Louisiana Revised Statutes 45:1239 – A. Notwithstanding any provisions to the contrary in R.S. 45:1228 and 1233, when the corporation is participating in a securitization financing transaction pursuant to this Part, the
Terms Used In Louisiana Revised Statutes 45:1239
- Commission: means the Public Service Commission or, solely with respect to an electric utility furnishing electric service within the city of New Orleans, the council of the city of New Orleans. See Louisiana Revised Statutes 45:1227
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Financing order: means an order of the commission, if granted by the commission in its sole discretion, which allows for:
(a) The issuance of storm recovery bonds. See Louisiana Revised Statutes 45:1227
- Storm: means a named tropical storm or hurricane, ice or snow storm, flood, or other significant weather or natural disaster that occurred during calendar year 2005 or that occurs thereafter. See Louisiana Revised Statutes 45:1227
- Storm recovery bonds: means bonds, debentures, notes, certificates of participation, certificates of ownership, or other evidences of indebtedness or ownership that are issued pursuant to an indenture, contract, or other agreement of an electric utility or an assignee pursuant to a financing order, the proceeds of which are used directly or indirectly to provide, recover, finance, or refinance commission-approved storm recovery costs, financing costs, and costs to replenish or fund a storm recovery reserve to such level as the commission may authorize in a financing order, and which are secured by or payable from storm recovery property. See Louisiana Revised Statutes 45:1227
- Storm recovery property: means the contract right constituting incorporeal movable property newly created pursuant to this Part which may consist of any of the following:
(a) All rights and interests of an electric utility or successor or assignee of the electric utility under a financing order, including the right to impose, bill, charge, collect, and receive storm recovery charges authorized in the financing order and to obtain periodic adjustments to such charges as may be provided in the financing order. See Louisiana Revised Statutes 45:1227
A. Notwithstanding any provisions to the contrary in La. Rev. Stat. 45:1228 and 1233, when the corporation is participating in a securitization financing transaction pursuant to this Part, the financing order may authorize any Louisiana public entity that has a separate corporate existence and that is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States to be the issuer of the storm recovery bonds. After the issuance of such financing order, the corporation shall arrange for the issuance of the storm recovery bonds as specified in the financing order by an issuer selected by the corporation and approved by the commission. The corporation shall enter into a loan transaction with the issuer and then transfer the net proceeds of such storm recovery bonds received by the corporation to the pertinent utility as the purchase price of the storm recovery property.
B. The corporation shall not itself have the authority to issue storm recovery bonds. The corporation may issue promissory notes to issuers pursuant to this Part.
C. When storm recovery bonds are issued pursuant to this Section, the bonds shall be approved by the State Bond Commission.
Acts 2021, No. 293, §2. eff. June 14, 2021.