MS SB2755

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

Rate reduction bonds proceeds finance generation facility costs and financing costs up to a maximum of $1 billion, with bonds having a maturity date of no more than 20 years after issuance.

Establishes non-bypassable rate reduction bond charges on all retail customer bills (including special contract customers) to recover financing costs, with quarterly or annual true-up adjustments limited to mathematical error review by the Commission.

Provides that rate reduction bonds are not debt of the State of Mississippi and do not pledge state taxing power, but pledges the state will not impair security property or reduce bond charges except through the true-up mechanism until all bonds and financing costs are paid in full.

Creates security property rights for the utility upon financing order issuance, allowing sale or assignment to third parties and perfection of liens through filing financing statements, with security interests surviving utility bankruptcy or insolvency.