IR 05000352/1990016
| ML17305B766 | |
| Person / Time | |
|---|---|
| Site: | Limerick  |
| Issue date: | 05/25/1990 |
| From: | Ronald Bellamy NRC OFFICE OF INSPECTION & ENFORCEMENT (IE REGION I) |
| To: | Corbin McNeil PECO ENERGY CO., (FORMERLY PHILADELPHIA ELECTRIC |
| Shared Package | |
| ML17305B767 | List: |
| References | |
| NUDOCS 9006060056 | |
| Download: ML17305B766 (54) | |
Text
WIIAT IS SCPPA?
he Southern California Public Power Authority is a joint powers authority composed of 10 municipal utilities and an irrigation dis-trict, delivering electricity to nearly 2,000,000 customers from northern Los Angeles County to the Mexican border.
SCPPA was formed in 1980 to acquire reliable, cost-efficient electrical generation facilities and transmission systems for its members.
SCPPA's primary role has been to secure financing forjoint projects among its members.
To date, SCPPA has issued more than $7.9 billion in bonds, notes and refunding bonds, of which $3.7 billion principal is still outstand-ing. This debt is backed by the fiscal strength of its llmembers the municipalities ofAnaheim, Azusa, Banning, Burbank, Colton, Glendale, Los Angeles, Pasadena, Riverside, Vernon and the Imperial Irrigation District. Bond proceeds have been used to purchase interests in electrical generating and transmission facilities throughout the Southwestern United States.
In today's shifting economic and political climate, SCFPA's inter-linked and cooperative approach to utility industry problem solving continues to provide substantial benefits to its 11 members and their customer MEETING A COh1PETITIVE CHALLENGE alifornia's trailblazing Public Utilities Commission (CPUC) stirred spirited discussion in gov-ernment, industry, and investment circles last spring when it announced a sweeping plan to restructure the regulatory framework of the state's investor-owned electric power industry.
The CPUC's proposal had clear implications for SCPPA and its members, since it envisioned a largely deregulated and more competitive world for consumer-owned, as well as investor-owned, utilities early in the 21st century.
The portion of the CPUC proposal that raised most eyebrows was its accelerated timetable.
For example, it called for "direct access," or retail wheeling of power for all consumers in California by the year 2002. Most observers agree this is an ambitious, ifnot unrealistic, expecta-tion in light of several externalities over which the CPUC has no control for example, federal regulations on interstate power transmission.
On the other hand, SCPPA and its members recognize and applaud the CPUC for its goal of reducing the cost ofpower to the citizens of California. But we also agree with those who feel that the CPUC's implementation schedule does not allow sufficient time for such drastic change.
Wholesale wheeling, for example, willcertainly expand dramatically and provide significant cost reductions as regional transmission groups begin to function, especially throughout the west. But extending the free market to the smallest retail customer so swiftlycould jeopardize ongoing pro-grams in the area of demand-side management and environmental protection, and adversely aKect reliability.
SCPPA has every reason to be optimistic about its ability to compete and thrive in a deregu-lated world. Most of our member utilities are already well underway in the process ofpreparing I
for a more competitive operating environment.
For example, the Los Angeles Department ofWater and Power, SCPPA's largest member, has already built free-market assumptions into its latest five-year plan, with a strong emphasis on cost-containment, customer service and debt management strategie In similar fashion, three SCPPA member cities, Burbank, Glendale and Pasadena, last year combined their power and gas scheduling activities to increase efficiencies, cut costs and improve customer services.
Their new Energy Resources Management Center enables all three cities to negotiate unified power contracts, coordinate local generation needs and make better use of staff resources in short, making them more competitive in the emerging utilityenvironment.
SCPPA agencies are also examining their rate structures to make sure no customer group is bearing an unreasonable share of costs to the advantage of other customer groups.
Such mis-matches, sustainable in a regulated monopoly environment, willnot withstand the rigors of a free marketplace.
Investors are understandably concerned about the impacts of a free market on con-sumer-owned utilities. Potential problems include increasing pressure to transfer addi-tional funds into city general funds.
SCPPA members are highly cognizant of these and other risks that lie ahead in a deregulated environment.
But without exception, they are confident of their ability to adapt their operations and strategies to meet the challenges ahead.
Consumers Q
Power Producers
MANAGEMENT
'ldonA. Conon Secretary llillDl Carnahan CharleS IAt. Montoya,
',
'Ronald V. Stassi George R. Spencer Vice Presldettt lttrerftttExccutise,"
Presldettt Assista>>t Secretary Dltcctor
PRESiDENT S LETTER uring the waning days of the low-interest rate environment in early 1990, SCPPA was able to complete two additional refundings ofoutstanding debt totaling $367 millionthat willproduce net present value savings to SCPPA members and their customers of $25.6 million. Rates on the two refundings were 588 and 5.32 percent, respectively.
Meanwhile, the year saw continuing progress on two major projects, the Mead-Adelanto and Mead-Phoenix 500kV transmission lines, for which $389 million in Multiple Project Revenue Bond funds were allocated.
Ground was broken for both of these lines in late 1993, and construction is pro-ceeding toward expected completion in 1995.
Operation of most SCPPA projects was routine during fiscal year 1993-90, but the Palo Verde Nuclear Generating Station in Arizona suffered a tube rupture in one of its steam generators that put Unit 2 out of commission from March 1993 to early September 1993.
Following repairs and testing, the umt returned to service, and operation of the entire facihty was reduced to 86 percent of capacity pending completion of additional modifications.
In April 1990, the California Public Utilities Commission issued a recommendation spelling Out steps it might take to achieve deregulation of the public utilityindustry in the state by the year 2002. While SCPPA members are not subject to regula-tion by the CPUC, it is clear that their operations would be affected ifthe plan is implemented.
For a fuller discussion of the CPUC proposal, see page 2.
Linda M. Lazzerino tendered her resignation as Executive Director of SCPPA, effective December 31, 1993.
Charles W.
Montoya, an executive with the Los Angeles Department of Water and Power, served as interim Executive Director while the Board instituted a nationwide search for a permanent Executive Director.
In July 1990, the Board selected Daniel W. Waters, former General Manager and Chief Engineer of the Los Angeles Department ofWater and Power, for the permanent post.
RONALDV. STASSI PREslDEHr ur new Executive Director comes to SCPPA following a 32-year career at the Los Angeles Depart-ment of Water and Power (LADWP) that saw him rise from assistant civil engineer to General Manager and Chief Engineer of the nation's largest municipal electric utility in 1991.
He retired from that position in January 1990.
Dan Waters'our of duty at the LADWP spanned an era of I'undamental change in the utilityindustry, from the 1960's and 1970's, when the chief objective was to build gener-ation to meet expanding demand, to the 1980's and 1990's, when the focus shifted radically toward demand-side management, conservation and cost-based rate structures.
At the LADWP, he was given a wide range of responsibilities across the utility spectrum, from power operations'o employ-ee relations and government affairs.
At SCPPA, this experience willbe invaluable in dealing with the multi-faceted challenges of the 11 member agencies and their customer ~
Bonds worth $225.8 mil-lion are issued to refinance a portion of the Mead-Adelanto and Mead-Phoenix Transmission Projects, refunding 1989 MultipleProject Revenue Bonds for an expected net present value savings of
$ 18.1 million.
~
Southern Transmission System retunding bonds worth $ 150 millionare issued for an expected net present value savings of
$7.5 million.
'993-90 HIGiiLIGliTS NEVADA
Salt L~ae Qy M
Purchase of01.8 percent ofSan Juan Generating Station Unit 3 in north-western New Mexico for
$ 193 millionis completed on behalf offive SCPPA meinbers.
~
Daniel W. Waters, former General Manager and Chief Engineer ofthe Los Angeles Department ofWater and Power, is named Executive Director ofSCPPA Quly 1990).
r Legislative and admin-istrative OAicials from Washington, D.C. are given a tour ofSCPPA facilities and a briefing on key public power issues.
~ Following a tube rupture in the Unit 2 steam gen-erator, the Palo Verde Nuclear Generating Station was limited to 86 percent ofcapacity pending completion of modifications.
~
Operations quickly returned to normal after disruptions at SCPPA members'acilities follow-ing the January 17, 199%
Southern California earthquake.
CONYKR STATIO.
UTAH SODTIIfRN TRANS'LIISSIO SYSTKY 4 Las Vegas g
.YDC K
ADPJANTO KKEAIAADKLANTO CONYKRTKR PROJECT STATION t
...'I RSTATION j
KKA~
AtuSA Ea LOS GILLS~
~ RIVERSIDE (RKOR~
~ SARKN
~ ARAtuln IIIPIRIALIRIRSATIOR oisltucr I OOYER SeiSTATION WIEADPIIOKYIX)
SEKSTATION A
phoenix PALO VERDE ARIZONA
~
Southern Transmission System
~m Rm Mead-Phoenix Transmission Prolecl (Under construction)
~ ~
Mead Adelanto Transmission Prolect (Under construction)
Q Pain Verde Nuclear Generating Station Q
Hoover Uprating Prolect Q
SanduanGeneragng Station
~
Member Agencies SCPPA MEMBERS GiyofAnaheim GiyofArusa Giy of Banning Giy of Burbank Giy of Cotton Giy of Glendale Imperbl Iritgadon Disufct los Angdes Depoisment of Water and Power Giyof Pasadena Giy of iverside Giy of Vernon Jr7 KANJ CAN DNITs 0 Farmington NEW MEXICO
FINANCIALS
'(Y SCPPA BoNDs ARE RATED As FoLLows:
hioody's investor Sclvlcc Standard &Poor's Corporation EDhvARD K. Actt)AYAN Southern Transmission System Project Senior Lien Bonds Subordinate Uen Bonds Palo Verde Project Senior Uen Bonds Subordinate Uen Bonds Hoover Uprating Project Revenue 6r Refunding Bonds Mead.Adeianto Transniission Project Mead Phoenix Transmission Project MultipleProject Revenue Bonds San Juan Unit 3 Project"
'Insured Aa Aa Aa Aa (Cond.) AaAaa'AA AAA" SCPPA REruNDiNG BoND issuEs, 1991 To 1994 Project STS Hoover Palo Verde Palo Verde Date April, 1991 August, 1991 January, 1992 July, 1992 March, 1993 July, 1993 Is<ac Size
$
293.9 million Rcfundcd Bonds S
240.6 million Gross Savings
$ 25.3 million Expccccd Nct PVScnings
$
14.1 million
$
35.7 million
$
28.5 million
$
4.6 million
$
1.5 million
$
130.5 million
$
475.0 million S
370.8 million
$
150.0 million
$
114.3 million
$
13.2 million S
7.1 million
$
385,4 million
$ 52.5 million S 25.0 million
$
341.0 million S
52 4 million S 27.0 million
$
123.9 million S
16.9 million S
7.5 million Mead. Phoenix/
hicad.Adelanto Total March, 1994
$
225.8 million
$
243.2 million
$ 41.5 million S
18.1 million
$ 1,681.7 million
$ 1,476.9 million
$ 206.4 million
$ 100.3 million Mead-Adelanto/Mead-Phoenix In March 1994, the Authority issued $225,790,000 in project revenue bonds to refund a portion of the Multiple Project Revenue Bonds allocated to the Mead-Adelanto and Mead-Phoenix Transmission The low-interest environment that prevailed in the United States from 1991 through 1993 provided borrowers with unique opportunities to substantially lower the cost of their debt.
SCPPA has moved aggressively in this regard, and since 1991 it has refunded approximately $ 188 billionin obligations, for a gross savings in interest payments of around $2063 million by the year 2021.
In fiscal year 1993-94, SCPPA completed two refundings:
City of Anaheim Established in 1894, thc city's electric system began operations a year later with a steam-driven generator that provided enough power for 500 lights. From 1916 to 1982, Anaheim bought essentially all its power from Southern California Edison. In 1983, the city began buying from other sources and purchasing gen-erating capacity of its own. In 1993, only three percent oi'he city'
power hvas purchased from SCE.
Customers smvd.....,....,
103,546 Pcnvcr Gcncralcd and Purchcucd (in hicgawan Hours)
Selfgcncratcd...,....,
791,701 Purchawd......,.....
2,430.473 Total...,........
3,222,174 Transmlnlon (inmlles),...,.
1,927 Total Rcvcnucs (O¹s)...,. S 231,(H6 Opcratlng Costs (O¹s)...,.,
189,987 Customers smvd.........
Power Gcncraccd and Purchased (in hfcgawcat Hours)
Self gcncraud......
Total,,...,...
Trammlnlon (in miles)......
Total Rn cnucs (O¹s).....,.
S Operating Costs (O¹s)...,..
$
l4,134 19,141 l80,880 20f,02l
17/59 14,881 JosEPtt F. Hsu City of Azusa Both the city's water and clcctric utilities were estab-lished in 1898, and for most of its history received electricity from Southern California Edison. In 1986, the city began receiving its own power from the Palo Verde Nuclear Generating Station, an allo-cation from thc tioover Power Plant, and short-term capacity from different utilities. The city began receiving energy from San Juan Generating Station, Unit 3, as entitlement through SCPPA inJuly, 199 I TLhtoTIIYC. TREWYN Gty of Banning Established in 1913, the Banning electrical system now serves an area of approximately 20 square miles. Thc City recently purchased a 20-MW share of San Juan Unit 3 through SCPPA. Major improvements io the distribution system will begin this year. Recent additions of industrial customers have strengthened the City's load mix. Southern California Edison, which once supplied all the city'
electricity, now accounts for less than one fourth.
Customcrsscnrd...,...,.,
8,6S0 Power Cenrrated and Purchased (in hicgawat t 1lours)
Selfgenerated....,...
Purchased,
....,...,,
10S,680 Teal...,....,.,
105,7%3 Transmission (inmiles).....,
122 Total Rcrcnurs (00trs),.... -,,
S 13/67 Operating Costs (000's)...,,,
S 12,243
'l RoÃALDV. STAssl ew
~
'
City of Burbank Burbank's Public Service Department began serving customers in 1913, and installed on-site generation in rcsponsc to a surge in industrial and residential growth during and following the Second World War. Today the City receives power from thrcc SCPPA projects, the Bonneville Power Administration, as well as firm and interruptiblc supplies from other utilities and government agencies.
Customers srnrd.
= =...... -.
SO/63 Power Generated and Purchased (in hfrgawat I Hours)
Selfgcncrated.......,,,
1994S6 Purchased....,,...,...
831/19 Total...,,...,,,
1,033,80S Transmission (inmiles)....,
398 Total Rncnucs (00trs)...,...
S 93421 Operating Costs (000's)...,.,
S 93,712 SCPPA holds a 5.91 percent interest in the three units at the Palo Verde Nuclear Generating Station near Phoenix, Arizona. In Ascal year 1993-94 PVNGS generated neatly 18 millionmegawatt. hours of power and operated at an average of55 percent of capacity.
Projects.
The average interest rate on these bonds which consist of fixed-rate bonds, auction rate securities and inverse floaters is 5.32 percent, with maturity dates extending to the year 2017.
The refunding will reduce SCPPA's total cost by approximately $01.5 mil-lion and is expected to result in a net present value savings of approximately
$ 18.1 millio Nine SCPPA members are participants in the Mead-Phoenix and Mead-Adelanto projects through SCPPA (the City of Vernon participates separately, and the Imperial Irrigation District is not a participant), with interests ranging from 35.7 percent in Mead-Adelanto for the Los Angeles Department ofWater and Power to 1.26 percent in Mead-Phoenix for each of the Cities of Azusa, Banning and Colton.
Southern Transmission System InJuly 1993, the, Authority issued $150,010,000 ofTransmission Project Revenue Bonds, to refund $ 123,890,000 of previously issued Transmission Project bonds, in which six SCPPA members are participants (the Cities of Anaheim, Riverside, Burbank, Los Angeles, Glendale and Pasadena).
The refunding, at an average interest rate of 588 percent, will result in expected net present value savings of $737 million.
Palo Verde Nudear Generating Station One of the owners of PVNGS, El Paso Electric Company, filed for bankruptcy protection on January 8, 1992.
On August 27, 1993, the bankruptcy court approved the disclosure statement to El Paso's reorganization plan, which included a proposed merger with Central and Southwest Corporation.
El Paso is currently in the process of seeking necessary approvals of state and federal agencies.
The final outcome of these proceedings is still uncertain.
Another partner in PVNGS, the Public Service Company of New Mexico, has announced its intention to sell its share of PVNGS, but has agreed to fulfillits ongoing financial responsibilities in the project. As ofJune 30, 1994, no buyer had been announced in the proposed transaction.
Escrow Restructuring SCPPA has successfully concluded the restructur-ing of the escrow accounts on Palo Verde 1985 Series B and STS 1986 Series A and B bonds, resulting in a savings of approximately
$600,000 that, was used to pay SCPPA's share ofoperating and mainte-nance costs for the projects.
At year end, SCPPA was working on several more escrow restructurings that will bring the total savings from such transactions to almost $ 1,000,000.
~e of SCPPA Member Partidpotion ttithin SCPPA's Interest In the Pote Verde Project San juan Generating Station On July 1, 1993, SCPPA purchased a
41.8 percent interest (200 MW) in Unit 3 of the San Juan Generating Station near Farmington, New Mexico, for $ 193,000,000, through the issuance of $2373 millionin revenue bonds, and entered into take or 0%
tc6A a
IWQTKs'Lnnn Dang Cgnn t tenne tnrnn its~
B.nnw Ccnrnct tnneN nrs nne
TttohtAs K. CLARKE City of Colton The Colton municipal electric utility was established in 1895, eight years after the city was incorporated. Since 1986, the elec-tric utility has changed from being solely dependent on Southern California Edison for its purchased power to being actively engaged in purchasing power from several dif-ferent sources, achieving signillcant cost savings in the process.
Customers scrvcd,...,......
16/22 Power Gcncratcd and Purchased (in hfcgawan 1 fours)
Self gcncraicd.,....
Purchased...,......,
.
220/57 Total......,...,,.
220/57 Transmission (inmiles),....,
Total Rcvcnucs (0¹)...,...
18~7 Operating Costs (000's)...,,. 5 19,162 C;~
r hn rv VI I
j/i)
)
ea}
L Customers scncd.
-..
=
Powcr Gcncratcd and Purchased (in hfcgawan 1iours)
Self gcncratcd,...,....
Purchased,,......,.,
Total...,...,...,
Transmission (inmiics)...,.
Total Rcvcnucs (000's)......
OPcraifng Costs (000's):..
..
82,186 JSWQ72 906,919 1,061,291
")V/
itRLhtARDV. PAUL City of Glendale Incorporated in 1906, Glendale purchased its elec-tric utilityin 1909, obtaining power from outside suppliers. It received its first power from Hoover Powcrplant in 1937 and inaugurat-.
ed the first unit of its own steam generating plant in 1941. Now called the Grayson Power Plant, this facility today has eight generat-ing units. Glendale continues to purchase 80 percent of its power from outside.
Still considered one of the engineerin feats ofthc 20th Centusy, Hoover Dam had the last of its 17 units uprated during the past fiscal year. Other improvements continue and are expected to be completed ln 1996.
pay power sales contracts with five SCPPA members (the cities of Azusa, Banning, Colton and Glendale, and the Imperial Irrigation District).
Hoover Uprating Project SCPPA used $2.28 million of excess money in the Hoover Uprating Project (HUP) Construction Fund to purchase
$2.9 million of out-standing bonds. This purchase reduced HUPs total outstanding debt and cost of power to participants by more than $0 millionbetween now and 201 LEGISLATIVE ADVOCACY SCPPA's Washington representative focused chielly on the followingarem of concern in fiscal year 1993-94:
Clean Water Act.
Congress moved in 199% to reauthorize the Clean Water Act,
'with several provisions of concern to SCPPA because they would inhibit federal licensing of hydroelectric projects.
The Authority believes such restrictions hurt the nation's ability to develop clean electri-cal energy at a time when alternatives to fossil-fueled generation are being pursued.
Percentage of SCPPA Member Partktpation within SCPPA's Interest h the Hoover Upratlng Project SCPPA Advocacy Program With the Clinton Administration taking a more proac-tive approach to energy issues and the California Public Utilities Commission exploring new deregulation options, SCPPA in fiscal year 1993-94 stepped up its legislative advocacy efforts to assure that its members stay ahead of the curve on developments in this critical arena.
InJune 1990, the Authority sponsored a far-ranging issues briefing and tour of facilities for legislative staff persons from Washington.
Included were repre-sentatives of four Members of Congress, a Department of Energy official and staff members of House and Senate energy committees.
The facilities tour included visits to Hoover Dam in Boulder City, Nevada and the Intermountain Generating Station in Delta, Utah.
Briefings covered such topics as tax-exempt financing, competition, Regional Transmission Groups, renewable energy projects, Electric and Magnetic Fields, the Clean Water Act and the Global Climate Challenge.
Members of the Washington contingent evinced strong interest in public power issues, and the tour afforded a good exchange of views between them and the SCPPA members and public power representatives who accompanied them. SCPPA intends to continue such initiatives that offer an opportunity to exchange views with and provide information to key players in the legislative and regulatory arenas.
Customers scrvcd...,...,...
Pcnvcr Gcncratcd and Purciuucd (in hfcgawan 1iours)
Sciij.gcncraccd.........,
Transmission (in miles)...
Total Rcvcnucs (000's),...,,
.
Opcrailng Costs (000's)...,
&53,155 1,610,080 2,093,235 1&3
$
189,957
$
171,997 ELnov A. Corrov tos Angeles Department Of Water and Power ln 1916, the City of Los Angeles began distributing power purchased from thc Pasadena Municipal Power Plant, and the following year it inaugurated its first generating capacity at San Franciscquito Power Plant No. l.
ln 1922 the city purchased the remaining distribution system of SCE within the city limits. It is now the largest municipally owned elec-tric utilityin the nation.
Customers scrvcd...,..
Power Gcncratcd and Purchased (in hfcgawau ifours)
Self.gcncraccd........
Purchased...........
Tranunission (in miles)..
Total Rcv cnucs (tOrs).....,,
Operating Costs (000's)......
13<6063 22,057+00 2,H8,600 20306400 3~1
$ 1,933,000
$ 1,680,000 KENtcEitlS. NOLLER Imperial Irrigation District The IID entered thc power business in 1936, with electricity generated at five hydro plants on thc AllAmerican Canal. In 19%3, the District bought up the last private power generating facilityin its service area, and in the 195(ys completed a steam plant of its own, which was rcpowered last year. IID's load continues to grow, increasing nine percent in the last year. Today, IID buys less than 45 percent of its energy require-ment Climate Clrallenge.
The administration is pressing this initiative to reduce greenhouse gases by, among other steps, encouraging electric utilities to develop renewable resource generation.
SCPPA supports this effort, and on behalf of its members is actively exploring incentives to encourage such options.
Inforntatioit Super Highway.
Several SCPPA members have interests in communications systems (fiber optics, etc.) related to their generation and transmission projects.
SCPPA is monitoring regulatory and legislative moves in Washington that would affect the ability of its members to lease these systems to other users of the Information Super Highway.
Electric and Magnetic Fields (EMF's).
Continuing uncertainty over the human health
~
~
0o effects of EMF's has prompted the U.S. Department of Energy (DOE) and the National Institute of Environmental Health Sciences to begin organizing a five-year, $65 million research and information project.
SCPPA and its members, along with other public power agencies, are considering underwriting a portion of the study under an agreement with the DOE.
y. q Tax Exe>>t-pt Fi>>aaci>>g Con.gress and the White House periodically revisit, the issue of tax-exempt financing.
Rep. Bill Coyne (D-PA) has introduced a broad measure that preserves the tradition of tax-exempt financing authority for public and quasi-public projects, but it was doubtful at the close of the Congressional Labor Day holiday that any action would be taken this year.
The California Public Utilities Commission in April 1990 presented a controversial plan for deregulating the public utilities industry in the state, which has a number of ramifications in the federal arena.
SCPPA's Washington representative is in close contact with relevant federal agencies and legislative offices with interests in the CPUC proposal. This issue is discussed in some detail elsewhere in this Report.
Percentage of SCPPA Member Partkipatlon within SCPPA's Interest In the Mead-AdeLrnto Project Aestreat Semess tttststtau psssrrhs Psvoesoe nhyr tres)
n OPERATIONS down for refueling and maintenance.
Tests conducted during the shutdown showed significant degradation of the steam generator tubes.
While the cause of tube degradation and corrective measures were being investi-gated, operating temperatures of all PVNGS units were reduced by voluntarily operating the units with a load 1993-9W PRODUcitoN Gcneraiiotl Unit I 5.9 Unit 2 5.4 Unit 3
Total 17.7
'in millions ojmcgawan.hours For the most part, SCPPA-financed projects performed at or near design parameters during fiscal year 1993-90, and the operational and financial perfor-mance of SCPPA member agencies were also within the normal range, despite a major earthquake in Southern California in January 1990.
Portions of the Los Angeles Department ofWater and Power's service area (in which the quake's epicenter hvas located) suffered major service interruption, but damage to Department Power System facilities is estimated at $ 127 million, a significant portion ofwhich it expects to recover from the Federal Emergency Management Agency.
Hoover Uprating Project With uprating of all 17 generating units completed, the nameplate capacity of Hoover Dam is 1,951 megawatts, an increase ofsome 500 MW (35 percent) over pre-uprating capacity. Work is now proceeding on relat-ed improvements such as computer control systems, auxiliary control boards and consolidation of Hoover and Mead switchyards, and is scheduled to be completed sometime in 1996.
Cost of the project when complete willbe around $ 170 million, or around
$300 per kilowatt, which compares with a current industry-wide cost for new peaking capacity of approximately $075 per kilowatt. Six SCPPA member cities (Anaheim, Azusa, Banning, Burbank, Colton and Riverside) are participants in the uprating project through SCPPA.
Glendale, Pasadena and Vernon partici-pate independently.
Palo Verde Nuclear Generating Station Unit 2 of PVNGS suffered a tube rupture in one of its two steam generators in March 1993, a few days prior to a scheduled shut-Customers scncd.......,..
Power Gcncraicd and Purchased (in htcgawcut 1iours)
5cifgenerated..
Purchased,,.......,,
Tora!,...,...,...,
Transmission (in miles).....,
Total Rn cnucs (01XYs)...,...
Opcrcuing Costs (0txrs)...,..
57,684 265~6 963,856 1~,142
5 102,045
97,125 BILLD. CARNAitAN City of Riverside Founded in 1895, Riverside's municipal power depart-ment was one of thc lirst such sys-tems in California before the turn of the century. Until 1924, the city generated all its own power, but since then it has bought and distrib-uted power from other suppliers in addition to selfgenerated power. In 1993, the city purchased approxi-mately 83 percent of its power needs.
Customers scncd.....,..,
Power Gcncraicd and Purchased (in hfcgawaii 1ionrs)
5clf-generated..........
Purchased,...........
Transmission (in miles)
Total Rnvnucs (00trs)...,..
Operating Costs (00ers)
~.
~
269,401 1/48,485 1,61 7,889 1P89
161/80
135,810 Hc RvC.Lee City of Pasadena Established in 1906, the city built its first electric generating stcam plant in 1907 and took over operation ofits municipal street lighting from Edison Electric.
In 1909, Pasadena began the exten-sion ofits operations to commercial and residential customers that resulted in the replacement of all Edison electric service in the city by 1920. In 1993, Pasadena purchased approximately three-fourths of its power need limitof 86 percent.
The Nuclear Regulatory Commission and the other co-owners concurred with this load limit. After implementing corrective measures, all units were returned to full power opera-tion in August 1994.
Despite the shutdown and reduced operations level, PVNGS generated nearly 18 million megawatt-hours of power in fiscal year 1993-94, and operated at an average of 55 percent of capa-city. The station's design output is 23 4 millionMWh per year at 73 percent annual capacity factor.
For calendar 1994, the goal is to achieve a 71 percent annual capacity factor.
Ten SCPPA members (the City of Anaheim excepted) share a 5.91 percent interest in the three units of PVNGS, which entitles them to 225 megawatts of power, based on the net design electrical rating of 1,270 megawatts for each of the three units.
SCPPA had $ 1.2 billionof Palo Verde debt out-standing as ofJune 30, 1994, on which the average interest rate during fiscal year 1993-94 was 6.0 percent.
Mead-Phoenix/Mead-Adelanto Transmission Projects The two major 500-kV alternating current transmis-sion lines known as Mead-Phoenix and Mead-Adelanto willposition SCPPA and its members more favorably for the deregulated world most authorities agree lies ahead for America's electric utility industry. These two projects willprovide participants with access to additional power supplies and new markets for their own power across a wide expanse of the western United States.
The 202-mile Mead-Phoenix transmission system connects Phoenix, Arizona and Boulder City, Nevada, while the 256-mile Mead-Adelanto line runs between Boulder City and Adelanto, California.
Construction on the Mead-Adelanto Project began during October 1993 and was moving forward on schedule at the end of fiscal year 1993-94. Construction Percentage of SCPPA Member Partklpatton within SCPPA's interest In the M can'hoenh Project tee &en@
raorrrr
@mam Pecos Awarr err Qoorr
@AC Camr trrruo4 on the Mead-Phoenix Project began in the fourth quarter of calen-dar 1993 and was also on schedule at the close of the fiscal year.
Completion ofboth projects is expected by the end of 1995.
Nine cities acting through SCPPA (all members except Vernon and the Imperial Irrigation District), as well as the Salt River Project, M-S-R Public Power Agency, Arizona Public Service, the City of Vernon (acting independently)
and the Western Area Power Administration, a federal agency, are participants in one or both of the project Construction on the Mead-Phoenix/Mead.Adelanto transmission lines continued during fiscal year 1993.94.
Both 500-kv projects are to be completed by year end 1995.
Adelanto-Lugo Transmission Project Feasibility studies continued last year among cer-tain members of SCPPA on possible construction of a 500-kV AC transmission line to run approximately 15 miles between the existing Adelanto Switching Station owned by the LADWP and the existing Lugo Substation owned by Southern California Edison. The project, ifundertaken, is estimated to be com-pleted in early 1998, with SCPPA's financing to come from proceeds of the 1989 Multiple Project Revenue Bonds.
KENNSTtiJ. De DAtuo City of vernon Vernon's Light and Power Department began serving industrial customers in 1933, with completion of iis diesel generating plant. In addition io iis own power from diesel units, plus recently installed gas turbines, Vernon now receives power from the Palo Verde Nuclear Generating facility, Hoover Dam, SDGQE, SRP, BPA and Edison, as well as inierrupiible energy I'rom other utilities and gov-cmmcni agencies.
Custon>>crs scrvcd...,......,
2,06f Po>>>>tcr Ccncraml and Purchased (in hftga>>ran I fours)
Self gcncratcd.........
17,%2 Purchased...,....,..
1,055,8fo Total,....,....,.. <1,073,782 Transmission (in mlles)...,..
12.4 Total Rcrcnucs (0¹)...,...
58508 Operating Costs (0¹)
53 751 Southern Transmission System The ~500-kV DC transmission line and its associated converter stations known as the Southern Transmission System (STS) operated in near-flawless fashion in fiscal year 1993-9%,
transmitting 14 million megawatt-hours of power over its 488-mile length, compared with 13.7 mil-lion MWHin fiscal year 1992-93. This represent-ed an increase of 2.2 percent in its load factor. In addition, the line increased its capacity usage by 2.3 percent, from 8%.24 percent in 1992-93 to 86.2 percent last year. The system was 99.52 per-cent available during the period.
Percentage of SCPPA Member Parudpsuon within SCPPA's Inicrcsi In ihe Southern Tran smisshn System Project
>>7%
to>>bus>>ts t>>t>>sure C>>uc>>>>>>s S>>sssm ps>>>>uw
S/
a}
~weCf tSStv<~
41.8 percent of Unit 3 ofthe San Juan Generating Station was acquired by five SCPPA members inJuly 1993. San Juan Unit 3 operat-ed at 783 percent of capacfiy during the past fiscal year, a substantial improvement over the previous two years.
The STS, which connects the Intermountain Generating Station in Utah to the Adelanto Converter Station in southern California, was financed by SCPPA on behalf of six of its members, the Cities of Anaheim, Burbanl<, Glendale, Los Angeles, Pasadena and Riverside.
As ofJunc 30, 1994, SCPPA had $ 1.6 billionofSTS debt outstanding, at an average interest rate of 6.6 percent.
San Juan Generating Station Unit 3 of the San Juan Generating Station in the Four Corners area of New Mexico, 41.8 percent ofwhich was acquired by SCPPA on July 1, 1993 on behalf of five mem-bers, produced more than 3.7 million megawatt hours of power in fiscal year 1993-94 and operated at 78.3 percent of capacity, with 90.5 percent equivalent availability. All these factors were substan-tial improvements on operating levels for the previous two years.
SCPPA's share of the power production was 1.7 million megawatt hours, with a capacity factor of 83.3 percent (vs. 74.8 per-cent for other Unit participants).
SCPPA tool< 91.5 percent of available megawatt hours.
The higher capacity utilization con-tributed substantially to operating efficiencies, including lowering fuel costs.
Percentage of SCPPA Member Partktpatlon Ntithln SCPPA's Interest In the San joan Project Iwkc os'rt~
t asarw Dsrea ALA 1k'%%
REPORT OF INDEPENDENT ACCOUNTANTS September 2, 1990 To the Board of Directors of the Southern California Public Power Authority In our opinion, the accompanying combined balance sheet and the related combined statements of opera-tions and of cash flows present fairly, in all material respects, the financia position of the Southern California Public Power Authority (Authority) at June 30, 1990 and 1993, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.
These financial statements are the responsibility of the Authority's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes exam-ining, on a test basis, evidence supporting the amounts and disclosures in the linancial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall finan-cial statement presentation.
We believe that our audits provide a reasonable basis for the opinion expressed above.
In our opinion, the accompanying separate balance sheets and the related separate statements of cash flows of the Authority's Palo Verde Project, Southern Transmission System Project, Hoover Uprating Project, Mead-Phoenix Project, Mead-Adelanto Project, Multiple Project Fund and San Juan Project and the separate state-ments of operations of the Authority's Palo Verde Project, Southern Transmission System Project, Hoover Uprating Project and San Juan'Project present fairly,in all material respects, the financial position ofeach of the Projects at June 30, 1990, and their cash flows, and the results of operations of the Authority's Palo Verde Project, Southern Transmission System Project, Hoover Uprating Project and San Juan Project for the year then ended in conformity with generally accepted accounting principles. These financial statements are the respon-sibilityof the Authority's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted audit-ing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material. misstatement.
An audit includes examining, on a test basis, evi-dence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presenta-tion. We believe that our audits provide a reasonable basis for the opinion expressed above.
Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental financial information, as listed on the accompanying index, is presented for pur-poses ofadditional analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairlystated i'n all material respects in relation to the basic financial statements taken as a whole.
Price Waterhouse LLP Los Angeles, CaliEornia
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY COMBINED BALANCE SHEET Cfn thousands)
Junc30, f994.
Palo tbdc Pmjcct Sou(hem Transrnh sion Hoover System Uprcuing Project Pnj7cct hfcad.
Phoenix Pmjcct hfcad-Adcfanto Project hfui(iplc Pmjcct Fund San Junc 30, Juan 1993 Pnj7cct Total Total
'tilityplant.
Production Transmission
.
General
$
609,308 14,146
$
675/01, 2,633 18,893
$
183,309
$
792,617
$
606,?28 689,447 688,918 7,681 29,207 21,280 Less - Accumulated depreciation 626,087 188,019 694,194 154,656 190,990 1,511,271, IP I6,926 12,207 354,882 294,048 Construction work in progress Nuclear fuel, at amortized cost
.
Net utilityplant Special funds:
Decommissioning fund Investments Advance to Intennountain Power Agency, Advances for capacity and energy, net Interest receivable Cash and cash equivalents Escrow account-Crossover Series 438,068 8,612 15,456 539/38 897 462,136 540,435 23,206 115,609 If50 62708 135314
$
5,616 19,550 13318 2,122
48,553 5,451 351.017
$
16,831
$
75,518 178,783 1,156,389 627 102,485 35,456 1,022,878 39,595 13,876 16.831 75318 179,410 1,274,330 1,076f49 51,178 1,115/79 19,550 14,319 25,864 73,863 365,757 23,206 56,164 155,892
$
250,819 26,868 746,282 19,550 13/18 2332 6,1+I 9,218
21,256
8,639 125/56 351,017 202,873 556,556 24,465 58,501 162,036 260,037 35,517 1,299,985 1,665,910 Accounts receivable Materials and supplies Costs recoverable from future billings to panicipants Prepaid construction costs Unamortized debt expenses, less accumulated amohiaatlon of $ 104+42 and $87,907 I,CH3 10,347 184,859 168,594 6,661
2,589 6,650 222,062 181,473 3,730 10,917 31,059 1,222 5,019 12,169 6,706 15/66 372,283 9,239 21767 10,060 273,924 3,834 453,075 421,381
$ 1,083320
$ 1,451,467
$
-
34,856
$
88,865 S
275,268
$
260,037 S
237,171
$ 3,430,984
$ 3,450/91 UABILITIES Long-term debt Subordinate Refunding Crossover Series Arbitrage rebate payable
.
Deferred costs Current liabilities:
Long-term debt due within oneyear
.
Accrued interest Accounts payable and accrued expenses 22,425 31,4CH 13,529 13,615 28,606 2,526 860 36,900 31,020 518 2,505
'7>603 8,256 5,994 84,886 80,494 663 37 '1 3/06 20,092 13,9P I
$ 1,015962
$ 1053 403
$,32..815
$
86,119
267126
$
,241.427
$
227871
$ 2924,723
$ 2937,687 353,317 353,317 368312 2CH 508 3.855
'4.567 8.903 6499 6,499 67,358 44,?47 2,CHI 2,542 7.634 8,256 9$00 141,878 125,495 Advances from participants....
Commitments and contingencies, 10,000
$ 1,083,320
$ 1,451,467
$
34,856
$
88,865
$
275,268
$
260,037
$
237,171
$ 3,430,9IH
$ 3,450391 The accompanying notes are an integral part of these linanciai statement SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY COMBINED STATEMENT OF OPERATIONS (In thousands)
P(do Vcrdc Project Year Ended Junc 30, l99I Southcm 7ransrnisston Hoover Systc)n Vprating San Juan Project P)ojcct Project Year Ended Junc 30, Total f993 Operating revenues:
Sales ofelectric energy Sales of transmission services Billingcredit (Note 3)
Total operating revenues
$ 120,388 (45.174)
$ 87,756
$
2,469
$ 49,000 49,000 75.216 87.756 2.569
$ 171,857 87,756 (45,174)
214,439
$ 127,836
, 88.245 216,081 Opcmting expenses:
Nuclear fuel Other operations
.
Maintenance Depreciation Decommissioning Reimbursement of capacity and energy charges Total operating expenses Operating income (loss)
'
~
~
5,510 27,094 9f27 19/11 13,401 74,643 571 11,243 3,586 19,691 34,520 53,236 2,650 381 37,564 9,095 3,112 5,510 41,368 50,477 48,097 16,513 2,650 50,152 161,965 (181)
(1,152)
52,474 7,788 41,740 10,683 38,621 12,560
111,475 1tH,606 Investment income Income before debt expense 12,182 12,753 10,965 64,201 500 319 1,621 469 25,268 7'7,742 22,207 126,813 Debt expense 79,197 81,&12 2,625 12,(38 176,101 166,725 Costs recoverable from future billings to participants ($ 66,655)
($ 17.&11)
($
2.105)
($ 12,169)
($ 98,359)
($ 39.911)
The accompanying notes are an tntcgsal pan of these Rnandal statement SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY COMBINED STATEMENT OF CASH FLOWS (In thousands)
Yrar Ended Junc 30, 1994 Saut l(c7n Palo Transmission Iloo3er hfmd-hicad-hiultiplc
'l'crdc Systc7n Uprating Phornix Adclanto Pmjcct Pmjcrt
'mjcd Project Pmjcct Pmjcrt Fund San Juan Pmjre(
Total year Ended June 30.
1993 Total Cash Aows from operating activities:
Costs recoverable from future billings to participants Adjustments to arrive at net cash provided by (used for) operating activities-Depreciation Decommissioning Amortization ofnuclear fuel Amortization ol'ebt costs Changes in assets and liabilities:
Decommissioning fund Interest receivable.
Accounts receivable Materials and supplies
.
Other assets Accrued interest
.
Accounts payable and accrued expenses Net cash provided by (used for)
operating activities Cash llows from investing activities:
Interest received on investments Payments of Interest on long.term debt Payments for construction of facility Purchase of electric plant.
Purchases of investments
.
Proceeds from sale of investments Advances for capacity and energy, net Reimbursement from WAPA Reimbursement from project manager I)Iet cash provided by (used for)
investing activities Cash Iiows from capital and related financing activities:
Proceeds from sale of bonds Payment for defeasance of revenue bonds Repayment of principal on long. term debt
.
Payment forbond issue costs
.
Transfer of funds from Muldple Project Transfer of funds to Mead. Phoenix
'ih(nsfer of funds to Mead-Adelanto Repayment ofadvances I'rom pattidpants Advances from participants Amount deposited in escrow accounts related to crossover bonds 19+11 13,401 5+10 16'9,691 11,474 292 27,972 382 842 (287)
(288)
2,99ji 549 (3,541)
(427)
(1,325)
(24)
3,670 (105)
622 23,448 8,675 (1,111)
(11,856)
339
$
6,655
$
17,840
$
18/35 (6,605)
(18,164)
(16+12)
(12,524)
(56,971)
(1,823)
- (171,311)
206,789 (98,844)
129,049 (6,665)
(20,733)
7,349 18,942 77,934 1,001 187
23,622 30.5+I 8350 (10)
(34)
142,012 (148,240)
(19,825)
(10,290)
(1,144)
(2,282)
(905)
76,721 215,628 (76,115)
(213,593)
(596)
(2,001)
($
66,444) (S 17)641)
($
2,105)
9,095 3,112 616 48,097 16,513 5.510 28,771 38,621 12,560 7,788 24,918 00)
(1,222)
(5,019)
039)
5,028 27,972 1,020 (3,921)
(5,306)
(849)
6,669 (3,138)
1,130 2,948
(6,673)
1,993 6.180 (910)
1,285 32.297 37,526 (627)
(190,357)
(33,817)
232,331 42,830 (41,281)
(83,462)
(190/57)
(331,370)
672/94 1,001 247 44,195 (41,279)
(39,519)
(841,841)
614,435
14,(H8 7,530 70,002 (249,920)
434/61 (440,230)
(31,020)
(176)
(3.917)
(10,000)
(10,000)
961,803 (362,069)
(29,840)
(14,124)
365,148 (267,775)
(97/73)
(14,249)
10,000 365 757 ($
12,169) ($ 98/59)
($ 39,911)
14et cash (used for) provided by capital and related linancing activities 14et increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of)mr.
'ash and cash equivalents at end ofyear 27,245 35,463 21,557 26,996
$
62,708
$
48553
"
4,052 1+99
$
5,451 (19 825)
(17,662)
(3,187)
5
$
$
(10.176)
(50 006)
185.761 (1,361)
51 493 (26,630)
100,493
73.863 10,000 73,863
$
$
8,639
$ 125/56 Supplemental disclosure ofcash flowinformation:
Cash paid during the. year lor interest (net of amount capitalized)... '.,
S 59.818
$
70.994
$
2.155
$
$
$
6,027
$ 138,995
$ 166.155 The accompanying notes are an integral part of these iinandal stateinent SOUTHERN CALIFORNIA PUBLIC POPOVER AUTHORITY NOTES TO FINANCIALSTATEhIENTS NOTE 1 Organization and Puqese:
Southern California Public Power Authority (Authority), a public entity organized under the laws of the State of California, was formed by aJoint Powers Agreement dated as ofNovember I, 1980 pursuant to the Joint Excise of Powers Act of the State of California. The Authority's participant membership consists of ten Southern California cities and one public district of the State of California. The Authoritywas formed for the purpose ofplanning, financing, developing, acquiring, constructing, operating and maintaining projects for the generation and tmnsmission ofelectric energy forsale to its participants. The Joint Powers Agreement has a term of liftyyears.
The members have the following participation percentages in the Authority's interest in the projects at June 30,'1994 and 1993:
Panid pants Cityof Los Angeles City of Anaheim City ofRiverside Imperial Irrigation District City of Vernon City ofAausa City of Banning Cityof Colton Cityof Burhank City of Glendale City oi'asadena Southern Pdo Transmission Ilooser htad a Verde System Uprating Phoenttt 67.0%
59.5%
24.8%
17.6 42.6%
24.2 5 4 10.2 31.9 4.0 6.5 4.9 1.0 4.2 1.0 1.0 2.1 1.0 1.0 3.2 1.0 4.4
16.0 15 4 4.4 2.3 14.8 4.4 5.9 13.8 bread-San Adetanto Juan 35.7%
13.5 13.5 51.0%
2.2 14.7 ID 9.8 2.6 14.7 11.5 11.1 9.8 8.6 TOTAL I00.0%
100.0%
100,0%
100.0%
100.0%
100.0%
- Mead.phoenht paNctpatton reilects three ownership components.
The members do not currently participate in the Multiple Project Fund.
Souiheni Transmission System Project The Authority, pursuant to an agreement dated as of May 1, 1983 with the Intermountain Power Agency (IPA), has made payments-in-aid ofconstruction to IPA to defray all the costs of acquisition and construction of the Palo Verde Project The Authority, pursuant to an assignment agreement dated as ofAugust 14, 1981 with the Salt River Project (Salt River), purchased a 5.91% interest in the Palo Verde Nuclear Generating Station (PVNGS), a 3,810 megawatt nuclear-fueled generating station near Phoenix, Arizona, and a 6.55% share of the right to use certain portions of the Arizona Nuclear Power Project Valley Transmission System (collectively, the Palo Verde Project).
As ofJuly 1, 1981, ten participants had entered into power sales contracts with the Authority to purchase the Authority's share of'VNGS capacity and energy.
Units 1, 2 and 3 of the Palo Verde'roject began commercial operations in January and September 1986, and January 1988, respectively.
Southern Transmission System Project (STS), which provides for the transmission of energy from the Intermountain Generating Station in Utah to Southern California. The Authorityentered into an agreement also dated as ofMay 1, 1983 with six of its partici-pants pursuant. to which each member assigned its entitlement to capacity ofSTS to the Authorityin return for the Authority's agree-ment to make payments-in-aid of construction to IPA. STS com-menced commercial operations inJuly 1986. The Department of Water and Power of the City of Los Angeles (LADWP), a member of the Authority, serves as project manager and operating agent oE the Intermountain Power Project (IPP).
Hoover Uprating Project The Authority and six participants entered into an agreement dated as of March 1, 1986, pursuant to which each participant assigned its entitlement to capacity and associated firm energy to the Authority in return for the Authority's agreement to make advance payments to the United States Bureau oE Reclamation (USBR) on behalE of such partici-pants.
Construction is scheduled for completion by the end of 1996. The Authority willhave an 18.68% interest in the contin-gent capacity of the Hoover Uprating Project (HU). Allseventeen
"uprated" generators of the Hoover Uprating Project have com-menced commercial operations.
Mead-Phoenix Project The Authority entered into an agreement dated as of December 17, 1991 to acquire an interest in the Mead-Phoenix Project (MP), a transmission line extending between the Westwing substation in Arizona and the Marketplace substation in Nevada.
The agreement provided the Authority with an 18.31%
interest in the Westwing-Mead project component, a 17.76% inter-est in the Mead Substation project component and a 22 41% inter-est in the Mead-Marketplace project component.
The Authority, has entered into transmission service contracts for the entire capa-bilityof its interest with nine members of the Authority on a "take or pay" basis.
The Authoritywillhave two separate and indepen-dent ownership interests in this project: one interest for the Authority's members participating in the project, and one interest for Western Area Power Administration (WAPA);WAPA willpro-vide the funding for the WAPA interest. Construction commenced in November 1993 with an estimated commercial operations com-mencement date.oE December 1995.
The Authority's share, excluding WAPA's interest, ofthe construction costs is estimated to be $533 million. Funding was provided by a transfer of funds from the MultipleProject Fund.
Mead-Adelanto Project The Authority entered into an agreement dated as oE December 17, 1991 to acquire a 67.92% interest in the.
Mead-Adelanto Project (MA), a transmission line extending between the Adelanto substation in Southern California and the Marketplace substation in Nevada. The Authorityhas entered into transmission service contracts for the entire capability of its inter;
cst with nine members of the Authority on a "take or pay" basis.
The Authority willhave two separate and independent ownership interests in this project: one interest for the Authority's members participating in the project, and one interest forWAPA; WAPAwill provide the funding for the WAPA interest. The Authority's share, excluding WAPA's interest, of the construction costs is expected to be $ 169.6 million. Funding was provided by a transfer'f funds from the Multiple Project F'und. Construction of the Marketplace substation began in October 1993 and the modi{ications to the Adelanto substation began in December 1993. The estimated com-mercial operations date is December 1995. The LADWPserves as both construction and operations manager.
Multiple Project Fund During fiscal year 1990, the Authority issued MultipleProject Revenue Bonds for net proceeds ofapprox-imately $600 million to provide funds to finance costs of con-struction and acquisition of ownership interests or capacity rights in one or more projects for the generation or transmission of elec-tric energy which were expected to be undertaken within the next five years.
In August 1992, the Authority's Board of Directors approved a resolution authorizing the use of certain proceeds of Multiple Project Revenue Bonds to finance the Authority's ownership inter-ests in the Mead-Phoenix and Mead-Adelanto projects.
Transfers made from the Multiple Project Fund are suflicient to provide for the Authority's share of the estimated costs ofacquisition and con-struction of the two projects, including reimbursement of plan-ning, development and other related costs.
San Juan ProjectEffectiveJuly 1, 1993, the Authority purchased from Century Power Corporation a 41.80% interest in the 988 megawatt Unit3 and common facilities ofthe San Juan Generating Station (SJGS), a four-unit coal-fired power generating station in New Mexico, for approximately $193 million. The Authority allo-cated the purchase price to the estimated fair value of the utility plant ($ 190 million) and to materials and supplies ($3 million).
The purchase has been financed through the issuance of approxi-mately $237 million (par value) of San Juan Project Revenue Bonds.
The Authority has entered into power sales contracts for the entire capability of its interest with five members of the Authority on a "take or pay" basis.
NOTE 2 Suminary of Significant Accounting Policies:
The financial statements of the Authority are presented in confor-mity with generally accepted accounting principles, and substan-tially in conformity with accounting principles prescribed by the Federal Energy Regulatory Commission and the California Public Utilities Commission.
The Authority is not subject to regulations ofsuch commissions.
The financial statements represent the Authority's share in each jointly-owned project. The Authority's share of direct expenses of jointly-owned projects are included in the corresponding operating expense of the statement of operations.
Each owner of the jointly-owned projects is required to provide their own financing.
UtilityPlant The Authority's share ofall expenditures, including general administrative and other overhead expenses, payments-in-aid of construction, interest net of related investment income, deferred cost amortization and the fair value of test power generat-ed and delivered to the participants are capitalized as utilityplant construction work in progress until a facilitycommences commer-cial operation.
The Authority's share ofcosts associated with PVNGS is includ-ed as utility plant.
Depreciation expense is computed using thc straight-line method based on the estimated service life of thirty-fiveyears. Nuclear fuel is amortized and charged to expense on the basis of actual thermal energy produced relative to total thermal energy expected to be produced over the lifeofthe fuel. Under the provisions of the Nuclear Waste Policy Act of 1982, the Authority is charged one millper kilowatt-hour on its share ofelectricity pro-duced by PVNGS, such funds willeventually be utilized to provide for PVNGS'uclear waste disposal.
The Authority records this charge as a cunent year expense.
The Authority's share of costs associated with STS and SJGS are included as utilityplant. Depreciation expense is computed using the straight-line method based on the estimated service lives, prin-cipally thirty-fiveyears for STS and twenty-one years for SJGS.
Interest costs incurred in 1994 by the MA and MP projects of
$ 18,160,000 and $6,605,000, respectively, are capitalized as con-struction work in progress as both projects are in the construction stage.
Advances for Capacity and Eneigy Advance payments to USBR for the uprating ofthe 17 generators at the Hoover Power Plant are included in advances for capacity and energy. These advances are being reduced by the WAPAbillings to participants for energy and
'apacity.
During fiscal 1993, WAPA reimbursed
$83,000 of the advances to the participants in addition to the energy and capaci-ty provided.
Nuclear Dccominissioning Decommissioning of PVNGS is pro-jected to commence subsequent to the year 2022.
Based upon an updated study perforined by an independent engineering firm, the Authority's share of the estimated decommissioning costs is $79.3 millionin 1992 dollars. The Authority is providing for its share of the estimated future decommissioning costs over the life of the nuclear power plant through annual charges to expense which amounted to $ 138 millionin 1990 and $ 12.6 millionin 1993. The decommissioning liabilityis included as a component of accumu-lated depreciation and was $62.2 million and $48.8 million at June 30, 1990 and 1993, respectively.
A Decommissioning Fund has been established and partially funded at $23 millionat June 30, 1990.
Dnnolition and Site Reclamation Demolition and site reclamation ofSJGS, which involves restoring the site to a "green" condition which existed prior to SJGS construction, is projected to com-mence subsequent to the year 2014.
Based upon a study per-fortned by an independent engineering finn, the Authority's share of the estimated demolition costs is $ 18.7 millionin 1992 dollar The Authority is providing for its share of the estimated future demolition costs over the life of the power plant through annual charges to expense of $3.1 million.
The dcinolition liability is included as a component of accumulated depreciation.
As ofJunc 30, 1994, a demolition fund has not been established by the Authority.
NOTE 3 Special Funds:
The Bond Indentures for the six projects and the Multiple Project Fund require the following special funds to be established to account for the Authority's receipts and disbursements.
The mont eys and investments held in these funds are restricted in use to the purposes stipulated in the Bond Indentures.
A summary of these funds follows:
Unamortized Debt Expenses Unamortized debt issue costs, including the loss on refundings, are amortized over the tertns of the respective issues and are rcportcd nct of accumulated amorti-zation.
Total deferred loss on refundings, net of accumulated amortization, was
$449,680,000 and
$380,770,000 at June 30, 1990 and 1993, respectively.
investments Investments include United States Government and governmental agency securities and repurchase agreements which are collateralized by such securities.
Additionally, the Mead-Adelanto Project, the. Mead-Phoenix Project and the Multiple Project Fund's investments are comprised of an investment agree-ment with a financial institution earning a guaranteed rate of return. The Southern Transmission System Project has debt service reserve funds associated with the 1991 and 1992 Subordinate Refunding Series Bonds invested with a financial institution under a specilic investment agreement allowed under the Bond Indenture earning a guaranteed rate ofreturn. Investments are stated at amor-tized cost, which in general is not in excess ofmarket. As discussed in Note 3, all of the investments are restricted as to their use.
Cash and Cash Eqtiivalcnts Cash and cash equivalents include cash and all investments with original maturitics less than 90 days.
Included in cash and cash equivalents at June 30, 1993 is
$10,000,000 of cash in escrow deposited by participants in con-nection with the purchase of the San Juan Project.
Revenues Revenues consist of billings to participants for the sales of electric energy and of transmission service in accordance with the participation agreements.
Generally, revenues are fixed at a level to recover all operating and debt service costs over the com-mercial life of the plant (see Note 6).
Debt Expense Debt expense includes interest on debtand the amortization ofbond discounts, debt issue and refunding costs.
Arbitrage Rebate A rebate payable to the Internal Revenue Service (IRS) results from the investment of the proceeds from the Multiple Project Revenue Bond offering in a taxable financial instrument that yields a higher rate ofinterest income than the cost ofthe associated funds. The excess of interest income over costs is payable to the IRS within five years of the date of the bond olfer-ing and each consecutive five years thereafter. The first rebate pay-ment to the IRS is due in fiscal year 1995.
Fund Construction Debt Service Revenue Operating Reserve and Contingency General Reserve Advance Payments Proceeds Account Earnings Account Revolving Fund Decommissioning Fund Issue Fund Cost ofIssuance Fund Escrow account-Subordinate Refunding Crossover Series Acquisition Account Purpose To disburse funds for the acquisition and construction of the Project To pay interest and principal related to the Revenue Bonds To initiallyreceive all revenues and disburse them to other funds To pay operating expenses To pay capital improvements and make up deficiencies in other lands To make up any deficiencies in other funds To disburse funds for the cost ofacquisition of capacity To initiallyreceive the proceeds of the sale of the Multip!e Project Revenue Bonds To receive investmcnt earnings on the Multiple Project Revenue Bonds To pay the Authority's operating expenses To accumulate estimated future decommission-ing costs ofPVNGS To initiallyreceive pledged revenues associated with the applicable subordinated refunding series'ndenture ofTrust and pay the related interest and principal To pay a portion of the costs ofissuance of the 1993 Special Obligation Crossover Series Bonds To initiallyreceive pledged revenues associated with the components 2 and 3 of the 1993 Subordinate Refunding Crossover Series'ndenture ofTrust and pay the related interest and principal To disburse funds for the acquisition and con-struction of the Mead-Phoenix, Mead-Adelanto and San Juan projects Reclassificat tons Certain reclassifications have been made in the fiscal year 1993 financial statements to conform to the fiscal year 199% presentation.
Allof the funds listed above, except for the Revolving Fund, are held by the respective trustee Currying EsttSnatcd Canying Value Fair value Value Estinutcd Fatr %blue Palo Verde Project Southern Transmission System Project
)Ioovee Uptating Project Mead-Phoenbc Project Mead-Adeianto Proj ect Multiple Project Fund San Juan Project
$
202,873
$
200,495
$
239,460
$
244574 556,556 24,465 58,501 162,036 260,037 35517 563,230 24,422 58,377 161,516 260,037 35,517 565,753 28,862 91,443 246,862 258,148 235382 567,116 29,038 91,443 246,862 258,148 235382
$ 1.299.985
$ 1303,594
$ 1,665.910
$
1,672,563 Special funds, in thousands, were as follows:
Junc 30.
199t Hoover Upralittg Project The special I'unds required by the Bond Indenture contain balances, in thousands, as follows:
Junc 30, 1994 1993 Advance Payments Fund Operating-Working Capital Fund Debt Service Fund-Debt Service Account Debt Service Reserve Account General Reserve Fund Revolving Fund
$
2,906
$
9,502 576 573 13801 1/63 3,087 3,097 3,190
8
$
11.167
H,563 In addition, at June 30, 1994 and 1993, the Authority had advances to VSBR of $ 13,318,000 and $ 10,319,000, tespectively.
Palo Verde Project The special funds required by tile Bond Indenture contain balances, in thousands, as follows:
June 30, 1994 1993 Construction Fund-Initial Fadlities Account Debt Service Fund-Debt Service Account Debt Service Reserve Account Cost ofIssuance Fund Revenue Fund Operating Fund Reserve and Contingency Fund Decommissioning Trust Fund Issue Fund Revolving Fund
$
13/33
$
52,142 48,102 81,007 80,888
2 25,543 27,522 8,428 7,041 23,206 51,178 12,494 II3H
53
$
202 873
.239 660 During fiscal 1994, the Authority used $45.1 millionof excess funds from the decommissioning and construction Iunds to pay current year debt service, thus reducing current year billings to participants. This amount was charged to operating rcvenucs as a billing credit in recognition of reduced debt service on the Palo Verde Project.
Mead-Phoenix Pmjcct The special funds required by the Bond Indenture contain balances, in thousands, as follows:
Junc 30, t99t 1993 Acquisition Account Debt Service Fund Debt Service Account Debt Service Reserve Account Issue Fund Revolving Fund
$
38,897
$
60,930 6,268 6,168 7,163
21,216 9,292
58.501
91 653 Acquisition Account Debt Service Fund Debt Service Account Debt Service Reserve Account Issue Fund
$
103,805
$
162,968 16,989 58'2 17,211 25552 24.031
$
162036
266852 Multiple Project Funtl The special funds required by the Bond Indenture contain balances, in thousands, as follows:
June 30, I99t 1993 Mead-Adelanto Project The special funds requited by the Bond Indenture contain balances, in thousands, as follows:
Junc 30, 1994 1993 Southern Transmission System Project The special funds required by the Bond Indentu're contain balances, in thousands, as follows:
unc 30.
1993 MultipleProject Fund Proceeds Account Earnings Account
$
256JI31
$
256,831 3.206 13 17
$
260.037
$
258.168 Construction Fund-Initial Facilities Aauunt h
Debt Service Fund-Debt Service Account Debt Service Reserve Account Operating Fund General Reserve Fund Issue Fund Escrow Account Subordinate Refunding Crossover Series Revolving Fund 22,H8 75,670 6/53 6,815 74,790 351,017
76 37,913 89,879 7/51 IOP35 34,882 365,757
Operating Reserve Opemting Revenue Fund Acquishion Account Debt Service Fund Debt Service Account Debt Service Reserve Account Reserve and Contingency
$
557
$
4,000 1,838
194,890 6,008 18,025 9.060 966 18,026 7.500 San junn Pmjcct The special funds. required by the Bond Indenture contain balances, in thousands, as follows:
Junc 30, 199t 1993
$
537,M6 $
566,203
$
35.517
$
225382 In addition, at June 30, 1994 and 1993, the Authority had non-interest bearing advances outstanding to IPA of $ 19,550,000.
In addition, at June 30, 1993, the Authority held in an escmw account advances from participants of $ 10,000,000 which were repaid during liscal year 199 NOTE 4 Long Tenn Debt:
Reference is made below to the Combined Schedule of Long-Tenn Debt at June 30, 1994 for details related to all of the Authority's outstanding bonds.
Palo Verde Project To finance the purchase and construction of the Authority's share ofthe Palo Verde Project, the Authorityissued Power Project Revenue Bonds pursuant to the Authority's Indenture of Trust dated as ofJuly 1, 1981 (Senior Indenture), as amended and supplcmcnted.
The Authority also has issued and has outstanding Power Project Subordinated Refunding Series Bonds issued under an Indenture of Trust dated as ofJanuary 1,
1993 (Subordinated Indenture).
The Subordinated Refunding Bonds were issued to advance refund certain bonds previously issued under the Senior Indenture.
The bond indentures provide that the Revenue Bonds and Subordinated Refunding Bonds shall be special, limited obligations of the Authority payable solely from and secured solely by (I) pro-ceeds from the sale of bonds, (2) all revenues, incomes, rents and receipts attributable to the Palo Verde Project (sce Note 6) and interest on all moneys or securities (other than in the Construction Fund) held pursuant to the Bond Indenture and (3) all funds estab-lished by the Bond Indenture.
All outstanding Power Project Revenue Bonds and Subordinated Refunding Term Bonds, at the option of the Authority, are subject to redemption prior to maturity.
The Bond Indenture requires mandatory sinking fund install-ments to be made beginning in fiscal year 2003 (1986 Series A Bonds and 1987 Series A Bonds), 2005 (1989 Series A Bonds) and 2010 (1993 Series ABonds). Scheduled principal maturitics for the Palo Verde Project during the five fiscal years followingJune 30, 1994 are $22,025,000 in 1995, $23,855,000 in 1996, $25,580,000 in 1997, $27,415,000 in 1998, and $29,175,000 in 1999. The aver-age interest rate on outstanding debt during fiscal year 1999 and 1993 was 6.0% and 6 4%, respectively.
'otitheni Transmission Sysicnt Project To finance payments-in-aid of construction to IPA for construction of STS the Authority issued Transmission Project Revenue Bonds pursuant to the Authority's Indenture of Trust dated as of May 1, 1983 (Senior Indenture), as amended and supplemented.
The Authority also has issued and has outstanding Transmission Project Revenue Bonds 1991 Subordinated Ret'unding Series and 1992 Subordinated Retunding Series issued under Indenture of Trusts dated as ofMarch I, 1991 and June 1, 1992, respectively. The 1991 subordinated bonds and the 1992 subordinated bonds were issued to advance refund certain bonds previously issued under thc Senior Indenture.
The bond indentures piovide that the Revenue Bonds and the Subordinated Refunding Series Bonds shall be special, limited obligations ofthe Authority payable solely from and secured solely by (1) proceeds I'rom the sale of bonds, (2) all revenues, incomes, rents and receipts attributable to STS (sce Note 6) and intcrcst on all moneys or securities (other than in the Construction Fund) held pursuant to the Bond Indenture and (3) all funds established by the Bond Indenture.
All outstanding Transmission Project Revenue and Refunding Bonds, at the option of thc Authority, are subject to redemption prior to maturity.
Thc Bond Indenture requires mandatory sinking fund install-ments to be made beginning in fiscal year 2003 (forthe 1986 Series A Bonds), 2002 (1986 Series B Bonds) and 2007 (1988 Series A Bonds). Scheduled principal maturities for STS during the five fis-cal years following June 30, 1994 are $13,615,000 in 1995,
$ 14,325,000 in 1996, $ 12,620,000 in 1997,
$20,0%5,000 in 1998, and $23,310,000 in 1999.
The average interest rate on outstand-ing debt during fiscal year 1994 and 1993 was 6.6% and a 6.9%,
respectively.
ltoovcr Uprating eject To finance advance payments to USBR for application to the costs of the Hoover Uprating Project, the Authority issued Hydroelectric Power Project Revenue Bonds pur-suant to the Authority's Indenture of Trust dated as of March 1, 1986 (Bond Indenture).
The Bond Indenture provides that the Revenue Bonds shall be special, limited obligations of the Authority payable solely from and secured solely by (1) the proceeds from the sale of the bonds, (2) all revenues from sales of energy to participants (see Note 6),
(3) interest or other receipts derived from any moneys or securities held pursuant to the Bond Indenture and (4) all funds established by the Indenture of Trust (except for the Interim Advance Payments Account in the Advance Payments Fund).
Alloutstanding Hydroelectric Power Project Revenue Bonds, at the option of the Authority, are subject to redemption prior to maturity.
The Bond Indenture requires mandatory sinking fund install-ments to be made beginning in fiscal year 2007 for the 1981 Series A Bonds maturing on October 1, 2010 and fiscal year 2011 for the 1991 Series A bonds.
Scheduled principal maturities for the Hoover Uprating Project during the five fiscal years followingJune 30, 1990 are $860,000 in 1995, $610,000 in 1996, $1,085,000 in 1997, $1,130,000 in 1998, and $ 1,235,000 in 1999. The average interest rate on outstanding debt during fiscal year 1994 and 1993 was 5.7% and 5.2%, respectively.
During the fiscal year, the Authority repurchased
$2.9 million of outstanding Hydroelectric Power Project Revenue Bonds with excess funds in the Advance Payments Fund.
The loss on early extinguishment of debt ($577,000) is included in unamortized debt expense and is amortized over the original lifeof the bond.
The Authority estimates that the total financing requirements for its interest in the Hoover Uprating Project will approximate
$31.8 million, substantially all of which willbe expended for the acquisition of entitlement to capacity.
Multiple Pmject FundTo finance costs ofconstruction and acqui-
, sition ofownership interests or capacity rights in one or more pro-jects expected to be undertaken within the next five years, the Authority issued Multiple Project Revenue Bonds pursuant to the
Authority's Indenture of Trust dated as of August 1, 1989 (Bond Indenture), as amended and supplemented.
The Bond Indenture provides that the Revenue Bonds shall be special, limited obligations of the Authority payable solely from and secured solely by (1) proceeds from the sale ofbonds, (2) with respect to each authorized project, the revenues ofsuch authorized project, and (3) all funds established by the Bond Indenture.
In October 1992,
$285,010,000 and
$ 103,640,000 of the Multiple Project Revenue Bonds werc transferred to the Mead-Adelanto Project and the Mead-Phoenix Project, respectively, to finance the estimated costs of acquisition and construction of t(ie projects.
A total of $ 153,500,000 of the outstanding Multiple Project Revenue Bonds are not subject to redemption prior to maturity.
The balance of the outstanding bonds, at the option of the Authority, are subject to redemption prior to maturity.
The Bond Indenture requires mandatory sinking fund install-ments to be made beginning in fiscal year 2006 for the 1989 Series Bonds.
The first scheduled principal maturity for the Multiple Project Revenue Bonds is $ 13,500,000 in 1999. The average inter-est rate on outstanding debt during fiscal year 1994 and 1993 was 6.9%.
The Bond Indenture required that, at the time ofissuance of the Bonds, sufiicient funds were available to pay costs related to issuance of the bonds, and that such funds come from a source other than proceeds of the bonds.
The LADWP advanced
$7,219,000 to the Authority for the payment of the costs.
The advance plus 7.09% interest was repaid in fiscal year 1993 to the LADWP after the first transfer of bond proceeds by the Authority from the Multiple Project Fund to the Mead-Adelanto Project and the Mead-Phoenix Project.
Mead-Phoenix Project Prior to fiscal year 1989, the Authority borrowed $ 14,148,000 to finance the feasibility study and devel-opment costs of the Mead-Phoenix Project.
During fiscal year 1989, the participants advanced monies to the Authority to retire the note. During the fiscal year 1993, Salt River, pmject manager of the Mead-Phoenix Project, reimbursed the participants for their advances to the Authority.
To finance the Authority's ownership interest in the estimated cost of the project, $103,640,000 of the Multiple Project Revenue Bonds were transferred to the Mead-Phoenix Project in October 1992.
In March 1994, the Authority issued and has outstanding
$51,835,000 ofMead-Phoenix Revenue Bonds under an Indenture of Trust dated as ofJanuary 1, 1994 (Bond Indenture).
The pro-ceeds from the Revenue Bonds, together with drawdowns from the Debt Service Fund and Pmject Acquisition Fund, were used to advance refund
$64,840,000 of the Multiple Project Revenue Bonds previously transferred to the Mead-Phoenix Project.
The Bond Indenture provides that the Revenue Bonds shall be special, limited obligations of the Authority payable solely fmm and secured solely by (1) proceeds from the sale of bonds, (2) all revenues, incomes, rents and receipts attributable to Mead-Phoenix (see Note 6) and interest on all moneys or securities and (3) all funds established by the Bond Indenture.
Alloutstanding Mead-Phoenix Revenue Bonds, at the option of the Authority, are subject to redemption prior to maturity.
The Bond Indenture requires mandatory sinking fund install-ments to be made beginning in fiscal year 2018 for the 1994 Series Bonds.
The first scheduled principal maturity for the Mead-Phoenix Revenue Bonds is $3,040,000 in 2006. The average inter-est rate on outstanding debt during fiscal year 1994 and 1993 was 6.7% and 6.9%, respectively.
Mead-Adelanto Project To finance the Authority's ownership interest in the estimated cost of the project, $285,010,000 of the Multiple Project Revenue Bonds were transferred to the Mead-Adelanto Project in October 1992. In March 1994, the Authority issued and has outstanding
$ 173,955,000 of Mead-Adelanto Revenue Bonds under an Indenture ofTrust dated as ofJanuary 1, 1994 (Bond Indenture).
The proceeds of the Revenue Bonds, together with drawdowns from the Debt Service Fund and Project Acquisition Fund, were used to advance refund $ 178,310,000 of the Multiple Project Revenue Bonds previously transferred to the Mead-Adelanto Project.
The Bond Indenture provides that the Revenue Bonds shall be special, limited obligations of the Authority payable solely from and secured solely by (1) pmceeds from the sale of bonds, (2) all revenues, incomes, rents and receipts attributable to Mead-Adelanto (see Note 6) and interest on all moneys or securities and (3) ail funds established by the Bond Indenture.
Alloutstanding Mead-Adelanto Revenue Bonds, at the option of the Authority, are subject to redemption prior to maturity.
The Bond Indenture requires mandatory sinking fund install-ments to be made beginning in fiscal year 2018 for the 1994 Series Bonds.
The first scheduled principal maturity for the Mead-Adelanto Revenue Bonds is $ 10,135,000 in 2006.
The average interest rate on outstanding debt during fiscal year 1994 and 1993 was 6.5% and 6.9%, respectively.
San Juan Project To finance the costs of acquisition of an own-ership interest in Unit 3 of the San Juan Project, the Authority issued San Juan Project Revenue Bonds pursuant to the Authority's Indenture ofTrust dated as ofJanuary 1, 1993 (Bond Indenture).
The Bond Indenture provides that the Revenue Bonds shall be special, limited obligations of the Authority payable solely from and secured solely by (1) proceeds from the sale of bonds, (2) all revenues, incomes, rents and receipts attributable to San Juan (see Note 6) and interest on all moneys or securities and (3) all funds established by the Bond Indenture.
Alloutstanding San Juan Project Revenue Bonds, at the option of the Authority, are subject to redemption prior to maturity.
The Bond Indenture requires mandatory sinking fund install-ments to be made beginning in fiscal year 2012 for the 1993 Series A Bonds.
The first scheduled principal maturity for the San Juan Project Revenue Bonds is $6,065,000 in 1997. The average inter-est rate on outstanding debt during fiscal year 1994 and 1993 was 5.6%.
Rcfiitiding Bonds In March 1994, the Authority issued
$ 173,955,000 of Mead-Adelanto Project Revenue Bonds and
$51,835,000 of Mead-Phoenix Project Revenue Bonds to refund
$243,150,000 ofpreviously issued MultipleProject Revenue Bonds which were transferred to the Mead-Adelanto and Mead-Phoenix projects during fiscal year 1993.
The refunding is expected to reduce total debt service payments over the next 21 years by approximately $41,529,000 (the difference between the debt ser-vice payments on the old and new debt) and is expected to result in a net present value savings ofapproximately $ 18,119,000.
In July 1993, the Authority issued $150,010,000 of Transmis-sion Project Revenue Refunding Bonds to refund $ 123,890,000 of'reviously issued bonds of the Southern Transmission System Project. The refunding is expected to reduce total debt service pay-ments over the next 30 years by approximately $16,947,000 (the difference between the debt service payments on the old and new debt) and is expected to result in an overall net present value savings ofapproximately $7,478,000.
In connection therewith, the net proceeds of the refunding bonds have been invested in securities of the United States Government, the principal and interest from which willbe suHi-cient to fund the remaining principal, interest and call premium payments on the refunded bonds until the stated first call dates of the respective issues.
Accordingly, all amounts related to the refunded bonds have been removed from the balance sheet and the cost of refunding the debt. is included in unamortized debt expense.
In July 1992, the Authority issued $475,000,000 of Southern Transmission Project Revenue Bonds to,refund $385,385,000 of previously issued bonds. Principal and interest with respect to the 1992 bonds are allocated into four separate components.
Each of components 1, 2 and 3 is secured by and payable from investments in its escrow fund until scheduled crossover dates.
Component 4 proceeds of $ 14,100,000 were used to advance refund approxi-mately
$9,000,000 of bonds in fiscal year 1993.
On the Component 1 Crossover date January 1, 1994), Component
proceeds of$ 13,959,000 were used to advance refund $13,455,000 ofpreviously issued bonds in fiscal year 1994. Proceeds from com-ponents 2 and 3 of $357,132,000 were placed in an irrevocable trust and willbe used to redeem $318,385,000 of bonds currently included within long-term debt at scheduled call dates.
The com-bined refunding is expected to reduce total debt service payments over the next 25 years by approximately
$52,585,000 and is expected to result in an overall net present value savings ofapprox-imately $25,060,000.
Until the bonds to be refunded by components 2 and 3 are called, interest on the bonds is payable from interest earned on investments with a financial institution under a specific investment agreement purchased out of the proceeds of the sales and held in bank escrow accounts.
Ai'ter the monies in the escrow accounts are applied to redeem the bonds to be called, primarily through 1996, interest on the bonds will be payable from revenues.
The trust account assets ($351,017,000 in escrow accounts and $2,300,000 in unamortized debt expense at June 30, 1994) and liabilities ($353,317,000, net of bond discounts, at June 30, 1994) for com-ponents 2 and 3 are included in the Authoritys financial state-ments. The revenue bonds to be refunded are also included in the financial statements until the scheduled call dates, at which time the refunded bonds and related trust account assets will be removed from thc bakmce sheet and thc cost ofrefunding the debt willbe included in unamortized debt expenses.
Interest earnings on investments in the escrow accounts are presented net of an equal amount of interest expense on the Subordinate Refunding Crossover Series Bonds in the Authority's financial statements.
In addition, interest receivable for the escrow accounts is olfset by accrued interest payable at fiscal year end and is included in the escrow cash account in the financial statements.
InJanuary 1992, $70,680,000 of Palo Verde Special Obligation Crossover Series Bonds were issued, the proceeds of which were placed in an irrevocable trust and will be used to redeem
$69,125,000 ofbonds currently included within long term debt at scheduled call dates.
Until the bonds to be refunded by the Palo Verde Special Obligation Crossover Series Bonds are called, interest on the Palo Verde Special Obligation Crossover Series Bonds is payable from interest earned on securities of the United States Government pur-chased out of the proceeds of the sales and held in bank escrow accounts.
After the monies in the escrow accounts are applied to redeem the bonds to be called, primarily through 1996, interest. on the Palo Verde Special Obligation Crossover Series Bonds willbe payable from revenues.
The trust account assets and the liability
'for the Palo Verde Special Obligation Crossover Series Bonds are not included in the Authority's financial statements.
AtJune 30, 1994 and 1993,
$73,399,000 and
$72,975,000, respectivelyof these trust assets have been olfset against the Palo Verde Special Obligation Crossover Series Bonds.
At June 30, 1994 and 1993, the aggregate amount of debt considered to be extinguished was
$3,300,050,000 and
$2,919,555,000, respectively.
Interest Rate Swap In fiscal year 1991, the Authorityentered into an Interest Rate Swap agreement with a third party for the purpose of hedging against interest rate lluctuations arising from the issuance of'he Transmission Project Revenue Bonds, 1991 Subordinate Refunding Series as variable rate obligations.
The notional amount of the Swap Agreement is equal to the par value of the bond ($292,900,000 at June 30, 1994).
The Swap Agreement provides for the Authority to make payments to the third party on a fixed rate basis at 6.38%, and for the third party to make reciprocal payments based on a variable rate basis (2.1% at Junc 30, 1994). The bonds mature in 201 Project COMBINED SCHEDULE OF LONG TERM DEBT AT JUNE 30, 1994 (In thousands)
Date o Sale Ejfcctlvc Interest Rate hfaturity on JMI I Total Principal:
Palo Verde Project Revenue and Refunding Bonds 1983A 1984A 1985A 19858 1986A 19868 1987A 1989A 1992A 1993A 04/08/S3 07/18/84 05/22/85 07/02/85 03/13/86 12/16/86 02/I I/87 02/15/89 01/01/92 03/01/93 8.8%
1994 10.3%
1994 to 1995 8.7%
1994 to 1999 9.1%
1994 to 2000 8.2%
1994 to 2006 7.2%
.
1994 to 2017 6.9%
1994 to 201?
7.2%
1994 to 2015 6.0%
1994 to 2010 5.5%
1994 to 2017 1,825 3,960 6,780 18,920 73,840 I17,640 253,965 292,280 25,265 370,765 1,165,240 Southern Tmnsmlssion System Project Revcnuc and Refunding Bonds 19848 1985A 1986A 19868 1988A 1991A 1992 Comp 1,4 1992 Comp 2,3 1993A 10/17/84 08/15/85 03/18/86 04/29/86 11/22/88 4/17/91 7/20/92 7/20/92 7/01/93 10.2%
8.9%
8.0%
7.5%
7.2%
64%
6.1%
6.1%
54%
1994 to 1997 1994 to 1999 1994 to 2021 1994 to 2023 1994 to 2015 2019 1994 to 2021 1997 to 2021 1994 to 2023 3,775 1,560 107300 401,570 154,085 292,900 35,866 439,134 150,010 1,586,200 Hoover Uprating Project Revenue and Refunding Bonds Multiple Project Revenue Bonds Mead.Phoenix Project hiead-Adelanto Project hiultiple Project 1986A 1991 1989 1989 1989 08/13/86 8.1%
08/01/91 6.2%
OI/IH/90 6.9%
0MH/90 6.9%
Ol/IH/90 6.9%
1994 to 2017 1994 to 2017 1999 to 2020 1999 to 2020 1999 to 2020 5,170 32,295 37,465 38,800 106700 259,100 Mead Phoenix Project Revenue Bonds Mead-Adelanto Project Revenue Bonds San Juan Project Revenue Bonds Total principal amount Unamortized bond discount:
Palo Verde Project
.
Southern Transmission System Project Hoover Uprating Project Mead-Phoenix Project Mead-Adelanto Project MultipleProject Fund San Juan Project Total unamonizcd bond discount Long-term debt due within one year Total long-term debt, net 1994A 1994A 1993 03/01/94 03/01/94 0801/93 5.3%
2006 to 2015 5.3%
2006 to 2015 5.6%,
199/ to 2020 4H,600 51,835 173,955 237+75 3,656,670 (126,853)
(165,865)
(3,790)
(4,516)
(13,529)
(17,673)
(9.504)
(341,730)
3,314,940 (36,900)
$ 3.228,820 Bonds which have been refunded are excluded from this schedul NOTE S Disclosures about Fair Value of Rnanclal Instruments:
The followingmethods and assumptions were used to estimate the fair value ofeach class offinancial instruments for which it is prac-ticable to estimate that value:
Cash aud cash equivalents/Escrow account - Subordinate Refimding Crossover Series The carrying value approximates fair value because of the short maturity of those instruments.
Investments/Decommissioning trust fiuid/Crossover escrow accounts The fair values of investments are estimated based on quoted market prices for those or similar investments.
Long-tenn debt/Special Obligation Crossover SeriesBonds/Subonlirtate Refunding Crossover Series The fair value ofthe Authority's debt is estimated based on the quoted market prices for the same or sim-ilar issues or on thc current average rates offered to the Authority for debt ofapproximately the same remaining maturities, nct ofthe effect ofa related interest rate swap agreement.
The estimated fair values of the Authority's financial instru-ments are as follows (in thousands):
June 30, 1993 Cash and cash equivalents Escrow account-Subordinate Refunding Crossover Series Decommissioning trust fund investments Long-term debt Subordinate Refunding Crossover Series Unrecognized I'inancial instruments:
Special Obligation Crossover Series Bonds Crossover escrow accounts Carrying Estimated Carrying Estimated V*tue r>>r V iue Vdue Fair Value
$
125/56
$
125,4$
$
73,863
$
73,900 351,017 349,700 365,757 365,800 23,206 746,282 2,961,623 22,600 741,500 3,159,600 51,178 1,115379 2,968,701, 53,900 1,118,900 3398@$
353/17 3tri300 368,312 403/00 70,000 70,680 73/99 73,000 70,680 72,975 72,700 75,800 NOTE 6 Power Sales and Transmls'sion Service Contracts:
The Authority has power sales contracts with ten participants of the Palo Verde Project (see Note 1). Under the terms of the con-tracts, the participants are entitled to power output from the Palo Verde Nuclear Generating Station and are obligated to make pay-ments on a "take or pay" basis for their proportionate share of operating and maintenance expenses and debt service on Power Project Revenue Bonds and other debt.
The contracts expire in 2030 and, as long as any Power Project Revenue Bonds are out-standing, cannot be terminated or amended in any manner which willimpair or adversely affect the rights of the bondholders.
The Authority has transmission service contracts with six participants of the Southern Transmission System Project (see Note 1).
Under the terms of the contracts, the participants are entitled to transmission service utilizing the Southern Transmission System Project and are obligated to make payments on a "take or pay" basis for their proportionate share of operating and maintenance expenses and debt service on Transmission Project Revenue Bonds and other debt.
The contracts expire in 2027 and, as long as any Transmission Project Revenue Bonds are outstanding, cannot bc terminated or amended in any manner which willimpair or adversely alfect the rights ofthe bondholders.
In March 1986, the Authorityentered into power sales contracts with six participants of the Hoover Uprating Project (see Note 1).
Under the terms of the contracts, the participants are entitled to capacity and associated firmenergy ofthe Hoover Uprating Project and are obligated to make payments on a "take or pay" basis for their proportionate share of operating and maintenance expenses and debt service whether or not the Hoover Uprating Project or any part thereof has been completed, is operat'ing or is operable, or its service is suspended, interfered with, reduced or curtailed or terminated in whole or in part. The contracts expire in 2018 and as long as the Hydroelectric Power Project Revenue Bonds are out-standing, cannot be terminated or amended in any manner which willimpair or adversely affect the rights of the bondholders.
In August 1992, the Authorityentered into transmission service contracts svith nine participants of the Mead-Phoenix Project (see Note 1).
Under the terms of the contracts, the participants are entitled to transmission service utilizingthe Mead-Phoenix Project and are obligated to make payments on a "take or pay" basis for their proportionate share of operating and maintenance expenses and debt service on the Multiple Project Revenue Bonds and other debt, whether or not the Mead-Phoenix Project or any part there-of has been completed, is operating and operable, or its service is suspended, interfered with, reduced or curtailed or terminated in whole or in part. The contracts expire in 2030 and, as long as any MultipleProject Revenue Bonds are outstanding, cannot be termi-nated or amended in any manner which willimpair or adversely affect the rights of the bondholders.
In August 1992, the Authorityentered into transmission service contracts with nine participants ofthe Mead-Adelanto Project (see Note 1).
Under the terms of the contracts, the participants are entitled to transmission service utilizing the Mead-Adelanto Project and are obligated to make payments on a "take or pay" basis for their proportionate share of operating and maintenance expenses and debt service on the Multiple Project Revenue Bonds and other debt, whether or not the Mead-Adelanto Project or any part thereof has been completed, is operating and operable, or its service is suspended, interfered with, reduced or curtailed or ter-minated in whole or fn part. The contracts expire in 2030 and, as long as any Multiple Project Revenue Bonds are outstanding, can-not be terminated or amended in any manner which willimpair or adv'ersely affect the rights of the bondholders.
In January 1993, the Authority entered into power sales con-tracts with five participants of Unit3 of the San Juan Project (see Note 1).
Under the terms of the contracts, the participants are entitled to power output of the San Juan Project and are obligated to make payments on a "take or pay." basis for their proportionate share of operating and maintenance expenses and debt service on
the San Juan Revenue Bonds and other debt, whether or not the Unit 3 of the San Juan Project or any part thereof is operating or operable, or its service is suspended, interfered with, reduced or curtailed or terminated in whole or in part. The contracts expire in 2030 and, as long as any San Juan Revenue Bonds are outstand-ing, cannot be terminated or amended in any manner which will impair or adversely affect the rights of the bondholders.
Balance June 30, l993 Fttcal Balance I994 June 30, Acuvtty l99I GAAP Items not included in billings to participants:
Depreciation ofplant Amonization of bond discount, debt Issue costs, and cost ofrefunding Nuclear fuel amonization Decommissioning expense Interest expense s
252,256
48,097 s
300353 I48,648 15,563 42,207 5,110 28,773 1>247 16,513 177,421 16,810 58,720 5,110 Bond requirements included in billings to participants:
Operations and maintenance, net ofinvestment income Costs ofacquisition of capacity - SIS Reduction in debt service billings due to transfer ofexcess Iunds Principal repayments Other (45503)
(18/50)
443 40,999 45,174 (147,005)
(36,945)
(20,001)
(4,943)
S 27392<
98,359 (45,060)
(18350)
86,173 (183,950)
(24,944)
$
372.283 NOTE 7 Costs Recoverable from Future Billings to Participants:
Billings to participants are designed to recover "costs" as defined by the power sales and transmission service agreements.
The billings aie structured to systematically provide for debt service requirements, operating funds and reserves in accordance with these agreements.
Those expenses, according to generally accept-ed accounting principles (GAAP), which ale not included as
"costs" are deferred to such periods as they are intended to be recovered through billings for the repayment of principal on relat-ed debt.
Costs recoverable from future billings to participants are com-prised of the following:
NOTE 8 Commitments and Contingencies:
As a participant in the PVNGS, the Authority could be subject to assessment of retroactive insurance premium adjustments in the event of a nuclear incident at the PVNGS or at any other licensed reactor in the United States.
The Authority is involved in various legal actions. In the opin-ion of management, the outcome ofsuch litigation or claims will not have a material effect on the financial position of the Authority or the respective separate projects.
Palo Verde In March 1993, a tube ruptured in the steam genera-tor at Palo Verde Unit 2 and resulted in an outage of the unit until September 1993. Upon further investigation ofall three units, the operating level was reduced to approximately 86% of capacity in October 1993 to mitigate further tube degradation during assess-ment of the damage.
The operator implemented several remedial actions and returned Units 1 and 3 to near 100% capacity during July 1994. It is anticipated that Unit 2 will be returned to full power by the end of 1994.
Under the Palo Verde Nuclear Generating Station ("PVNGS")
Participation Agreement, ifan owner defaults in the performance of its obligation, non-defaulting owners shall (in proportion to their generation entitlement shares) remedy the default, either by advancing the necessary funds and/or commencing to render the necessary performance.
OnJanuary 8, 1992, an owner ofa portion of PVNGS filed for protection under Chapter ll of the Federal Bankruptcy Code in the United States Bankruptcy Court.
Subsequent to the Chapter 11 filing, the owner is under a court order to continue making payments to PVNGS. Pie-petition gen-eral unsecured claims that remained unpaid as ofJune 30, 1993 were approximately
$9.3 million (the Authority's share was
$550,000). During fiscal 1994, a reorganization plan was proposed by the defaulting owner and PVNGS collected the $9.3 nlillion.
However, the $9.3 million,including SCPPA's share, must be repaid back to the defaulting owner ifthe proposed reorganization is not completed.
The Authorityis unable to predict (i) how long the Bankruptcy court order willcontinue to remain in effect, (ii) the impact the Chapter 11 proceedings will have on the owner's performance of obligations with respect to PVNGS generally, or (iii)what costs will be incurred by the Authorityand the other owners of PVNGS ifthe owner fails to perform obligations with respect to PVNG SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY SUPPLEMENTAL FINANCIALINFORMATION INDEX Palo Vcnlc Pro'eet Supplemental Balance Sheet at June 30, 1994 and 1993 Supplemental Statement of Operations for the Years Ended June 30, 1994 and 1993 Supplemental Statement of Cash Flows for the Years Ended June 30, 1994 and 1993 Supplemental Schedule of Receipts and Disbursements in Funds Required by the Bond Indenture for thc Year Ended June 30, 1994 Southern Transmission S stetn Pro'eet Supplemental Balance Sheet at Junc 30, 1994 and 1993 Supplemental Statement ofOperations for the Years Ended June 30, 1994 and 1993 Supplemental Statement of Cash Flows for the Years Ended June 30, 1994 and 1993 Supplemental Schedule of Receipts and Disbursements in Funds Required by the Bond Indenture for thc Year Ended June 30, 1994 Hoover U ratin Pto'eet Supplemental Balance Sheet at June 30, 1994 and 1993 Supplemental Statement of Operations for the Years Ended June 30, 1994 and 1993 Supplemental Statement of Cash Flows for the Years Ended June 30, 1994 and 1993 Supplemental Schedule of Receipts and Disbursements in Funds Required by the Bond Indenture for the Year Ended June 30, 1994 Mead-Phoenix Pro'eet Supplemental Balance Sheet at June 30, 1994 and 1993 Supplemental Statement of Cash Flows for the Years Ended June 30, 1994 and 1993 Supplemental Schedule of Receipts and Disbursements in Funds Required by the Bond Indenture for thc Year Ended June 30, 1994 Mead-Adelanto Pro'eet Supplemental Balance Sheet at June 30, 1994, and 1993 Supplemental Statement of Cash Flows for the Years Ended June 30, 1994 and 1993
'upplemental Schedule of Receipts and Disbursements in Funds Required by the Bond Indenture for the Year Ended June 30, 1994 Multi le Pro'eet Fund Supplemental Balance Sheet at June 30, 1994 and 1993 Supplemental Statement of Cash Flows for thc Years Ended June 30, 1994 and 1993 Supplemental Schedule of Receipts and Disbursements in Funds Required by the Bond Indenture for the Year Ended June 30, 1994 San Juan Pro'eet Supplemental Balance Sheet at June 30, 1994 and 1993 Supplemental Statement ofOperations for the Year Ended June 30, 1994 Supplemental Statement of Cash Flows for the Years Ended June 30, 1994 and 1993 Supplemental Schedule of Receipts and Disbursements in Funds Required by the Bond Indenture for the Year Ended June 30, 1994
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY PALO VEROE PROJECT SUPPLEMENTAL BAlANCE SHEET fin thousands)
Junc 30, 1993 Utilityplant:
Production Transmission General Less - Accumulated depreciation Construction w'ork in progress
.
Nuclear fuel, at amortized cost
.
Net utilityplant Special funds:
Decommissioning fund Investments Interest receivable Cash and cash equivalents Accounts receivable Materials and supplies Costs recoverable from future bil!ings to participants Unamortized debt expenses, less accumulated amonization of $59,661 and $47,672 609$08 H>H6 2.633 626,087 188,019 438,068 8,612 15,456 462,136 23,206 115,609 1,350 62,708 202,873 1,043 10347 184>859 222,062
$
606,728 14,140 2387 623,255 159,082 464,173 10,453 13,876 488,502 51,178 151>087 1,732 35,463 239,460 1,885 10,060 118,415 234,H6
$
1,083/20 S
1,092,468 LIABILmES Long-term debt Current liabilities:
Long-term debt due vvithln one year Accrued tnterest
.
Accounts payable and accrued expenses Commitments and contingencies
~
>
~
~
~
~
$
1,015,962 22,425 31,404 13,529 67,358
$
1,034,370 19,825 28,414 9,859 58,098
$
1,083,320 S
1,092.468 Sce notes to Bnanctal statement ~ '
~
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY PALO VERDE PROJECT SUPPLEMENTAL STATEMENT OF OPERATIONS fin thautands)
year Endrd Junc30, 1993 Operating revenue:
Sales ol'lectric energy Billingcredit (Note 3)
Operating expenses:
Nuclear fuel Other operations
.
Maintenance Depreciation Decommissioning Total operating expenses Operating income Investment income Income before debt expense Debt expense Costs recoverable from Iuture billings to participants S
120,388 (45,174)
75,214 5,510'7,094 9,327 19/1 I 13,401 74,643 571 12,182 12,753 79,197 ($
66,444)
$
124,914 124.914 7,788 28,561 7,673 19,046 12.560 75,628 49,286 12,129 61,415 81,058 (S 19,643)
Sce notes to financial statement SOUTHERN CAI.IFORNIAPUBLIC POWER AUTHORITY PALO VERDE PROjECT SUPPLEMENTAL STATEMENT OF CASH FLOWS (in thoutanh)
Year Endrd jane 30, 1993 Cash Iiows from operating activities:
Costs recoverable from future billings to participants Adjustments to arrive at net cash provided by (used for) operating activities-Depreciation Decommissioning Amortization of nuclear fuel Amortization of debt costs Changes in assets and liabilities:
Decommissioning fund.
Interest receivable Accounts receivable Materials and supp! ies Other assets Accrued interest Accounts payable and accrued expenses Net cash provided by operating activities Cash ilows from investing activities:
Payments for construction of facility Purchases of investments Proceeds from sale of investments Net cash provided by Investing activities (%
66,444)
19,311 13,401 5,510 16,389 27,972 382 842 (287)
(288)
2,990 3,670 23,448 (11,856)
(171,311)
206,789 23,622 ($
19,643)
19,046 12,560 7,788 14,478 9,138)
(427)
405 2,948 111 (5,971)
(1,183)
26,974 (13/64)
(148,259)
119,825 (41,798)
Cash IIows I'rom capital and related I'inancing activities:
Proceeds I'rom sale of bonds Payment for defeasance of revenue bonds
.
Repayment ofprincipal on long.term debt Payment for bond issue costs
~
~
(19@25)
353,142 (346,824)
(17,735)
(4,100)
Net cash used for capital and related financing activities Net Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning ofyear Cash and cash equivalents at end of year
.
Supplemental disclosure of cash liowinformation:
Cash paid during the year for interest (net ofamount capitalized)
(19,825)
27,245 35,463
$
62.708
$
59,818 (15,517)
(30,341)
65,804 S
35.463
$
68,099 See notes to finandaI statement SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY PALO VERDE PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 30, 1994 gn thousands)
Construct ion Fund Initial Debt Fad litirs Service Account Fund Cost oJ'ssuance Fund Revenue Fund Operating Fund Reserve &
I994 Contingency Issue Fund Fund Drcomuus-sioning Funds I&II Total Balance at June 30, 1993
$
13,165
$
127,665
$
$
$
27,2+1
$
6,962
$
11,166
$
51,003
$ 237,232 Additions:
Investment earnings
.
Distribution ofinvestment earnings Revenue fmm power sales
.
Distribution of revenues Distribution of investments Transfer from escrow for principal and Interest payments Miscellaneous 257 8/34 (8,207)
36,577 (12,831)
42,760 237,220 (413)
10,265 78,826 (89,107)
(27)
122 1,092 (1,043)
Ill 41,232 272 743 2,047 12,811 (272)
(743)
78,9+1 5,974 5/24 (29,929)
237,220 (71)
Total (12,987)
317,168 (27)
172 41/92 5,981 5/24 (27,953)
329,070 Deductions:
Construction expenditures Operating expenditures Fuel costs
'aymentofprincipal Interest paid Payment ofprincipal and interest on escrow bonds Interest paid on investment purchases
.
Miscellaneous
.
178 19,825 59,818 233,212
172 36,000 7,159 4,605 4,008 I
4,783 36,000 7,159 19,825 59,818 237,220
'109
,
177 Total.
Balance at June 30, 1994 178
, 313,111
43,183 4,605 4,009
365,091
$
$
131,722
$
"
$
172
$
25,453
$
8,338
$
12,481
$
23,045
$ 201,211 This schedule summarizes the receipts and disbursements In funds required under the Bond Indenture and has been prepared from the trust statements.
The balances in thc funds consist of cash and investments at original mst. These balances do not include accrued interest receivable of $1/50 and $ 1,732 and Decommissioning Fund accrued interest receivable of$ 142 and
$396 at June 30, 1994 and 1993, rcspcctivcly, nor do they Include total amortized net investment discounts of $170 and $ 100 at June 30, 1994 and 1993, respectively,
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY SOUTHERN TRANSMISSION SYSTEM PROJECT SUPPLEMENTAL BALANCE SHEET ftn ttunuands)
Junc 30, 1993 Utilityplant:
Transmission
.
General Less - Accumulated depreciation Construction work in progress Net utilityplant.
Special I'unds:
Investments Advance to Intermountain Power Agency Interest receivable Cash and cash equivalents Escrow account - Subordinate Refunding Crossover Series Accounts receivable Costs recoverable from future billings to partidpants Unamortized debt expenses, less accumulated amonization of $42,918 and $39,515
$
675,301 18,893 694,194 154.656 539,538 897 540,435 135I314 19,550 2,122 48,553 351,017 556,556 4,409 168594 181 473
$
1,451,467
$
674,778 18,893 693,671 134,966 558,705 1,236 559.941 150,779 19,550 2,671 26,996 365,757 565,753 868 150,953 171390
$
1,448,905 Long-term debt Subordinate Refunding Crossover Series Current liabilities:
Long-term debt due within one year Accrued interest Accounts payable and accrued expenses Commitments and contingendes
$
1,053,403 353317 13,615 28,606 2,526 44.74?
$ ',451,467
$
1,037,741 368,312 10,290 29,931 2,631 42,85?
$
1,448,905 Sce notes to Itnanctal statement ~ I
~
SOUTHERN CALIFORNIAPUSLIC POWER AUTHORITY SOUTHERN TRANSMISSION SYSTEM PROJECT SUPPLEMENTAL STATEMENT OF OPERATIONS (In thouuuub)
Yar Ended Junc 30, 1993 Operating revenue:
Sales of transmission services Operating expenses:
Other operations Maintenance Depreciation Total operating expenses Operating income Investment income Income before debt expense Debt expense Costs rccovcrablc from future billings to participants
~
i
~
S 87,756 11,243
. 3,586 19,691 34/20 53,236 10,965 64,201 81,842 ($
17,641)
$
88,245 11>062 3,010 19+75 33,647 54,598 9,346 63,9+1 83.203 19,259)
Sce notes to Itnandai statement ~
~
SOUTHERN CALIFORNIA PUBUC POWER AUTHORITY SOUTHERN TRANSMISSION SYSTEM PROjECT SUPPLEMENTAL STATEMENT OF CASH FLOWS (In thousaiub)
year Ended Junc 30, Cash ilows from operating activities:
Costs recoverable I'rom future billings to participants
.
Adjustments to arrive at net cash provided by (used for) operating activities-Depreciation
~
~
~
Amortization ofdebt costs Changes in assets and liabilities:
Interest receivable.
Accounts receivable
.
Other assets.
Accrued Interest Accounts payable and accrued expenses
.
Net cash provided by operating activities Cash flows from investing activities.
Payments for construction offacility.
Purchases oflnvestmcnts.
Proceeds from sale of investments.
Net cash provided by (used I'or) investing activities.
Cash Ilows from capital and related financing activities:
Proceeds from sale ofbonds.
Payment for defeasance ofrevenue bonds Repayment ofprincipal on long-term debt.
Payment for bond issue costs
.
Amount deposited in escrow accounts related to crossover bonds
.
Net cash used for capital and related financing activities
.
Net Increase (decrease) in cash and cash equivalents.
Cash and cash equivalents at beginning ofyear.
Cash and cash equivalents at end ofyear.
Supplemental disclosure of cash liow information:
Cash paid during the year for interest (net of amount capita! ized).
($
17,641)
19,691 11,474 549 (3,541)
(427)
(1,325)
(105)
8,675 339 (98,844)
129,049 30,544 142,012 (148,240)
(10,290)
(1,144)
(17,662)
21,557 26,996
$
48,553
$
70,994 ($
19,259)
19,575 10,148 471 724 (22)
(699)
274 11,212 (1,145)
(89,450)
84,600 (5,995)
381,994 (15,245)
(11,795)
(104)
(365,757)
(10,907)
(5,690)
32,686
$
26,996
$
73,882 Sce notes to financial statanent ~
~
~
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY SOUTHERN TRANSMISSION SYSTEM PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 30, 1994 (In thousands)
Construction Fund Inltfal Facl litles Account Dcht sr(vlcc Fund Rcvcnuc Fund Ccncrai Operating Rcscnc Issue Escrow Fund
'und Fund Fund Total Balance at June 30, 1993
$
$
125,562
$
" $
~
7,339
$
10,276
$
34,673
$
364,603
$
542,529 Additions:
Bond Proceeds Investment earnings..
~
Distribution of investtnent earnings Revenue from transmission sales Distribution of revenue Transfer from escrow for principal and interest payments Other transfers I
6,477 (6349)
43,806 718,917 101 229 524 10,263 (229)
(485)
84,388 (95,340)
14,414 37,120 13,838 3)201 19,260 (3,200)
588 21,497 (40,590)
49/91 (9,389)
13,838 29,793 84,388 740,414 Total I
762,851 14,414 (3,431)
84,727 9,871 868,433 Deductions:
Bond issue costs
.
Payments in-aid of construction Opemting expenditures Payment ofprincipal Interest paid Payment ofprincipal and interest on escrow bonds Premium and interest paid on investment purchases Transfer to escrow account for refunding issues
1,144 9,790 48,025 728,206 175 15,203 250 500 33,335 10,958 10/97 I,H4
15,453 10,290 91>757 739,164 219 14319 18,783 Total Balance at June 30, 1994
791,804
'
15,203 45,043 24,716 876,883 S
$
96,609
$
$
6,550
$
6,801
$
74357
$
349,758
$
534,079 This schedule summarizes the receipts and disbursements in funds required under the Bond Indenture and has been prepared I'rom the trust statements.
The balances in the funds consist of cash and investments at original cost.
These balances do not include accrued interest receivable of $2,122. and $2,671 at June 30, 1994 and 1993, respectively, nor do they include total amortized net investment discount of $805 and $ 1,003 at June 30, 1994 and 1993, respectivel u
~
~
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY HOOVER UPRATING PROJECT SUPPLEMENTAL BALANCE SHEET (fn thousancfs)
une 30, 1993 Special funds.'nvestments
.
Advances for capacity and energy, net Interest receivable
.
Cash and cash equivalents
~
~
5,616 13,318
5,451 24.465 12,965 H,319 179 1,399 Costs recoverable from future billings to participants Unamortized debt expenses, less accumulated amortization of $615 and $487 LIABIUTIES 6,661 3,730
$
34,856 4,556 3,599
$
37,017 Long-term debt Current liabilities:
Long-tenn debt due within one year Accrued interest Accounts payable and accrued expenses Commitments and contingencies
$
32,815 860 518 663 2.041
$
34,856
$
35,529 905 542
1,488
$
37,017 See notes to Bnandal statesnents, SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY HOOVER UPRATING PROJECT SUPPLEMENTAL STATEMENT OF OPERATIONS (fn thousands)
YrarEsufrd une30.
1993 Operating revenue:
Sales of electric energy Operating expenses:
Capadty charges Energy charges..;.....
~
Other operations Reimbursement ofadvances ior capacity and energy Total operating expenses Operating income Investment income Income before debt expense
.
Debt expense Costs recoverable from future billings to panicipants See notes to Bnandai statements.
~
L
~
I
~
~
~
i
~
r ($
2,469 1345 964 341 2,650 (IBI)
319 2,424 2,105)
2,922 1,130 697 290
2,200 722 732 1,454 2,463 1,009)
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY HOOVER UPRATING PROJECf SUPPLEMENTAL STATEMENT OF CASH FLOWS (In thousands)
N Year Ended june 30, l994 1993 Cash Aows I'rom operating activities:
Costs recoverable from future billings to panicipants, Adjustments to amve at net cash used for opemting activities-Amortization ofdebt costs
.
Changes in assets and liabilities:
Interest receivable Accounts receivable.
Other assets Accrued interest Accounts payable and accrued expenses.
Net cash used for operating activities Cash llows Irom investing activities:
Purchases ofinvestments
.
Proceeds from sale of investments
.
Advances for capacity and energy, net.
Net cash provided by investing activities Cash llows from capital and related llnancing activities:
Payment for defeasance of revenue bonds Repayment ofprincipal on long-term debt Net cash used for capital and related ilnancing activities.
Net increase (decrease) in cash and cash equivalents 2,105)
292
(24)
622 (1,111)
7/49 1,001 8.350 (2,282)
(905)
(3,187)
4,052 ($
1,009)
292
,
1
(3)
(1)
(660)
(10,680)
11,010
371 (310)
(310)
(599)
Cash and cash equivalents at beginning of year Cash and cash equivalents at end ofyear Supplemental disclosure of cash liow information:
Cash paid during year for interest (net ofamount capitalized)
$
5,451
$
2,155 1,998
$
1,399
$
2,174 See notes to finandal statements,
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY HOOVER UPRATING PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 30, 1994 (/n thousands)
Adhhmcc Payments Fund Interim Advance payments Fund Rchvnac Fund Operating Nbrhing Capital Fund Debt Service Account Debt Scrvkc Rcscrhc Account General Reserve Account Total Mance at June 30, 1993
$
8,815
$
561
$
S 560 S
1/57
$
3,083
$
$
14376 Additions:
Investmcnt earnings Discount on investment purchases Distribution of investment camings Revenue from power sales Distribution of revenues Transfer for Interest payment Miscellaneous transfers Total 357
267
(22)
(6,658)
1,196 (6,027)
1,196 (I)
3,078 (3,078)
599
3,078 3,078 2,315 (11)
5,473 2,315 5382 5473 6,024
11 156
20
,
(31)
(31)
(156)
(26)
Deductions:
Advances for capacity and energy Administrative expenditures Interest paid Payment ofprincipal 335 1,308
%,470 905 I/08 335 4,470 2 272 3 177 Total Balance at June 30, 1994 335 1.308 S
2,453
$
449
$
5375 2,272 9.290
$
560
$
13&}
$
3,083 S
3,201
$
11,110 This schedule summarizes the receipts and disbursements in funds required under the Bond lndhnture and has been prepared from thc trust statements.
The balances in the funds consist of cash and invcsunents at original cost, These balances do not include a'cerned interest receivable of $80 and $ 179 at June 30. 199I and 1993, respectively, nor do they include total amor.
tired net investment premiums of $03 and $ 12 at June 30, 199I and 1993, respectively,
,SOUTIIERN CALIFORNIAPUBLIC POWER AUTHORITY MEAD PHOENIX PROJECT SUPPLEMENTAL BAIANCE SHEET (In thousands)
Junc 30,
)993 Uiilityplant:
Construction work in progress Special funds:
Investments
.
Interest receivable, Cash Accounts receivable Prepaid construction Unamortized debt expenses, less accumulated amortization of $218 and $62
~
~
$
16,831 56,Imari 2332
58,501 2,589 10,917
$
88,865 6,076 88,178 3,260
91,&3
2,246
$
99,778 Long-term debt Arbitrage rebate payable Current liabilities:
Accrued interest Accounts payable Total current liabilities Commitments and contingencies Sce not<<s to financial statements.
S 86,119 2,505
2,542
$
.88,865 S
96/95 3303
3383
$
99,778 SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY MEAD PHOENIX PROJECT SUPPLEMENTAL STATEMENT OF CASH FLOWS On thousands)
Year Ended Junc 30, 1993 Cash flows from operating activities:
Cash flows from investing activities.'nterest received on investments Payment of Interest on long term debt Payments for construction of facility.
Purchases oi'nvestments Proceeds from sale of investments Reimbursement fromWAPA,........
~
Reimbursement I'rom project manager Net cash used for Investing activities
.
Cash Ilows from capital and related financing activities:
.
Proceeds from sa! e of bonds Payment for defeasance oi'revenue bond Transfer of funds I'rom Multiple Project Fund, Payment for bond issue costs Proceeds from advances from participants Net cash provided by capital and related financing activities
.
Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end ofyear
.
Sce notes to iinancial statements.
6,655 (6,605)
(1252%)
(6,665)
18,902 187 (10)
76,721 (76,115)
(596)
1,657 (1,651)
(5322)
(973tH)
7,831 14,(H8 (80,821)
97/73 (2@03)
(14,249)
80,821
~
~ ~
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY MEAD-PHOENIX PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 309 1994 (in thousands)
Acquisition Account Debt Service Account Debt Service RCSC7W Account issue Fund Total Balance at June 30, 1993
$
58,757
$
20,463
$
8,963
$
$
88,183 Additions:
Bond proceeds Investment earnings Transfer of investments Reimbursement from WAPA Total Deductions:
Construction expenditures Interest paid Transfer to escrow accounts Premium and interest paid on investmcnt purchases Bond issue costs 4,397 187 4,584 12,524 13,643 1,411 832 2,243 6,605 10,176 670 (832)
(162)
2,885 7,667 177 7,844
596 7,667 6,655 187 14,509 12,524 6,605 26,704
596 Total 26,167 16,781 2,885 665 46,498 Balance at June 30, 1994
$
37,174
$
5.925
$
5,916
7.779
96.799 This schedule summarizes thc rcccIJ7ts and disbursements In funds rctiulrcd under the Bond Indenture and has been prepared from the trust statements.
The balances In the funds consist of cash and invcsuncnts at original cost.
These babmces do not include accrued Interest receivable of$2332 and $3,260 at June 30, 1994 and 1993, respectively, nor do th<<y include total amontrcd nct investment premiums of $25 at June 30, 199 ~
~
~
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY MEAD ADEIANTO PROJECT SUPPLEMENTAL BAlANCE SHEET (fn thousands)
Junc 30, l993 Utilityplant:
Construction work in progress Special funds:
Investments Interest receivable Accounts receivable Prepaid construction Unamonizcd debt expenses, less accumulated amortization of $616 and $171
.
Long.term debt Arbitrage rebate payable Current liabilities:
Accrual interest Accounts payable Total current liabilities Commhments and contingencies See notes to financial statements.
$
75,518 155,892 6,144 162,036 6,650 31,059
$
275,268
$
267,126 7,603
7,634
$
275.268
$
21,197 237,991 8,8'71 246,862 6,167
$
274,227
$
265,088 9,082
9,139
$
274327 SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY MEAD ADEIANTO PROJECT SUPPLEMENTAL STATEMENT OF CASH FLOWS ffu thousands)
Year Ended Junc 30, 1994 1993 Cash flows from operating activities:
Cash flows I'tom investing activities:
Interest received on investments Payments of'interest on long-term debt Payments for construction of facility Purchases ofinvestments
.
Proceeds from sale of investments
.
Reimbursement from WAPA Net cash used for investing activities Cash flows from cap'ital and related financing activities:
Proceeds from saic of bonds
.
Payment for defeasance of revenue bonds Payment for bond issue costs...
~
Transfer of funds from MultipleProject Fund
'.
Net cash provided by capital and related financing activities Net increase fn cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end ofyear
.
17,840 (18,164)
(56,971)
(20,733)
77,934
(34)
215,628 (213,593)
(2,001)
4 547 (4,540)
(19,688)
(267,782),
26,020 (261,443)
(6@32)
267,775 261,+I3 See notes to financial statements,
~
~
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY MEAD ADELANTO PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 30, 1994 gn thousands)
Balance at June 30, 1993 Debt Debt Service Acquisition Sc7v ice Rcscrie Issue Account Account Account Fund Total
$
157,072
$
56,272
$
24,647
$
$
237,991 Additions:
Bond procee&
Investment earnings Transfer of investments Reimbursement from WAPA Total Deductions Construction expenditures Interest paid Transfer to escrow accounts Premium and interest paid on investment purchases Bond issue costs
.
11,530 11,590 56,971 12361 3,880 2,289 6,169 18,164 27,983 1,844 (2,289)
(445)
7,935 25,732 586 26,318 233 2,001 25,732 17,840 43,632 56,971 18,164 48,279 233 2,001 Total Balance at June 30, 1994
.
~
69332 46,147 7,935 2,234 125.640
$
99330
$
16.294
$
16,267
$
24.001
$
155,975 This schedule summarizes the receipts and disbursements In funds retiulrcd under the Bond Indenture and has been prepared from the trust statements.
The balances in the funds consist of cash and Investments at orifinal cost. These balances do not includ<<accrued interest receivable of $63 44 and $8/71 at June 30, 1994 and 1993, respectively, nor do they include total amortized net investment premiums of $83 at June 30, 199 ~
~
SOUTHERN CAUFORNIA PUBUC POWER AUTHORITY MULTIPLE PROJECT FUND SUPPLEMENTAL BAlANCESHEEf (fn thousands)
1999 Junc 30, 1993 Special funds:
Investments Interest receivable
~
'
S 250,819 9,218
$
260,037
$
208,997 9,151
$
258,148 Long.term debt Arbiuage rebate payable Deferred costs Current liabilities:
Accrued interest Commitments and contingencies
~
r
~
~
~
$
241,427 3,855 6,099 8,256
$
260,037
$
2&,989 8,903 8,256
$
258,108 See notes to financial statements.
SOUTHERN CALIFORNIA PUBUC POWER AUTHORITY MUlTIPLE PROJECT FUND SUPPLEMENTAL STATEMENT OF CASH FlOWS (In thousands)
year Endrd unc30, 1993 Cash flows from operating activities:
Cash flows from investing activities:
Interest received on investments
.
Payments of interest on long-term debt Purchases of investments Proceeds from sale of investments Net cash provided by investing activities Cash flows from capital and related financing activities:
Transfer offunds to Mead-Adelanto Project Transfer of funds to Mead-Phoenix Project Net cash used for capital and financing activities Net increase in cash and cash equivalents Cash and cash equivalents at beginning ofyear Cash and cash equivalents at end ofyear,
~
)
18/35 (16,512)
(1,823)
37,991 (35,088)
(2,9(H)
365,149 365,148 (267,775)
(97/73)
(365,148)
See notes to financial statement r
~
~
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY MUOIPLE PROJECT FUND SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 30, 1994 (In thousands)
Pnxccds Account Debt Sctvkc Account Earnings Account Teal Balance at June 30, 1993
$
207,727
$
$
1,270
$
208,997 Additions:
Investment earnings Transfer to earnings account
.
Transfer to debt service account Total Deductions:
Interest paid Total Balance at June 30, 1990 18,208 (18,208)
$
247,727
$
16,512 16.512 (16,512)
(16.512)
126 18,208 (16,512)
1,822
$
3,092 18/30 18334 (16,512)
(16.512)
$
250,819 This schedule summarizes the receipts and disbursements in funds required under the Bond Indenture and has been prepared fmm the trust statements.
The baLtnces In the funds consist of cash and investments at original cost. These balances do not Include accrued interest receivable of $9,218 and $9,151 at June 30, 19tH and 1993, respectivel ~
~
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY SAN JUAN PROJECT SUPPLEMENTAL BAlANCE SHEET (In thousands)
Junc 3tL Utilityplant:
Production General Less - Accumulated depreciation Construction work in process
.
Net utilityplant
.
Special funds:
Investments
.
Intcrcst receivable
.
Cash and cash equivalents Accounts receivable, Materials and supplies Costs recoverable from future billings to participants Unamortized debt expenses, less accumulated amortization of $31% in 1994 Total assets
$
183/09 7,681 190,990 12,207 178,783 627 179810 26,868
8,639 35,517 1,222 5,019 12;169 3,830
$
237,171 633 633 225,382 10.000 235382 3,833
$
239,IH8 Long-term debt Current liabilities:
Accrued interest Accounts payable Total current liabilities Advances from panicipants Commitments and contingencies Total liabilities
~
~
$
227,871 5,994 3f06 9,300
$
237,171
$
227,569 966 1,313 2,279 10,000
$
239,IH8 See notes to Ananctal statement t
~
~
SOUTHERN CALIFORNIAPUBLIC POWER AUIHORITY SAN JUAN PROJECT SUPPLEMENTAL STATEMENT OF OPERATIONS FOR THE YEAR ENDED JUNE 30, 1994 ffn thousank)
Operating revenue:
Sales of electric energy Operating expenses:
Other operation Maintenance Depreciation Decommissioning Total openting expenses Operating loss Investment income
~
~
~
~
~
II
'
'
49,000 381 37,5&I 9,095
"
3,112 50,152 (1,152)
1,621 Income before debt expense Debt expense Costs recoverable from future billings to participants
~
~
12,638 ($
12,169)
See notes to financial statetnent ~
~
~
SOUTHERN CAI.IFORNIAPUBLIC POWER AUTHORITY SAN JUAN PROJECT SUPPLEMENTAL STATEMENT OF CASH FLOWS gn thousands)
Cash flows from operating activities:
Costs recoverable from future billings to participants Adjustments to arrive at net cash provided by (used for) operating activities-Depreciation Decommissioning Amortization ofdebt costs Changes in assets and liabilities:
Interest receivable Accounts receivable Materials and supplies Other assets Accrued interest Accounts payable and accrued expenses Net cash provided by operating activities Cash flows froin investing activities:
Payments for construction oi'facility Purchase of electric plant Purchases of investments Proceeds from sale of investments Net cash provided by (used for) investing activities Cash flows from capital and related financing activities:
Proceeds I'rom sale'of bonds Payment of bond issue costs (Repayment to) advances from participants Net cash (used for) provided by capital and related flnancing activities Net (decrease)
increase in cash and cash equivalents Cash and cash equivalents at beginning ofyear Cash and cash equivalents at end ofyear
.
Supplemental disclosure ofcash flowinformation:
Cash paid during the year for interest (net of amount capitalized)
~
~
~
~
~
~
~
~
year Endrd Junc 30, ($
12,169)
9,095 3,112 616 (10)
(1,222)
(5,019)
(139)
5,028 1,993 1,285 (627)
(190/57)
(33,817)
232/31 7,530 (176)
(10,000)
(10,176)
(1,361)
10,000
$
8,639
$
6,027 1993 ($
225382)
(225382)
226,667 (1,285)
10,000 235/82 10,000
$
10,000 See notes to financial statement ~
~
SOUTHERN CALIFORNIAPUBLIC POWER AUTHORITY SAN JUAN PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BONO INDENTURE FOR THE YEAR ENDED JUNE 30, 1994 (fn tl>ousands)
Rcvcnuc Fund Operating Fund Pn>jcct Fund Rcsc>vc &
Revenue Contingency Operating Reserve Service Rcsmc Debt Debt Service Total Balance at June 30, 1993
$
$
295,892
>,500
$
9,000
$
18,025
$
966
225 382.
Additions:
Investment earnings Discount on Investment purchases Distribudon ofinvestment earnings Revenue from power sales Distribution ofrevenues Transfer of investments Miscellaneous transfers
1,552 47,836 (15,848)
(33,563)
3 (44)
13,670 (440)
25,972
2 368
(380)
1,557 (3,+H)
1,006
1,513
56
(39)
(1,006)
(83)
47,836 2,178 440 9,403 Total 39,202 102 1,557 (3,+H)
12,021 49,438 Deductions:
Bond issue costs Administrative expenditures Payments for utilityplant
'nterest paid 857 36,823 544 194,106 857 36,823 194>650 6.993 6,993 Total Balance at June 30, 1994 37367 194,963 6,993 239323
$
$
1,835
$
$
9,057
$
556
$
18,025
$
5.994
$
35,497 This schedule summarlres the receipts and disbursements in funds required under the Bond Indenture and has been prepared from the trust statements. The balances in the funds consist of cash and investments at original cost. These balanced do not include accrued interest receivable of$ 10 at June 30, 1994, nor do they include total amonizcd net investment discount of $ 10 at June 30, 199 NO POSTAGE NECESSARY IF MAILED IN THE UNITED STATES BUSINESS REPLY MAIL FIRST-CLASS MAIL PERMIT NO. 4014 PASADENA, CA POSTAGE WILLBE PAID BYADDRESSEE Southern California Public Power Authority 200 South Los Robics Avenue, Suite 155 Pasadena, California 91101-9738
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