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§ 7-537. Rate stabilization property

West's Annotated Code of MarylandPublic Utilities

West's Annotated Code of Maryland
Public Utilities (Refs & Annos)
Division I. Public Services and Utilities [Titles 1-15] (Refs & Annos)
Title 7. Gas, Electric, and Water Companies (Refs & Annos)
Subtitle 5. Electric Industry Restructuring (Refs & Annos)
Part III. Rate Stabilization (Refs & Annos)
MD Code, Public Utilities, § 7-537
Formerly cited as MD PUBLIC UTIL COMP § 7-537
§ 7-537. Rate stabilization property
In general
(a) The rights and interests of an electric company or successor under a qualified rate order, including the right to impose, collect, and receive qualified rate stabilization charges authorized in the order:
(1) become rate stabilization property when they are first transferred to an assignee or are pledged in connection with the issuance of rate stabilization bonds; but
(2) are only contract rights before that first transfer or pledge.
Present property rights
(b) Rate stabilization property constitutes a present property right:
(1) for purposes of contracts concerning the sale or pledge of property, even though the imposition and collection of qualified rate stabilization charges depends on further acts of the electric company or others that have not yet occurred; and
(2) for all purposes until the later of:
(i) the period provided in the qualified rate order, to the extent provided in that order; or
(ii) the payment in full of the rate stabilization bonds, including all principal, interest, premium, costs, and arrearages on the bonds.
Revenues and collections resulting from charges
(c) All revenues and collections resulting from qualified rate stabilization charges are proceeds only of the rate stabilization property arising from the qualified rate order.

Credits

Added by Acts 2006, 1st Sp. Sess., c. 5, § 1, eff. June 23, 2006.
MD Code, Public Utilities, § 7-537, MD PUBLIC UTIL § 7-537
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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