Effect of financing order

(1) A financing order remains in effect until the CO-EI bonds issued as authorized by the financing order have been paid in full and all financing costs relating to the CO-EI bonds have been paid in full. (2) A financing order remains in effect and unabated notwithstanding the bankruptcy, reorganization, or insolvency of the electric utility to which the financing order applies or any affiliate of the electric utility or successor entity or assignee. (3) Subject to judicial review as provided for in section 40-41-108, a financing order is irrevocable. Therefore, notwithstanding section 40-6-112 (1), the commission may not reduce, impair, postpone, or terminate CO-EI charges approved in a financing order or impair CO-EI property or the collection or recovery of CO-EI revenue. (4) Notwithstanding subsection (3) of this section, upon the request of an electric utility or at the request of parties in the commission proceeding, the commission may commence a proceeding and issue a subsequent financing order that provides for refinancing, retiring, or refunding CO-EI bonds issued pursuant to the original financing order if: (a) The commission makes all of the findings specified in section 40-41-104 (1) with respect to the subsequent financing order; and (b) The subsequent financing order does not impair in any way the covenants and terms of the CO-EI bonds to be refinanced, retired, or refunded.