Attorney General opts out of defending state in securitization challenge

Oklahoma attorney general walks back review of school library books

 

Oklahoma Attorney General John O’Connor says he could not make a substantial contribution in defending Oklahoma’s nearly year-old bond securitization Act that arose from the 2021 February winter storm and won’t intervene in a lawsuit challenging its constitutionality.

In a filing on Tuesday, March 15, the attorney general responded to an intervention offer made by the State Supreme Court in the lawsuit filed by former legislator Mike Reynolds who contends the 2021 Act is unconstitutional.

O’Connor stated that the the counsel for the Oklahoma Development Finance Authority, the agency that handles the bonding for securitization storm costs of utilities has ably briefed the questions on the constitutionality validity of the statutes.

The Attorney General repeated his support of the use of securitization by Oklahoma Natural Gas Company, Public Service Company of Oklahoma and CenterPoint Energy Resource Corporation. He stated again that it is his belief, “the lower interest rates of securitization bonds will save customers significant money over a likely term around 20 years.”

O’Connor, through the filing made by Solicitor General Mithun Mansinghani and Jared Haines, Deputy Attorney General of the Utility Regulation Unit also expressed concerns with the procedural delays that might occur should he decide to intervene in defending the state.

The Attorney General made similar statements in his decision also not to intervene in protests made in the bonding approval sought before the Supreme Court in the original filing by the Oklahoma Development Finance Authority.

Click below to view the filing

file:///C:/Users/User/Downloads/1051911886-20220315-145537-.pdf