848
. For the purposes of this article, the following terms shall
have the following meanings:
(a) "Consumer" means any individual, governmental body, trust,
business entity or nonprofit organization which consumes electricity
that has been transmitted or distributed by means of electric
transmission or distribution facilities, whether those electric
transmission or distribution facilities are owned by the consumer,
the recovery corporation, or any other party.
(b) "Financing entity" means the recovery corporation or any
subsidiary or affiliate of the recovery corporation that is
authorized by the commission to issue recovery bonds or acquire
recovery property, or both.
(c) "Financing order" means an order of the commission adopted in
accordance with this article, which shall include, without
limitation, a procedure to require the expeditious approval by the
commission of periodic adjustments to fixed recovery amounts and to
any associated fixed recovery tax amounts included in that financing
order to ensure recovery of all recovery costs and the costs
associated with the proposed recovery, financing, or refinancing
thereof, including the costs of servicing and retiring the recovery
bonds contemplated by the financing order.
(d) "Fixed recovery amounts" means those nonbypassable rates and
other charges, including, but not limited to, distribution,
connection, disconnection, and termination rates and charges, that
are authorized by the commission in a financing order to recover (1)
recovery costs specified in the financing order, and (2) the costs of
recovering, financing, or refinancing those recovery costs through a
plan approved by the commission in the financing order, including
the costs of servicing and retiring recovery bonds.
(e) "Fixed recovery tax amounts" means those nonbypassable rates
and other charges, including, but not limited to, distribution,
connection, disconnection, and termination rates and charges, that
are needed to recover federal and State of California income and
franchise taxes associated with fixed recovery amounts authorized by
the commission in the financing order and that are not financed from
proceeds of recovery bonds.
(f) "Recovery bonds" means bonds, notes, certificates of
participation or beneficial interest, or other evidences of
indebtedness or ownership, issued pursuant to an executed indenture
or other agreement of a financing entity, the proceeds of which are
used, directly or indirectly, to recover, finance, or refinance
recovery costs, and that are directly or indirectly secured by, or
payable from, recovery property.
(g) "Recovery corporation" means Pacific Gas and Electric Company,
the electrical corporation described in the commission's Decision
No. 03-12-035.
(h) "Recovery costs" means (1) the unamortized balance of the
regulatory asset arising and existing pursuant to the commission's
Decision No. 03-12-035, (2) federal and State of California income
and franchise taxes associated with recovery of the unamortized
balance of that regulatory asset, (3) costs of issuing recovery
bonds, and (4) professional fees, consultant fees, redemption
premiums, tender premiums and other costs incurred by the recovery
corporation in using proceeds of recovery bonds to acquire
outstanding securities of the recovery corporation.
(i) (1) "Recovery property" means the property right created
pursuant to this article, including, without limitation, the right,
title, and interest of the recovery corporation or its transferee:
(A) In and to the tariff established pursuant to a financing
order, as adjusted from time to time in accordance with Section 848.1
and the financing order.
(B) To be paid the amount that is determined in a financing order
to be the amount that the recovery corporation or its transferee is
lawfully entitled to receive pursuant to the provisions of this
article and the proceeds thereof, and in and to all revenues,
collections, claims, payments, money, or proceeds of or arising from
the tariff or constituting fixed recovery amounts that are the
subject of a financing order including those nonbypassable rates and
other charges referred to in subdivision (d).
(C) In and to all rights to obtain adjustments to the tariff
relating to fixed recovery amounts pursuant to the terms of Section
848.1 and the financing order.
(2) "Recovery property" shall not include the right to be paid
fixed recovery tax amounts.
(3) "Recovery property" shall constitute a current property right
notwithstanding the fact that the value of the property right will
depend on consumers using electricity or, in those instances where
consumers are customers of the recovery corporation, the recovery
corporation performing certain services.
(j) "Service territory" means the geographical area that the
recovery corporation provided with electric distribution service as
of December 19, 2003.