ML17303A889
| ML17303A889 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 06/30/1987 |
| From: | Patterson D ARIZONA POWER AUTHORITY |
| To: | |
| References | |
| NUDOCS 8803230059 | |
| Download: ML17303A889 (36) | |
Text
ACCELERATED ""DIFiIBUTION DEMONSTRATION SYSTEM DOC. DATE: 87/06/30 NOTARIZED: NO ACCESSION NBR:8803230059 FACIL:
AUTH.NAME PATTERSON,D.
RECIP.NAME AUTHOR AFFILIATION AffiliationNot Assigned RECIPIENT AFFILIATION REGULATORY INFORMATION DISTRIBUTION SYSTEM (RIDS) l DOCKET r.-<e'UBJECT:
"Arizona Power Authority 29th Annual Rept."
DISTRIBUTION CODE:
M004D COPIES RECEIVED:LTR + ENCL I
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TITLE: 50.71(b)
Annual Financial Report NOTES:
RECIPIENT ID CODE/NAME PD INTERNAL: A'EOD/DOA NRR/PMAS/PTSB12 EXTERNAL: LPDR COPIES LTTR ENCL RECIPIENT ID CODE/NAME PM EOD/DSP/
PAB G
IL 01 NRC PDR COPIES LTTR ENCL 8
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TOTAL NUMBER OF COPIES REQUIRED:
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Arizona Power Authority t1 I
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Arizona. Power Authority Twenty-Ninth Annual Report 1810 West Adams, Phoenix, Arizona 85007 For the year ended June 30, 1987 Table of Contents Letter to the Governor Boulder Canyon Project Transmission System The Arizona Power Authority Contracts for I-Ioover Power I.Ioover Uprating Program I-loover Modifications Project Navajo Marketing Plan Operations Financial Data Section and Audit Report Auditors'pinion Schedule of Power and Energy Sales Commission of the Arizona Power Authority Personnel Iiighlights 1
2 5
6 8
10 11 12 13 27 28 30 32
To Governor Evan Mecham, The followingis the 29th Annual Report ofIbe Arizona Power Autbori0> which covers tbe fiscal year ended June 30, 1987.
This bas been an exciting and very productive year for the Authority.
Afteryean ofintense negotiations, a new 30 year Power Sales Contract for Hoover hydroelec-tricpoiver with tbe Western Area Power Adminislration (t V'estern) ivas executed and irnple-mented on June 1, 1987. A Fir7ri Transmission Agreement with Western to deliver this power also became effectiue inJune, 1987.
On April 1, 1987, tbe Authority rerrrarketed 489,820,000 in poiuer resource revenue bonds to finance its share ofthe Hoover Uprating Program a program authorized by the Hoouer Power'lant Act of 7984 to rewind existing generators at Hoover, thus creating an additional 188,000 l:Wofcapacity to be sold by the Authorig> to Arizona purchaserx On June 1, 1987, tbe Authority entered into new 20 year Power Sales Contracts under which low cost Hoover power is noiu'being sold to 39 cuslorners throughout the State an addilion of22 new cusloniers to tbe lisl ofpreuious Hoouer contractors.
Authorio> staffbas been actively involved this year in providing technical assistance and support to its customs'or implementation ofConservation and Renewable Lnergy (C &RE) Programs which willresult in significaiit State-wide energy savings.
Tbe Arizona Power Authority recognizes the importance ofproviding assistance in tbe develop-ment and maintenance oflow cost energy resources tubr'ch willbe beneficial to the State of Arizona and reniains committed to this goal.
Dwight Patterson Chairman
Boulder Canyon Project p.
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Hoor'arn and Lake,Vead r<<uru<rrofrhe l'i, aunrru ofRarlumariou1 n an effort to control and regulate the flow of the Colorado River, Congress, in 1928, passed the Boulder Canyon Project Act authorizing construction of Hoover Dam, by the United States Bureau of Reclamation.
The dam site is located in the Black Canyon between Nevada and Arizona. Construction of the dam began in 1931 and was completed in 1935. The dam was dedicated by Franklin D. Roosevelt on September 30, 1935. The generating facilities were completed in 1936, and the first commercial power production began in October of that year. Hoover was the greatest dam constructed in its day. An arch-gravity structure rising 726 feet above bedrock, Hoover is still the western Hemi-sphere's highest concrete dam. It is 660 feet thick at its base, 45 feet thick at its crest, and stretches 1,244 feet across Black Canyon.
There are 4 4 million cubic yards of concrete in the dam, power plant and related structures.
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Flooding belOw HOOrn'anr, 1983 tao'.rl ofvs arrnrru oferrrrororlout
Hoover Dam's reservoir, Lake Mead, is the largest man-made lake in the United States it backs up 110 miles behind the dam and is capable of storing nearly two years of aver-age Colorado River flow. This water is released in regulated, year-round flow as nee'ded. As it passes through Hoover's tur-bines, the water generates low-cost hydroe-lectric power for use in Nevada, Arizona and California.
At the time of construction, Hoover power plant was the world's largest hydroelectric installation. It is still one of this country' largest facilities, with 17 generating units, having a total capacity of approximately 1,448,000 kilowatts. More than 4,000,000,000 kilowatt-hours of energy are generated annually.
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In 1984, with the passage of the Hoover Power Plant Act, authorization was,given to uprate the existing units at Hoover Dam, which will increase the power plant's capac-ity by more than 500,000 kilowatts providing a total capacity of approximately 1,951,000 kilowatts. Work on the upratings began in 1985 and is expected to be completed in 1992. The non-federal funds for this uprating program are being provided by the Hoover allottees. g I >p>>IS
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iCET ROIOIII APACNE LEGEND A Non-Federal Substation A Federal Substation Q Hydro-Generating Station Q Non-Federal Steam-Generating Station
~ Parker-Davis Project
~a Pacific Northwest-Pacific Southwest Intertie Project
The Arizona Power Authority nder the 1928 Boulder Canyon Pro-ject Act and the Boulder Canyon Pro-ject Adjustment Act of 1940, the State of Arizona ("in its sovereign capacity") was allocated approximately 17.5 percent of firm energy from the Boulder Canyon project (Hoover Dam). This meant tliat only the State, itself, or an agency acting on the State' behalf, could receive Arizona's share of IIoo-ver energy. Therefore, in 1944, the Arizona Legislature passed an Act which created the Arizona Power Authority (thc "Authority") to receive and market Arizona's share of I-Ioo-ver power. In 1945, the Authority entered into its original Hoover power contract with the United States.
James Dartlea, Attontey Les Onttsby,'tlttrlrtlstrator Under the Act, the Authority's functions and responsibilities relate principally to obtaining and distributing electric power generated by the mainstream waters of the Colorado River.
The Authority, however, is not limited to these activities, and its enabling legislation carries broad powers in the field of develop-ment and marketing of electric power. The Authority is empowered to acquire, construct and operate necessary electric generation and transmission facilities and to enter into such agreements and contracts as may be required. It may also issue rcvenuc bonds to acquire and construct such facilities. The right of eminent domain lias been granted to the Authority to allow acquisition of property to be used for purposes deemed necessary to carry out its purposes.
The purposes of the Authority are effectuated by a five-member Commission which is appointed by the Governor, subject to confir-mation by the Arizona State Senate. To pro-vide continuity in the administration and operation of the Authority, Commissioners are appointed to staggered terms of six years each. The Commission elects from its mcm-
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l(tclwrtlWllsott, Asslstattt Atitttittistrator Terl Afos, pouter iVattager bcrship a Chairman and a Vice Chairman who hold office for terms of two years, to begin and end on the first Monday in January.
An Administrator is employed by the Com-mission to execute the day to day operations of the Authority.g
Contracts For Hoover Power n January 20, 1987, the Arizona Power Authority Commission authorized its Chairman to execute a new 30-year Hoover Power Sales Contract with the Western Area Power Administration (on behalf of the United States). The contract became cffeaive on June 1.
Under the contract, the Authority is entitled to 189,000 kW of existing Hoover capacity and 645,989,000 kWh of associated energy, as well as 188,000 kW of new Hoover capacity and 212,000,000 kWh of associated energy from the Uprating Program. In addition, the Authority will have new priority rights to the first 200,000,000 kWh of excess energy gener-ated due to above normal water flow.
The Authority entered into new 20-year con-tracts for Hoover power with Arizona cus-tomers on June 1. Hoover power is now being sold to 39 customers within the State.
In the past, only 17 Arizona entities received power from Hoover.
The primary customers for Hoover power within the State are irrigation and electrical districts. However, under the new contracts, Hoover is also now allocated to cities, towns, private utilities, Indian communities, munici-palities, cooperatives and the Central Arizona Water Conservation District, which will use its allocation for the pumping of Central Ari-zona Project water.
A schedule of the Authority's 39 customers and their respective allocations follows. Q Arizona Power Authority Allocations NEW SCHEDULES A AND 8 ALLOCATIONS AT GENERATION NEw SCHEDULE A ALLOCATIONS kW kWh NEW SCHEDULE 8 ALLOCATIONS kW kwh NEW TOTAL SCHEDULES A and 8 ALLOCATIONS TOTAL TOTAL kW kWh 2,450 8,389,000 3,840 4,327,000 6,290 2,980 10,201,00 0
0 0
0 930 Aguila Irrigation District.....
Avra Valley Irrigation 8c Drainage District.........
630 2,168,000 1,010 1,138,000 1,640 Buckeye Water Conservation Distria..
0 2,980 Central Arizona Water Conservation District*.....
0 0
0 Chandler Heights Citrus Irrigation District.........
930 3,164,000 0
Cortaro-Marana Irrigation Distria 6,440 22,003,000 0
0 6,440 Electrical District 1, Pinal.....
5,190 17,738,000 5,460 6,157,000 10,650 Electrical District 2, Pinai.....
19,450 66,473,000 9,740 10,989,000 29,190
'Pursuant to the Resolution and Final Ifooter Power h1arketlng Plan, ifcertain conditions are met, the Authoritywillrecapture all or ofSchedule B Power for the benefit ofthe Central Arizona Water Consavuton District.
12,716,000 3/06,000 10,201,000 3,164,000 22,003,000 23,895,000 77,462,000 a pro rata ponion
NE>>V SCHEDULES A AND 8 ALLOCATIONS AT GENERATION NEW SCIIEDULE A ALLOCATIONS NEW SCI IEDULE 8 ALLOCATIONS NEW TOTAL SCIIEDULES A and 8 ALLOCATIONS ENTITY kW kWh kW kWh TOTAL kW TOTAL kWh Electrical District 3, Pinal.....
Electrical District 4, Pinal.....
Electrical District 5, Maricopa Electrical District 5, Pinal.....
Electrical District 6, Pinal.....
Electrical District 7, Maricopa Electrical District 8, Maricopa Harquahala Power District....
Maricopa Water District......
McMullen Valley KVater Conservation h Drainage District.........
Ocotillo 3Vater Conservation District......
Queen Creek Irrigation District Roosevelt Irrigation District...
Roosevelt Water Conservation District......
Salt River Project...........
San Tan Irrigation District....
Silverbell Irrigation 84:
Drainage District.........
Tonopah Irrigation District...
Wellton-Mohawk Irrigation ~%
Drainage District.........
City ofMesa..............
City of Page City ofSafford............
Town ofThatcher..........
Town of Wickenburg........
Ak-Chin Indian Community...
Arizona Electric Power Cooperative............
Arizona Public Service Company..............
Citizens Utilities Company....
Papago Tribal UtilityAuthority San Carlos Project..........
Tucson Electric Power Company..............
10,710 19>450 350 14,770 8,010 10,500 13,390 2,490 8,840 36,613,000 66,473,000 1,208,000 50,476,000 27,371,000 35,902,000 45,749,000 8,495,000 30,215,000 18,220 6,450 0
3,100 8,420 1,490 10,810 3,850 2,980 20,547>000 7,271,000 0
3,494,000 9,499,000
'1,678,000 12,185,000 4,339,000 3,365,000 28,930 25,900 350 17,870 16,430 11,990 24,200 6,340 11,820 57,160,000 73,744,000 1,208,000 53,970,000 36,870,000 37,580,000 57,934,000 12,834,000 33,580,000 2,390
'1,770 3,220 6;760 38,790 520 710 1,550 8,175,000 6,043,000 11,020,000 23,106,000 132,589,000 1,777,000 2,417,000 5,297,000 0
2,760 4,940 6,540 25,550 1,340 0
2,410 0
3,108,000 5,570,000 7,377,000 28,815,000 1,513,000 0
2,721,000 2,390 4,530 8,160 13,300 64,340 1,860 710 3,960 8,175,000 9,151,000 16,590,000 30,483,000 161,404,000 3,290,000 2,417,000 8,018,000 2,910 9,953,000 5,200 5,140
'1,040 2,080 1,050 2,290 1,110 5,864>000 5,794,000 1,173,000 2,345,000 1,185,000 2,580,000 1,255,000 8,110 5,140 1,040 2,080 1,050 2,290 1>110 15,817,000 5,794,000 1,173,000 2,345,000 1,185>000 2,580,000 1,255,000 3,430 3,870,000 3,43Q 3,870 000 24,890 2,910 2,470 2,570 28,064,000 3,283,000 2,780,000 2,896,000 24,890 2,910 2,470 2,570 28,064,000 3,283,000 2,780,000 2,896,000 9 620 10 848 000 9 620 10 848 ppp 3,800 12,974,000 5,290 5,970,000 9,090 18,944,000 TOTAL:
189000 645,989,000 188.000 212,000,000 377,000 857,989000
Hoover Uprating Program
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n 1985, the U.S. Bureau of Reclamation began a prognm (authorized by the Hoover Power Plant Act of 1984) of uprating the existing 17 generators at Hoover Dam by replacing existing generator wind-ings with those of increased electrical capac-ity. When complete (projected to be in 1992),
the Uprating Program will increase the total capacity at Hoover by approximately 34 per-cent. Non-federal financing for the prognm is being provided by participants from Cali-fornia, Arizona and Nevada.
In order to provide Arizona's proportionate share of the uprating cost, the Arizona Power Authority issued
$98,425,000 in power resource revenue bonds in December, 1985.
The bond proceeds were deposited into an escrow account until contracts with Western and Arizona customers were executed. On April 1, 1987, the bonds were rcmarkcted in the amount of $89,820,000. (The decrease in the bond issue amount is attributable to a 58 percent reduction in long term interest rates from the date of original issue.) Q
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Hoover Modifications Project i
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n application, filed jointly by the Arizona Power Authority and the Colorado River Commission of Nevada, to study the feasibility of construct-ing a new underground power plant at Hoover Dam is now being considered by the Federal Energy Regulatory Commission (FERC). (The project is known as the Hoover Modifications Project.)
L'tepvt itlagnttssott, Assistant Potter S tet a er Erttest Gregg Pottn Sdxvittler Ifthis project proves to be feasible, it is anticipated that an additional 500,000 kilo-watts of capacity would be available to the two states. The two state agencies propose to provide non-federal financing for the project through the issuance of revenue bonds. Q S
Ginger SChtnrtz Atttlmrto Secretary Donna Robitts Adntttttstratite Secretary
Navajo Marketing Plan epresentatives from various Arizona entities (including the Arizona Power Authority) and the Western Area Power Administration are currently working to finalize a plan to market Navajo Generat-ing Station surplus power (Navajo Marketing Plan) to comply with the provisions of the Hoover Power Plant Act of 1984. Revenues from the sale of such power willbe utilized to pay for the costs of the construction of authorized features of the Central Arizona Project.
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j The Navajo Marketing Plan is of particular interest to the Authority because of its rela-tion to the final Hoover Power Marketing Plan adopted by the Authority in June, 1985, and its effect on the recapture of I.loover Schedule 8 power and use of Schedule C
energy by the Central Arizona Water Conser-vation District as required by the Authority's power co'ntracts with its customers. Q Frank Botijtli Accountant Rosctnary Anfwlt,Assistant Accountant t
r Dace Soutktcord>, Programmer Analyst Don Esgar, Cttstomcr Scrvlccs and Contracts Atanagcr
Operations n
t the end of the fiscal year, June 30, 1987, the storage in Lake Mead was 23,886,000 acre-feet of water at the lake elevation of 1,206.6 feet. During the fis-cal year, water released through power tur-bines was 14,800,000 acre-feet producing 6,880,000,000 kilowatt-hours of energy.
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The Authority, during this period, received 643,195,000 kilowatt-hours of the energy at Hoover Dam.
Beginning June 1, 1987, the Authority pro-vided firming energy to customers who desired the additional energy to firm their Hoover entitlements. During the period of June 1987, the Authority provided 34,637,000 kilowatt-hours of firming energy.
The Authority also purchases thermal-generated energy under wholesale power.
purchase contracts with the Arizona Public Service Company and the Arizona Electric Power Cooperative. The power is sold at wholesale rates to Electrical District Nos. 4 and 5 of Pinal County and No. 8 of Maricopa County. During fiscal year 1987, the Authority delivered 20,565,182 kilowatt-hours of thermal-generated energy to these Districts. Q
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Financial Data. Section and Audit Report Revenue Dollar Distribution Stcam Sales 20X Other 5X Hydro Sales 73X Interest Income 2X Expenditure Dollar Distribution Transmission 19X Otltcf 1X Purchased Popover 72X Administrative &. General 8X
t Arizona Power Authority (An Agency of the State of Arizona)
APA General Fund, Hoover Energy Fund, Hoover Uprating Fund and Combined Balance Sheets June 30, 1987 and 1986 APA GENERAL FUND 1987 1986 ASSHS PROPERTY, PLANTAND EQUIPMENT, Net (Notes 1 and 3).....
PRELIMINARYSURVEY AND INVESTIGATIONCOSTS (Note 4)..
DEFERRED COSTS HOOVER UPRATING PROJECT (Note 5)..
BOND ISSUANCE COSTS, NET..
INVEST$$IENTS:
Certificates of deposit at face amount..
CURRENT ASSETS:
Cash Temporary investments, mainly certificates ofdeposit.......
Accounts receivable:
Customers'ower purcliases.
Due from (to) other fund Interest receivable Prepaid purchased power and other assets Total current assets....................
TOTAL.
2,000,000 2,000,000 741,283 850,000 788,662 660,275 84,134 425 3,124,779 880,936 850,000 188,793 99,362 425 2,019,516
$5,654 645
$5 014 032 314,659 330,429 215,207 664,087 FUND EQUITYAND LIABILITIES FUND EQUITY:
Contributed capital Retained earnings (Notes 2 and 8):
Allocated:
Investment in property, plant and equipment Property replacement reserve Preliminary survey and investigation costs.
General reserves Unallocated Total fund equity.
314,659 404,260 215,207 500,000 3 443 157 4,886 283 330,429 383,875 664,087 500,000 2.917 170 4,804,561 9,000 9,000 BONDS PAYABLE(Note 7).
LESS FUNDS HELD BY TRUSTEE (including $2,346,508 of unamortized premium on investments)
CURRENT LIABILITIES:
Power contracts payable Note payable (Note 6).
Bonds payable (Note 7).
Less funds held by trustee Accounts payable Accrued interest payable (Note 7)..
Total current liabilities.
TOTAL 768,362 768,362
$5,654,645 188,849 20,622 209,471
$5,014,032 See notes to financial statements.
HOOVER ENERGY FUND HOOVER UPRATING FUND COiMIIINED 1987 1986 1987 1986 1987 1986 3,425,351 1,265,991 2,769,402 2 999 800 314,659 215,207 3,425351 2,769 402 4,999,800 330,429 664,087 1,265 991 2,000,000
$ (128,689) 650,000 146,094 (649,289) 94 160,716 650,000 475,312 10,986 7,018 (178,683) 2,496,095 939,607 (10,986) 1,667,811 287,071 1,940 (10,986) 2,881,837 433,911 3,996,095 1,874,363 1,752,039 287,496 1,043,592 1,500,000 664,105 2,988,217 425 18 210 18,210
$1,304,032
$ 14,395,468 1304032 5200915 2,872 791 4,138,782 8,343,904
$ 20,068,323 6 196 339
$ 10,456 846 9,000 9,000 10,948 500,000
~10,948) 257 585
~$
103 428)
.0.
757,585
~103 428) 89,820,000
~77,918 673) 314,659 404,260 215,207 510,948 3,328,781 4 782,855 89,820,000
~77,918,673) 330,429 383,875 664,087 1,000,000 3,174,755 5,562 146 18,210 546,447 11901 327 861,763 148,836 1 586 970 1,031,571 98,425,000 (98,915,638) 499,956 3 097 893 11,901,327 1,630,125 167,046 1,586 970 735,296 1,031,571 98,425,000 (98,915,638) 499,956 3,118,515 18,210 546 447 18,210
$1304,032 2,597 569
$ 14 395 468 4 138 782 4,138,782 3 384 141
$ 20,068 323 4 894 700
$ 10 456 846
Arizona Power Authority (An Agency of the State ofArizona)
APA General Fund, Hoover Energy Fund, Hoover Uprating Fund and Combined Statements of Operations For The Years Ended June 30, 1987 and 1986 APA GENERAL FUND OPERATING REVENUES..
1987 S2,055,891 1986
$1 624 181 OPERATING EXPENSES:
Purchased Power.
Transmission Distribution..
Administrative and general.
Depreciation and amortization..
Allocation of depreciation Total OPERATING INCOME (LOSS) 2,001,334 3 494 6,987 9,292 27,799
~18,091 2 030815 25,076 1,554,983 3,305 6,609 35,687 25,626
~(17,628 1,608,582 15 599 OTHER INCOME (DEDUCTIONS):
Interest income.
Other, net.
Interest expense Total WRITE OFF OF DEFERRED COSTS (Note 4).
NET INCOME (LOSS) 222,254 (29,278) 192 976 036,330i 5
81 722 265,786 (91721) 256,065 271,664 See notes to financial statements.
HOOVER ENERGY FUND HOOVER UPRATING FUND COMBINED 1987
$4 662,689 1986
$5,566,699 1987
$ 939 607 1986 1987
$7 658 187 1986
$7,190,880 3,090,544 1,347,858 525,752 17 709 4,981,863
~319 174) 3,755,442 1,481,221 682,911 17,628 5 937 202 (370 503) 673,468 188,315 97,842 22,205 382 982 212
~42 605) 5,765,346 1,539,667 6,987 632,886 50)004 7 994,890 836 703) 5810,425 1,484,526 6,609 718,598 25,626 7,545,784
~354 904) 51,046 (405) 50 641 80,180 2 331 82 511 468,168
~528 991)
~60 823) 741,468 (29,683)
~528,991) 182 794 345,966 (7,390) 338 576
~489 052)
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~$
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~$ 103 428)
~625,382
$ (779 291)
~$
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i Arizona Porver Authority (An Agency of the State of Arizona)
APA General Fund, Hoover Energy Fund, Hoover Uprating Fund and Combined Statements of Changes in Fund Equity For The Years Ended June 30, 1987 and 1986 APA GENERAL FUND UNALLOCATEDRETAINED EARNINGS:
Balance, beginning of year Net income (loss).
Net transfers to allocated retained earnings Balance, end of year..
ALLOCATED RETAINED EARNINGS:
Balance, beginning of year Net transfers from unallocated retained earnings..
Balance, end of year..
CONTRIBUTED CAPITAL..
TOTAL FUND EQUITY 1987
$2,917,170 81,722 444,265 3,443,157 1,878,391
~444,265) 1,434,126 9 000 84 886 283
. 1986
$2,884,082 271,664
~238,576) 2,917,170 1,639,815 238 576 1,878,391 9 000 84 804 561 See notes to financial statements.
HOOVER ENERGY FUND HOOVER UPRATING FUND COMBINED 1987 1986 1987 1986 1987 1986
$257,585 (757,585) 489,052 (10,948) 500,000
~489,052) 10 948
$545,577 (287,992) 257,585 500,000 500,000
$ $757,585
$(103,428)
~103A28)
$(103,428)
$3,174,755 (779,291) 933,317 3 328.781 2,378,391
~933 317) 1,445,074 9 000 84,782 855
$3,429,659 (16,328)
~238,576) 3 174,755 2,139,815 238 576 2,378 391 9,000
$5,562,146
r Arizona Power Authority (An Agency of the State ofArizona)
APA General Fund, Hoover Energy Fund, Hoover Uprating Fund and Combined Statements of Changes in Financial Position For The Years Ended June 30, 1987 and 1986 FUNDS WERE PROVIDED BY:
Net income (loss)
Charges to income not affecting funds:
Depreciation and amortization..
Funds provided by operations.
Decrease in working capital Increase in long-term bonds payable, net Preliminary survey and investigation costs TOTAL FUNDS PROVIDED.
APA GENERAL FUND 1987 1986 81,722 27,799 109,521
$271,664 25,877 297,541 448,880 4 558,401 4297 541 FUNDS WERE APPLIED TO:
Purchase of property, plant and equipment Deferred debits HUF.
Preliminary survey and investigation costs..
Investments.
Bond issuance costs Increase in working capital.
TOTAL FUNDS APPLIED INCREASE (DECREASE) IN WORKING CAPITAL:
G6h.
Temponry investments Accounts receivable customers'ower purchases..
Prepaid purchase power.
Contested tax assessment receivable Contested tax assessment payable Due from (to) other fund..
Interest receivable Accounts payable Power contracts payable Interest payable bonds..
Note payable Bonds payable Less funds held by trustee INCREASE (DECREASE) IN WORKING CAPITAL.......
546,372
$ 558,401 50 411 4297 541
$(139,653) 599,869 660,275 (15,228) 20,622 (579,513)
$337,304 (50,000) 89,859 (140,782)
(265,839) 265,839 (28,634)
(45,003)
(20,622)
(91,711)
$ 546,372
$ 50,411 12,029
$ 51,049 196,081 See notes to financial statements.
HOOVER ENERGY FUND HOOVER UPRATING FUND COMBINED 1987 1986 1987 1986 1987 1986
$(757,585)
$(287,992)
(103,428) 22,205 50 004 25,877 (779,291)
(16,328)
(757,585) 757,585 (287,992) 287,992 (81,223) 11,901,327 1,265,991 (729,287) 757,585 11,901,327 448 880 9,549 1,553,983
.0.
.0-
$ 11820104 2 265,991
$ 12,378,505 7 563,532 2,159,360 2,999,800 2,791,607 3 869337
$ 11,820 104 1,265,991
) 265991 12,029 2,159,360 2,999,800 2,791,607 4,415,709
$ 12 378 505 51,049 11265,991 196,081 50 411 1,563,532
$(289,405)
(329)218)
(660,275)
(6,924)
(18,210) 546,447
$ 160,716 (150,000)
(476,150) 39,620 (13,608) 151,430 (180,623) 2,496,095 939,607 287,071 (1,214,026) 351,120 (861,763) 1,510,923 1,031,571 98,425,000
~98 91 5 638) 1,940 (10,986) 2,881,837 (499,956)
(3,097,893)
(1,031,571)
(98,425,000) 98 915 638 (609,681) 2,496,095 1,210,258 287,071 (1,236,178) 353,532 (894,829) 1,510,923 1,031,571 98,425,000-
~98 915 638) 499,960 (200,000)
(386,291)
(140,782)
(265,839) 265,839 2,823,226 (520,578) 59,719 (3,097,893)
(1,031,571)
(98,425,000) 98 915,638
~$ 757 585)
~$ 287 992)
~$
3 869 37
~$
1 265 992) 3 658 724
~$
1,503.572)
Arizona Power Authority (An Agency of the State ofArizona)
Statement of Operations of the Power Resource Revenue Bond Resolution Funds and Accounts For The Year Ended June 30, 1987 OPERATING REVENUES..........
OPERATING EXPENSES:
Purchased Power.............
Transmission.
Administrative and general......
Depreciation.
Allocation of depreciation.......
Total.
OPERATING GAIN(LOSS)........
OTHER INCOME (DEDUCTIONS):
Interest income Interest expense Total.
NET INCOME(LOSS)...........
673,468 188,315 97,842 382 960,007 939 607
~960 007) 14,416 17,324 14 416 17 324 939,607 (945,591) 17/24 22,205 22 205
~22 205) 300,252 300 252 278,047 MONTHLY PAY))IENT REVENUE OPERATING RESERVE CONSTRUCTION FUND ACCOUNT ACCOUNT FUND
$939,607 ADJUST2<IENTS TO INCOMF. (LOSS)
'UNDER THE POWER RESOURCE REVENUE BOND RESOLUTION:
Add:
Accrued interest expense...
Depreciation............
Allocation of depreciation...
Accrued purchased power..
Accrued administrative and general..............
Deduct:
'ccrued interest income.......
Accrued revenue............
Prepaid purchased power......
INCOME (LOSS) AS DEFINED UNDER THE POWER RESOURCE REVENUE BOND RESOLUTION...........
JUNE 30, 1987 CASH AND INVESTMENTS BALANCE..
(939,607) 382 861,783 53,942 (14,415)
(287,071)
(17,324) 6
-0.
~6330 970) 6
.0.
$ $2,710,589
$3,000,000 22,205 (300,252) 651 596 072 NOTE: The above supplemental schedule includes all funds and accounts, as defined by the APA Power Resource Revenue Bond Resolutions.
SUPPLEMENTAL SCHEDULE DEBT SERVICE FUND DEBT SERVICE RESERVE ACCOUNT POWER RESOURCE GENERAL DEVELOPMENT SUBORDINATED RESERVES FUND DEBT FUND FUND TOTAL 939,607 673,468 188,315 97,842 22,205 382 982 212
~42,605) 84,001
~528.991)
~444 990)
(444,990) 52,175 52,'175 52,175 468,168
~528,991)
~60 823)
(103,428) 528,991 528,991 22,205 (84,001)
(52,175) 382 861,783 53,942 (468,167)
(939,607)
(287,071) $ $14,546,635
$9 036 081
~$
330 970)
$80 889 377
i Arizona Power Authority (An Agency of the State ofArizona)
- 1.
SUMMARY
OF SIGNIFICANTACCOUNTING POLICIES System ofAccounts The accounting records of the Authority are maintained in accordance with the Uniform System ofAccounts prescribed by the Federal Energy Regulatory Commission
("FERC"), insofar as the System is applicable to its operations.
Property and Depreciation Property is stated at original cost. The costs of property additions and replacements are capitalized. Replacements of minor items of property are charged to expense as incurred. Costs of property retired are eliminated from plant accounts, and such costs plus removal expenses less salvage are charged to accumulated depreciation.
Depreciation is provided on the straight-line composite method based on the estimated useful lives of the property items.
Preliminary Survey and Investigation Costs Certain preliminary costs relating to proposed major capital projects are deferred as long as completion of such projects is considered reason-ably expected, and capitalized as a cost of such projects as they are completed.
Bond Issuance Costs Costs relating to the issuance of long-term bonds have been deferred and are being amortized over the life of the bonds.
Hoover Uprating Project Costs Costs relating to the Hoover Uprating Project are being deferred. Such costs are being amortized over the life of the power contracts beginning with the delivery of power from the project.
Hoover Uprating Fund Excess Interest Income The excess of interest earned on the revenue bond proceeds held in trust over interest expense on the bonds was offset against Deferred Costs I-Ioover Uprating Project until June 1, 1987, when APA began receiving power from the Project.
Unused Vacation Pay Vacation pay for the APA General Fund is recorded as an expense when taken or when the payment in lieu of vacation is made. As ofJune 30, 1987, unused vacation pay was estimated to be $30,843 and is not reflected in the accompanying flnancial statements.
- 2. FUND ACCOUNTING Hoover Energy Fund The Hoover Energy Fund accounted for revenues and expenditures applicable to the sale and transmission of power and energy received by the Authority from the Western Area Power Administration ("WAPA")under its Hoover Energy contract. Agreements with purchasers committed the Authority to sell and transmit this energy essentially at cost, specifying that any unexpended balance in the Fund on May 31, 1987 (expiration date of the Hoover Energy contracts) willbe returned to the purchasers pro rata on the basis of their energy entitlement percentages as computed under the agreements.
Unallocated retained earn-ings of the Fund were available to the Authority for certain other uses related to Authority activ-ities until May 31, 1987.
The Hoover Power Plant Act of 1984 ("Hoover Act of 1984"), signed into law on August 17, 1984, renewed the present allocated power and allocated additional power to the Authority, effective June 1, 1987 through September 30, 2017. Effective June 1, 1987, the Authority exe-cuted new power contracts with WAPA and power allottees. The revenues and expenditures applicable to the sale and transmission of power and energy received by the Authority from WAPA under these contracts are accounted for in the Hoover Uprating Fund. The Authority's share of the Boulder Canyon Project's existing capacity willbe increased by approximately 24 megawatts. Additional increments totaling approximately 188 megawatts willbe received through 1992 as stages of the Hoover Uprating Project are completed (see Notes 4 and 5).
Notes to Financial Statements For the Years Ended June 30, 1987 and 1986 Hoover Uprating Fund The Hoover Uprating Fund accounts for costs incurred by the Authority in connection with the Hoover Uprating Project. Effective June 1, 1987, this fund also accounts for revenues and expenditures applicable to the sale and transmission of power and energy received by the Authority from WAPA under its cncrgy contracts.
On December 19, 1985, the Authority issued
$98,425,000 variable rate revenue bonds to obtain funding for the Hoover Uprating Project. These bonds were converted to $89,820,000 of fixed rate long-term bonds on April 1, 1987.
APA General Fund Authority operations other than those applicable to the I-Ioover Energy Fund or the Hoover Uprating Project Fund are accounted for in the Arizona Power Authority General Fund ("APA General Fund"). Thc purchase of steam power and the sale and transmis-sion of such power to the Authority's customers are accounted for in such fund.
- 3. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment of the APA General Fund at June 30, 1987 and 1986 were as follows:
1987 1986 Transmission and distribution plant.
General plant..
Total property.
Less accumulated depreciation..
Property, net
$415,031
$422,531 303 889 291 774 718,920 714,305 404 261 383 876 8314 659 8330 429 The transmission and distribution plant is comprised of a substation and related equipment.
Purchased power is delivered over transmission facilities owned by WAPA.
- 4. PRELIMINARYSURVEY AND INVESTIGATIONCOSTS Preliminary survey and investigation expenditures relating to the planning of the proposed Hoover Modification Projects have been deferred.
Construction of the Hoover ModiTication Project may be dependent upon obtaining a license from FERC. Ifconstructed, the project would increase capacity of Hoover by installing a new power plant. The Authority believes that construction of this project is reasonably expected.
Deferred preliminary survey and investigation costs incurred in the I.Ioover ModiTication Project as ofJune 30, 1987 was $215,207.
The Hoover Uprating Project was approved under the Hoover Act of 1984. The project will increase the capacity of the Boulder Canyon Project ("Hoover") by rewinding the existing power plant generators providing an additional 503 megawatts of capacity of which the Author-ity has been allocated 188 megawatts under the Hoover Act of 1984. Distribution of such power commenced on June 1, 1987.
In 1987, it was determined that $625,382 of deferred preliminary survey and investigation costs relating to the Hoover Uprating Project would not be recoverable through rates. Accordingly, these costs were written offagainst thc income of APA General Fund and the Hoover Energy Fund. AtJune 30, 1987, $136,330 and $489,052 had been written off against the APA General Fund and the Hoover'Energy Fund, respectively.
Notes to Financial Statements For the Years Ended June 30, 1987 an'd 1986
- 5. DEFERRED COSTS HOOVER UPRATING PROJECT Deferred costs Hoover Uprating Project represents payments to the Bureau of Reclamation
("Bureau" ) relating to the Hoover Uprating Project. Such costs are deferred and are being amortized over the life of the power contracts.
- 6. NOTE PAYABLE The Authority had a $1.5 million bank line of credit, of which $ 1,031,571 had been used as of June 30, 1986, at an interest rate of 8.875%. Borrowings on the bank loan were used to provide funding for the Hoover Uprating Project. During 1986, the Authority incurred interest on the loan of $10,251 all of which was deferred. The bank loan was paid offin 1987.
- 7. BONDS PAYABLE The Authority issued
$98,425,000 in variable rate revenue bonds on December 19, 1985 to obtain funding for the Hoover Uprating Project. On April 1, 1987, $89,820,000 of these bonds were remarketed. The new bonds are due serially from 1993 through 2017 and bear interest ranging from 5.4% to 7.2%.
- 8. RETAINED EARNINGS Allocations of retained earnings appropriated for specified purposes are authorized by the Authority Commission under provisions of the Arizona Power Authority Act of 1944, as amended. The general reserves shown on the accompanying balance sheets are comprised of the following:
June 30 1987 1986 APA General Fund Reserves Operations fund..
Power contracts..
System improvements and repairs Total
$200,000
$200,000 100,000 100,000 200 000 200 000
$500 000
$500 000 Hoover Energy Fund Reserves Operations fund..
Power contracts..
Generation contingencies and systems improvements...
Total
$200,000 100,000
$ 10 986 200 000
$ 10 986
$500 000 The unallocated retained earnings of the APA General Fund are considered by the Authority Commission to be available for future purposes of the Authority which are authorized by law.
See Note 2 relative to thc ultimate disposition of the Hoover Energy Fund balance.
- 9. COMMITMENTAND CONTINGENCY Under an agreement with one of its customers, the Authority may be obligated to purchase certain transmission and other facilities at an amount not in excess of $870,000, subject to cer-tain adjustments, through the issuance of revenue bonds; ifissued, such bonds would be amor-tized through charges to the customer for use of the facilities.
Auditors'pinion
'ILIS lllle Doslle5 Hmkm~c+88 The Arizona Power Authority Comnzission:
Wi have examined the combined balance sheets ofArizona Power Authority ('uthority') and the separate balance sheets ofthe APA General Fund, tbe Hoover Energy Fund and tbe Hoover Uprating Fund ofthe Authority as ofJune 30, 1987 and 1986 and the related statenrents of operations changes infund equity and ofchanges infinancial position for the years then ended. Our examinations were made in accordance with generally accepted auditing stan-dards and, accordingly, included such tests ofthe accounting records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, such financial statements present fairly the combined financial position ofthe Authority and the APA General Fund, the Hoover Energy Fund and the IIoover Uprating Fund ofthe Authority at June 30, 1987 and 1986 and the results oftheir operations and the changes in theirfinancial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.
Our examinations also comprehended the supplemental schedule, the statement ofoperations of the Power Resource Revenue Bond Resolution Funds and Accounts for the year ended June 30, 1987. In our opinion, the supplemental schedule, when considered in relation to the basic financial statements, presents fairlyin all material respects the information sboivn therein.
Phoenix, Arizona July 31, 1987
Schedule of Power and Energy Sales Year Ending June 30, 1987~~>
For Period of June 1, 1986 through May 31, 1987 SALE OF IIYDRO POWER Buckeye Water Conservation & Drainage District Chandler Heights Citrus Irrigation District......
Cortaro-Marana Irrigation District............
Electrical District No. 2, Pinal County..........
Electrical District No. 3, Pinal County..........
Electrical District No. 4, Pinal County..........
Electrical District No. 5, Maricopa County.......
Electrical District No. 5, Pinal County..........
Electrical District No. 6, Pinal County..........
Electrical District No. 7, Maricopa County.......
Maricopa Water District.
Ocotillo Water Conservation District..........
Roosevelt Irrigation District.
Roosevelt Water Conservation District.........
Salt River Project San Tan Irrigation District..
Wellton-Mohawk Irrigation & Drainage District...
Peak Billing Demand kW 3,000 900 7,800 18,700 10,300 18,700 1,000 14,200 7,700 10,100 8,500 3,300 3,100 6,500 37,500 500 2,800 Delivered kWh 4,598,000 3,868,888 29,777,000 83,094,236 44,533,612 75,120,946 3,766,648 49,958,429 32,318,138 25/80,000 8,477,000 8,557,191 5,942,000 23,387,638 165,515,429 2,128,068 12,371 875 Amount 32,209 27,534 215 400 590,181 316,686 533,666 26,753 355,023 299,703 179,578 59,223 60,736 41,905 187,200 1,178,553 15,137 88,126 Mills Pcr kWh 7.01 7.12 723 7.10 7.11 7.10 7.10 7.11 7.11 7.08 6.99 7.10 7.05 7.09 7.12 7.11 7.12 Total I.Iydro Power Sales 154,600 581,795,098 4,137,613 7.11 SALE OF TIIERMALPOWER Electrical District No. 4, Pinal County...
Electrical District No. 5, Pinal County...
1,642,800 814,181 7 132 500 437,790 Total Thermal Power Sales 8,755/00
$ 1,251,970 o> Ncw Power Sales Contraas for existing customers and additional customers went into effea June 1, 1987, allocating Iioovcr Schedule A and Schedule B Power and Energy.
t2t'the mills pcr kWh shown do not include thc 4.5 mill pcr kWh cltarge assessed to purchases of 1 ioover Power in the State of Arizona for rc~ymcnt to the Central Arizona Projca.
<>>Allouees clcacd to receive their allocation of iioover Power and Energy at a later time. their allocations were reallocated to existing allottees.
For Period of Junc 1, 1987 through Junc 30, 1987 SALE OF HYDRO POWER Aguila Irrigation District Avra Valley Irrigation 8c Drainage District.............
Buckeye Water Conservation District..
Chandler Heights Citrus Irrigation District.............
Cortaro-Marana Irrigation District..
Electrical District No. 1, Pinal Electrical District No. 2, Pinal Electrical District No. 3, Pinal Electrical District No. 4, Pinal Electrical District No. 5, Pinal Electrical District No. 5, Maricopa.
Electrical District No. 6, Pinal Electrical District No. 7, Maricopa.
Electrical District No. 8, Maricopa.
Harquahala Valley Power District<>l.
Maricopa County Municipal 5Vater District 41..........
McMullen Valley Water Conservation 8 Drainage District..
Ocotillo Water Conservation District.
Queen Creek Irrigation District Roosevelt Irrigation District Roosevelt Water Conservation District Salt River Project..
San Tan Irrigation District Silverbell Irrigation 8t Drainage District<>>.............
Tonopah Irrigation District KVellton.Mohawk Irrigation 8t Drainage District.........
City of Mesa..
City of Page City of Safford Town of Thatcher Town of Wickenburg.
Ak-Chin Indian Community Arizona Electric Power Cooperative Arizona Public Service Co.
Citizens Utilities Co.
Papago Tribal Utilities Authority.
San Carlos Project Tucson Electric Power Co.
Total Peak Billing Demand kW 3112 802 2,917 915 6,306 6,103 20,864 13,888 20,247 15,039 347 9,421 10,557 15,128 9,211 4,713 2,340 2,251 4,077 7,847 42,758 763 1,972 3,820 958 195 390 195 428 207 638 4,645 547 460 479 1 798 216,338 Dclivcrcd kWh 955,000 240,000 938,000 228,000 1,590,000
'1,818,000 5,598,000 4,351,000 6,289,000 4,227,000 88,000 2,797,000 2,550,000 4,407,000 2,440,000 1,169,000 591,000 661,000 1,183,000 2,455,000 10,167,000 238,000 504,000 1,234,000 420,000 85,000 170,000 86,000 188,000 91,000 281,000 2,035,000 238,000 201,000 210,000 787 000 61,510,000 Amount 14,218 3,603 13,756 3,653 25,359 27,334 87,276 64,342 93,260 64,828 1,401 42,102 41,335 66,762 38,216 18,759 9,420 9,987 17,946 36,321 165,807 3,524 7,997 18,069 5,637 1,142 2,285 1 152 2,522 1)221 3,767 27/18 3,201 2,700
, 2,818 10 566 939,607 Millst2>
Pcr kWh 10.39 10.51 10.17 11.52 11 45 10.54 11.09 10.29 10.33 10.84 11 42 10.55 11.71 10.65 11.16 11.55 11 44 10.61 10.67 10.29 11.81 10.31 11.37 10.14 8.92 8.93 8.61 8.91 8.91 8.92 8.91 8.92 8.95 8.93 8.92 8.93 10.78 SALE OF THERMALPOWER Electrical District No. 4, Pinal.
Electrical District No. 5, Pinal.
Electrical District No. 8, Maricopa.
Total Thermal Power Sales 5,700 500 10 938 17,138
$71,636 5,625 3 937 500 209 960 3,937,500 8
287221 SALE OF FIRMING ENERGY Navajo and Fuel RepLzcement.
Other Electric Revenues 34,637,000 500,054 541,722 14.44 Total Operating Revenues.
67 658 187
Commission of the Arizona Power Authority CHAIRMANDWIGHTPATTERSON was born in Tempe, Arizona, attended Peoria elementary and high schools and is a graduate of Arizona State College in Flagstaff. After several years as a football coach at A.S.C., Chairman Patterson became actively involved in cat-tle and sheep ranching and general farming in the Mesa area.
Chairman Patterson was active as a football and basketball official and served as President of the Central Arizona Officials Association.
He was a driving force in implementing the junior college concept in Arizona and has served as President of the Maricopa Community Colleges and the Arizona State Board of Regents. He is also a for-mer member of the Maricopa Industrial Development Board and the First Interstate Board of Directors and past President of the Phoenix National Farm Loan Association.
Mr. Patterson formerly served on the Arizona Power Authority Commission as Vice Chairman from 1965-1971. His current six-year appointment was made by Governor Babbitt in January, 1982. He I
was elected by the Commission to serve as Vice Chairman in March, 1984, and served in that capacity until being elected Chairman in January, 1986.
(+CAs~~
VICE CHAIRMANJACK FRANCIS is a native of Arizona, graduating from North Phoenix High School and the University ofArizona, with a Bachelor of Science Degree in Business Administration. He served as a Lieutenant in the U.S. Army during the Korean conflict. He is Chairman of the Board and Co-owner of Valley Industries in Peoria, Arizona.
Vice Chairman Francis has been active in Arizona and national agri-culture organizations as a past President and current member of the Board of Directors of the Arizona Cotton Growers Association and the SuPima Association of America. He also served as President of the Arizona Cotton Ginners Association and as Chairman of the Phoenix Chamber of Commerce Agri-Business Committee. He is currently serving as a Vice President of the National Cotton Council.
Governor Bruce Babbitt appointed Mr. Francis to the Arizona Power Authority Commission for a six-year term in January, 1984.
COMMISSIONER ROBERT CAS S was born in Miami, Arizona.
He graduated from Miami High ool and attended Eastern Ari-zona Community College. He has been actively involved in commu-nay ~ffaia, as well as government and business, serving as a Gila County Supervisor from 1977 through 1984, and currently as a man-ufacturer's marketing representative.
Commissioner Casillas is a past Vice President of the Arizona Super-visors Association and is a member of the Globe-Miami Economic Development Committee, Arizona Association of Counties, Knights of Columbus, American Legion, Globe Lions Club Board of Direc-tors, Globe-Miami Chamber of Commerce and the National Associa-tion of Life Underwriters. I-Ie was named Globe Citizen of the Month in February, 1972, and was selected Globe-Miami Citizen of the Year in 1978.
Governor Babbitt appointed Mr. Casillas to the Arizona Power Authority Commission to fillthe unex-pired term of Commissioner Joe Albo in March, 1985.
COMMISSIONERJEWELL M. LEWIS was born in Fairfield, Iowa, but has spent most of her life in Arizona. She received a Bachelor' Degree in Secondary Education from the University ofArizona; a Master's Degree in Elementary Education from George Washington University; and a Doctorate Degree in Secondary Education from Arizona State University. She currently serves as the Chairman of the Board of KTVK,Channel 3, in Phoenix.
Commissioner Lewis has been actively involved in the field of edu-cation, serving as a teacher in Florence, Arizona, from 1959 to 1972, Reading Director of Coolidge Public Schools from 1972 to 1982, on the Governor's Committee of Quality Education and on the State' Right-to-Read Advisory Board. She is past President of the Junior Woman's Club and a past Worthy Matron of the Order of Eastern Star. She is a director on the Arizona Perinatal Board of Trustees and a National Board Member on the Alumni of University ofArizona.
Governor Bruce Babbitt appointed Dr. Lewis to the Arizona Power Authority Commission in January,
'1986, for a six-year term.
COMMISSIONER RICHARD WALDENwas born in Oxnard, California; received his Bachelor's Degree in Economics from Pomona College; served as a Captain in the U.S. Army, earning numerous decorations and awards, and is currently the President and Chief Operating Officer of Farmers Investment Co. in Sahuarita, Arizona.
Commissioner Walden was a founding member of the Southern Ari-zona Water Resources Association and is currently a member of the Board of Directors and Executive Committee thereof. He is also a Director of the First Interstate Bank, Western Irrigated Pecan Growers, Green Fields Country Day School and Green Valley Community I-Iealth Center, Inc. Some of his many memberships include the Water Resources Coordination Committee of Tucson, Tucson for Tomorrow, and, previously, the Governor's Central Arizona Project Financing Study Group, the National Pecan Shellers Association and the Univer-sity ofArizona Foundation President's Club.
Mr. Walden was appointed to the Arizona Power Authority Commission by Governor Babbitt in June, 1984, to fillthe unexpired term of Commissioner Hugh Holub. He was reappointed by Governor Babbitt to a six-year term in January, 1986.
0 Personnel Highlights I
MR. DONALDJ. ESGAR joined the Authority staff as Manager of Customer Services and Contracts on June 1, 1987. Mr. Esgar retired from the U.S. Bureau of Reclamation earlier this year where he served as Chief of the Power Operation, Resources and Contracts Branch.
Also joining the Authority on July 7, 1986, was MR. FRANK BONFILI. Mr. Bonfiliserves as the Authority Accountant. He formerly worked for the Department of Economic Security as a Field Auditor.
Arizona Ponn AutlmriyOpia Builcliug