69-3-1602. Purpose -- legislative intent. (1) The legislature finds that it is imperative to:

(a) implement an alternative financing mechanism to address the retirement and replacement of electric infrastructure or facilities; and

(b) authorize the public service commission to review and approve one or more financing orders, if it deems approval appropriate and in the interest of ratepayers.

(2) The legislature further finds that:

(a) it is in the interest of the state and its citizens to encourage and facilitate the use of securitized ratepayer-backed bonds as a method for enabling electric utilities to lower the cost of financing the retirement or replacement of electric infrastructure or facilities under certain conditions and to empower the public service commission to review a securitization mechanism to determine whether it is consistent with the public interest and worthy of approval; and

(b) the state should authorize the issuance of low-cost securitized ratepayer-backed bonds. The proceeds of these bonds must be used solely to:

(i) lower long-term costs paid by electric utility customers by reducing financing costs of certain retired or replaced electric infrastructure or facilities; and

(ii) make available capital investment for modernized infrastructure and facilities and services, including least-cost electric generating facilities and other supply-side and demand-side resources.