State of Illinois
92nd General Assembly
Legislation

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92_HB1198

 
                                               LRB9203157JSpc

 1        AN ACT concerning public utilities.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.   The  Public  Utilities  Act  is  amended  by
 5    changing Section 18-102 as follows:

 6        (220 ILCS 5/18-102)
 7        Sec.  18-102.   Definitions.   For  the  purposes of this
 8    Article the following terms shall be defined as set forth  in
 9    this  Section.  When  used  in this Article, terms defined in
10    Article XVI shall have the same meanings in this Article.
11        "Assignee"  means  any  party,  other  than  an  electric
12    utility or  grantee,  to  which  an  interest  in  intangible
13    transition   property  shall  have  been  assigned,  sold  or
14    transferred.  The term "assignee" includes  any  corporation,
15    public  authority,  trust,  financing  vehicle,  partnership,
16    limited liability company or other entity.
17        "Grantee" means any party, other than an electric utility
18    or  an  assignee which acquires its interest from an electric
19    utility, to whom or for whose benefit  the  Commission  shall
20    create,   establish   and  grant  rights  in,  to  and  under
21    intangible transition property.  The term "grantee"  includes
22    any  corporation, public authority, trust, financing vehicle,
23    partnership, limited liability company or other entity.
24        "Grantee  instruments"   means   (a)   any   instruments,
25    documents,  notes,  debentures,  bonds  or other evidences of
26    indebtedness evidencing any contractual right to receive  the
27    payment  of  money  from a grantee or (b) any certificates of
28    participation, certificates of beneficial interest  or  other
29    instruments  evidencing a beneficial or ownership interest in
30    a grantee  or  in  intangible  transition  property  of  such
31    grantee which are (i) issued (A) by or on behalf of a grantee
 
                            -2-                LRB9203157JSpc
 1    pursuant  to a transitional funding order and (B) pursuant to
 2    an executed indenture, pooling agreement, security  agreement
 3    or  other  similar  agreement  of  such  grantee  creating  a
 4    security  interest,  ownership  interest  or other beneficial
 5    interest in intangible transition property and  (ii)  payable
 6    solely  from  proceeds  of  intangible  transition  property,
 7    including  amounts  received  with  respect  to  the  related
 8    instrument funding charges.
 9        "Holder"   means   any  holder  of  transitional  funding
10    instruments, including a trustee, collateral  agent,  nominee
11    or other such party acting for the benefit of such a holder.
12        "Instrument funding charge" means a non-bypassable charge
13    expressed   in   cents  per  kilowatt-hour  authorized  in  a
14    transitional funding order to be applied and invoiced to each
15    retail customer, class of retail  customers  of  an  electric
16    utility  or other person or group of persons obligated to pay
17    any  base  rates,  transition  charges  or  other  rates  for
18    tariffed services from which such instrument  funding  charge
19    has   been   deducted   and  stated  separately  pursuant  to
20    subsection (j) of Section 18-104.
21        "Intangible transition property" means the right,  title,
22    and  interest  of  an electric utility or grantee or assignee
23    arising pursuant to a transitional funding  order  to  impose
24    and  receive  instrument  funding  charges,  and  all related
25    revenues, collections, claims, payments, money,  or  proceeds
26    thereof,  including  all  right,  title,  and  interest of an
27    electric utility, grantee  or  assignee  in,  to,  under  and
28    pursuant  to such transitional funding order,  whether or not
29    such  intangible  transition  property  described  above   is
30    characterized  on  the  books  of  the  electric utility as a
31    regulatory asset or  as  a  cost  incurred  by  the  electric
32    utility  or  otherwise.  Intangible transition property shall
33    arise and exist  only  when,  as,  and  to  the  extent  that
34    instrument  funding  charges are authorized in a transitional
 
                            -3-                LRB9203157JSpc
 1    funding order that has become effective  in  accordance  with
 2    this  Article  and shall thereafter continuously exist to the
 3    extent provided in the order.
 4        "Issuer" means any party, other than an electric utility,
 5    which has issued transitional funding instruments.  The  term
 6    "issuer"  includes  any corporation, public authority, trust,
 7    financing vehicle, partnership, limited liability company  or
 8    other entity.
 9        "Transitional funding instruments" means any instruments,
10    pass-through certificates, notes, debentures, certificates of
11    participation,  bonds, certificates of beneficial interest or
12    other evidences of indebtedness or instruments  evidencing  a
13    beneficial  interest  (i) which are issued by or on behalf of
14    an electric utility or  issuer  pursuant  to  a  transitional
15    funding  order, (ii) which are issued pursuant to an executed
16    indenture, pooling agreement,  security  agreement  or  other
17    similar agreement of an electric utility or issuer creating a
18    security  interest,  ownership  interest  or other beneficial
19    interest  in  intangible  transition  property   or   grantee
20    instruments,  if  any, and (iii) the proceeds of which are to
21    be used for the purposes set forth  in  subparagraph  (1)  of
22    subsection (d) of Section 18-103 of this Article.
23        "Transitional  funding  order"  means  an  order  of  the
24    Commission  issued  in accordance with the provisions of this
25    Article  creating  and  establishing  intangible   transition
26    property  and  the  rights of any party therein and approving
27    the sale, pledge, assignment or other transfer of  intangible
28    transition  property  and  grantee  instruments,  if any, the
29    issuance of  transitional  funding  instruments  and  grantee
30    instruments,  if  any,  and  the imposition and collection of
31    instrument funding charges.
32    (Source: P.A. 90-561, eff. 12-16-97.)

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