§ 8-1-8.9-12 — SNG property interest; property rights

Indiana § 8-1-8.9-12

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 8.9: Financing of Substitute Natural Gas Costs

Text

(a) An SNG property interest, including any
right to future purchases of substitute natural gas during the term of a
qualified contract, constitutes a present property right.
(b) Qualified costs recovered by an energy utility under a qualified
order constitute proceeds of only the SNG property interest that is
created by the qualified order.
(c) If the commission issues a qualified order under section 11 of
this chapter, the state covenants and agrees, for the benefit of the
energy utility and any assignee or financing entity involved, that the
state will not take or permit any action that would:
(1) reduce or otherwise impair the value of the SNG property
interest created by the qualified order; or
(2) limit, alter, or impair:
(A) the qualified order;
(B) the SNG property interest created by the qualified order; or
(C) qualified costs that are:
(i) imposed on and collected by the energy utility; and
(ii) remitted to the SNG seller;
under the terms of the qualified contract;
until the qualified contract has been performed in full.

Legislative History

As added by P.L.175-2007, SEC.21.