§ 9074. Financing order
Oklahoma Statutes AnnotatedTitle 74. State GovernmentEffective: April 23, 2021
Effective: April 23, 2021
74 Okl.St.Ann. § 9074
§ 9074. Financing order
A. Upon the determination that a regulated utility has extreme purchase costs, extraordinary costs or both that are subject to this act and may be mitigated by issuing ratepayer-backed bonds, the Oklahoma Corporation Commission shall make necessary findings and conclusions to result in a financing order under this act, either in the same order or through a continued or separate proceeding. The financing order shall include, but not be limited to, the following:
3. The creation of an irrevocable and nonbypassable mechanism under which the regulated utility will recover from customers an amount necessary to service, repay and administer the ratepayer-backed bonds. A customer's monthly billing charges collected pursuant to the nonbypassable mechanism established under a financing order shall be based upon the then-current monthly billing of the customer and shall be a separate line-item on the monthly bill of the customer. The nonbypassable mechanism shall include procedures for receiving accounting information from the Oklahoma Development Finance Authority and calculating factors to be applied to customer bills. The mechanism shall remain in effect until the complete repayment and retirement of any ratepayer-backed bonds, or refunding bonds, authorized under the financing order;
6. The requirement that all funds received under the irrevocable and nonbypassable mechanism be provided immediately to the holder of securitization property pursuant to Section 6 of this act for the purpose of repaying, servicing and administering the ratepayer-backed bonds authorized by the financing order.
G. Upon entering a financing order under this act, a regulated utility shall not recover the extreme purchase costs and extraordinary costs identified and quantified in the financing order from customers except through the transfer of securitization property as provided in Section 6 of this act in exchange for the proceeds of a bond issuance, which shall offset and complete the recovery of extreme purchase costs and extraordinary costs for the regulated utility.
H. Upon the issuance of any financing order pursuant to this section, the periodic determination of factors for customer collection with true-up and reconciliation authorized by the financing order shall not be removed, adjusted or interrupted by any other regulatory determination of the Commission except where adjustments are warranted as a result of an audit of amounts actually collected from customers and provided to the Authority or where insurance proceeds, government grants or other funding sources offset or reduce the amount of extreme purchase costs and extraordinary costs to be recovered from customers. No adjustments shall in any manner impair or prevent the collection of sufficient revenues to service and repay ratepayer-backed bonds.
Credits
Laws 2021, c. 204, § 5, emerg. eff. April 23, 2021.
74 Okl. St. Ann. § 9074, OK ST T. 74 § 9074
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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