Full Text of HB5115 93rd General Assembly
HB5115 93RD GENERAL ASSEMBLY
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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 HB5115
Introduced 02/05/04, by Lou Lang SYNOPSIS AS INTRODUCED: |
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Amends the Public Utilities Act. Makes a technical change in a Section
concerning definitions relating to transitional funding for electric utilities.
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A BILL FOR
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HB5115 |
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LRB093 15621 AMC 41229 b |
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| AN ACT concerning public utilities.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Public Utilities Act is amended by changing | 5 |
| Section 18-102 as
follows:
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| (220 ILCS 5/18-102)
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| Sec. 18-102. Definitions. For the purposes of this
Article | 8 |
| the following terms shall be defined as set forth in
this | 9 |
| Section. When used in this Article, terms defined in Article | 10 |
| XVI shall
have the same meanings in this
Article.
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| "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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| "Grantee" means any party, other than an electric utility
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| or an assignee which acquires its interest from an electric
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| utility, to whom or for whose benefit the Commission shall
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| create, establish and grant rights in, to and under intangible
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| transition property. The term "grantee" includes any
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| corporation, public authority, trust, financing vehicle,
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| partnership, limited liability company or other entity.
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| "Grantee instruments" means (a) any instruments,
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| documents, notes, debentures, bonds or other evidences of
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| indebtedness evidencing any contractual right to receive the
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| payment of money from a grantee or (b) any certificates of
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| participation, certificates of beneficial interest or other
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| instruments evidencing a beneficial or ownership interest in a
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| grantee or in intangible transition property of such grantee
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| which are (i) issued (A) by or on behalf of a grantee pursuant
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| to a transitional funding order and (B) pursuant to an
executed |
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HB5115 |
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LRB093 15621 AMC 41229 b |
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| indenture, pooling agreement, security agreement or
other | 2 |
| similar agreement of such grantee creating a security
interest, | 3 |
| ownership interest or other beneficial interest in
intangible | 4 |
| transition property and (ii) payable solely from
proceeds of | 5 |
| intangible transition property, including amounts
received | 6 |
| with respect to the related instrument funding
charges.
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| "Holder" means any holder of transitional funding
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| instruments, including a trustee, collateral agent, nominee or
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| other such party acting for the benefit of such a holder.
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| "Instrument funding charge" means a non-bypassable charge
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| expressed in cents per kilowatt-hour authorized in a
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| transitional funding order to be applied and invoiced to each
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| retail customer, class of retail customers of an electric
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| utility or other person or group of persons obligated to pay
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| any base rates, transition charges or other rates for tariffed
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| services from which such instrument funding charge has been
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| deducted and stated separately pursuant to
subsection (j) of | 18 |
| Section 18-104.
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| "Intangible transition property" means the right, title,
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| and interest of an electric utility or grantee or assignee | 21 |
| arising pursuant to
a
transitional funding order to
impose and | 22 |
| receive instrument funding charges, and all related
revenues, | 23 |
| collections, claims, payments, money, or proceeds
thereof,
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| including all right, title, and interest of an electric
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| utility, grantee or assignee in, to, under and pursuant to
such | 26 |
| transitional funding order, whether or not such
intangible | 27 |
| transition property described above is
characterized on the | 28 |
| books of the electric utility as a
regulatory asset or as a | 29 |
| cost incurred by the electric utility
or otherwise. Intangible | 30 |
| transition property shall arise and
exist only when, as, and to | 31 |
| the extent that instrument funding
charges are authorized in a | 32 |
| transitional funding order that
has become effective in | 33 |
| accordance with this Article and shall
thereafter continuously | 34 |
| exist to the extent provided in the
order.
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| "Issuer" means any party, other than an electric utility,
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| which has issued transitional funding instruments. The term
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HB5115 |
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LRB093 15621 AMC 41229 b |
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| "issuer" includes any corporation, public authority, trust,
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| financing vehicle, partnership, limited liability company or
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| other entity.
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| "Transitional funding instruments" means any instruments,
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| pass-through certificates, notes, debentures, certificates of
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| participation, bonds, certificates of beneficial interest or
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| other evidences of indebtedness or instruments evidencing a
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| beneficial interest (i) which are issued by or on behalf of an
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| electric utility or issuer pursuant to a transitional funding
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| order, (ii) which are issued pursuant to an executed
indenture, | 11 |
| pooling agreement, security agreement or other
similar | 12 |
| agreement of an electric utility or issuer creating a
security | 13 |
| interest, ownership interest or other beneficial
interest in | 14 |
| intangible transition property or grantee
instruments, if any, | 15 |
| and (iii) the proceeds of which are to be
used for the purposes | 16 |
| set forth in subparagraph (1) of
subsection (d) of Section | 17 |
| 18-103 of this Article.
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| "Transitional funding order" means an order of the
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| Commission issued in accordance with the provisions of this
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| Article creating and establishing intangible transition
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| property and the rights of any party therein and approving the
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| sale, pledge, assignment or other transfer of intangible
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| transition property and grantee instruments, if any, the
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| issuance of transitional funding instruments and grantee
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| instruments, if any, and the imposition and collection of
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| instrument funding charges.
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| (Source: P.A. 90-561, eff. 12-16-97.)
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