Section 1. That section 4928.20 be amended and sections | 9 |
4928.23, 4928.231, 4928.232, 4928.233, 4928.234, 4928.235, | 10 |
4928.236, 4928.237, 4928.238, 4928.239, 4928.2310, 4928.2311, | 11 |
4928.2312, 4928.2313, 4928.2314, 4928.2315, 4928.2316, 4928.2317, | 12 |
and 4928.2318 of the Revised Code be enacted to read as follows: | 13 |
Sec. 4928.20. (A) The legislative authority of a municipal | 14 |
corporation may adopt an ordinance, or the board of township | 15 |
trustees of a township or the board of county commissioners of a | 16 |
county may adopt a resolution, under which, on or after the | 17 |
starting date of competitive retail electric service, it may | 18 |
aggregate in accordance with this section the retail electrical | 19 |
loads located, respectively, within the municipal corporation, | 20 |
township, or unincorporated area of the county and, for that | 21 |
purpose, may enter into service agreements to facilitate for those | 22 |
loads the sale and purchase of electricity. The legislative | 23 |
authority or board also may exercise such authority jointly with | 24 |
any other such legislative authority or board. For customers that | 25 |
are not mercantile customers, an ordinance or resolution under | 26 |
this division shall specify whether the aggregation will occur | 27 |
only with the prior, affirmative consent of each person owning, | 28 |
occupying, controlling, or using an electric load center proposed | 29 |
to be aggregated or will occur automatically for all such persons | 30 |
pursuant to the opt-out requirements of division (D) of this | 31 |
section. The aggregation of mercantile customers shall occur only | 32 |
with the prior, affirmative consent of each such person owning, | 33 |
occupying, controlling, or using an electric load center proposed | 34 |
to be aggregated. Nothing in this division, however, authorizes | 35 |
the aggregation of the retail electric loads of an electric load | 36 |
center, as defined in section 4933.81 of the Revised Code, that is | 37 |
located in the certified territory of a nonprofit electric | 38 |
supplier under sections 4933.81 to 4933.90 of the Revised Code or | 39 |
an electric load center served by transmission or distribution | 40 |
facilities of a municipal electric utility. | 41 |
(B) If an ordinance or resolution adopted under division (A) | 42 |
of this section specifies that aggregation of customers that are | 43 |
not mercantile customers will occur automatically as described in | 44 |
that division, the ordinance or resolution shall direct the board | 45 |
of elections to submit the question of the authority to aggregate | 46 |
to the electors of the respective municipal corporation, township, | 47 |
or unincorporated area of a county at a special election on the | 48 |
day of the next primary or general election in the municipal | 49 |
corporation, township, or county. The legislative authority or | 50 |
board shall certify a copy of the ordinance or resolution to the | 51 |
board of elections not less than ninety days before the day of the | 52 |
special election. No ordinance or resolution adopted under | 53 |
division (A) of this section that provides for an election under | 54 |
this division shall take effect unless approved by a majority of | 55 |
the electors voting upon the ordinance or resolution at the | 56 |
election held pursuant to this division. | 57 |
(C) Upon the applicable requisite authority under divisions | 58 |
(A) and (B) of this section, the legislative authority or board | 59 |
shall develop a plan of operation and governance for the | 60 |
aggregation program so authorized. Before adopting a plan under | 61 |
this division, the legislative authority or board shall hold at | 62 |
least two public hearings on the plan. Before the first hearing, | 63 |
the legislative authority or board shall publish notice of the | 64 |
hearings once a week for two consecutive weeks in a newspaper of | 65 |
general circulation in the jurisdiction or as provided in section | 66 |
7.16 of the Revised Code. The notice shall summarize the plan and | 67 |
state the date, time, and location of each hearing. | 68 |
(D) No legislative authority or board, pursuant to an | 69 |
ordinance or resolution under divisions (A) and (B) of this | 70 |
section that provides for automatic aggregation of customers that | 71 |
are not mercantile customers as described in division (A) of this | 72 |
section, shall aggregate the electrical load of any electric load | 73 |
center located within its jurisdiction unless it in advance | 74 |
clearly discloses to the person owning, occupying, controlling, or | 75 |
using the load center that the person will be enrolled | 76 |
automatically in the aggregation program and will remain so | 77 |
enrolled unless the person affirmatively elects by a stated | 78 |
procedure not to be so enrolled. The disclosure shall state | 79 |
prominently the rates, charges, and other terms and conditions of | 80 |
enrollment. The stated procedure shall allow any person enrolled | 81 |
in the aggregation program the opportunity to opt out of the | 82 |
program every three years, without paying a switching fee. Any | 83 |
such person that opts out before the commencement of the | 84 |
aggregation program pursuant to the stated procedure shall default | 85 |
to the standard service offer provided under section 4928.14 or | 86 |
division (D) of section 4928.35 of the Revised Code until the | 87 |
person chooses an alternative supplier. | 88 |
(I) Customers that are part of a governmental aggregation | 135 |
under this section shall be responsible only for such portion of a | 136 |
surcharge under section 4928.144 of the Revised Code that is | 137 |
proportionate to the benefits, as determined by the commission, | 138 |
that electric load centers within the jurisdiction of the | 139 |
governmental aggregation as a group receive. The proportionate | 140 |
surcharge so established shall apply to each customer of the | 141 |
governmental aggregation while the customer is part of that | 142 |
aggregation. If a customer ceases being such a customer, the | 143 |
otherwise applicable surcharge shall apply. Nothing in this | 144 |
section shall result in less than full recovery by an electric | 145 |
distribution utility of any surcharge authorized under section | 146 |
4928.144 of the Revised Code.
Nothing in this section shall result | 147 |
in less than the full and timely imposition, charging, collection, | 148 |
and adjustment by an electric distribution utility, its assignee, | 149 |
or any collection agent, of the phase-in-recovery charges | 150 |
authorized pursuant to a final financing order issued pursuant to | 151 |
sections 4928.23 to 4928.2318 of the Revised Code. | 152 |
(J) On behalf of the customers that are part of a | 153 |
governmental aggregation under this section and by filing written | 154 |
notice with the public utilities commission, the legislative | 155 |
authority that formed or is forming that governmental aggregation | 156 |
may elect not to receive standby service within the meaning of | 157 |
division (B)(2)(d) of section 4928.143 of the Revised Code from an | 158 |
electric distribution utility in whose certified territory the | 159 |
governmental aggregation is located and that operates under an | 160 |
approved electric security plan under that section. Upon the | 161 |
filing of that notice, the electric distribution utility shall not | 162 |
charge any such customer to whom competitive retail electric | 163 |
generation service is provided by another supplier under the | 164 |
governmental aggregation for the standby service. Any such | 165 |
consumer that returns to the utility for competitive retail | 166 |
electric service shall pay the market price of power incurred by | 167 |
the utility to serve that consumer plus any amount attributable to | 168 |
the utility's cost of compliance with the alternative energy | 169 |
resource provisions of section 4928.64 of the Revised Code to | 170 |
serve the consumer. Such market price shall include, but not be | 171 |
limited to, capacity and energy charges; all charges associated | 172 |
with the provision of that power supply through the regional | 173 |
transmission organization, including, but not limited to, | 174 |
transmission, ancillary services, congestion, and settlement and | 175 |
administrative charges; and all other costs incurred by the | 176 |
utility that are associated with the procurement, provision, and | 177 |
administration of that power supply, as such costs may be approved | 178 |
by the commission. The period of time during which the market | 179 |
price and alternative energy resource amount shall be so assessed | 180 |
on the consumer shall be from the time the consumer so returns to | 181 |
the electric distribution utility until the expiration of the | 182 |
electric security plan. However, if that period of time is | 183 |
expected to be more than two years, the commission may reduce the | 184 |
time period to a period of not less than two years. | 185 |
(K) The commission shall adopt rules to encourage and promote | 186 |
large-scale governmental aggregation in this state. For that | 187 |
purpose, the commission shall conduct an immediate review of any | 188 |
rules it has adopted for the purpose of this section that are in | 189 |
effect on the effective date of the amendment of this section by | 190 |
S.B. 221 of the 127th general assembly, July 31, 2008. Further, | 191 |
within the context of an electric security plan under section | 192 |
4928.143 of the Revised Code, the commission shall consider the | 193 |
effect on large-scale governmental aggregation of any | 194 |
nonbypassable generation charges, however collected, that would be | 195 |
established under that plan, except any nonbypassable generation | 196 |
charges that relate to any cost incurred by the electric | 197 |
distribution utility, the deferral of which has been authorized by | 198 |
the commission prior to the effective date of the amendment of | 199 |
this section by S.B. 221 of the 127th general assembly, July 31, | 200 |
2008. | 201 |
(A) "Ancillary agreement" means any bond insurance policy, | 204 |
letter of credit, reserve account, surety bond, swap arrangement, | 205 |
hedging arrangement, liquidity or credit support arrangement, or | 206 |
other similar agreement or arrangement entered into in connection | 207 |
with the issuance of phase-in-recovery bonds that is designed to | 208 |
promote the credit quality and marketability of the bonds or to | 209 |
mitigate the risk of an increase in interest rates. | 210 |
(C) "Bond" includes debentures, notes, certificates of | 215 |
participation, certificates of beneficial interest, certificates | 216 |
of ownership or other evidences of indebtedness or ownership that | 217 |
are issued by an electric distribution utility or an assignee | 218 |
under a final financing order, the proceeds of which are used | 219 |
directly or indirectly to recover, finance, or refinance phase-in | 220 |
costs and financing costs, and that are secured by or payable from | 221 |
revenues from phase-in-recovery charges. | 222 |
(8) Any costs related to issuing or servicing | 249 |
phase-in-recovery bonds or related to obtaining a financing order, | 250 |
including servicing fees and expenses, trustee fees and expenses, | 251 |
legal fees and expenses, administrative fees, placement fees, | 252 |
underwriting fees, capitalized interest and equity, and | 253 |
rating-agency fees; | 254 |
(J) "Phase-in costs" means costs, inclusive of carrying | 275 |
charges, that have been authorized by the commission prior to the | 276 |
effective date of this section to be securitized or deferred as | 277 |
regulatory assets in proceedings under section 4909.18, 4928.143, | 278 |
or 4928.144 of the Revised Code or section 4928.14 of the Revised | 279 |
Code as it existed prior to July 31, 2008, pursuant to a final | 280 |
order for which appeals have been exhausted. | 281 |
(K) "Phase-in-recovery property" means the property, rights, | 282 |
and interests of an electric distribution utility or an assignee | 283 |
under a final financing order, including the right to impose, | 284 |
charge, and collect the phase-in-recovery charges that shall be | 285 |
used to pay and secure the payment of phase-in-recovery bonds and | 286 |
financing costs, and including the right to obtain adjustments to | 287 |
those charges, and any revenues, receipts, collections, rights to | 288 |
payment, payments, moneys, claims, or other proceeds arising from | 289 |
the rights and interests created under the final financing order. | 290 |
(M) "Successor" means, with respect to any entity, another | 294 |
entity that succeeds by operation of law to the rights and | 295 |
obligations of the first legal entity pursuant to any bankruptcy, | 296 |
reorganization, restructuring, or other insolvency proceeding, any | 297 |
merger, acquisition, or consolidation, or any sale or transfer of | 298 |
assets, regardless of whether any of these occur as a result of a | 299 |
restructuring of the electric power industry or otherwise. | 300 |
(2) The imposition, charging, and collection of phase-in- | 306 |
recovery charges, in accordance with the adjustment mechanism | 307 |
approved by the commission under section 4928.232 of the Revised | 308 |
Code, and consistent with the commission's authority regarding | 309 |
governmental aggregation as provided in division (I) of section | 310 |
4928.20 of the Revised Code, to recover both of the following: | 311 |
Sec. 4928.232. (A) Proceedings on an application submitted | 358 |
by an electric distribution utility under section 4928.231 of the | 359 |
Revised Code shall be governed by Chapter 4903. of the Revised | 360 |
Code, but only to the extent that chapter is not inconsistent with | 361 |
this section. Any party that participated in the proceeding in | 362 |
which phase-in costs were approved under section 4928.144 of the | 363 |
Revised Code shall have standing to participate in proceedings | 364 |
under sections 4928.23 to 4928.2318 of the Revised Code. | 365 |
(2) If the commission suspends an application for a financing | 374 |
order, the commission shall notify the electric distribution | 375 |
utility of the suspension and may direct the electric distribution | 376 |
utility to provide additional information as the commission | 377 |
considers necessary to evaluate the application. Not later than | 378 |
ninety days after the suspension, the commission shall issue | 379 |
either a financing order, granting the application in whole or | 380 |
with modifications, or an order rejecting the application. | 381 |
(2) Except as provided in division (D)(1) of this section, | 386 |
the commission shall issue a financing order under division (C) of | 387 |
this section if the commission finds that the issuance of the | 388 |
phase-in-recovery bonds and the phase-in-recovery charges | 389 |
authorized by the order are both reasonably expected to result in | 390 |
cost savings to customers and reasonably expected to mitigate rate | 391 |
impacts to customers as compared with traditional financing | 392 |
mechanisms or traditional cost-recovery methods available to the | 393 |
electric distribution utility. | 394 |
(4) For phase-in-recovery charges not subject to allocation | 405 |
according to an existing order, a description of the methodology | 406 |
and calculation for allocating phase-in-recovery charges among | 407 |
customer classes, including the allocation of such charges, if | 408 |
any, to governmental aggregation customers based upon the | 409 |
proportionate benefit determination made under division (I) of | 410 |
section 4928.20 of the Revised Code; | 411 |
(F) The commission shall, in a financing order, afford the | 421 |
electric distribution utility flexibility in establishing the | 422 |
terms and conditions for the phase-in-recovery bonds to | 423 |
accommodate changes in market conditions, including repayment | 424 |
schedules, interest rates, financing costs, collateral | 425 |
requirements, required debt service and other reserves, and the | 426 |
ability of the electric distribution utility, at its option, to | 427 |
effect a series of issuances of phase-in-recovery bonds and | 428 |
correlated assignments, sales, pledges, or other transfers of | 429 |
phase-in-recovery property. Any changes made under this section to | 430 |
terms and conditions for the phase-in-recovery bonds shall be in | 431 |
conformance with the financing order. | 432 |
(H) The commission shall, in a financing order, require that | 437 |
after the final terms of each issuance of phase-in-recovery bonds | 438 |
have been established, and prior to the issuance of those bonds, | 439 |
the electric distribution utility shall determine the resulting | 440 |
phase-in-recovery charges in accordance with the adjustment | 441 |
mechanism described in the financing order. These | 442 |
phase-in-recovery charges shall be final and effective upon the | 443 |
issuance of the phase-in-recovery bonds, without further | 444 |
commission action. | 445 |
(D) If any phase-in costs are, or if any financing order is, | 466 |
subject to review by the commission or the supreme court, the | 467 |
electric distribution utility may not issue any phase-in-recovery | 468 |
bonds based on those costs or that financing order until all | 469 |
appellate reviews, including any appellate review following a | 470 |
commission decision on remand, have been exhausted. | 471 |
Sec. 4928.234. (A) The phase-in-recovery property created in | 500 |
a final financing order may be transferred, sold, conveyed, or | 501 |
assigned to any person or entity not affiliated with the electric | 502 |
distribution utility subject to the final financing order or to | 503 |
any affiliate of the electric distribution utility created for the | 504 |
limited purpose of acquiring, owning, or administering that | 505 |
property, issuing phase-in-recovery bonds under the final | 506 |
financing order, or a combination of these purposes. | 507 |
(C) The phase-in-recovery property shall constitute an | 512 |
existing, present property right, notwithstanding any requirement | 513 |
that the imposition, charging, and collection of phase-in-recovery | 514 |
charges depend on the electric distribution utility continuing to | 515 |
deliver retail electric distribution service or continuing to | 516 |
perform its servicing functions relating to the collection of | 517 |
phase-in-recovery charges or on the level of future energy | 518 |
consumption. That property shall exist regardless of whether the | 519 |
phase-in-recovery charges have been billed, have accrued, or have | 520 |
been collected, and notwithstanding any requirement that the value | 521 |
or amount of the property is dependent on the future provision of | 522 |
service to customers by the electric distribution utility. | 523 |
Under a final financing order, the electric distribution | 542 |
utility retains sole discretion regarding whether to assign, sell, | 543 |
or otherwise transfer phase-in-recovery property, or to cause | 544 |
phase-in-recovery bonds to be issued, including the right to defer | 545 |
or postpone such assignment, sale, transfer, or issuance. | 546 |
Sec. 4928.236. At the request of the electric distribution | 547 |
utility subject to a final financing order, the public utilities | 548 |
commission may commence a proceeding and issue a subsequent | 549 |
financing order that provides for retiring and refunding | 550 |
phase-in-recovery bonds issued under the final financing order if | 551 |
the commission finds that the subsequent financing order satisfies | 552 |
all of the requirements of section 4928.232 of the Revised Code. | 553 |
Effective on retirement of the refunded phase-in-recovery bonds | 554 |
and the issuance of new phase-in-recovery bonds, the commission | 555 |
shall adjust the related phase-in-recovery charges accordingly. | 556 |
Sec. 4928.238. (A) An electric distribution utility subject | 584 |
to a final financing order shall file with the public utilities | 585 |
commission, at least annually, or more frequently as provided in | 586 |
the final financing order, a schedule applying the approved | 587 |
adjustment mechanism to the phase-in-recovery charges authorized | 588 |
under the final financing order, based on estimates of consumption | 589 |
for each customer class and other mathematical factors. The | 590 |
electric distribution utility shall submit with the schedule a | 591 |
request for approval to make the adjustments to the | 592 |
phase-in-recovery charges in accordance with the schedule. | 593 |
Sec. 4928.2310. (A)(1) If an electric distribution utility | 640 |
subject to a final financing order defaults on any required | 641 |
payment of phase-in-recovery revenues, a court, upon application | 642 |
by an interested party and without limiting any other remedies | 643 |
available to the applicant, shall order the sequestration and | 644 |
payment of the revenues for the benefit of bondholders, any | 645 |
assignee, and any financing parties. The order shall remain in | 646 |
full force and effect notwithstanding any bankruptcy, | 647 |
reorganization, or other insolvency proceedings with respect to | 648 |
the electric distribution utility or any affiliate. | 649 |
(2) Notwithstanding division (A)(1) of this section, | 650 |
customers of an electric distribution utility shall be held | 651 |
harmless for the electric distribution utility's failure to remit | 652 |
any required payment of phase-in-recovery revenues, and such | 653 |
failure shall in no way affect the phase-in-recovery property or | 654 |
the rights to impose, collect, and adjust the phase-in-recovery | 655 |
charges under section 4928.23 to 4928.2318 of the Revised Code. | 656 |
(B) Phase-in-recovery property under a final financing order | 657 |
and the interests of an assignee, bondholder, or financing party | 658 |
in that property under a financing agreement are not subject to | 659 |
setoff, counterclaim, surcharge, or defense by the electric | 660 |
distribution utility subject to the final financing order or any | 661 |
other person, including as a result of the electric distribution | 662 |
utility's failure to provide past, present, or future services, or | 663 |
in connection with the bankruptcy, reorganization, or other | 664 |
insolvency proceeding of the electric distribution utility, any | 665 |
affiliate, or any other entity. | 666 |
Sec. 4928.2311. Any successor to an electric distribution | 667 |
utility subject to a final financing order shall be bound by the | 668 |
requirements of sections 4928.23 to 4928.2317 of the Revised Code. | 669 |
The successor shall perform and satisfy all obligations of the | 670 |
electric distribution utility under the final financing order, in | 671 |
the same manner and to the same extent as the electric | 672 |
distribution utility, including the obligation to collect and pay | 673 |
phase-in-recovery revenues to the person entitled to receive those | 674 |
revenues. The successor shall have the same rights of the electric | 675 |
distribution utility under the final financing order, in the same | 676 |
manner and to the same extent as the electric distribution | 677 |
utility. | 678 |
Sec. 4928.2312. (A) Except as provided in division (C) of | 679 |
this section, the creation, perfection, and enforcement of any | 680 |
security interest in phase-in-recovery property under a final | 681 |
financing order to secure the repayment of the principal of and | 682 |
interest on phase-in-recovery bonds, amounts payable under any | 683 |
ancillary agreement, and other financing costs are governed by | 684 |
this section and not Chapters 1301. to 1309. of the Revised Code. | 685 |
(B) The description of the phase-in-recovery property in a | 686 |
transfer or security agreement and a financing statement is | 687 |
sufficient only if the description refers to this section and the | 688 |
final financing order creating the property. This section applies | 689 |
to all purported transfers of, and all purported grants of, liens | 690 |
on or security interests in that property, regardless of whether | 691 |
the related transfer or security agreement was entered into, or | 692 |
the related financing statement was filed, before or after the | 693 |
effective date of this section. | 694 |
(2)(a) The security interest shall attach without any | 700 |
physical delivery of collateral or other act, and, upon the filing | 701 |
of the financing statement with the office of the secretary of | 702 |
state, the lien of the security interest shall be valid, binding, | 703 |
and perfected against all parties having claims of any kind in | 704 |
tort, contract, or otherwise against the person granting the | 705 |
security interest, regardless of whether the parties have notice | 706 |
of the lien. Also upon this filing, a transfer of an interest in | 707 |
the phase-in-recovery property shall be perfected against all | 708 |
parties having claims of any kind, including any judicial lien or | 709 |
other lien creditors or any claims of the seller or creditors of | 710 |
the seller, other than creditors holding a prior security | 711 |
interest, ownership interest, or assignment in the property | 712 |
previously perfected in accordance with this division. | 713 |
(b) The secretary of state shall maintain any financing | 714 |
statement filed under division (C)(2) of this section in the same | 715 |
manner that the secretary maintains financing statements filed by | 716 |
transmitting utilities under division (B) of section 1309.501 of | 717 |
the Revised Code. The filing of any financing statement under | 718 |
division (C)(2) of this section shall be governed by the | 719 |
provisions regarding the filing of financing statements in Chapter | 720 |
1309. of the Revised Code. | 721 |
(2) The priority of a security interest in phase-in-recovery | 728 |
property is not affected by the commingling of phase-in-recovery | 729 |
revenues with other amounts. Any pledgee or secured party shall | 730 |
have a perfected security interest in the amount of all | 731 |
phase-in-recovery revenues that are deposited in any cash or | 732 |
deposit account of the electric distribution utility in which | 733 |
phase-in-recovery revenues have been commingled with other funds. | 734 |
Any other security interest that may apply to those funds shall be | 735 |
terminated when the funds are transferred to a segregated account | 736 |
for an assignee or a financing party. | 737 |
Sec. 4928.2313. (A) Any sale, assignment, or transfer of | 742 |
phase-in-recovery property under a final financing order shall be | 743 |
an absolute transfer and true sale of, and not a pledge of or | 744 |
secured transaction relating to, the seller's right, title, and | 745 |
interest in, to, and under the property, if the documents | 746 |
governing the transaction expressly state that the transaction is | 747 |
a sale or other absolute transfer. A transfer of an interest in | 748 |
that property may be created only when all of the following have | 749 |
occurred: | 750 |
(B) Phase-in-recovery bonds issued under a final financing | 785 |
order shall not constitute a debt or a pledge of the faith and | 786 |
credit or taxing power of this state or of any county, | 787 |
municipality, or any other political subdivision of this state. | 788 |
Bondholders shall have no right to have taxes levied by this state | 789 |
or the taxing authority of any county, municipality, or any other | 790 |
political subdivision of this state for the payment of the | 791 |
principal of or interest on the bonds. The issuance of | 792 |
phase-in-recovery bonds does not, directly, indirectly, or | 793 |
contingently, obligate this state or any county, municipality, or | 794 |
political subdivision of this state to levy any tax or make any | 795 |
appropriation for payment of the principal of or interest on the | 796 |
bonds. | 797 |
Sec. 4928.2315. (A) The state pledges to and agrees with the | 798 |
bondholders, any assignee, and any financing parties under a final | 799 |
financing order that the state will not take or permit any action | 800 |
that impairs the value of phase-in-recovery property under the | 801 |
final financing order or revises the phase-in costs for which | 802 |
recovery is authorized under the final financing order or, except | 803 |
as allowed under section 4928.238 of the Revised Code, reduce, | 804 |
alter, or impair phase-in-recovery charges that are imposed, | 805 |
charged, collected, or remitted for the benefit of the | 806 |
bondholders, any assignee, and any financing parties, until any | 807 |
principal, interest, and redemption premium in respect of | 808 |
phase-in-recovery bonds, all financing costs, and all amounts to | 809 |
be paid to an assignee or financing party under an ancillary | 810 |
agreement are paid or performed in full. | 811 |
Sec. 4928.2316. (A) The law governing the validity, | 817 |
enforceability, attachment, perfection, priority, and exercise of | 818 |
remedies with respect to the transfer of phase-in-recovery | 819 |
property under a final financing order, or creation of a security | 820 |
interest in any such property, phase-in-recovery charges, or final | 821 |
financing order shall be the laws of this state as set forth in | 822 |
sections 4928.23 to 4928.2318 of the Revised Code. | 823 |
Sec. 4928.2317. If any provision of sections 4928.23 to | 830 |
4928.2318 of the Revised Code is held to be invalid or is | 831 |
superseded, replaced, repealed, or expires for any reason, that | 832 |
occurrence shall not affect any action allowed under those | 833 |
sections that is taken prior to that occurrence by the public | 834 |
utilities commission, an electric distribution utility, an | 835 |
assignee, a collection agent, a financing party, a bondholder, or | 836 |
a party to an ancillary agreement. Any such action shall remain in | 837 |
full force and effect. | 838 |