Texas Utilities Code
§ 36.454 — POWERS AND DUTIES OF CORPORATION
UT § 36.454Title 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
View on source(a)The corporation, in each instance subject to the prior authorization of the commission, shall participate in the financial transactions authorized by this subchapter. The corporation may not engage in business activities except those activities provided for in this subchapter and those ancillary and incidental thereto. The corporation or an issuer may not apply proceeds of system restoration bonds or system restoration charges to a purpose not specified in a financing order, to a purpose in an amount that exceeds the amount allowed for such purpose in the order, or to a purpose in contravention of the order.
(b)The board of the corporation, under the provisions of this subchapter, may employ or retain persons as are necessary to perform the duties of the corporation.
(c)The corporation may:
(1)acquire, sell, pledge, or transfer transition property as necessary to effect the purposes of this subchapter and, in connection with the action, agree to such terms and conditions as the corporation deems necessary and proper, consistent with the terms of a financing order:
(A)to acquire transition property and to pledge such transition property, and any other collateral:
(i)to secure payment of system restoration bonds issued by the corporation, together with payment of any other qualified costs; or
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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.