Oregon HB 4077: Relating to wells that supply ground water for domestic purposes; declaring an emergency.

Bill Text

83rd OREGON LEGISLATIVE ASSEMBLY--2026 Regular Session
Enrolled
House Bill 4077
Sponsored by Representative LIVELY; Representative LEVY B, Senator SOLLMAN (Presession
filed.)
CHAPTER .................................................
AN ACT
Relating to the securitization of a public utility’s insurance program; amending ORS 757.457; and
prescribing an effective date.
Be It Enacted by the People of the State of Oregon:
SECTION 1. ORS 757.457 is amended to read:
757.457. As used in this section and ORS 757.459, 757.461 and 757.463:
(1) “Assignee” means a person, and any subsequent assignee, to which a public utility assigns,
sells or transfers all or part of the public utility’s interest in or right to rate recovery assets, except
as security.
(2) “Bond” includes bonds, notes, certificates of beneficial interests in a trust or other evidence
of indebtedness.
(3) “Bondholder” means a holder or owner of a rate recovery bond.
(4) “Finance subsidiary” means an assignee at the time rate recovery bonds are issued:
(a)(A) That is beneficially owned, directly or indirectly, by a public utility; or
(B) In the case of a trust, for which a public utility or subsidiary of the public utility is the
grantor; or
(b) That is unaffiliated with a public utility and acquires bondable rate recovery assets from a
public utility in a transaction or under an agreement that is approved by the Public Utility Com-
mission.
(5) “Financing costs” includes the following costs related to rate recovery bonds, whether in-
curred and paid upon issuance or over the life of rate recovery bonds:
(a) The costs of issuing, serving, managing, repaying or refinancing rate recovery bonds, in-
cluding any fees, expenses or charges incurred and the costs of any activities performed in con-
nection with the rate recovery bonds, including:
(A) Information technology programming;
(B) Obtaining a financing order;
(C) Serving, accounting or auditing;
(D) Services related to trustees;
(E) Legal services;
(F) Consulting;
(G) Services related to financial and structuring advisors;
(H) Administration;
(I) Placement and underwriting;
(J) Services related to independent directors and managers;
Enrolled House Bill 4077 (HB 4077-INTRO) Page 1

(K) Services related to rating agencies;
(L) Stock exchange listing and compliance;
(M) Securities registration and filing; and
(N) Services necessary to ensure a timely payment of rate recovery bonds or other amounts or
charges payable in connection with rate recovery bonds;
(b) Principal, interest and acquisition, defeasance and redemption premiums payable on rate re-
covery bonds;
(c) Payments required under an ancillary agreement and any amounts required to fund or re-
plenish a reserve or account established under the terms of an indenture, ancillary agreement or
financing document related to rate recovery bonds;
(d) Applicable federal, state and local taxes, franchise fees, license fees, gross receipts or other
taxes or charges, whether paid, payable or accrued; and
(e) The Public Utility Commission’s costs in performing the commission’s duties related to rate
recovery bonds that are recoverable by the commission under ORS 756.310.
(6) “Financing order” means an order issued by the Public Utility Commission that authorizes
one or more the following:
(a) The recovery of rate recovery expenditures and financing costs;
(b) The creation of rate recovery assets;
(c) The issuance of rate recovery bonds;
(d) The imposition, collection and periodic adjustment of rate recovery charges; or
(e) The sale, assignment or transfer of rate recovery assets to an assignee.
(7) “Financing party” includes:
(a) Bondholders, trustees, agents and secured parties related to rate recovery bonds;
(b) A person acting for the benefit of bondholders, trustees, agents or secured parties; and
(c) A party to rate recovery bond documents or an ancillary agreement.
(8) “Public utility customer” means:
(a) For an electric utility, a retail electricity consumer, as defined in ORS 757.600.
(b) For a natural gas utility, the end use consumer served by the natural gas utility, including
those served by the natural gas utility under ORS 757.516, regardless of whether the end use con-
sumer purchases natural gas from the natural gas utility.
(9) “Rate recovery asset” means a right to recover from customers rate recovery expenditures
and associated costs and expenses approved in a financing order, including the right to:
(a) Impose, charge, bill, collect, receive, hold and apply rate recovery charges authorized under
a financing order or obtain, to the extent authorized, periodic adjustments of rate recovery charges;
and
(b) All claims, accounts, revenues, payments, collections, moneys or proceeds arising from the
rights and interest specified in a financing order, regardless of whether the claims, accounts, re-
venues, payments, collections, moneys or proceeds arising from the rights and interest specified in
the financing order are commingled with other claim