{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-9072","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-9072","heading":"Definitions","body":"As used in this act:\n\n1. \"Authority\" shall mean the Oklahoma Development Finance\n\nAuthority pursuant to Section 5062.1 et seq. of Title 74 of the\n\nOklahoma Statutes;\n\n2. \"Commission\" shall mean the Oklahoma Corporation Commission;\n\n3. \"Extraordinary costs\" shall mean costs incurred by a\n\nregulated utility related to the extreme weather that occurred\n\nbeginning February 7, 2021, and ending February 21, 2021, including\n\nbut not limited to fuel-related storage and associated costs,\n\nemergency compressed or liquified natural gas supplies, contracts\n\nfor services providing additional pressurization on lines and\n\ntransportation pipeline penalties. Extraordinary costs shall not\n\ninclude extreme purchase costs, as defined in this section;\n\n4. \"Financing order\" shall mean an order issued by the Oklahoma\n\nCorporation Commission that authorizes securitization of qualified\n\ncosts and the creation of an irrevocable and nonbypassable mechanism\n\nfor utility customer payments to the regulated utility, its\n\nsuccessors, assignees or collection agents, of amounts necessary for\n\nservice and repayment of ratepayer-backed bonds, subject to true-up\n\nand reconciliation;\n\n5. \"Nonbypassable mechanism\" shall mean that the payment of the\n\nutility customer charges under this act shall not be modified or\n\navoided by any utility customer at an address located within a\n\nutility service area by switching providers, switching fuel sources\n\nor materially changing usage, and shall be paid by the customer for\n\nas long as bonds issued pursuant to Section 8 of this act remain\n\noutstanding;\n\n6. \"Extreme purchase costs\" shall mean expenses incurred for\n\nthe purchase of fuel, purchased power, natural gas commodity or any\n\ncombination thereof, whether at spot pricing, index pricing or\n\notherwise with delivery beginning February 7, 2021, and ending\n\nFebruary 21, 2021;\n\n7. \"Qualified costs\" shall mean the extreme purchase costs and\n\nextraordinary costs, as calculated and set out in a financing order\n\nof the Oklahoma Corporation Commission, less any insurance proceeds,\n\ngovernmental grants or other funding sources, as well as any costs\n\nof managing ratepayer-backed bonds;\n\n8. \"Ratepayer-backed bonds\" shall mean bonds issued pursuant to\n\nSection 8 of this act with service and repayment supported by\n\nutility customer charges consistent with this act;\n\n9. \"Regulated utility\" shall mean any utility, as defined in\n\nthis act, which is subject to the regulatory jurisdiction of the\n\nOklahoma Corporation Commission with respect to its rates, charges\n\nand terms and conditions of service;\n\n10. \"Securitization\" shall mean a financial tool creating a\n\nproperty right to revenues collected by a regulated utility from\n\ncustomers pursuant to an irrevocable and nonbypassable mechanism,\n\nwhich is then sold and used as security for repayment of an issuance\n\nof a ratepayer-backed bond;\n\n11. \"Securitization property\" shall mean the right to receive\n\nrevenues collected by a regulated utility from customers pursuant to\n\nan irrevocable and nonbypassable mechanism included in a financing\n\norder;\n\n12. \"True-up and reconciliation\" shall mean the comparison of\n\nactual revenues received from customers with the revenues estimated\n\nto be received during a period determined by the Oklahoma\n\nCorporation Commission including any steps to carry forward the\n\ndifference to a future collection period, as necessary to ensure the\n\ntimely payment of ratepayer-backed bonds; and\n\n13. \"Utility\" shall mean any person or entity doing business in\n\nthis state that furnishes natural gas or electric current to its\n\ncustomers located at an address within this state and within the\n\nservice area of the utility.","path":["OK Code","Title 74"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os74.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"dbad3fb489cc764e034ae9c555c9c0bc8b458d38cbb237650df4e1e0f5578c62","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-9071","next":"us-ok/okla.-stat.-tit.-74-74-9073"},"notice":"GroundRules: Original legal text. Not legal advice."}