CT SB00484

Authorizes issuance of "rate replacement bonds" to fund a $1.29 billion economic recovery transfer to the General Fund, with maturity extended to December 31, 2025

Requires each electric distribution company to submit applications by September 1, 2010 for financing orders to fund the economic recovery transfer through rate replacement bonds, with the Department of Public Utility Control to issue financing orders by October 1, 2010

Establishes a fallback charge of XXX mills per kilowatt hour to be assessed starting January 1, 2011 if rate replacement bonds are not issued by that date, with proceeds deposited in the General Fund

Extends the department's authority to issue financing orders for rate replacement bonds through December 31, 2012, while maintaining existing authority for other securitization bonds through December 31, 2008

Makes financing orders irrevocable and prohibits the department from reducing or impairing the value of transition property or competitive transition assessment charges used to repay rate reduction bonds and rate replacement bonds