§ 40-41-105 — Effect of financing order

(1) A financing order remains in effect
until the CO-EI bonds issued as authorized by the financing order have been paid in
full and all financing costs relating to the CO-EI bonds have been paid in full.

(2) A financing order remains in effect and unabated notwithstanding the
bankruptcy, reorganization, or insolvency of the electric utility to which the
financing order applies or any affiliate of the electric utility or successor entity or
assignee.

(3) Subject to judicial review as provided for in section 40-41-108, a financing
order is irrevocable. Therefore, notwithstanding section 40-6-112 (1), the
commission may not reduce, impair, postpone, or terminate CO-EI charges approved
in a financing order or impair CO-EI property or the collection or recovery of CO-EI
revenue.

(4) Notwithstanding subsection (3) of this section, upon the request of an
electric utility or at the request of parties in the commission proceeding, the
commission may commence a proceeding and issue a subsequent financing order
that provides for refinancing, retiring, or refunding CO-EI bonds issued pursuant to
the original financing order if:

(a) The commission makes all of the findings specified in section 40-41-104
(1) with respect to the subsequent financing order; and

(b) The subsequent financing order does not impair in any way the covenants
and terms of the CO-EI bonds to be refinanced, retired, or refunded.

Legislative History

Source: L. 2019: Entire article added, (SB 19-236), ch. 359, p. 3324, � 26, effective May 30.