{"data":{"id":"us-ok/okla.-stat.-tit.-74-74-9074","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 74, § 74-9074","heading":"Financing order","body":"A. Upon the determination that a regulated utility has extreme\n\npurchase costs, extraordinary costs or both that are subject to this\n\nact and may be mitigated by issuing ratepayer-backed bonds, the\n\nOklahoma Corporation Commission shall make necessary findings and\n\nconclusions to result in a financing order under this act, either in\n\nthe same order or through a continued or separate proceeding. The\n\nfinancing order shall include, but not be limited to, the following:\n\n1. The quantified amount of extreme purchase costs and\n\nextraordinary costs to be recovered using a financial instrument;\n\n2. The maturity or range of maturities of bonds authorized to\n\nbe issued, and a corresponding amortization period of customer\n\ncharges, subject to reasonable provisions for true-up and\n\nreconciliation, with any authorized maturity not to exceed thirty\n\n(30) years;\n\n3. The creation of an irrevocable and nonbypassable mechanism\n\nunder which the regulated utility will recover from customers an\n\namount necessary to service, repay and administer the ratepayer-\n\nbacked bonds. A customer's monthly billing charges collected\n\npursuant to the nonbypassable mechanism established under a\n\nfinancing order shall be based upon the then-current monthly billing\n\nof the customer and shall be a separate line-item on the monthly\n\nbill of the customer. The nonbypassable mechanism shall include\n\nprocedures for receiving accounting information from the Oklahoma\n\nDevelopment Finance Authority and calculating factors to be applied\n\nto customer bills. The mechanism shall remain in effect until the\n\ncomplete repayment and retirement of any ratepayer-backed bonds, or\n\nrefunding bonds, authorized under the financing order;\n\n4. The frequency of true-up and reconciliation of the customer\n\nrepayment revenues collected through the nonbypassable mechanism,\n\nwhether on a monthly, quarterly or semiannual basis;\n\n5. The method by which the customer repayment charges will be\n\nallocated among the various customer classes; and\n\n6. The requirement that all funds received under the\n\nirrevocable and nonbypassable mechanism be provided immediately to\n\nthe holder of securitization property pursuant to Section 6 of this\n\nact for the purpose of repaying, servicing and administering the\n\nratepayer-backed bonds authorized by the financing order.\n\nB. Prior to issuing a financing order, the Commission shall\n\nconsult with the Deputy Treasurer for Policy and Debt Management\n\nregarding the marketability and efficiency of any proposed financing\n\nauthorized by a financing order.\n\nC. The Commission shall issue an order no later than one\n\nhundred eighty (180) days from the date the Commission receives all\n\nnecessary information and documentation pursuant to Section 4 of\n\nthis act.\n\nD. On the same date a financing order is issued, a copy of the\n\norder shall be delivered to the Governor, the President Pro Tempore\n\nof the Senate, the Speaker of the House of Representatives and the\n\nOklahoma Development Finance Authority.\n\nE. A financing order shall be effective immediately upon\n\nissuance.\n\nF. A financing order shall not be subject to any form of\n\nrehearing after thirty (30) days from the issuance of the order,\n\nsubject to appeals pursuant to Section 20 of Article IX of the\n\nOklahoma Constitution.\n\nG. Upon entering a financing order under this act, a regulated\n\nutility shall not recover the extreme purchase costs and\n\nextraordinary costs identified and quantified in the financing order\n\nfrom customers except through the transfer of securitization\n\nproperty as provided in Section 6 of this act in exchange for the\n\nproceeds of a bond issuance, which shall offset and complete the\n\nrecovery of extreme purchase costs and extraordinary costs for the\n\nregulated utility.\n\nH. Upon the issuance of any financing order pursuant to this\n\nsection, the periodic determination of factors for customer\n\ncollection with true-up and reconciliation authorized by the\nerty as provided in Section 6 of this act in exchange for the\n\nproceeds of a bond issuance, which shall offset and complete the\n\nrecovery of extreme purchase costs and extraordinary costs for the\n\nregulated utility.\n\nH. Upon the issuance of any financing order pursuant to this\n\nsection, the periodic determination of factors for customer\n\ncollection with true-up and reconciliation authorized by the\n\nfinancing order shall not be removed, adjusted or interrupted by any\n\nother regulatory determination of the Commission except where\n\nadjustments are warranted as a result of an audit of amounts\n\nactually collected from customers and provided to the Authority or\n\nwhere insurance proceeds, government grants or other funding sources\n\noffset or reduce the amount of extreme purchase costs and\n\nextraordinary costs to be recovered from customers. No adjustments\n\nshall in any manner impair or prevent the collection of sufficient\n\nrevenues to service and repay ratepayer-backed bonds.\n\nI. No ratepayer-backed bonds authorized in a financing order,\n\nexcept for refunding obligations authorized under subsection D of\n\nSection 8 of this act, may be issued more than twenty-four (24)\n\nmonths after issuance of the financing order pursuant to this\n\nsection.","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":"5655342f11774dd6238589d039b0f487d8f8e1ae1988a8369d260220f9a1d3a7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-74-74-9073","next":"us-ok/okla.-stat.-tit.-74-74-9075"},"notice":"GroundRules: Original legal text. Not legal advice."}