The Legislature hereby ratifies and deems proper all acts by the Governor or the Governor’s designee before the effective date of this division taken in furtherance of the establishment of Golden State
Energy.
Part 5Other Matters
Section § 3450
This law section confirms and approves all actions taken by the Governor or their representative before this law took effect, as long as they were related to creating Golden State Energy.
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Section § 3452
This law section emphasizes that the rules and regulations it contains should be understood broadly to best achieve their goals, which are important for the well-being and success of the state and its people.
This division, being necessary for the prosperity of the state and its residents, shall be liberally construed to effect its purposes.
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Section § 3454
This law states that if Golden State Energy purchases Pacific Gas and Electric Company, the acquisition won't need to follow certain usual legal procedures as long as specific conditions are met. Golden State Energy must agree to honor existing agreements with employees, including pensions and benefits. They also must take over any required funding for pensions.
If the purchase is related to Pacific Gas and Electric’s bankruptcy, Golden State Energy must follow certain terms specified in their bankruptcy reorganization plan.
The acquisition of Pacific Gas and Electric Company by Golden State Energy, for any reason including pursuant to Section 713, shall not be subject to Sections 851 to 854, inclusive, if Golden State Energy, or its subsidiary, as part of such acquisition, agrees to do all of the following:
(a)CA Public Utilities Code § 3454(a) Assume, take assignment of, and be bound by all collective bargaining agreements and related obligations, including pension and benefit agreements, then in effect that cover the business being acquired.
(b)CA Public Utilities Code § 3454(b) Assume any obligations for funding under pension plans then in effect.
(c)CA Public Utilities Code § 3454(c) In the event the transfer is made as part of Pacific Gas and
Electric Company’s and PG&E Corporation’s bankruptcy cases pursuant to Chapter 11 (commencing with Section 1101) of the United States Bankruptcy Code (Title 11 of the United States Code) (Case No. 19-30088), adopt and be bound by the terms and provisions set forth on Exhibit B to the Debtors’ and Shareholder Proponents’ Joint Chapter 11 Plan of Reorganization Dated March 16, 2020.
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Section § 3558
This law ensures that the act does not change any rights already granted under existing licenses or franchises that were issued according to federal or state law.
Nothing in this act shall be construed as diminishing or enlarging any valid existing rights under any license or franchise previously issued pursuant to federal or state law.
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