WITH OTHER -MONIES, 12AND -ANY H.B.OTHER SECURITY INTEREST THAT MAY APPLY TO SUCH FINANCING REVENUES IS TERMINATED WHEN THOSE FUNDS ARE TRANSFERRED TO A SEGREGATED ACCOUNT FOR A FINANCING PARTY OR ASSIGNEE OF A FINANCING PARTY.

2679 MONIES, AND ANY OTHER SECURITY INTEREST THAT MAY APPLY TO SUCH FINANCING REVENUES IS TERMINATED WHEN THOSE FUNDS ARE TRANSFERRED TO A SEGREGATED ACCOUNT FOR A FINANCING PARTY OR ASSIGNEE OF A FINANCING PARTY.

ADJUSTMENTS TO FINANCING CHARGES THAT ARE MADE IN ACCORDANCE WITH THE TRUE-UP MECHANISM SHALL BE APPLIED THROUGH AN EQUAL PERCENTAGE CHANGE TO ALL UNIT FINANCING CHARGES OR THROUGH AN ALTERNATIVE- NONDISCRETIONARY13 MATHEMATICAL- PROCESSH.B. OF ADJUSTING UNIT FINANCING CHARGES THAT IS INCLUDED IN THE TRUE-UP MECHANISM AND THAT IS DESCRIBED IN THE FINANCING RESOLUTION.

2679 ALTERNATIVE NONDISCRETIONARY MATHEMATICAL PROCESS OF ADJUSTING UNIT FINANCING CHARGES THAT IS INCLUDED IN THE TRUE-UP MECHANISM AND THAT IS DESCRIBED IN THE FINANCING RESOLUTION.

A PARTY MAY NOT BRING ANY ACTION TO ENJOIN, RESTRAIN, STAY OR DELAY THE VALIDITY, CALCULATION AND IMPOSITION OF FINANCING CHARGES OR THE COLLECTION OF -FINANCING 13REVENUES, -INCLUDING H.B.THE ESTABLISHMENT AND APPLICATION OF THE TRUE-UP MECHANISM AND THE COLLECTION AND REMITTANCE OF FINANCING REVENUES.

2679 FINANCING REVENUES, INCLUDING THE ESTABLISHMENT AND APPLICATION OF THE TRUE-UP MECHANISM AND THE COLLECTION AND REMITTANCE OF FINANCING REVENUES.

IF THE FINAL JUDGMENT OF THE SUPERIOR COURT, AFTER ALL APPEALS ARE- EXHAUSTED,14 REQUIRES- AH.B. MODIFICATION OF ANY ADJUSTMENT MADE UNDER THE TRUE-UP MECHANISM, THE SERVICER SHALL MAKE THAT MODIFICATION AT THE TIME OF AND AS PART OF THE NEXT PERIODIC ADJUSTMENT OF THE FINANCING CHARGES ON THE EXHAUSTION OF ALL APPEALS THROUGH THE TRUE-UP MECHANISM.

2679 ARE EXHAUSTED, REQUIRES A MODIFICATION OF ANY ADJUSTMENT MADE UNDER THE TRUE-UP MECHANISM, THE SERVICER SHALL MAKE THAT MODIFICATION AT THE TIME OF AND AS PART OF THE NEXT PERIODIC ADJUSTMENT OF THE FINANCING CHARGES ON THE EXHAUSTION OF ALL APPEALS THROUGH THE TRUE-UP MECHANISM.

ESTIMATING WHETHER THE EXISTING FINANCING CHARGES AND RESULTING FINANCING REVENUES ARE SUFFICIENT TO PROVIDE FOR A TIMELY AND COMPLETE -PAYMENT 14OF -ANY H.B.ONGOING FINANCING COSTS OR WHETHER AN OVERCOLLECTION OR UNDERCOLLECTION OF FINANCING REVENUES IS PROJECTED.

2679 PAYMENT OF ANY ONGOING FINANCING COSTS OR WHETHER AN OVERCOLLECTION OR UNDERCOLLECTION OF FINANCING REVENUES IS PROJECTED.

K.- 15 - H.B.

2679 K.

THE ORDER SHALL REMAIN IN FULL FORCE AND EFFECT NOTWITHSTANDING -ANY 15BANKRUPTCY, -REORGANIZATION H.B.OR OTHER INSOLVENCY OR RECEIVERSHIP PROCEEDINGS OF THE SERVICER OR THE QUALIFIED SPECIAL PURPOSE ENTITY.

2679 ANY BANKRUPTCY, REORGANIZATION OR OTHER INSOLVENCY OR RECEIVERSHIP PROCEEDINGS OF THE SERVICER OR THE QUALIFIED SPECIAL PURPOSE ENTITY.

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- THE16 GOVERNING- BODYH.B. OR THIS STATE, AND SUCH FINANCING CHARGES SHALL NOT BE SUBJECT TO RESCISSION, ALTERATION, AMENDMENT, REDUCTION, IMPAIRMENT OR ADJUSTMENT BY FURTHER ACTION OF THIS STATE OR ANY OTHER BODY, EXCEPT PURSUANT TO THE TRUE-UP MECHANISM.

2679 BY THE GOVERNING BODY OR THIS STATE, AND SUCH FINANCING CHARGES SHALL NOT BE SUBJECT TO RESCISSION, ALTERATION, AMENDMENT, REDUCTION, IMPAIRMENT OR ADJUSTMENT BY FURTHER ACTION OF THIS STATE OR ANY OTHER BODY, EXCEPT PURSUANT TO THE TRUE-UP MECHANISM.

-D. 16 - H.B.

2679 D.

2.- 17 - H.B.

2679 2.

-D. 17 - H.B.

2679 D.

F.- 18 - H.B.

2679 F.

-30-913. 18 - H.B.

2679 30-913.

Obligations of successor to public power entity 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- OF19 LAW- ORH.B. AGREEMENT OF THE PUBLIC POWER ENTITY OR OTHERWISE, SHALL PERFORM AND SATISFY ALL OBLIGATIONS OF AND HAVE THE SAME RIGHTS AND OBLIGATIONS UNDER THIS CHAPTER OR ANY FINANCING RESOLUTION AS THE PUBLIC POWER ENTITY IN THE SAME MANNER AND TO THE SAME EXTENT AS THE PUBLIC POWER ENTITY, INCLUDING ACTING AS A SERVICER AND COLLECTING AND PAYING TO THE PERSON ENTITLED TO RECEIVE THE FINANCING CHARGES AND FINANCING REVENUES.

2679 OPERATION OF LAW OR AGREEMENT OF THE PUBLIC POWER ENTITY OR OTHERWISE, SHALL PERFORM AND SATISFY ALL OBLIGATIONS OF AND HAVE THE SAME RIGHTS AND OBLIGATIONS UNDER THIS CHAPTER OR ANY FINANCING RESOLUTION AS THE PUBLIC POWER ENTITY IN THE SAME MANNER AND TO THE SAME EXTENT AS THE PUBLIC POWER ENTITY, INCLUDING ACTING AS A SERVICER AND COLLECTING AND PAYING TO THE PERSON ENTITLED TO RECEIVE THE FINANCING CHARGES AND FINANCING REVENUES.

-(f) 19A -HEDGING H.B.ARRANGEMENT.

2679 (f) A HEDGING ARRANGEMENT.

2.- 20 - H.B.

2679 2.

-(ii) 20A -SUCCESSOR H.B.TO AN APPLICANT.

2679 (ii) A SUCCESSOR TO AN APPLICANT.

(c)- WITHOUT21 REGARD- TOH.B. WHETHER THE PERSON OR ENTITY ALSO RECEIVES SERVICE FROM OTHER ELECTRIC SERVICE PROVIDERS, THE PERSON OR ENTITY IS A COOPERATIVE THAT PROVIDES RETAIL ELECTRIC SERVICE TO MEMBERS AND THAT RECEIVES ELECTRICITY FROM AN APPLICANT THAT PROVIDES WHOLESALE ELECTRIC GENERATION AND TRANSMISSION SERVICES.

2679 (c) WITHOUT REGARD TO WHETHER THE PERSON OR ENTITY ALSO RECEIVES SERVICE FROM OTHER ELECTRIC SERVICE PROVIDERS, THE PERSON OR ENTITY IS A COOPERATIVE THAT PROVIDES RETAIL ELECTRIC SERVICE TO MEMBERS AND THAT RECEIVES ELECTRICITY FROM AN APPLICANT THAT PROVIDES WHOLESALE ELECTRIC GENERATION AND TRANSMISSION SERVICES.

(d) THE COSTSCOSTS, THATFEES AREAND INCURREDEXPENSES UNDERTHAT ANARE ANCILLARYASSOCIATED AGREEMENTWITH ANDHIRING ANYEXPERT AMOUNTCONSULTANTS THAT ISARE REQUIREDNECESSARY TO REFUNDAID ORTHE REPLENISHCOMMISSION AIN RESERVEREVIEWING ACCOUNTAND ORAPPROVING OTHER ACCOUNT ESTABLISHED UNDER AN ANCILLARYAPPLICATION AGREEMENTFOR ORA OTHERFINANCING DOCUMENTORDER RELATINGIN TOACCORDANCE TRANSITIONWITH BONDS.THIS CHAPTER.

(e) THE COSTS OFTHAT FORMING,ARE OPERATING,INCURRED ADMINISTERINGUNDER AN ANCILLARY AGREEMENT AND DISSOLVINGANY AMOUNT THAT IS REQUIRED TO REFUND OR REPLENISH A QUALIFIEDRESERVE SPECIALACCOUNT PURPOSEOR ENTITY.OTHER ACCOUNT ESTABLISHED UNDER AN ANCILLARY AGREEMENT OR OTHER DOCUMENT RELATING TO TRANSITION BONDS.

(f) THE COSTS,COSTS FEES AND EXPENSES THAT ARE INCURRED TO OBTAIN ANY CONSENT, RELEASE, WAIVER OR APPROVAL FROM ANY HOLDER OF ANFORMING, EXISTINGOPERATING, OBLIGATIONADMINISTERING OFAND ANDISSOLVING APPLICANT THAT IS NECESSARY TO PERMIT THE ISSUANCE OF TRANSITION BONDS OR THE RETIREMENT, ABANDONMENT OR REDUCTION IN THE UNDEPRECIATED BOOK VALUE OF A TRANSITIONQUALIFIED ASSETSPECIAL INPURPOSE CONNECTIONENTITY. WITH A TRANSACTION UNDER THIS CHAPTER.

(g) THE COSTSCOSTS, FEES AND EXPENSES THAT ARE INCURRED TO PROTECTOBTAIN THEANY STATUSCONSENT, RELEASE, WAIVER OR APPROVAL FROM ANY HOLDER OF TRANSITIONAN PROPERTY,EXISTING THEOBLIGATION RIGHTOF AN APPLICANT THAT IS NECESSARY TO IMPOSEPERMIT ANDTHE COLLECTISSUANCE FINANCINGOF CHARGESTRANSITION BONDS OR THE RIGHTRETIREMENT, TOABANDONMENT RECEIVEOR FINANCINGREDUCTION REVENUES,IN INCLUDINGTHE COSTSUNDEPRECIATED RELATEDBOOK TOVALUE ANYOF JUDICIALA ORTRANSITION -ASSET 21IN -CONNECTION H.B.WITH A TRANSACTION UNDER THIS CHAPTER.

(h) THE COSTS THAT ARE INCURRED TO PROTECT THE STATUS OF TRANSITION PROPERTY, THE RIGHT TO IMPOSE AND COLLECT FINANCING CHARGES OR THE RIGHT TO RECEIVE FINANCING REVENUES, INCLUDING COSTS RELATED TO ANY JUDICIAL OR - 22 - H.B.

(h)(i) FEDERAL, STATE AND OTHER TAXES THAT ARE IMPOSED ON THE APPLICANT OR THE QUALIFIED SPECIAL PURPOSE ENTITY, WITH RESPECT TO THE FINANCING CHARGES OR FINANCING REVENUES WITHOUT DUPLICATION, AND ADJUSTED TO REFLECT ANY UNRECOVERED DEFERRED INCOME TAX BALANCE ASSOCIATED WITH THE TRANSITION COSTS, AND ANY OTHER FEES, CHARGES OR OTHER ASSESSMENTS THAT ARE IMPOSED ON TRANSITION BONDS.

- 2223 - H.B.

(a) MEANS COSTS, FEES AND EXPENSES THAT ARE SIGNIFICANT, AS DETERMINED BY THE COMMISSION, THAT ARE INCURRED OR TO BE INCURRED THROUGH THE DATE OF ISSUANCE OF A FINANCING ORDER BY A PUBLIC SERVICE CORPORATION AND THAT ARE ASSOCIATED WITH OR THAT ARISE FROM WEATHER,INCIDENTS WILDFIREOF SEVERE OR PUBLICEXTREME HEALTHWEATHER, EMERGENCYNATURAL EVENTSDISASTERS, ORCIVIL INCIDENTSDISTURBANCE, WILDFIRE, CRIMINAL ACTS OR OTHERACTS EVENTSOF WAR OR INCIDENTSTERRORISM THAT CAUSERESULT IN ANY OF THE APPLICANT'S ASSETS, FACILITIES OR THREATENINFRASTRUCTURE TOTHAT CAUSEARE SIGNIFICANTIN LOSSOPERATION OFPROVIDING LIFE,SERVICE INJURYFOR TOCUSTOMERS PERSONBECOMING DESTROYED, DAMAGED OR PROPERTY,OTHERWISE HUMANRENDERED SUFFERINGINOPERABLE, IN WHOLE OR FINANCIALIN LOSS.PART.

(b) AS OF THE DATE OF THE APPLICATION, IS PLANNED TO BE RETIRED, SOLD, DISPOSED OF, ABANDONED OR OTHERWISE REMOVED FROM SERVICE BY THE - 2324 - H.B.

2679 (b) AS OF THE DATE OF THE APPLICATION, IS PLANNED TO BE RETIRED, SOLD, DISPOSED OF, ABANDONED OR OTHERWISE REMOVED FROM SERVICE BY THE APPLICANT, IN WHOLE OR IN PART, WITHIN TEN YEARS AFTER THE DATE OF THE APPLICATION.

(b) UNRECOVEREDSIGNIFICANT FUELEVENT RECOVERY COSTS.

(c) SIGNIFICANT EVENT RECOVERY COSTS.

(a) MEANS THE PROPERTY RIGHTS AND PROPERTY INTERESTS OF A QUALIFIED SPECIAL PURPOSE ENTITY, ANY HOLDERS OF TRANSITION BONDS WHEN ISSUED OR ANY TRANSFEREE OR ASSIGNEE THEREOF THAT ARE CREATED OR RECOGNIZED AS A RESULT - 2425 - H.B.

2679 (a) MEANS THE PROPERTY RIGHTS AND PROPERTY INTERESTS OF A QUALIFIED SPECIAL PURPOSE ENTITY, ANY HOLDERS OF TRANSITION BONDS WHEN ISSUED OR ANY TRANSFEREE OR ASSIGNEE THEREOF THAT ARE CREATED OR RECOGNIZED AS A RESULT OF A TRANSACTION AUTHORIZED BY THIS CHAPTER AND IS NOT AN ASSET OF THE APPLICANT OR ANY OTHER PUBLIC SERVICE CORPORATION.

(a) MEANS A FORMULA, DESCRIBED IN THE APPLICATION FOR A FINANCING ORDER AND ESTABLISHED BEFORE OR CONCURRENT WITH THE ISSUANCE OF TRANSITION BONDS, THAT ADJUSTS FINANCING CHARGES OVER TIME TO CORRECT FOR ANY OVERCOLLECTION OR UNDERCOLLECTION OF FINANCING REVENUES SO THAT BOTH A QUALIFIED SPECIAL PURPOSE ENTITY TIMELY AND COMPLETELY RECOVERS NOT MORE THAN ALL ONGOING FINANCING COSTS.COSTS AND ANY IMPACTS TO THE APPLICANT'S CUSTOMERS FROM ANY OVERCOLLECTION ARE ADDRESSED IN A TIMELY AND COMPLETE MANNER.

26.- 26 - H.B.

"UNRECOVERED2679 FUEL26. COSTS":

(a) MEANS FOR ANY APPLICANT:

(i) THE UNRECOVERED AMOUNTS OF PREVIOUSLY INCURRED COSTS, FEES AND EXPENSES TO PURCHASE FUEL USED TO GENERATE ELECTRICITY.

(ii) THE UNRECOVERED AMOUNTS OF PREVIOUSLY INCURRED COSTS, FEES AND EXPENSES TO PURCHASE ELECTRICITY, CAPACITY OR ANY OTHER COMPONENT OF - 25 - H.B.

2679 WHOLESALE ELECTRICITY TRANSACTIONS FROM A THIRD PARTY, INCLUDING IN TRANSACTIONS BETWEEN COOPERATIVES.

(iii) ANY DEBT OR OTHER CARRYING COSTS ASSOCIATED WITH THE APPLICANT'S UNRECOVERED FUEL OR PURCHASED POWER BALANCES.

(b) FOR A COMBINED COOPERATIVE SECURITIZATION, MAY INCLUDE UNRECOVERED FUEL COSTS THAT HAVE BEEN INCURRED BY A GENERATION AND TRANSMISSION COOPERATIVE APPLICANT THAT OTHERWISE WOULD BE PASSED ON TO DISTRIBUTION COOPERATIVE APPLICANTS IN WHOLESALE POWER OR SIMILAR CHARGES REGARDLESS OF WHETHER THE UNRECOVERED FUEL COSTS HAVE BEEN PASSED THROUGH TO DISTRIBUTION COOPERATIVE APPLICANTS AT ANY GIVEN TIME.

27.

THE UNRECOVERED COSTS ARISING FROM OR RELATED TO WEATHER, WILDFIRE OR OTHER SIGNIFICANT EVENTS OR INCIDENTS THAT CAUSE DAMAGE, DESTRUCTION OR OTHERWISE RENDER INOPERABLE, IN WHOLE OR IN PART, ANY OF FUELTHE APPLICANT'S ASSETS, FACILITIES OR PURCHASEDINFRASTRUCTURE POWER.THAT ARE IN OPERATION PROVIDING SERVICE FOR CUSTOMERS.

3.

THE COSTS ARISING FROM OR RELATED TO WEATHER, WILDFIRE OR OTHER SIGNIFICANT EVENTS OR INCIDENTS THAT CAUSE OR THREATEN TO CAUSE SIGNIFICANT LOSS OF LIFE, INJURY TO PERSON OR PROPERTY, HUMAN SUFFERING OR FINANCIAL LOSS.

-1. 26 - H.B.

2679IDENTIFY, 1.AS APPLICABLE, ANY TRANSITION ASSETS, TRANSITION ASSET RETIREMENT COSTS OR SIGNIFICANT EVENT RECOVERY COSTS.

IDENTIFY,FOR ASTHE APPLICABLE,PURPOSES ANYOF THIS PARAGRAPH, TRANSITION ASSETS,ASSETS MUST CURRENTLY BE OR HAVE PREVIOUSLY BEEN IN OPERATION PROVIDING SERVICE FOR THE APPLICANT'S CUSTOMERS AS OF THE EFFECTIVE DATE OF THIS SECTION, EXCEPT FOR TRANSITION ASSETASSETS RETIREMENTTHAT COSTS,ARE UNRECOVEREDPLACED FUELINTO COSTSSERVICE AFTER THE EFFECTIVE DATE OF THIS SECTION THAT BECOME DESTROYED, DAMAGED OR SIGNIFICANTRENDERED EVENTINOPERABLE, RECOVERYIN COSTS.WHOLE OR IN PART, BY FORCES OR ACTION OUTSIDE OF THE APPLICANT'S REASONABLE CONTROL, AS PROVIDED IN SECTION 40-601, PARAGRAPH 17, SUBDIVISION (c).

FOR- THE27 PURPOSES- OFH.B. THIS PARAGRAPH, "UNRECOVERED FUEL COSTS":

(a)2679 INCLUDES2. AMOUNTS OF UNRECOVERED FUEL OR PURCHASED POWER EXPENSES WITH ASSOCIATED DEBT OR OTHER CARRYING COSTS.

(b)ESTIMATE ASTHE DETERMINEDTRANSITION BYCOSTS THEAND COMMISSION,FINANCING SHALLCOSTS BEINCLUDING SIGNIFICANTAN ANDESTIMATE ARISEOF FROMRECOVERING ANYSUCH OFCOSTS THEON FOLLOWING:A NET PRESENT VALUE BASIS.

(i) SUPPLY SHORTAGES.

(ii) DISRUPTIONS IN THE TRANSPORTATION INFRASTRUCTURE OR SUPPLY CHAINS.

(iii) MARKET VOLATILITY.

(iv) SUBSTANTIAL CUSTOMER LOAD GROWTH.

(v) ANY OTHER REASONABLY UNFORESEEN CIRCUMSTANCE.

2.

ESTIMATE THE TRANSITION COSTS AND FINANCING COSTS.

FOR THE PURPOSES OF THIS PARAGRAPH, "FINANCING CHARGES" INCLUDES ANY COSTS AND FEES THAT ARE ASSOCIATED WITH HIRING EXPERT CONSULTANTS THAT ARE NECESSARY TO AID THE COMMISSION IN REVIEWING AND APPROVING OF AN APPLICATION FOR A FINANCING ORDER.

(b) ANY REGULATORY ASSET OR RECORDED LIABILITY THAT IS ASSOCIATED WITH TRANSITION BONDS TO RECOVER UNRECOVERED FUEL COSTS OR SIGNIFICANT EVENT RECOVERY COSTS IN EXCHANGE FOR THE NET PROCEEDS OF THE TRANSITION BONDS.

-12. 27 - H.B.

2679COMMIT 12.TO MAKING A FILING WITH THE COMMISSION THAT WILL DESCRIBE THE FINAL STRUCTURE AND PRICING OF THE TRANSITION BONDS, A STATEMENT OF ACTUAL UPFRONT FINANCING COSTS AND AN UPDATED CALCULATION OF THE ESTIMATED FINANCING CHARGES AND UNIT FINANCING CHARGES OVER THE LIFE OF THE TRANSITION BONDS.

COMMIT TO MAKING AN INFORMATIONAL FILING WITH THE COMMISSION THAT WILL DESCRIBE THE FINAL STRUCTURE AND PRICING OF THE TRANSITION BONDS, A STATEMENT OF ACTUAL UPFRONT FINANCING COSTS AND AN UPDATED CALCULATION OF THE ESTIMATED FINANCING CHARGES AND UNIT FINANCING CHARGES OVER THE LIFE OF THE TRANSITION BONDS.

FOR A COMBINED COOPERATIVE SECURITIZATION, DESCRIBE THE ALLOCATION OF FINANCING COSTS OR FINANCING CHARGES AND UNIT FINANCING CHARGES TO EACH COOPERATIVE APPLICANT'S CUSTOMERS, AS WELL AS HOW THE TRUE-UP- MECHANISM28 WILL- ALLOCATEH.B. OR REALLOCATE FINANCING COSTS TO THE COOPERATIVE APPLICANT'S CUSTOMERS OVER TIME.

2679 TRUE-UP MECHANISM WILL ALLOCATE OR REALLOCATE FINANCING COSTS TO THE COOPERATIVE APPLICANT'S CUSTOMERS OVER TIME.

15.

INCLUDE AN ANALYSIS THAT SHOWS THE SECURITIZATION TRANSACTION WILL RESULT IN LOWER COSTS TO THE APPLICANT'S CUSTOMERS ON A NET PRESENT VALUE BASIS AS COMPARED TO FINANCING OPTIONS THAT ARE OTHERWISE AVAILABLE TO THE APPLICANT.

THE SECURITIZATION TRANSACTION WILL RESULT IN LOWER COSTS TO THE APPLICANT'S CUSTOMERS ON A NET PRESENT VALUE BASIS AS COMPARED TO OTHER FINANCING OPTIONS THAT ARE AVAILABLE TO THE APPLICANT, WHICH SHALL BE DETERMINED BASED ON WHETHER THE TRANSITION BENEFIT TEST IS SATISFIED.

COST-EFFECTIVENESS SHALL BE DETERMINED BY COMPARING THE SUM OF THE NET PRESENT VALUE OF ALL THE COSTS AND EXPENSES OF RELIABLE REPLACEMENT GENERATION OF EQUAL OR GREATER CONTRIBUTION TOWARD THE UTILITY'S RESOURCE ADEQUACY THAN THE ELECTRIC POWER GENERATION FACILITY THAT WILL BE OR HAS BEEN REMOVED FROM SERVICE OVER THE - 2829 - H.B.

2679 FACILITY THAT WILL BE OR HAS BEEN REMOVED FROM SERVICE OVER THE REPLACEMENT GENERATION'S EXPECTED USEFUL LIFE COMBINED WITH THE PROJECTED NET PRESENT VALUE TO RATEPAYERS OF THE TOTAL EXPECTED COST OF THE TRANSITION BONDS OVER THE TERM OF SUCH BONDS, AS COMPARED TO THE NET PRESENT VALUE TO RATEPAYERS OF THE COST, INCLUDING ANY UNRECOVERED COSTS ASSOCIATED WITH UNDEPRECIATED VALUE OR UNRECOVERED BALANCES OF THE TRANSITION ASSET IF SUCH COSTS WERE TO BE FINANCED DIRECTLY BY THE APPLICANT, OF CONTINUING TO OPERATE THE ELECTRIC POWER GENERATION FACILITY THAT WILL BE OR HAS BEEN REMOVED FROM SERVICE OVER AN EQUIVALENT TIME FRAME REGARDLESS OF THE FUEL SOURCE OF THE POWER GENERATION.

THE PROPOSED TRANSITION BILLING SERVICES TARIFFTARIFF, INCLUDING ANY TRUE-UP MECHANISM THAT IS DESIGNED TO ADDRESS OVERCOLLECTION OR UNDERCOLLECTION FROM THE APPLICANT'S CUSTOMERS, IS JUST AND REASONABLE, IS IN THE PUBLIC INTEREST AND SHOULD BE IN EFFECT.

E.

FOR THE PURPOSES OF REVIEWING AND APPROVING AN APPLICATION FOR A FINANCING ORDER, THE COMMISSION MAY USE EXPERT CONSULTANTS AND CHARGE THE QUALIFIED SPECIAL PURPOSE ENTITY A FEE FOR HIRING THE EXPERT CONSULTANTS.

ANY REGULATORY ASSETS THAT ARE RELATED TO UNRECOVERED FUEL COSTS OR SIGNIFICANT EVENT RECOVERY COSTS ARE REDUCED BY THAT CORRESPONDING AMOUNT.

ANY INCURRED COSTS OF A RECORDED LIABILITY THAT ARE INCURRED AND ASSOCIATED WITH UNRECOVERED FUEL COSTS OR SIGNIFICANT EVENT RECOVERY COSTS ARE REDUCED BY THAT CORRESPONDING AMOUNT.

B.- 30 - H.B.

2679 B.

-3. 29 - H.B.

2679 3.

AN APPLICANT MAY NOT HAVE AN OWNERSHIP OR BENEFICIAL INTEREST OR ANY CLAIM OF RIGHT IN THE TRANSITION PROPERTY, OTHER THAN THE REQUIREMENT TO- CALCULATE,31 IMPOSE,- CHARGE,H.B. COLLECT AND RECEIVE THE FINANCING CHARGES AS SERVICER AND TRANSFER THE RESULTING FINANCING REVENUES TO THE QUALIFIED SPECIAL PURPOSE ENTITY THAT IS ENTITLED TO RECEIVE THOSE FINANCING REVENUES.

-2679 30TO -CALCULATE, H.B.IMPOSE, CHARGE, COLLECT AND RECEIVE THE FINANCING CHARGES AS SERVICER AND TRANSFER THE RESULTING FINANCING REVENUES TO THE QUALIFIED SPECIAL PURPOSE ENTITY THAT IS ENTITLED TO RECEIVE THOSE FINANCING REVENUES.

2679 D.

THE APPROVAL OF A FINANCING ORDER DOES NOT OBLIGATE AN APPLICANT OR A QUALIFIED SPECIAL PURPOSE ENTITY TO ENGAGE IN THE APPROVED TRANSACTION,- AND32 NEITHER- ANH.B. APPLICANT NOR A QUALIFIED SPECIAL PURPOSE ENTITY SHALL BE SUBJECT TO ANY REGULATORY CONDITIONS, REGULATORY SANCTIONS OR OTHER PENALTIES FOR NOT ENGAGING IN AN APPROVED TRANSACTION.

IF2679 THETRANSACTION, AND NEITHER AN APPLICANT NOR A QUALIFIED SPECIAL PURPOSE ENTITY DETERMINESSHALL NOTBE SUBJECT TO ISSUEANY TRANSITIONREGULATORY BONDSCONDITIONS, AUTHORIZEDREGULATORY BYSANCTIONS AOR FINANCINGOTHER ORDER,PENALTIES THEFOR APPLICANTNOT SHALLENGAGING REIMBURSEIN THEAN -APPROVED 31TRANSACTION. - H.B.

2679IF THE QUALIFIED SPECIAL PURPOSE ENTITY DETERMINES NOT TO ISSUE TRANSITION BONDS AUTHORIZED BY A FINANCING ORDER, THE APPLICANT SHALL REIMBURSE THE QUALIFIED SPECIAL PURPOSE ENTITY FOR ANY COSTS PAID BY THE QUALIFIED SPECIAL PURPOSE ENTITY THAT WOULD HAVE CONSTITUTED UPFRONT FINANCING COSTS HAD THE TRANSITION BONDS BEEN ISSUED, EXCEPT THAT DELAYING THE ISSUANCE OF TRANSITION BONDS PENDING FINAL RESOLUTION OF ANY APPEALS FROM THE FINANCING ORDER OR ANY LEGAL CHALLENGES TO THIS CHAPTER IS NOT DEEMED TO BE A DETERMINATION.

FINANCING STATEMENTS THAT ARE FILED PURSUANT TO THIS SECTION ARE EFFECTIVE WITHOUT THE NEED TO FILE A CONTINUATION STATEMENT- UNTIL33 A- TERMINATIONH.B. STATEMENT IS FILED.

2679 STATEMENT UNTIL A TERMINATION STATEMENT IS FILED.

A SECURITY INTEREST IN TRANSITION PROPERTY IS A CONTINUOUSLY PERFECTED SECURITY INTEREST AND HAS PRIORITY OVER ANY OTHER LIEN THAT MAY -SUBSEQUENTLY 32ATTACH -TO H.B.THE TRANSITION PROPERTY UNLESS THE HOLDER OF THE SECURITY INTEREST HAS AGREED IN WRITING OTHERWISE.

2679 SUBSEQUENTLY ATTACH TO THE TRANSITION PROPERTY UNLESS THE HOLDER OF THE SECURITY INTEREST HAS AGREED IN WRITING OTHERWISE.

AFTER TRANSITION BONDS HAVE BEEN ISSUED, THE DETERMINATION AND IMPOSITION OF FINANCING CHARGES, THE RECOVERY OF FINANCING REVENUES AND THE ADJUSTMENT OF THE FINANCING CHARGES THROUGH THE TRUE-UP MECHANISM ARE NOT SUBJECT TO REVIEW OR APPROVAL BY ANY GOVERNMENT ENTITY INCLUDING STATE AGENCIES,- PUBLIC34 CORPORATIONS,- MUNICIPALITIESH.B. OR OTHER INSTRUMENTALITIES OF THIS STATE, EXCEPT THAT THE SUPERIOR COURT HAS EXCLUSIVE JURISDICTION TO AND, ON COMMENCEMENT OF A SUIT AGAINST THE QUALIFIED SPECIAL PURPOSE ENTITY BY A CUSTOMER, MAY REVIEW AND DETERMINE WHETHER THERE HAS BEEN A MATHEMATICAL OR ADMINISTRATIVE ERROR IN ANY OF THE FOLLOWING:

-2679 33AGENCIES, -PUBLIC H.B.CORPORATIONS, MUNICIPALITIES OR OTHER INSTRUMENTALITIES OF THIS STATE, EXCEPT THAT THE SUPERIOR COURT HAS EXCLUSIVE JURISDICTION TO AND, ON COMMENCEMENT OF A SUIT AGAINST THE QUALIFIED SPECIAL PURPOSE ENTITY BY A CUSTOMER, MAY REVIEW AND DETERMINE WHETHER THERE HAS BEEN A MATHEMATICAL OR ADMINISTRATIVE ERROR IN ANY OF THE FOLLOWING:

2679 1.

ANY ADJUSTMENTS THAT ARE MADE PURSUANT TO THE TRUE-UP MECHANISM, ANY REVIEW OF THE CALCULATIONS OF THOSE ADJUSTMENTS OR ANY ACTION BROUGHT TO DETERMINE WHETHER THERE HAS BEEN A MATHEMATICAL OR ADMINISTRATIVE ERROR IN THE APPLICATION OF THE TRUE-UP MECHANISM SHALL NOT AFFECT THE IRREVOCABILITY OF THE TRANSITION PROPERTY, THE FINANCING CHARGES, THE FINANCING ORDER, THE NONBYPASSIBILITY OF THE FINANCING CHARGES AND UNIT FINANCING- CHARGES35 OR- THEH.B. NONIMPAIRMENT PLEDGES PRESCRIBED IN SECTION 40-610.

2679 FINANCING CHARGES OR THE NONIMPAIRMENT PLEDGES PRESCRIBED IN SECTION 40-610.

REGARDLESS OF WHETHER FINANCING CHARGES ARE ADMINISTERED, BILLED OR COLLECTED BY A SERVICER THAT IS A PUBLIC SERVICE CORPORATION, THE FINANCING CHARGES ARE NOT RATES OR CHARGES IMPOSED OR MADE BY A PUBLIC SERVICE CORPORATION FOR ELECTRIC SERVICE, AND THE RIGHT TO RECEIVE FINANCING CHARGES AND TO COLLECT RESULTING FINANCING REVENUES IS -INDEPENDENT 34OF -ANY H.B.RATE THAT IS ESTABLISHED, MADE OR CHARGED BY A PUBLIC SERVICE CORPORATION FOR ELECTRIC SERVICES AND THE REVENUES COLLECTED THEREUNDER.

2679 INDEPENDENT OF ANY RATE THAT IS ESTABLISHED, MADE OR CHARGED BY A PUBLIC SERVICE CORPORATION FOR ELECTRIC SERVICES AND THE REVENUES COLLECTED THEREUNDER.

40-609.- 36 - H.B.

2679 40-609.

-B. 35 - H.B.

2679 B.

THIS STATE, INCLUDING ALL AGENCIES, PUBLIC CORPORATIONS, MUNICIPALITIES OR OTHER INSTRUMENTALITIES OF THIS STATE, PLEDGES TO AND AGREES- WITH37 THE- FINANCINGH.B. PARTIES, INCLUDING PRESENT AND FUTURE HOLDERS OF TRANSITION BONDS, THE APPLICANT, THE QUALIFIED SPECIAL PURPOSE ENTITY AND ANY OTHER PERSONS THAT ENTER INTO AN ANCILLARY AGREEMENT, THAT AFTER THE ISSUANCE OF TRANSITION BONDS AND UNTIL ALL FINANCING COSTS WHICH INCLUDE THE PRINCIPAL AND INTEREST OF TRANSITION BONDS AND ALL AMOUNTS TO BE PAID UNDER AN ANCILLARY AGREEMENT ARE FULLY MET AND DISCHARGED, THIS STATE OR ANY AGENCY, PUBLIC CORPORATION, MUNICIPALITY OR OTHER INSTRUMENTALITY OF THIS STATE MAY NOT TAKE OR ALLOW ANY ACTION TO BE TAKEN TO LIMIT, REDUCE, ALTER, IMPAIR, DELAY OR TERMINATE ANY OF THE FOLLOWING:

-2679 36AGREES -WITH H.B.THE FINANCING PARTIES, INCLUDING PRESENT AND FUTURE HOLDERS OF TRANSITION BONDS, THE APPLICANT, THE QUALIFIED SPECIAL PURPOSE ENTITY AND ANY OTHER PERSONS THAT ENTER INTO AN ANCILLARY AGREEMENT, THAT AFTER THE ISSUANCE OF TRANSITION BONDS AND UNTIL ALL FINANCING COSTS WHICH INCLUDE THE PRINCIPAL AND INTEREST OF TRANSITION BONDS AND ALL AMOUNTS TO BE PAID UNDER AN ANCILLARY AGREEMENT ARE FULLY MET AND DISCHARGED, THIS STATE OR ANY AGENCY, PUBLIC CORPORATION, MUNICIPALITY OR OTHER INSTRUMENTALITY OF THIS STATE MAY NOT TAKE OR ALLOW ANY ACTION TO BE TAKEN TO LIMIT, REDUCE, ALTER, IMPAIR, DELAY OR TERMINATE ANY OF THE FOLLOWING:

2679 1.

THE APPLICATION FOR REHEARING- SHALL38 BE- FILEDH.B. NOT LATER THAN TWENTY DAYS AFTER A COMMISSION DECISION ON AN APPLICATION FOR A FINANCING ORDER.

2679 REHEARING SHALL BE FILED NOT LATER THAN TWENTY DAYS AFTER A COMMISSION DECISION ON AN APPLICATION FOR A FINANCING ORDER.

WITHIN TEN DAYS AFTER A REHEARING IS DENIED OR GRANTED AND NOT AFTERWARDS, A PARTY THAT FILES A REHEARING APPLICATION PURSUANT TO SUBSECTION A OF THIS SECTION MAY FILE, IN THE SUPERIOR COURT IN THE COUNTY IN WHICH THE COMMISSION HAS ITS OFFICE, AN ACTION THAT SEEKS TO VACATE, -SET 37ASIDE, -AFFIRM H.B.IN PART, REVERSE IN PART OR REMAND THE COMMISSION'S DECISION REGARDING THE FINANCING APPLICATION.

2679 SET ASIDE, AFFIRM IN PART, REVERSE IN PART OR REMAND THE COMMISSION'S DECISION REGARDING THE FINANCING APPLICATION.

40-612.- 39 - H.B.

2679 40-612.

THE APPROVAL -OF 38A -FINANCING H.B.ORDER DOES NOT OBLIGATE THIS STATE OR ANY COUNTY, MUNICIPALITY OR POLITICAL SUBDIVISION OF THIS STATE TO LEVY ANY TAX OR MAKE ANY APPROPRIATION FOR PAYMENT OF ANY FINANCING COST, INCLUDING THE PRINCIPAL AND INTEREST ON TRANSITION BONDS.

2679 OF A FINANCING ORDER DOES NOT OBLIGATE THIS STATE OR ANY COUNTY, MUNICIPALITY OR POLITICAL SUBDIVISION OF THIS STATE TO LEVY ANY TAX OR MAKE ANY APPROPRIATION FOR PAYMENT OF ANY FINANCING COST, INCLUDING THE PRINCIPAL AND INTEREST ON TRANSITION BONDS.

40-616.- 40 - H.B.

2679 40-616.

Effect of invalidity on actions IF ALL OR ANY PART OF THIS CHAPTER IS INVALIDATED, SUPERSEDED, REPLACED, REPEALED OR EXPIRES FOR ANY REASON, THAT OCCURRENCE DOES NOT -AFFECT 39THE -VALIDITY H.B.OF ANY PRIOR ACTION ALLOWED UNDER THIS CHAPTER, WHETHER TAKEN BY THE COMMISSION, A PUBLIC SERVICE CORPORATION, A QUALIFIED SPECIAL PURPOSE ENTITY OR ANY OTHER PERSON, AND DOES NOT AFFECT TRANSITION BONDS THAT WERE ALREADY ISSUED OR TRANSITION PROPERTY THAT WAS ALREADY CREATED.

2679 AFFECT THE VALIDITY OF ANY PRIOR ACTION ALLOWED UNDER THIS CHAPTER, WHETHER TAKEN BY THE COMMISSION, A PUBLIC SERVICE CORPORATION, A QUALIFIED SPECIAL PURPOSE ENTITY OR ANY OTHER PERSON, AND DOES NOT AFFECT TRANSITION BONDS THAT WERE ALREADY ISSUED OR TRANSITION PROPERTY THAT WAS ALREADY CREATED.

or 3.- 41 - H.B.

2679 3.

-6. 40 - H.B.

2679 6.

13.- 42 - H.B.

2679 13.

-APPROVED 41BY -THE GOVERNOR MAY 13, 2025.

FILED IN THE OFFICE OF THE SECRETARY OF STATE MAY 13, 2025.

- 43 -