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S.B. 1 VETOES
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(1) ADDITIONAL RATE STABILIZATION BONDS FOR RATE STABILIZATION
COSTS NOT RECOVERED UNDER AN ORIGINAL QUALIFIED RATE ORDER; OR
(2) NEW RATE STABILIZATION BONDS FOR THE COMBINED PURPOSES
OF:
(I) FINANCING AND RECOVERING RATE STABILIZATION COSTS
NOT RECOVERED UNDER AN ORIGINAL QUALIFIED RATE ORDER; AND
(II) SUBJECT TO § 7-533 OF THIS SUBTITLE, RETIRING AND
REFUNDING EXISTING RATE STABILIZATION BONDS.
(B) UNLESS OTHERWISE PROVIDED IN THE MODIFIED OR ADDITIONAL
QUALIFIED RATE ORDER OR IN THE TRUST AGREEMENT SECURING THE ADDITIONAL
OR NEW RATE STABILIZATION BONDS, THE ADDITIONAL OR NEW RATE
STABILIZATION BONDS ARE:
(1) CONSIDERED TO BE OF THE SAME ISSUE AS THE ORIGINAL ISSUE;
AND
(2) ENTITLED TO PAYMENT FROM THE SAME FUNDS AS THE ORIGINAL
ISSUE, WITHOUT PREFERENCE OR PRIORITY OF THE RATE STABILIZATION BONDS OF
THE ORIGINAL ISSUE.
7-535.
(A) A RATE STABILIZATION BOND ISSUED UNDER THIS PART IS NOT A DEBT,
LIABILITY, OR A PLEDGE OF THE FULL FAITH AND CREDIT OF THE STATE OR ANY
OTHER GOVERNMENTAL UNIT.
(B) THE ISSUANCE OF A RATE STABILIZATION BOND UNDER THIS PART IS NOT
DIRECTLY, INDIRECTLY, OR CONTINGENTLY A MORAL OR OTHER OBLIGATION OF THE
STATE OR ANY OTHER GOVERNMENTAL UNIT TO LEVY OR PLEDGE ANY TAX OR TO
MAKE AN APPROPRIATION TO PAY THE RATE STABILIZATION BOND.
(C) EACH RATE STABILIZATION BOND ISSUED UNDER THIS PART SHALL
STATE ON ITS FACE THAT:
(1) THE STATE AND ANY GOVERNMENTAL UNIT ARE NOT OBLIGED TO
PAY THE PRINCIPAL OF OR INTEREST ON THE BOND; AND
(2) NEITHER THE FULL FAITH AND CREDIT NOR THE TAXING POWER OF
THE STATE OR ANY OTHER GOVERNMENTAL UNIT IS PLEDGED TO THE PAYMENT OF
THE PRINCIPAL OF OR INTEREST ON A RATE STABILIZATION BOND.
(D) (1) THE STATE PLEDGES, FOR THE BENEFIT AND PROTECTION OF
FINANCING PARTIES AND THE ELECTRIC COMPANY, THAT IT WILL NOT TAKE OR
ALLOW ANY ACTION THAT WOULD IMPAIR THE VALUE OF RATE STABILIZATION
PROPERTY, OR, EXCEPT AS ALLOWED IN ACCORDANCE WITH §§ 7-531, 7-533, AND 7-534
OF THIS SUBTITLE, REDUCE, ALTER, OR IMPAIR THE QUALIFIED RATE
STABILIZATION CHARGES TO BE IMPOSED, COLLECTED, AND REMITTED TO
FINANCING PARTIES, UNTIL THE PRINCIPAL, INTEREST, AND PREMIUM, AND ANY
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- 4108 -
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