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Storm Recovery Bond Company
Cleco Katrina/Rita Hurricane Recovery Funding LLC (Storm Recovery Bond Company) is a special purpose subsidiary of Cleco Power LLC (Cleco Power). Louisiana lawmakers enacted a special statute, Act 64 of 2006, codified at La. R.S. 45:1226-1236, in May 2006, establishing a financing mechanism through which electric utilities can use securitization financing to recover storm recovery costs, including the financing of a storm recovery reserve, by issuing "storm recovery bonds." The Louisiana Public Service Commission (the "Louisiana Commission") issued an irrevocable financing order to Cleco Power on September 17, 2007 (the "Financing Order") authorizing the issuance of storm recovery bonds.
In the Financing Order, the Louisiana Commission authorized a storm recovery charge to be imposed on all of Cleco Power's existing or future Louisiana Commission-jurisdictional customers who remain attached to Cleco Power's electric transmission or distribution lines. Storm recovery charges are set and adjusted to collect amounts sufficient to pay principal, interest and other required amounts on the storm recovery bonds on a timely basis.
¹ An operating electric public utility engaged principally in the generation, purchase, transmission, distribution and sale of retail and wholesale electric power. Regulated by the Louisiana Public Service Commission and the Federal Energy Regulatory Commission. Servicer of the 2008 Senior Secured Storm Recovery Bonds.
² Issuer of the 2008 Senior Secured Storm Recovery Bonds.
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