Property of the PSALM Corp.
Section 55
SEC. 55. Property of the PSALM Corp. — The following funds, assets, contributions and other property shall constitute the property of the PSALM Corp.: The generation assets, real estate, IPP contracts, other disposable assets of NPC, proceeds from the sale or disposition of such assets and the residual assets from B-O-T, R-O-T, and other variations thereof; Transfers from the National Government; Proceeds from loans incurred to restructure or refinance NPC's transferred liabilities: Provided, however, That all borrowings shall be fully paid for by the end of the life of the PSALM Corp.; Proceeds from the universal charge allocated for stranded contract costs and the stranded debts of NPC; Net profit of NPC; Net profit of TRANSCO; Official assistance, grants, and donations from external sources; and Other sources of funds as may be determined by PSALM Corp. necessary for the above-mentioned purposes.