Bill Text: IL HB0590 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Public Utilities Act. Makes a technical change in a Section concerning definitions relating to transitional funding for electric utilities.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HB0590 Detail]
Download: Illinois-2013-HB0590-Introduced.html
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1 | AN ACT concerning regulation.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Public Utilities Act is amended by changing | |||||||||||||||||||
5 | Section 18-102 as follows:
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6 | (220 ILCS 5/18-102)
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7 | Sec. 18-102. Definitions. For the
the purposes of this
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8 | Article the following terms shall be defined as set forth in
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9 | this Section. Terms defined in Article XVI shall have the same | |||||||||||||||||||
10 | meanings in this
Article. | |||||||||||||||||||
11 | "Assignee" means any party, other than an electric
utility | |||||||||||||||||||
12 | or grantee, to which an interest in intangible
transition | |||||||||||||||||||
13 | property shall have been assigned, sold or
transferred. The | |||||||||||||||||||
14 | term "assignee" includes any corporation,
public authority, | |||||||||||||||||||
15 | trust, financing vehicle, partnership,
limited liability | |||||||||||||||||||
16 | company or other entity.
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17 | "Grantee" means any party, other than an electric utility
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18 | or an assignee which acquires its interest from an electric
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19 | utility, to whom or for whose benefit the Commission shall
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20 | create, establish and grant rights in, to and under intangible
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21 | transition property. The term "grantee" includes any
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22 | corporation, public authority, trust, financing vehicle,
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23 | partnership, limited liability company or other entity.
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1 | "Grantee instruments" means (a) any instruments,
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2 | documents, notes, debentures, bonds or other evidences of
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3 | indebtedness evidencing any contractual right to receive the
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4 | payment of money from a grantee or (b) any certificates of
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5 | participation, certificates of beneficial interest or other
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6 | instruments evidencing a beneficial or ownership interest in a
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7 | grantee or in intangible transition property of such grantee
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8 | which are (i) issued (A) by or on behalf of a grantee pursuant
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9 | to a transitional funding order and (B) pursuant to an
executed | ||||||
10 | indenture, pooling agreement, security agreement or
other | ||||||
11 | similar agreement of such grantee creating a security
interest, | ||||||
12 | ownership interest or other beneficial interest in
intangible | ||||||
13 | transition property and (ii) payable solely from
proceeds of | ||||||
14 | intangible transition property, including amounts
received | ||||||
15 | with respect to the related instrument funding
charges.
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16 | "Holder" means any holder of transitional funding
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17 | instruments, including a trustee, collateral agent, nominee or
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18 | other such party acting for the benefit of such a holder.
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19 | "Instrument funding charge" means a non-bypassable charge
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20 | expressed in cents per kilowatt-hour authorized in a
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21 | transitional funding order to be applied and invoiced to each
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22 | retail customer, class of retail customers of an electric
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23 | utility or other person or group of persons obligated to pay
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24 | any base rates, transition charges or other rates for tariffed
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25 | services from which such instrument funding charge has been
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26 | deducted and stated separately pursuant to
subsection (j) of |
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1 | Section 18-104.
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2 | "Intangible transition property" means the right, title,
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3 | and interest of an electric utility or grantee or assignee | ||||||
4 | arising pursuant to
a
transitional funding order to
impose and | ||||||
5 | receive instrument funding charges, and all related
revenues, | ||||||
6 | collections, claims, payments, money, or proceeds
thereof,
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7 | including all right, title, and interest of an electric
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8 | utility, grantee or assignee in, to, under and pursuant to
such | ||||||
9 | transitional funding order, whether or not such
intangible | ||||||
10 | transition property described above is
characterized on the | ||||||
11 | books of the electric utility as a
regulatory asset or as a | ||||||
12 | cost incurred by the electric utility
or otherwise. Intangible | ||||||
13 | transition property shall arise and
exist only when, as, and to | ||||||
14 | the extent that instrument funding
charges are authorized in a | ||||||
15 | transitional funding order that
has become effective in | ||||||
16 | accordance with this Article and shall
thereafter continuously | ||||||
17 | exist to the extent provided in the
order.
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18 | "Issuer" means any party, other than an electric utility,
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19 | which has issued transitional funding instruments. The term
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20 | "issuer" includes any corporation, public authority, trust,
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21 | financing vehicle, partnership, limited liability company or
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22 | other entity.
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23 | "Transitional funding instruments" means any instruments,
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24 | pass-through certificates, notes, debentures, certificates of
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25 | participation, bonds, certificates of beneficial interest or
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26 | other evidences of indebtedness or instruments evidencing a
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1 | beneficial interest (i) which are issued by or on behalf of an
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2 | electric utility or issuer pursuant to a transitional funding
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3 | order, (ii) which are issued pursuant to an executed
indenture, | ||||||
4 | pooling agreement, security agreement or other
similar | ||||||
5 | agreement of an electric utility or issuer creating a
security | ||||||
6 | interest, ownership interest or other beneficial
interest in | ||||||
7 | intangible transition property or grantee
instruments, if any, | ||||||
8 | and (iii) the proceeds of which are to be
used for the purposes | ||||||
9 | set forth in subparagraph (1) of
subsection (d) of Section | ||||||
10 | 18-103 of this Article.
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11 | "Transitional funding order" means an order of the
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12 | Commission issued in accordance with the provisions of this
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13 | Article creating and establishing intangible transition
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14 | property and the rights of any party therein and approving the
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15 | sale, pledge, assignment or other transfer of intangible
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16 | transition property and grantee instruments, if any, the
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17 | issuance of transitional funding instruments and grantee
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18 | instruments, if any, and the imposition and collection of
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19 | instrument funding charges.
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20 | (Source: P.A. 90-561, eff. 12-16-97.)
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