ORS 757.872
Equity and assets of incumbent utility held in trust
- disclaimer of state interest
(1)
Any equity of the incumbent utility, any electric utility assets of the incumbent utility or any combination of equity and assets of the incumbent utility that Oregon Community Power acquires under ORS 757.812 (Definitions for ORS 757.812 to 757.950) to 757.950 (Authorization to issue and sell revenue bonds) shall be held in trust by Oregon Community Power, acting as a trustee, for the exclusive purpose of carrying out the powers, rights and privileges of Oregon Community Power under ORS 757.812 (Definitions for ORS 757.812 to 757.950) to 757.950 (Authorization to issue and sell revenue bonds) for the benefit of the retail electricity consumers of Oregon Community Power. Notwithstanding any other provision of law, retail electricity consumers of Oregon Community Power may not pursue any judicial remedy in any court of this state for any action of Oregon Community Power, except as provided in ORS 757.812 (Definitions for ORS 757.812 to 757.950) to 757.950 (Authorization to issue and sell revenue bonds).(2)
The State of Oregon declares that it has no proprietary interest in Oregon Community Power or in any tangible or intangible property of any form owned or acquired by Oregon Community Power. The state disclaims any right to reclaim any contributions made to Oregon Community Power under ORS 757.812 (Definitions for ORS 757.812 to 757.950) to 757.950 (Authorization to issue and sell revenue bonds).(3)
Except as provided in ORS 757.812 (Definitions for ORS 757.812 to 757.950) to 757.950 (Authorization to issue and sell revenue bonds), Oregon Community Power may not receive any moneys from the State of Oregon other than:(a)
Electric utility operational revenues;(b)
Public purpose charge revenues under ORS 757.612 (Requirements for public purpose expenditures);(c)
Nonrecourse bond proceeds or proceeds from any other nonrecourse borrowing; or(d)
Loans, grants, payments or other assistance that any local government as defined in ORS 174.116 (“Local government” and “local service district” defined) would be eligible to receive. [2007 c.807 §17]
Source:
Section 757.872 — Equity and assets of incumbent utility held in trust; disclaimer of state interest, https://www.oregonlegislature.gov/bills_laws/ors/ors757.html
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