Texas Utilities Code

§ 36.453 — CREATION OF CORPORATION

UT § 36.453Title 2. PUBLIC UTILITY REGULATORY ACT · Part B. ELECTRIC UTILITIES · Ch. 36. RATES · Art. J. LOWER-COST FINANCING MECHANISM FOR SECURITIZATION FOR RECOVERY OF SYSTEM RESTORATION COSTS

Statute text

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(a)The corporation is a nonprofit corporation and instrumentality of the state, and shall perform the essential governmental function of financing system restoration costs in accordance with this subchapter. The corporation:

(1)shall perform only functions consistent with this subchapter;

(2)shall exercise its powers through a governing board;

(3)is subject to the regulation of the commission; and

(4)has a legal existence as a public corporate body and instrumentality of the state separate and distinct from the state.

(b)Assets of the corporation may not be considered part of any state fund. The state may not budget for or provide any state money to the corporation. The debts, claims, obligations, and liabilities of the corporation may not be considered to be a debt of the state or a pledge of its credit.

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Legislative history

Added by Acts 2021, 87th Leg., R.S., Ch. 198 (H.B. 1510), Sec. 2, eff. June 1, 2021.