Oregon Revised Statutes Chapter 757 § 757.459 — State

State policy to encourage financing of certain costs and expenses by public utilities; pledge and agreement related to rate recovery assets, bonds and charges. (1) It is the policy of the State of Oregon to encourage the financing of certain costs and expenses by public utilities at the lowest, reasonable and prudent cost to public utility customers, including, but not limited to, rate recovery expenditures. (2) To carry out the policy described in subsection (1) of this section, the State of Oregon and all public bodies, as defined in ORS 174.109: (a) Acknowledge that owners of rate recovery assets, bondholders and financing parties require certainty with respect to the owners’, bondholders’ and financing parties’ rights to enter into financing transactions that offer the lowest reasonable and prudent cost; and (b) Pledge and agree with public utilities, assignees, bondholders and financing parties not to reduce, alter or impair, in a manner that is adverse to the public utilities, assignees, bondholders or financing parties: (A) Rate recovery assets; (B) Rate recovery bonds or the security for rate recovery bonds; or (C) Rate recovery charges or the collection of rate recovery charges. (3) The pledge and agreement described under subsection (2)(b) of this section includes the pledge and agreement not to reduce, alter or impair rate recovery assets, rate recovery bonds or the security for rate recovery bonds, or rate recovery charges or the collection of rate recovery charges by taking any of the following actions: (a) Altering the provisions of this section or ORS 757.457, 757.461 or 757.463 to the extent that those provisions authorize the Public Utility Commission to issue financing orders that: (A) Create rate recovery assets; (B) Establish rate recovery charges that may not be avoided by public utility customers, as described under ORS 757.461 (4); or (C) Provide rights and remedies to public utilities, assignees, bondholders and financing parties; (b) Impairing the rights or remedies of public utilities, assignees, bondholders or financing parties that are created under this section and ORS 757.457, 757.461 and