Full Text of HB0590 98th General Assembly
HB0590 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB0590 Introduced 1/25/2013, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED: | | |
Amends the Public Utilities Act. Makes a technical change in a Section
concerning definitions relating to transitional funding for electric utilities.
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| | A BILL FOR |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois, | 3 | | represented in the General Assembly:
| 4 | | Section 5. The Public Utilities Act is amended by changing | 5 | | Section 18-102 as follows:
| 6 | | (220 ILCS 5/18-102)
| 7 | | Sec. 18-102. Definitions. For the
the purposes of this
| 8 | | Article the following terms shall be defined as set forth in
| 9 | | this Section. Terms defined in Article XVI shall have the same | 10 | | meanings in this
Article. | 11 | | "Assignee" means any party, other than an electric
utility | 12 | | or grantee, to which an interest in intangible
transition | 13 | | property shall have been assigned, sold or
transferred. The | 14 | | term "assignee" includes any corporation,
public authority, | 15 | | trust, financing vehicle, partnership,
limited liability | 16 | | company or other entity.
| 17 | | "Grantee" means any party, other than an electric utility
| 18 | | or an assignee which acquires its interest from an electric
| 19 | | utility, to whom or for whose benefit the Commission shall
| 20 | | create, establish and grant rights in, to and under intangible
| 21 | | transition property. The term "grantee" includes any
| 22 | | corporation, public authority, trust, financing vehicle,
| 23 | | partnership, limited liability company or other entity.
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| 1 | | "Grantee instruments" means (a) any instruments,
| 2 | | documents, notes, debentures, bonds or other evidences of
| 3 | | indebtedness evidencing any contractual right to receive the
| 4 | | payment of money from a grantee or (b) any certificates of
| 5 | | participation, certificates of beneficial interest or other
| 6 | | instruments evidencing a beneficial or ownership interest in a
| 7 | | grantee or in intangible transition property of such grantee
| 8 | | which are (i) issued (A) by or on behalf of a grantee pursuant
| 9 | | to a transitional funding order and (B) pursuant to an
executed | 10 | | indenture, pooling agreement, security agreement or
other | 11 | | similar agreement of such grantee creating a security
interest, | 12 | | ownership interest or other beneficial interest in
intangible | 13 | | transition property and (ii) payable solely from
proceeds of | 14 | | intangible transition property, including amounts
received | 15 | | with respect to the related instrument funding
charges.
| 16 | | "Holder" means any holder of transitional funding
| 17 | | instruments, including a trustee, collateral agent, nominee or
| 18 | | other such party acting for the benefit of such a holder.
| 19 | | "Instrument funding charge" means a non-bypassable charge
| 20 | | expressed in cents per kilowatt-hour authorized in a
| 21 | | transitional funding order to be applied and invoiced to each
| 22 | | retail customer, class of retail customers of an electric
| 23 | | utility or other person or group of persons obligated to pay
| 24 | | any base rates, transition charges or other rates for tariffed
| 25 | | services from which such instrument funding charge has been
| 26 | | deducted and stated separately pursuant to
subsection (j) of |
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| 1 | | Section 18-104.
| 2 | | "Intangible transition property" means the right, title,
| 3 | | and interest of an electric utility or grantee or assignee | 4 | | arising pursuant to
a
transitional funding order to
impose and | 5 | | receive instrument funding charges, and all related
revenues, | 6 | | collections, claims, payments, money, or proceeds
thereof,
| 7 | | including all right, title, and interest of an electric
| 8 | | utility, grantee or assignee in, to, under and pursuant to
such | 9 | | transitional funding order, whether or not such
intangible | 10 | | transition property described above is
characterized on the | 11 | | books of the electric utility as a
regulatory asset or as a | 12 | | cost incurred by the electric utility
or otherwise. Intangible | 13 | | transition property shall arise and
exist only when, as, and to | 14 | | the extent that instrument funding
charges are authorized in a | 15 | | transitional funding order that
has become effective in | 16 | | accordance with this Article and shall
thereafter continuously | 17 | | exist to the extent provided in the
order.
| 18 | | "Issuer" means any party, other than an electric utility,
| 19 | | which has issued transitional funding instruments. The term
| 20 | | "issuer" includes any corporation, public authority, trust,
| 21 | | financing vehicle, partnership, limited liability company or
| 22 | | other entity.
| 23 | | "Transitional funding instruments" means any instruments,
| 24 | | pass-through certificates, notes, debentures, certificates of
| 25 | | participation, bonds, certificates of beneficial interest or
| 26 | | other evidences of indebtedness or instruments evidencing a
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| 1 | | beneficial interest (i) which are issued by or on behalf of an
| 2 | | electric utility or issuer pursuant to a transitional funding
| 3 | | order, (ii) which are issued pursuant to an executed
indenture, | 4 | | pooling agreement, security agreement or other
similar | 5 | | agreement of an electric utility or issuer creating a
security | 6 | | interest, ownership interest or other beneficial
interest in | 7 | | intangible transition property or grantee
instruments, if any, | 8 | | and (iii) the proceeds of which are to be
used for the purposes | 9 | | set forth in subparagraph (1) of
subsection (d) of Section | 10 | | 18-103 of this Article.
| 11 | | "Transitional funding order" means an order of the
| 12 | | Commission issued in accordance with the provisions of this
| 13 | | Article creating and establishing intangible transition
| 14 | | property and the rights of any party therein and approving the
| 15 | | sale, pledge, assignment or other transfer of intangible
| 16 | | transition property and grantee instruments, if any, the
| 17 | | issuance of transitional funding instruments and grantee
| 18 | | instruments, if any, and the imposition and collection of
| 19 | | instrument funding charges.
| 20 | | (Source: P.A. 90-561, eff. 12-16-97.)
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