81st Texas Legislature, Senate Bill 769, Chapter 1 Page: 1 of 12
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Chapter 1 S. B. No. 7 6 9
1 AN ACT
2 relating to methods for the recovery of system restoration costs
3 incurred by electric utilities following hurricanes, tropical
4 storms, ice or snow storms, floods, and other weather-related
5 events and natural disasters.
6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
7 SECTION 1. Chapter 36, Utilities Code, is amended by adding
8 Subchapter I to read as follows:
9 SUBCHAPTER I. SECURITIZATION FOR RECOVERY OF SYSTEM
10 RESTORATION COSTS
11 Sec. 36.401. SECURITIZATION FOR RECOVERY OF SYSTEM
12 RESTORATION COSTS; PURPOSE. (a) The purpose of this subchapter is
13 to enable an electric utility to obtain timely recovery of system
14 restoration costs and to use securitization financing to recover
15 these costs, because that type of debt will lower the carrying costs
16 associated with the recovery of these costs, relative to the costs
17 that would be incurred using conventional financing methods. The
18 proceeds of the transition bonds may be used only for the purposes
19 of reducing the amount of recoverable system restoration costs, as
20 determined by the commission in accordance with this subchapter,
21 including the refinancing or retirement of utility debt or equity.
22 (b) It is the intent of the legislature that:
23 (1) securitization of system restoration costs will be
24 accomplished using the same procedures, standards, and protections1
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Texas. Legislature. Senate. 81st Texas Legislature, Senate Bill 769, Chapter 1, legislative document, April 16, 2009; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth149759/m1/1/: accessed April 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.