Sec. 12. (a) An SNG property interest, including any right to future purchases of substitute natural gas during the term of a qualified contract, constitutes a present property right. (b) Qualified costs recovered by an energy utility under a qualified order constitute proceeds of only the SNG property interest that is created by the qualified order. (c) If the commission issues a qualified order under section 11 of this chapter, the state covenants and agrees, for the benefit of the energy utility and any assignee or financing entity involved, that the state will not take or permit any action that would: (1) reduce or otherwise impair the value of the SNG property interest created by the qualified order; or (2) limit, alter, or impair: (A) the qualified order; (B) the SNG property interest created by the qualified order; or (C) qualified costs that are: (i) imposed on and collected by the energy utility; and (ii) remitted to the SNG seller; under the terms of the qualified contract; until the qualified contract has been performed in full.
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