Montana Code 69-3-1607. Effect of financing order
69-3-1607. Effect of financing order. (1) A financing order remains in effect until the Montana energy impact assistance bonds issued as authorized by the financing order have been paid in full and all financing costs related to the bonds have been paid in full.
Terms Used In Montana Code 69-3-1607
- Assignee: means any person to which an interest in Montana energy impact assistance property is sold, assigned, transferred, or conveyed, other than as security, and any successor to or subsequent assignee of a person. See Montana Code 69-3-1603
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- commission: means the public service commission provided for in 2-15-2602. See Montana Code 69-1-101
- Electric utility: means any electric utility regulated by the commission pursuant to Title 69, chapter 3, including the electric utility's successors or assignees. See Montana Code 69-3-1603
- Financing costs: means , if approved by the commission in a financing order, costs to issue, service, repay, or refinance Montana energy impact assistance bonds, whether incurred or paid on issuance of the Montana energy impact assistance bonds or over the life of the bonds. See Montana Code 69-3-1603
- Financing order: means an order issued by the commission in accordance with 69-3-1606 that grants, in whole or in part, an application filed pursuant to 69-3-1605 authorizing the issuance of Montana energy impact assistance bonds in one or more series, the imposition, charging, and collection of Montana energy impact assistance charges, and the creation of Montana energy impact assistance property. See Montana Code 69-3-1603
- Montana energy impact assistance bonds: means low-cost corporate securities, including but not limited to senior secured bonds, debentures, notes, certificates of participation, certificates of beneficial interest, certificates of ownership, or other evidences of indebtedness or ownership that have a scheduled maturity of no longer than 30 years and a final legal maturity date that is not later than 32 years from the issue date, that are rated AA or Aa2 or better by a major independent credit rating agency at the time of issuance, and that are issued by an electric utility or an assignee pursuant to a financing order. See Montana Code 69-3-1603
- Montana energy impact assistance charges: means charges in amounts determined appropriate by the commission and authorized by the commission in a financing order in order to provide a source of revenue solely to repay, finance, or refinance Montana energy impact assistance costs and financing costs that are imposed on and are a part of all customer bills and are collected in full by the electric utility that the financing order applies to, its successors or assignees, or a collection agent through a nonbypassable charge that is separate and apart from the electric utility's base rates. See Montana Code 69-3-1603
- Montana energy impact assistance property: means :
(a)all rights and interests of an electric utility or successor or assignee of an electric utility under a financing order for the right to impose, bill, collect, and receive Montana energy impact assistance charges as it is authorized to do solely under the financing order and to obtain periodic adjustments to the Montana energy impact assistance charges as provided in the financing order; and
(b)all revenue, collections, claims, rights to payments, payments, money, or proceeds arising from the rights and interests specified in subsection (14)(a), regardless of whether the revenue, collections, claims, rights to payment, payments, money, or proceeds are imposed, billed, received, collected, or maintained together with or commingled with other revenue, collections, rights to payment, payments, money, or proceeds. See Montana Code 69-3-1603
- Montana energy impact assistance revenue: means revenue, receipts, collections, payments, money, claims, or other proceeds arising from Montana energy impact assistance property. See Montana Code 69-3-1603
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- Successor: means , with respect to any legal entity, another legal entity that succeeds by operation of law to the rights and obligations of the first legal entity pursuant to any bankruptcy, reorganization, restructuring, other insolvency proceeding, merger, acquisition, consolidation, or sale or transfer of assets, whether any of these occur due to restructuring of the electric power industry or otherwise. See Montana Code 69-3-1603
(2)A financing order remains in effect and unabated notwithstanding the bankruptcy, reorganization, or insolvency of an electric utility to which the financing order applies or any affiliate of the electric utility or successor entity or assignee.
(3)A financing order is irrevocable, and the commission may not reduce, impair, postpone, or terminate Montana energy impact assistance charges approved in a financing order or impair Montana energy impact assistance property or the collection or recovery of Montana energy impact assistance revenue.
(4)Notwithstanding subsection (3), on its own motion or at the request of an electric utility or any other person, the commission may commence a proceeding and issue a subsequent financing order that provides for refinancing, retiring, or refunding Montana energy impact assistance bonds issued pursuant to the original financing order if:
(a)the commission makes all of the findings specified in 69-3-1606(1) with respect to the subsequent financing order; and
(b)the modification provided for in the subsequent financing order does not impair in any way the covenants and terms of the Montana energy impact assistance bonds to be refinanced, retired, or refunded.