Louisiana § RS 45:1332 - Definitions

§ RS 45:1332. Definitions

            For purposes of this Subpart, the terms defined in R.S. 45:1312 have the same meaning in this Subpart, except where a term is expressly modified in this Subpart, and as used in this Subpart:

            (1) "Affiliate" means, when used with reference to a specified person, an entity that directly or indirectly through one or more intermediaries controls or is controlled by or is under common control with the entity specified. For the purpose of this term,"control", "controlled by", and "under common control with", means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of an entity whether through the ownership of voting securities, by contract, or otherwise.

            (2) "Contributed proceeds" means the monies contributed by the corporation to a trust. In each instance, the contributed proceeds shall be the amount of the net proceeds received by the corporation from an issuance of system restoration bonds in accordance with the terms of a financing order.

            (3) "Pledgee" means an issuer as pledgee of the corporation or an applicable financing party as pledgee of an issuer.

            (4) "Preferred interests" means preferred equity interests in a utility affiliate that pay preferred dividends to the trust that purchased those preferred equity interests.

            (5) "Purchase proceeds" means the proceeds received by a utility affiliate from the sale of its preferred interests to a trust.

            (6) "Related bonds" means, with respect to a trust, the system restoration bonds that funded the net proceeds transferred by an issuer to the corporation and then contributed by the corporation to that trust.

            (7) "Related utility" means, with respect to a trust, the utility that is a beneficiary of such trust and that obtains a financing order pursuant to this Subpart. The related utility shall be an affiliate of the utility affiliate that sells its preferred interests to such trust for purchase proceeds.

            (8) "Trust" means an express special public trust created only pursuant to and in compliance with the provisions of this Subpart. A trust for purposes of this Subpart shall not be an issuer of system restoration bonds and shall not be created pursuant to the public trust law, R.S. 9:2341 et seq.

            (9) "Trust agreement" means, with respect to a trust, the written instrument that created the trust together with all proper amendments.

            (10) "Utility affiliate" means an affiliate of the utility that obtains a financing order pursuant to this Subpart.

            Acts 2021, No. 293, §3, eff. June 14, 2021.