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220 ILCS 5/18-102
(220 ILCS 5/18-102)
Sec. 18-102.
Definitions.
For the purposes of this
Article the following terms shall be defined as set forth in
this Section. Terms defined in Article XVI shall have the same meanings in this
Article.
"Assignee" means any party, other than an electric
utility or grantee, to which an interest in intangible
transition property shall have been assigned, sold or
transferred. The term "assignee" includes any corporation,
public authority, trust, financing vehicle, partnership,
limited liability company or other entity.
"Grantee" means any party, other than an electric utility
or an assignee which acquires its interest from an electric
utility, to whom or for whose benefit the Commission shall
create, establish and grant rights in, to and under intangible
transition property. The term "grantee" includes any
corporation, public authority, trust, financing vehicle,
partnership, limited liability company or other entity.
"Grantee instruments" means (a) any instruments,
documents, notes, debentures, bonds or other evidences of
indebtedness evidencing any contractual right to receive the
payment of money from a grantee or (b) any certificates of
participation, certificates of beneficial interest or other
instruments evidencing a beneficial or ownership interest in a
grantee or in intangible transition property of such grantee
which are (i) issued (A) by or on behalf of a grantee pursuant
to a transitional funding order and (B) pursuant to an
executed indenture, pooling agreement, security agreement or
other similar agreement of such grantee creating a security
interest, ownership interest or other beneficial interest in
intangible transition property and (ii) payable solely from
proceeds of intangible transition property, including amounts
received with respect to the related instrument funding
charges.
"Holder" means any holder of transitional funding
instruments, including a trustee, collateral agent, nominee or
other such party acting for the benefit of such a holder.
"Instrument funding charge" means a non-bypassable charge
expressed in cents per kilowatt-hour authorized in a
transitional funding order to be applied and invoiced to each
retail customer, class of retail customers of an electric
utility or other person or group of persons obligated to pay
any base rates, transition charges or other rates for tariffed
services from which such instrument funding charge has been
deducted and stated separately pursuant to
subsection (j) of Section 18-104.
"Intangible transition property" means the right, title,
and interest of an electric utility or grantee or assignee arising pursuant to
a
transitional funding order to
impose and receive instrument funding charges, and all related
revenues, collections, claims, payments, money, or proceeds
thereof,
including all right, title, and interest of an electric
utility, grantee or assignee in, to, under and pursuant to
such transitional funding order, whether or not such
intangible transition property described above is
characterized on the books of the electric utility as a
regulatory asset or as a cost incurred by the electric utility
or otherwise. Intangible transition property shall arise and
exist only when, as, and to the extent that instrument funding
charges are authorized in a transitional funding order that
has become effective in accordance with this Article and shall
thereafter continuously exist to the extent provided in the
order.
"Issuer" means any party, other than an electric utility,
which has issued transitional funding instruments. The term
"issuer" includes any corporation, public authority, trust,
financing vehicle, partnership, limited liability company or
other entity.
"Transitional funding instruments" means any instruments,
pass-through certificates, notes, debentures, certificates of
participation, bonds, certificates of beneficial interest or
other evidences of indebtedness or instruments evidencing a
beneficial interest (i) which are issued by or on behalf of an
electric utility or issuer pursuant to a transitional funding
order, (ii) which are issued pursuant to an executed
indenture, pooling agreement, security agreement or other
similar agreement of an electric utility or issuer creating a
security interest, ownership interest or other beneficial
interest in intangible transition property or grantee
instruments, if any, and (iii) the proceeds of which are to be
used for the purposes set forth in subparagraph (1) of
subsection (d) of Section 18-103 of this Article.
"Transitional funding order" means an order of the
Commission issued in accordance with the provisions of this
Article creating and establishing intangible transition
property and the rights of any party therein and approving the
sale, pledge, assignment or other transfer of intangible
transition property and grantee instruments, if any, the
issuance of transitional funding instruments and grantee
instruments, if any, and the imposition and collection of
instrument funding charges.
(Source: P.A. 90-561, eff. 12-16-97.)
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