Sec. 12. (a) An
SNG property interest, including any right to future purchases of substitute natural gas during the term of a qualified
contract, constitutes a present property right.
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Terms Used In Indiana Code 8-1-8.9-12
- assignee: means any individual, corporation, or other legal entity to which an SNG property interest is transferred. See Indiana Code 8-1-8.9-1
- commission: refers to the Indiana utility regulatory commission created by IC 8-1-1-2. See Indiana Code 8-1-8.9-2
- Contract: A legal written agreement that becomes binding when signed.
- energy utility: has the meaning set forth in Indiana Code 8-1-8.9-3
- financing entity: means a person that provides:
Indiana Code 8-1-8.9-4
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- qualified contract: means a contract with a term of at least thirty (30) years for the sale of substitute natural gas to an energy utility. See Indiana Code 8-1-8.9-5
- qualified order: means a final and irrevocable order that:
Indiana Code 8-1-8.9-7
- SNG: has the meaning set forth in Indiana Code 8-1-8.9-8
- SNG property interest: means the right, title, and interest that:
Indiana Code 8-1-8.9-9
- SNG seller: means any individual, corporation, or other legal entity that engages in the production and sale of substitute natural gas. See Indiana Code 8-1-8.9-10
(c) If the commission issues a qualified order under section 11 of this chapter, the state covenants and agrees, for the benefit of the energy utility and any assignee or financing entity involved, that the state will not take or permit any action that would:
(1) reduce or otherwise impair the value of the SNG property interest created by the qualified order; or
(2) limit, alter, or impair:
(A) the qualified order;
(B) the SNG property interest created by the qualified order; or
(C) qualified costs that are:
(i) imposed on and collected by the energy utility; and
(ii) remitted to the SNG seller;
under the terms of the qualified contract;
until the qualified contract has been performed in full.
As added by P.L.175-2007, SEC.21.
