SECTIONS 63042 - California Statutes

GOVERNMENT CODE

SECTION 63042

63042. Notwithstanding any other provision of this division, a
project for the financing of transition costs and the acquisition of
transition property upon the request of an electrical corporation
shall be deemed to be in the public interest and eligible for
financing by the bank, and Article 3 (commencing with Section 63040)
and Article 5 (commencing with Section 63043) shall not apply to the
project or financing. The bank shall consider a project for financing
transition costs and the acquisition of transition property upon
filing of an application by an appropriate participating party, on
the terms and conditions the bank shall determine. The bank shall
establish procedures for the expeditious review of applications from
electrical corporations for the issuance or approval of rate
reduction bonds. The review may be concurrent with the Public
Utilities Commission's processing of an application for the pertinent
financing order, so as to allow for the issuance of rate reduction
bonds as quickly as feasible after the issuance of the pertinent
financing order by the Public Utilities Commission. Notwithstanding
any other provision of this division, the bank shall have no
authority to alter or modify any term or condition related to the
transition costs or the transition property as set forth in the
pertinent financing order, and shall have no authority over any
matter that is subject to the approval of the Public Utilities
Commission under Article 5.5 (commencing with Section 840) of Chapter
4 of Part 1 of Division 1 of the Public Utilities Code.