The proposed bill aims to modernize the statutes governing the securitization of transition bonds and the management of transition property by public power entities and public service corporations. Key updates include new provisions that require public power entities to provide public notice of their intent to adopt financing resolutions, detailing the process for public engagement and transparency. The bill mandates that financing orders be issued by the Arizona Corporation Commission (ACC) within a specified timeframe and introduces a "Transition Benefit Test" to ensure the lowest financing charges. Additionally, it clarifies that transition property is a vested right and outlines the responsibilities of qualified special purpose entities in relation to transition bonds.

Furthermore, the bill establishes that financing charges are nonbypassable and mandatory for all customers, with a true-up mechanism to adjust for revenue discrepancies. It emphasizes that transition bonds do not constitute public debt and protects the validity of actions taken under the current chapter, even if parts are invalidated. The legislation streamlines the judicial review process for financing resolutions, limiting the grounds for challenge and expediting court proceedings. Overall, these updates seek to enhance the regulatory framework, improve financial stability, and ensure clarity in the management of transition bonds and related financial mechanisms.

Statutes affected:
Introduced Version: 47-9109, 30-903, 30-905, 30-902, 30-904, 30-906, 30-907, 30-909, 30-908, 30-910, 30-911, 30-912, 40-302, 30-913, 30-914, 30-915, 30-916, 40-603, 40-606, 40-602, 40-604, 40-610, 40-605, 40-607, 40-608, 40-609, 40-252, 40-611, 40-253, 40-254, 40-254.01, 40-612, 40-613, 40-614, 40-615, 40-616, 40-617
House Engrossed Version: 47-9109, 30-903, 30-905, 30-902, 30-901, 30-904, 30-906, 30-907, 30-909, 30-908, 30-910, 30-911, 30-912, 40-302, 30-913, 30-914, 30-915, 30-916, 40-603, 40-606, 40-602, 40-601, 40-604, 40-610, 40-605, 40-607, 40-608, 40-609, 40-252, 40-611, 40-253, 40-254, 40-254.01, 40-612, 40-613, 40-614, 40-615, 40-616, 40-617