South Carolina § 58-27-1155 Prohibited actions by the State.

South Carolina Statutes

§ 58-27-1155 — Prohibited actions by the State.

South Carolina·Title 58 PUBLIC UTILITIES, SERVICES AND CARRIERS·Ch. 27 ELECTRIC UTILITIES AND ELECTRIC COOPERATIVES

(A)The State and its agencies, including the commission, pledge and agree with bondholders, the owners of the storm recovery property, and other financing parties that the State and its agencies will not take any action listed in this section as to any outstanding storm recovery bonds, storm recovery charges, or storm recovery property. This paragraph does not preclude limitation or alteration if full compensation is made by law for the full protection of the storm recovery charges collected pursuant to a financing order and of the bondholders and any assignee or financing party entering into a contract with the electrical utility. The prohibited actions are as follows:

(1)altering the provisions of this article, which authorize the commission to create an irrevocable contract right or c

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(A) The State and its agencies, including the commission, pledge and agree with bondholders, the owners of the storm recovery property, and other financing parties that the State and its agencies will not take any action listed in this section as to any outstanding storm recovery bonds, storm recovery charges, or storm recovery property. This paragraph does not preclude limitation or alteration if full compensation is made by law for the full protection of the storm recovery charges collected pursuant to a financing order and of the bondholders and any assignee or financing party entering into a contract with the electrical utility. The prohibited actions are as follows: (1) altering the provisions of this article, which authorize the commission to create an irrevocable contract right or chose in action by the issuance of a financing order, to create storm recovery property, and make the storm recovery charges imposed by a financing order irrevocable, binding, or nonbypassable charges; (2) taking or permitting any action that impairs or would impair the value of storm recovery property or the security for the storm recovery bonds, or revises the storm recovery costs for which storm recovery is authorized; (3) in any way impairing the rights and remedies of the bondholders, assignees, and other financing parties; and (4) except for changes made pursuant to the formula-based adjustment mechanism authorized under this article, reducing, altering, or impairing storm recovery charges that are to be imposed, billed, charged, collected, and remitted for the benefit of the bondholders, any assignee and any other financing parties until any and all principal, interest, premium, financing costs and other fees, expenses, or charges incurred, and any contracts to be performed in connection with the related storm recovery bonds, have been paid and performed in full. (B) Any person or entity that issues storm recovery bonds may include the language specified in this section in the storm recovery bonds and related documentation.

South Carolina § 58-27-1155 (Prohibited actions by the State.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.