Section 8-1-40.5-16 - Securitization bonds not debt, obligation, or charge on credit or taxing power of state; state covenant with respect to securitization bonds(a) Securitization bonds are not: (1) a debt or obligation of the state; or(2) a charge on the state's full faith and credit or on the state's taxing power.(b) The state pledges, for the benefit and protection of financing parties and electric utilities under this chapter, that it will not:(1) take or permit any action that would impair the value of securitization property; or(2) reduce or alter, except as authorized by section 12(c) of this chapter, or impair securitization charges to be imposed, collected, and remitted to financing parties under this chapter; until the principal, interest, and premium, and other charges incurred, or contracts to be performed, in connection with the related securitization bonds have been paid or performed in full. Any party issuing securitization bonds is authorized to include the pledge set forth in this subsection in any documentation relating to those bonds.
Added by P.L. 80-2021,SEC. 1, eff. 4/19/2021.