SB 559 - Storm Recovery Financing

• Allows North Carolina public utilities to issue storm recovery bonds to finance costs from storm damage and recovery activities, with proceeds secured by nonbypassable customer charges.

• Creates "storm recovery property" as an intangible property right representing the utility's authority to collect storm recovery charges from all retail customers, which can be transferred to assignees or pledged to bondholders.

• Establishes a streamlined Commission approval process with a 135-day decision timeline for financing orders that must demonstrate quantifiable customer benefits compared to traditional financing methods.

• Requires annual true-up adjustments through a formula-based mechanism to ensure recovery of all principal, interest, and financing costs, and makes financing orders irrevocable after bond issuance except for formula adjustments.

• Protects storm recovery bonds and property from impairment through state pledge of non-interference; exempts bonds and property transfers from standard commercial code perfection requirements and grants them priority over other creditor claims.