MS HB1134

Creates the Mississippi Public Utility Rate Mitigation and Reduction Act authorizing the Public Service Commission to issue financing orders for rate reduction bonds to finance coal gasification and clean coal technology generating facilities placed in operation by December 31, 2020.

Allows electric utilities to issue rate reduction bonds with proceeds used to recover generation facility costs and financing costs for qualifying facilities, with bonds maturing no more than 20 years after issuance.

Establishes non-bypassable rate reduction bond charges on customer bills to recover financing costs, with a formula-based true-up mechanism for quarterly or annual adjustments to ensure timely bond payment.

Protects rate reduction bonds and security property from impairment through bankruptcy, reorganization, or regulatory change, and pledges the state will not reduce or alter charges until all bond obligations are paid in full.

Limits attorney fees for bond counsel to $500,000 and restricts the act's application to financing arrangements for qualifying facilities contemplated by agreements between the Commission and affected electric utilities.