To amend the Internal Revenue Code of 1986 to allow an additional advance refunding of tax-exempt bonds issued for the purchase or maintenance of electric generation, transmission, or distribution assets.

Permits one additional advance refunding of certain tax-exempt bonds, of which the net proceeds are used to finance the costs of electric generation, transmission, or distribution assets owned by the issuer or by a consortium of State or local governments which includes the issuer. Sets certain conditions the bonds must meet to qualify for the advance refunding.