Automatic True-Up Adjustments: There shall be automatic true-up adjustments of the nonbypassable charges, as necessary, to ensure sufficient funds for the timely payment of Energy Recovery Bond principal, interest, and related costs. (Sections 848.1(b) and (g).)

Irrevocable Financing Order: The Commission's financing order authorizing Energy Recovery Bonds, the nonbypassable charges, and amounts recoverable via the nonbypassable charges shall be irrevocable by future Commissions. (Section 848.1(g).)

State Pledge: The State of California pledges not to alter or limit the DRC. (Section 848.1(g).)

No Debt or Liability of the State: The State of California will not be liable for any amounts associated with the Energy Recovery Bonds or the DRC, and the State's credit and taxes shall not be pledged to pay for the Energy Recovery Bonds or associated costs. (Section 848.1(h).)

Current Property Right: Creates a separate and current property right (Recovery Property) representing the right to receive the revenues from the nonbypassable DRC. (Sections 848(j), 848.1(g) and (j), 848.3, 848.3(d), (e), and (g), 848.4(a) and (c), and 848.6.)

True Sale of Property Right: Authorizes the transfer of Recovery Property by PG&E to another entity as an "absolute transfer" and "true sale." (Sections 848.1(g), 848.2(c), 848.2(c), and 848.4(a).)

Pledge of Property Right as Collateral: Authorizes the pledge of Recovery Property by its owner for the benefit of Energy Recovery Bond investors. (Sections 848.2(b) and (c).)

4 A.04-07-032, Chapter 4, Table 4-1.

5 D.03-12-035, Ordering Paragraph (OP) 9. Rehearing was denied in D.04-03-009.

6 D.03-12-035, mimeo., pp. 4, 72, and 74.

7 D.03-12-035, mimeo., pp. 3, 67, and 72.

8 D.03-12-035, mimeo., p. 68.

9 D.03-12-035, mimeo., p. 71.

10 D.03-12-035, OP 9.

11 D.03-12-035, OP 9.

12 2004 Stats., ch. 46. SB 772 took effect immediately. (2004 Stats., ch 46, §11(g).)

13 All references to A.04-07-032 include the prepared testimony attached to A.04-07-032.

14 PG&E submitted additional information via email sent to the assigned ALJ and the service list on September 14, September 23, September 30, October 12, and November 12, 2004.

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