Texas Utilities Code
§ 39.654 — COMMISSION-AUTHORIZED FINANCING
UT § 39.654Title 2. PUBLIC UTILITY REGULATORY ACT · Part B. ELECTRIC UTILITIES · Ch. 39. RESTRUCTURING OF ELECTRIC UTILITY INDUSTRY · Art. N. WINTER STORM URI UPLIFT FINANCING
Statute text
View on source(a)The commission may contract with another state agency with expertise in public financing to establish a debt financing mechanism to finance the payment of the uplift balance under an order that meets the requirements of Section 39.653.
(b)The contracted state agency and any issuer must be a party to the commission's proceedings that address the issuance of an order along with the independent organization.
(c)In addition to the other applicable requirements of this subtitle, an order issued under this section must:
(1)require the sale, assignment, or other transfer to the contracted state agency of uplift charges created by the order and, following that sale, assignment, or transfer, require that uplift charges paid under any order be created, assessed, and collected as the property of the contracted state agency, subject to subsequent sale, assignment, or transfer by the contracted state agency as authorized under this subchapter;
(2)authorize:
(A)the issuance of debt obligations by the contracted state agency secured by a pledge of uplift charge revenue, and the application of the proceeds of those debt obligations, net of issuance costs, to the independent organization; or
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Legislative history
Added by Acts 2021, 87th Leg., R.S., Ch. 908 (H.B. 4492), Sec. 5, eff. June 16, 2021.