98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB0590

 

Introduced 1/25/2013, by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
220 ILCS 5/18-102

    Amends the Public Utilities Act. Makes a technical change in a Section concerning definitions relating to transitional funding for electric utilities.


LRB098 03405 AMC 33420 b

 

 

A BILL FOR

 

HB0590LRB098 03405 AMC 33420 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Public Utilities Act is amended by changing
5Section 18-102 as follows:
 
6    (220 ILCS 5/18-102)
7    Sec. 18-102. Definitions. For the the purposes of this
8Article the following terms shall be defined as set forth in
9this Section. Terms defined in Article XVI shall have the same
10meanings in this Article.
11    "Assignee" means any party, other than an electric utility
12or grantee, to which an interest in intangible transition
13property shall have been assigned, sold or transferred. The
14term "assignee" includes any corporation, public authority,
15trust, financing vehicle, partnership, limited liability
16company or other entity.
17    "Grantee" means any party, other than an electric utility
18or an assignee which acquires its interest from an electric
19utility, to whom or for whose benefit the Commission shall
20create, establish and grant rights in, to and under intangible
21transition property. The term "grantee" includes any
22corporation, public authority, trust, financing vehicle,
23partnership, limited liability company or other entity.

 

 

HB0590- 2 -LRB098 03405 AMC 33420 b

1    "Grantee instruments" means (a) any instruments,
2documents, notes, debentures, bonds or other evidences of
3indebtedness evidencing any contractual right to receive the
4payment of money from a grantee or (b) any certificates of
5participation, certificates of beneficial interest or other
6instruments evidencing a beneficial or ownership interest in a
7grantee or in intangible transition property of such grantee
8which are (i) issued (A) by or on behalf of a grantee pursuant
9to a transitional funding order and (B) pursuant to an executed
10indenture, pooling agreement, security agreement or other
11similar agreement of such grantee creating a security interest,
12ownership interest or other beneficial interest in intangible
13transition property and (ii) payable solely from proceeds of
14intangible transition property, including amounts received
15with respect to the related instrument funding charges.
16    "Holder" means any holder of transitional funding
17instruments, including a trustee, collateral agent, nominee or
18other such party acting for the benefit of such a holder.
19    "Instrument funding charge" means a non-bypassable charge
20expressed in cents per kilowatt-hour authorized in a
21transitional funding order to be applied and invoiced to each
22retail customer, class of retail customers of an electric
23utility or other person or group of persons obligated to pay
24any base rates, transition charges or other rates for tariffed
25services from which such instrument funding charge has been
26deducted and stated separately pursuant to subsection (j) of

 

 

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1Section 18-104.
2    "Intangible transition property" means the right, title,
3and interest of an electric utility or grantee or assignee
4arising pursuant to a transitional funding order to impose and
5receive instrument funding charges, and all related revenues,
6collections, claims, payments, money, or proceeds thereof,
7including all right, title, and interest of an electric
8utility, grantee or assignee in, to, under and pursuant to such
9transitional funding order, whether or not such intangible
10transition property described above is characterized on the
11books of the electric utility as a regulatory asset or as a
12cost incurred by the electric utility or otherwise. Intangible
13transition property shall arise and exist only when, as, and to
14the extent that instrument funding charges are authorized in a
15transitional funding order that has become effective in
16accordance with this Article and shall thereafter continuously
17exist to the extent provided in the order.
18    "Issuer" means any party, other than an electric utility,
19which has issued transitional funding instruments. The term
20"issuer" includes any corporation, public authority, trust,
21financing vehicle, partnership, limited liability company or
22other entity.
23    "Transitional funding instruments" means any instruments,
24pass-through certificates, notes, debentures, certificates of
25participation, bonds, certificates of beneficial interest or
26other evidences of indebtedness or instruments evidencing a

 

 

HB0590- 4 -LRB098 03405 AMC 33420 b

1beneficial interest (i) which are issued by or on behalf of an
2electric utility or issuer pursuant to a transitional funding
3order, (ii) which are issued pursuant to an executed indenture,
4pooling agreement, security agreement or other similar
5agreement of an electric utility or issuer creating a security
6interest, ownership interest or other beneficial interest in
7intangible transition property or grantee instruments, if any,
8and (iii) the proceeds of which are to be used for the purposes
9set forth in subparagraph (1) of subsection (d) of Section
1018-103 of this Article.
11    "Transitional funding order" means an order of the
12Commission issued in accordance with the provisions of this
13Article creating and establishing intangible transition
14property and the rights of any party therein and approving the
15sale, pledge, assignment or other transfer of intangible
16transition property and grantee instruments, if any, the
17issuance of transitional funding instruments and grantee
18instruments, if any, and the imposition and collection of
19instrument funding charges.
20(Source: P.A. 90-561, eff. 12-16-97.)