§ 39-1-53 - Agreement of the state.
SECTION 39-1-53
§ 39-1-53 Agreement of the state. –The state of Rhode Island does hereby pledge to and agree with the holders ofany transition bonds issued under the authority of this chapter and with anyelectric distribution company with respect to which a securitization order isadopted pursuant to this chapter and any assignee or financing party who mayenter into contracts with an electric distribution company or assignee pursuantto such provisions of the general laws, that the state will not limit or alterthe rights vested in an electric distribution company or assignee or financingparty pursuant to a securitization order (including without limitation, theintangible transition charges, intangible transition property, securitizationorders, and all rights thereunder) until the principal of, interest on andpremium, if any, with respect to such transition bonds, or, with respect tocertificates of participation, beneficial interest or ownership, amountscorresponding thereto, and costs related thereto, are fully paid and dischargedand such contracts are fully performed on the part of all parties to thetransactions contemplated in the financing plan approved by the commission,including without limitation the electric distribution company, its successorsand assigns and any other party providing electric service as described in§ 39-1-45(4); provided that, subject to other requirements of law, nothingherein contained shall preclude such limitation or alteration if and when fullcompensation, giving due effect to the payment of principle and interest (oramounts corresponding thereto) and other costs and charges, shall be providedby law for the protection of the electric distribution company, its successor,if any, the holders of such transition bonds, and any assignee or financingparty entering into such contracts with the electric distribution company or anassignee. The electric distribution company or an assignee is authorized toinclude this pledge and undertaking for the state in these obligations.