Oregon Statutes 757.872 – Equity and assets of incumbent utility held in trust; disclaimer of state interest
(1) Any equity of the incumbent utility, any electric utility assets of the incumbent utility or any combination of equity and assets of the incumbent utility that Oregon Community Power acquires under ORS § 757.812 to 757.950 shall be held in trust by Oregon Community Power, acting as a trustee, for the exclusive purpose of carrying out the powers, rights and privileges of Oregon Community Power under ORS § 757.812 to 757.950 for the benefit of the retail electricity consumers of Oregon Community Power. Notwithstanding any other provision of law, retail electricity consumers of Oregon Community Power may not pursue any judicial remedy in any court of this state for any action of Oregon Community Power, except as provided in ORS § 757.812 to 757.950.
Terms Used In Oregon Statutes 757.872
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- local government: means all cities, counties and local service districts located in this state, and all administrative subdivisions of those cities, counties and local service districts. See Oregon Statutes 174.116
- Trustee: A person or institution holding and administering property in trust.
(2) The State of Oregon declares that it has no proprietary interest in Oregon Community Power or in any tangible or intangible property of any form owned or acquired by Oregon Community Power. The state disclaims any right to reclaim any contributions made to Oregon Community Power under ORS § 757.812 to 757.950.
(3) Except as provided in ORS § 757.812 to 757.950, Oregon Community Power may not receive any moneys from the State of Oregon other than:
(a) Electric utility operational revenues;
(b) Public purpose charge revenues under ORS § 757.612;
(c) Nonrecourse bond proceeds or proceeds from any other nonrecourse borrowing; or
(d) Loans, grants, payments or other assistance that any local government as defined in ORS § 174.116 would be eligible to receive. [2007 c.807 § 17]
See note under 757.812.
(Duties and Powers of Oregon Community Power)