South Carolina Code 58-27-1175. Validity of actions taken by an electrical utility
Current as of: 2023 | Check for updates
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Terms Used In South Carolina Code 58-27-1175
- ancillary agreement: means a bond, insurance policy, letter of credit, reserve account, surety bond, liquidity or credit support arrangement, or other financial arrangement entered into in connection with recovery bonds. See South Carolina Code 58-27-1105
- assignee: means a legally recognized entity to which an electrical utility assigns, sells, or transfers, other than as a security, all or a portion of its interest in or right to storm recovery property. See South Carolina Code 58-27-1105
- electrical utility: is a s defined in § 58-27-10(7). See South Carolina Code 58-27-1105
- financing order: means an order that authorizes the issuance of storm recovery bonds; the imposition, collection, and periodic adjustments of a storm recovery charge; the creation of storm recovery property; and the sale, assignment, or transfer of storm recovery property to an assignee. See South Carolina Code 58-27-1105
- financing party: means bondholders and trustees, collateral agents, any party under an ancillary agreement, or any other person acting for the benefit of bondholders. See South Carolina Code 58-27-1105
- storm: means , individually or collectively, a named tropical storm or hurricane, a tornado, ice storm or snowstorm, flood, an earthquake, or other significant weather or natural disaster. See South Carolina Code 58-27-1105
If any provision of this article is held invalid or is invalidated, superseded, replaced, repealed, or expires for any reason, that occurrence does not affect the validity of any action allowed under this article which is taken by an electrical utility, an assignee, a financing party, a collection agent, or a party to an ancillary agreement; and any such action remains in full force and effect with respect to all storm recovery bonds issued or authorized in a financing order issued under this article before the date that such provision is held invalid or is invalidated, superseded, replaced, or repealed, or expires for any reason.