(a) If the Arkansas Public Service Commission issues a financing order to an electric utility pursuant to this section, the commission may not, in exercising its powers and carrying out its duties regarding any matter within its authority pursuant to this chapter, consider the storm recovery bonds issued pursuant to the financing order to be the debt of the electric utility other than for federal and state income tax purposes, consider the storm recovery charges paid under the financing order to be the revenue of the electric utility for any purpose, or consider the storm recovery costs or financing costs specified in the financing order to be the costs of the electric utility, nor may the commission determine any action taken by an electric utility which is consistent with the financing order to be unjust or unreasonable.
(b) The commission may not order or otherwise directly or indirectly require an electric utility to use storm recovery bonds to finance any project, addition, plant, facility, extension, capital improvement, equipment, or any other expenditure. The commission may not refuse to allow an electric utility to recover costs for storm recovery activities in an otherwise permissible and reasonable fashion, or refuse or condition authorization or approval of the issuance and sale by an electric utility of securities or the assumption by it of liabilities or obligations, solely because of the potential availability of storm recovery financing.