The proposed bill would significantly update current statutes related to the securitization of transition bonds by public power entities. Key
additions include requirements for public notice of financing resolutions, detailed proposals that include transition costs and financing charges, and a mechanism for applicants to seek permission from the Arizona Corporation Commission (ACC) to initiate securitization transactions. The bill mandates that the ACC must issue a financing order within a specified timeframe and introduces criteria for ensuring that securitization will lower costs for customers. Additionally, it clarifies the nature of transition property as a vested right and establishes that financing charges are nonbypassable and mandatory for all customers.
Furthermore, the bill introduces a True-Up Mechanism to address discrepancies in financing revenues, ensuring adjustments are not subject to ACC regulation. It also grants exclusive jurisdiction to the superior court for reviewing errors related to the true-up mechanism and prohibits delays in the collection of financing revenues. Other updates include clarifications on the legal standing of financing orders, the non-public debt status of transition bonds, and the obligations of successors to public power entities. Overall, these changes aim to enhance transparency, streamline the financing process, and protect consumer interests in the management of transition bonds.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
Senate 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
Chaptered 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