Kentucky Senate Bill 192 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Passed on March 23 2023 - 100% progression
Action: 2023-03-23 - signed by Governor (Acts Ch. 72)
Text: Latest bill text (Chaptered) [PDF]

Create new sections of KRS Chapter 278 to define terms; give permissive authorization to an investor-owned electric utility to apply to the Public Service Commission to finance though securitization both extraordinary costs and costs associated with the retirement of electric generation of more than $200 million dollars for a single regulatory asset or more than $275 million for multiple regulatory assets; prescribe the contents of an application for a financing order; prescribe the way proceedings of the commission will handle applications for financing orders; require a decision of the commission on securitization to be predicated on fair, just, and reasonable and the public interest of the utility customers; allow for securitization of deferred costs, judicial review, obtaining advisors and other consultants; require the commission to make a decision in 180 days; establish an issuance advice letter process; prescribe the contents of a financing order; establish the method for the utility to put a securitization surcharge on customer bills and make the charge irrevocable; establish a formula-based true-up mechanism for reconciling over collection or under collection of the surcharge; establish a method of tracing funds; allow the commission to issue a disapproval letter to stop the issuance of securitized bonds; make the financing order effective regardless of reorganization, bankruptcy, or other insolvency proceedings of an electric utility; allow for refunding bonds through a subsequent financing order; allow for the transfer of securitized property and interests in the property to others and maintain the property right and interest until the securitized bonds are paid in full; allow for sequestration of payment by a court and create a priority of liens, perfection, and enforcement; require the lien to be recorded in the Office of the Secretary of State and allow for a right to sue; state that securitized bonds are not a debt of the Commonwealth or any other agency of the state and there is no requirement to levy taxes or make appropriations to pay off securitized bonds; require that the bonds are not a debt of the electric utility; create a list of prohibited actions by state agencies; identify agents that are not allowed to invest in the bonds; clarify that an assignee of financing party is not an electric utility; allow severability if any provision is invalidated.

AN ACT relating to investor-owned electric utilities.

Sen. Phillip Wheeler [R]

2023-03-16 - House - House: Third Reading RCS# 315 (Y: 97 N: 0 NV: 0 Abs: 3) [PASS]
2023-03-08 - Senate - Senate: Third Reading W/sfa1 RSN# 2571 (Y: 35 N: 0 NV: 0 Abs: 2) [PASS]

Date	Chamber	Action
2023-03-23	Senate	signed by Governor (Acts Ch. 72)
2023-03-16	Senate	delivered to Governor
2023-03-16	Senate	enrolled, signed by Speaker of the House
2023-03-16	Senate	enrolled, signed by President of the Senate
2023-03-16	Senate	received in Senate
2023-03-16	House	3rd reading, passed 97-0
2023-03-15	House	placed in the Orders of the Day
2023-03-15	House	taken from Rules
2023-03-15	House	reported favorably, to Rules
2023-03-14	House	returned to Natural Resources & Energy (H)
2023-03-14	House	2nd reading
2023-03-14	House	taken from Natural Resources & Energy (H)
2023-03-13	House	returned to Natural Resources & Energy (H)
2023-03-13	House	1st reading
2023-03-13	House	taken from Natural Resources & Energy (H)
2023-03-10	House	to Natural Resources & Energy (H)
2023-03-08	House	to Committee on Committees (H)
2023-03-08	House	received in House
2023-03-08	Senate	3rd reading, passed 35 -0 with Floor Amendment (1)
2023-03-07	Senate	passed over and retained in the Orders of the Day
2023-03-07	Senate	floor amendment (1) filed
2023-03-03	Senate	posted for passage in the Regular Orders of the Day for Tuesday, March 07, 2023
2023-03-02	Senate	2nd reading, to Rules
2023-03-01	Senate	reported favorably, 1st reading, to Calendar
2023-02-23	Senate	to Natural Resources & Energy (S)
2023-02-21	Senate	to Committee on Committees (S)
2023-02-21	Senate	introduced in Senate

Type	Source
Summary	https://apps.legislature.ky.gov/record/23RS/sb192.html
Text	https://apps.legislature.ky.gov/recorddocuments/bill/23RS/sb192/orig_bill.pdf
Text	https://apps.legislature.ky.gov/recorddocuments/bill/23RS/sb192/bill.pdf
Text	https://apps.legislature.ky.gov/law/acts/23RS/documents/0072.pdf
Amendment	https://apps.legislature.ky.gov/recorddocuments/bill/23RS/SB192/SFA1.pdf
Roll Call	https://apps.legislature.ky.gov/record/23RS/sb192/vote_history.pdf