Rep. Gail Griffin, R-Hereford, speaking with attendees on the floor of the Arizona House of Representatives on opening day of the 57th legislature in Phoenix, Arizona. Griffin is the sponsor of House Bill 2679, a proposal to allow the securitization of utility assets, which has faced significant opposition from Democrats in the Legislature. (Gage Skidmore / Flickr)
By Reagan Priest | Arizona Capitol Times
Key Points:
- A bill allowing public utility companies to securitize assets passed out of the Legislature
- Republicans say the governor will sign the bill with new amendments
- Some Democrats say the bill does not have enough safeguards for utility customers
A controversial public utility company financing measure goes to Gov. Katie Hobbs, and while Republicans say they are confident she’ll sign it, some Democrats are urging her not to.
House Bill 2679 passed a final vote in the House on May 7 after being amended in the Senate a day earlier. However, critics of the measure, which would allow utility companies to transfer debt into low-interest bonds that can be sold to recoup funding from aging or inefficient assets, say it still has significant issues.
The bill, sponsored by Rep. Gail Griffin, R-Hereford, has been hotly debated and sparked conflicts between lawmakers and the Arizona Corporation Commission. It split both the Republican and Democratic caucuses during different floor votes, but the Senate only gave it final approval on party lines.
