Terms Used In Louisiana Revised Statutes 45:1339

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • 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.
  • Corporation: means the Louisiana Utilities Restoration Corporation. See Louisiana Revised Statutes 45:1312
  • Issuer: means any Louisiana public corporation, public trust, or other entity that issues system restoration bonds approved by a financing order. See Louisiana Revised Statutes 45:1312
  • person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
  • Related bonds: means , with respect to a trust, the system restoration bonds that funded the net proceeds transferred by an issuer to the corporation and then contributed by the corporation to that trust. See Louisiana Revised Statutes 45:1332
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Trust: means an express special public trust created only pursuant to and in compliance with the provisions of this Subpart. See Louisiana Revised Statutes 45:1332
  • Trust agreement: means , with respect to a trust, the written instrument that created the trust together with all proper amendments. See Louisiana Revised Statutes 45:1332

            A. The corporation shall pledge to and agree with the issuer for the benefit of the issuer, the bondholders, and other financing parties, that until the related bonds and any ancillary agreements have been paid and performed in full, the corporation shall not do any of the following:

            (1) Take or permit any action that impairs or would impair the value of the corporation’s beneficial interest in the applicable trust, other than the distributions of dividend income and redemption proceeds contemplated in this Subpart and in the trust agreement.

            (2) Approve or allow a modification or amendment pertaining to the corporation’s beneficial interest in the applicable trust, or a termination or rescission of the applicable trust agreement or the applicable trust, or in any other way impair the rights and remedies of the corporation as beneficiary under the applicable trust, provided that nothing shall preclude the distributions of dividend income and the redemption proceeds that are contemplated in this Subpart and in the trust agreement.

            B. For purposes of this Section and La. Rev. Stat. 45:1340, the term “bondholder” means a person who holds a system restoration bond, including in book entry form.

            Acts 2021, No. 293, §3, eff. June 14, 2021.

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