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ROBERT L. EHRLICH, JR., Governor
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S.B.I
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OTHER CHARGES INCURRED AND CONTRACTS TO BE PERFORMED IN CONNECTION
WITH THE RELATED RATE STABILIZATION BONDS HAVE BEEN PAID AND PERFORMED
IN FULL.
(2) ANY PARTY ISSUING RATE STABILIZATION BONDS IS AUTHORIZED TO
INCLUDE THIS PLEDGE IN ANY DOCUMENTATION RELATING TO THOSE BONDS.
7-536.
A QUALIFIED RATE ORDER UNDER THIS PART THAT AUTHORIZES THE
ISSUANCE OF RATE STABILIZATION BONDS MAY:
(1) STATE THE RIGHTS AND REMEDIES OF BONDHOLDERS AND ANY
ASSIGNEE; AND
(2) CONTAIN PROVISIONS TO PROTECT AND ENFORCE THE RIGHTS AND
REMEDIES OF BONDHOLDERS AND ANY ASSIGNEE.
7-537.
(A) THE RIGHTS AND INTERESTS OF AN ELECTRIC COMPANY OR SUCCESSOR
UNDER A QUALIFIED RATE ORDER, INCLUDING THE RIGHT TO IMPOSE, COLLECT,
AND RECEIVE QUALIFIED RATE STABILIZATION CHARGES AUTHORIZED IN THE
ORDER:
(1) BECOME RATE STABILIZATION PROPERTY WHEN THEY ARE FIRST
TRANSFERRED TO AN ASSIGNEE OR ARE PLEDGED IN CONNECTION WITH THE
ISSUANCE OF RATE STABILIZATION BONDS; BUT
(2) ARE ONLY CONTRACT RIGHTS BEFORE THAT FIRST TRANSFER OR
PLEDGE.
(B) RATE STABILIZATION PROPERTY CONSTITUTES A PRESENT PROPERTY
RIGHT:
(1) FOR PURPOSES OF CONTRACTS CONCERNING THE SALE OR PLEDGE
OF PROPERTY, EVEN THOUGH THE IMPOSITION AND COLLECTION OF QUALIFIED
RATE STABILIZATION CHARGES DEPENDS ON FURTHER ACTS OF THE ELECTRIC
COMPANY OR OTHERS THAT HAVE NOT YET OCCURRED; AND
(2) FOR ALL PURPOSES UNTIL THE LATER OF:
(I) THE PERIOD PROVIDED IN THE QUALIFIED RATE ORDER, TO
THE EXTENT PROVIDED IN THAT ORDER; OR
(II) THE PAYMENT IN FULL OF THE RATE STABILIZATION BONDS,
INCLUDING ALL PRINCIPAL, INTEREST, PREMIUM, COSTS, AND ARREARAGES ON THE
BONDS.
(C) ALL REVENUES AND COLLECTIONS RESULTING FROM QUALIFIED RATE
STABILIZATION CHARGES ARE PROCEEDS ONLY OF THE RATE STABILIZATION
PROPERTY ARISING FROM THE QUALIFIED RATE ORDER
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- 4109 -
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