Arkansas Code Title 23, Subtitle 1, Chapter 18, Subchapter 9 - Arkansas Electric Utility Storm Recovery Securitization Act

• § 23-18-901 - Short Title -- Purpose.
  (a) This subchapter shall be known and may be cited as the "Arkansas Electric Utility Storm Recovery Securitization Act".(b) The purpose of this subchapter...
• § 23-18-902 - Definitions.
  As used in this subchapter: (1) "Ancillary agreement" means any bond, insurance policy, letter of credit, reserve account, surety bond, swap arrangement, hedging arrangement,...
• § 23-18-903 - Financing Orders.
  (a) An electric utility may petition the Arkansas Public Service Commission for a financing order. For each petition, the electric utility shall: (1) Describe...
• § 23-18-904 - Exceptions to Commission Jurisdiction.
  (a) If the Arkansas Public Service Commission issues a financing order to an electric utility pursuant to this section, the commission may not, in...
• § 23-18-905 - Storm Recovery Property.
  (a) All storm recovery property that is specified in a financing order shall constitute an existing, present intangible property right or interest therein, notwithstanding...
• § 23-18-906 - Sale.
  The sale, assignment, or transfer of storm recovery property is governed by this section. All of the following apply to a sale, assignment, or...
• § 23-18-907 - Security Interests.
  (a) The Uniform Commercial Code -- Secured Transactions, § 4-9-101 et seq., does not apply to storm recovery property or any right, title, or...
• § 23-18-908 - Choice of Law -- Conflicts.
  (a) The law governing the validity, enforceability, attachment, perfection, priority, exercise of remedies, and venue with respect to the sale, assignment, or transfer of...
• § 23-18-909 - Storm Recovery Bonds Not Public Debt -- Legal Investments.
  (a) Storm recovery bonds are not a debt or a general obligation of the state or any of its political subdivisions, agencies, or instrumentalities...
• § 23-18-910 - Tax Treatment.
  The Arkansas state income tax treatment of the following events will conform to the federal income tax treatment of such events: (1) The electric...
• § 23-18-911 - State Pledge -- Definition.
  (a) For purposes of this section, the term "bondholder" means a person who holds, owns, or is the beneficial holder or owner of a...
• § 23-18-912 - Assignee or Financing Party Not an Electric Utility.
  An assignee or financing party shall not be considered an electric utility or person providing electric service by virtue of engaging in the transactions...

Last modified: November 15, 2016