Providing a property tax exemption for personal property of electric generation or natural gas peak shaving storage and production systems and providing utility and debt replacement aids to local government units for the property tax reduction, requiring a school district state aid reduction for amounts received; requiring and providing for the public utilities commission to reduce regulated electric and gas rates to reflect reductions in utility tax obligations, providing for distribution; requiring and providing for PUC certification of the implementation of customer choice in the purchase of retail electric generation services and for the year of customer choice for utility personal property tax exemption purposes; providing a state guarantee for the payment of certain local bonds outstanding on the date of certification of customer choice, appropriating money to the commissioner of finance for the guarantee; specifying certain term removal instructions to the revisor of statutes (ra)