Conclusion

The servicing agreement between SCE and DWR is permitted under Water Code § 80106. We have reviewed all of the various provisions contained in the servicing agreement including those addressed in comments and protests, and have determined that the servicing agreement is reasonable with the changes we are adopting in this decision. Pursuant to Water Code §§ 80016 and 80106, we approve the servicing agreement attached to this decision with the revisions described herein. We also conclude that the servicing agreement between SCE and DWR is necessary to enable the issuance of the bonds developed and structured by the State Treasurer and the Administration as authorized by Water Code § 80130.