ML18088A772

Submitting Amendment 11 to Application for Licenses with Additional Financial Data Requested (St. Lucie Unit No. 2)

ML18088A772
Person / Time
Site:	Saint Lucie   (DPR-067, NPF-016)
Issue date:	04/11/1974
From:	Robert E. Uhrig Florida Power & Light Co
To:	Anthony Giambusso US Atomic Energy Commission (AEC)
References
Download: ML18088A772 (24)

Text

r AEC DI"

'IBUTION FOR PART 50 DOCKET MAT" IAL

'(TEMPORARY FORM)

CONTROL NO:

3298 CLASS UNCLASS XXXX PROP 'NFO PRON:

Florida Power 6 Light,Company Miami, Fla.

33101 R. E. Uhrig TO:

A, Giambusso DATE OF, DOC 4-11-74 ORIG' signed INPUT

,DATE REC'D 4-15-74 CC OTHER NO C S REC'D 28

'FXL'E:

'"LTR" MEMO RPT OTHER SENT AEC PDR SENT LOCAL PDR X

DOCKET NO:

50>>389 DESCRIPTION:

Ltr re our 3-11-74 ltr, trans the following:,

NOTE: Ltr notarized 4-11-74 ENCLOSURES:

Amdt F11 to the A l. for Lic: Consisting of. ~.

(1) Addi financial data as requested by our ACKNQWLEDGED PLANT NAME:,St. Lucie Unit 02

( 3 Orig & 25 cys rec'd))

FOR ACTION/INFOM&TXON BUTLER(L)

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Regulatory Docket File P.O. BOX 3100 MIAMI,FLORIDA 33101

~,S'e FLORIOA POWER 5 LIGHT COMPANY Aprilll, 1974 Mr. Angelo Giambusso, Deputy Director for Reactor Projects Directorate of Licensing Office of Regulation U.

S. Atomic Energy Commission Washington, D.

C.

20545

Dear Mr. Giambusso:

Re:

Docket No. 50-389 St. Lucie Plant Unit No.

2 Amendment 11 to the A lication for Licenses Plorida Power 6 Light Company hereby submits for your review three (3) signed originals and twenty-five (25) copies of Amendment ll to the Application for Licenses for St. Lucie Plant Unit No. 2.

This amendment to the Application for Licenses document consists of additional financial dg'ta requested by Mr. Karl R. Goller in his letter of March 11, 1974.

.78.7'~

Robert E. Uhrig Director of Nuclear Affairs REU:nch Encl.

cc:

Mr. Jack R.

Newman APPROVED:

E. A. A omat Executive Vice President o+c%,

+~g~ Oy~

5 c4 (Ey cVgg8

/

HELPING BUILD FLORIDA

i We

STATE OF FLORIDA )

)

SS COUNTY OF DADE

)

E. A. ADOMAT, being first duly sworn, deposes and says:

That he is an Executive Vice President of Florida Power

& Light

Company, the Applicant herein; That he has executed the foregoing instrument; that the statements made in this said instrument are true and correct to the best of his knowledge, information and belief; and that he authonized to execute the instrument on behalf of said Appli E. A. Adomat Subscribed and sworn to before me this day of

, l974 Nota y Public in and for ihe County of Dade State of Florida NO~A"~ PUBLiC State

)

tt Lait g My CO%mission Expires Aug

~4 Onnded by AUTO OWRKRS INSURANC<

My Commission expires'

~ ~ 0 ~ ~ 0 ~ ~ 0 30

'3 0

g ~

3

'~ f'>o I

3 30.,

~ 0 ~"

If

ego a ory Docket l:ice;

,Rpcclvart.wgt.tv tt; 9 /l-7 ee Docket No. 50-389 Se. Lucie Plant Unit 82 (Additional Pinancial Information)

Amendment 11 to A lication'or Licenses "11[

APR l'6 ]97c, 00 U.S ATO~'rG BErrop

<os rsstort

/~

Regard,~

tt+ Secuo~

e This amendmene wieh the enclosed information is provided in response to the request for, additional financial date in support of our application for a Construction permit for St. Lucie Plant Unit //2.

Although most of the daea previously was provided in our Applicat:ion Por Licenses, St. Lucie Unit //2 dat:ed May 14, 1973, that data is included herein for completeness.

l.

Enclosure 1 combines an ext:xact (Exhibit III) from the aforementioned application with the "Plant Capital Investment Summary" schedule to reflect the most

.".ecent cost estimates for. the facility.

2.

The sources of funds required for construction of the facility, according to the most recent

budget, are provided in Enclosure 2.

3.

Plorida Power 6 Light Company presently is in the process of negotiating a contract for the purchase oi nuclear fuel for St. Lucie Plant Unit f/2, from Combustion Engineering.

As stated in oux License Application, the earliest date for completion of construct:ion of this facility is estimated to be September 1, 1978; the expected completion dat:e is estimated to be July 1, 1979; the latest completion date is esti-mat:ed to be July 1, 1981.

EXHIBIT XX1.

FLORIDA POWER 6 LXGIIT COMPANY ST.

LUCXE UNIT NO.

2 Estimate of Construction Costs XIX.

Total Nuclear Production Plant Costs

~

~

~

~

~

~

~

~

~

~

~

~

Transmission, Distribution, and General Plant'osts Nuclear Puel Inventory Cost for Pll st Core

~

~

~

o

~

~

~

o

~

~

$ 360, Opp, ppp (Note l) 0 g p p p

( Note 2 )

25,000,000 (Note 3)

(Note l)

The nuclear production plant cost is based on (1) a contract with Combustion Engineering and estimated escalation, (2) a contract with Ebasco providing a. firm p ice for engineer-i'ng and home office services, (3) engineering estimates of labor, materials, and construction costs including escalation, (4) Applicant's estimated costs for engineering, consulting

services, training, startup, and sales

tax, and (5) a firm price contract with Westinghouse Electric Corporation for a turbine-generator.

In accorQance with Applicant's establisheQ policy, the cost of land is excludeQ.

(Note 2)

No additional "Transmission", "Distribution", anQ "General Plant" facilities are required beyond those supplied for St. Lucie Unit No. l except for the addition of

a. third switchyard bay.

(Note 3)

Nuclear fuel inventory costs for first core are estimateQ for the supply of a complete core including uranium',

enriclment and fabrication.

No special nuclear material leased from the Atomic Energy Commission will be utilized in the plant.

Enclosure 1

ri' 1

I 4 Py

FLORIM POWER 80 LIGHT COMPANY SOURCES OF FUNDS FOR SYSTKI-WIDE COI47STRUCTION EXPEL)ITURES DURII4G PERIOD OF CONSTRUCTION OF ST. LUCIE 42 NUCLEAR POWER PiAhV.

000 Security issues and.

Other ~inds Common Stock Preferred, Stock Long Term Debt IIotes Payable Other 1973

$ 44,812

~ 40,013 148.o23 44 0

1974

$ 4o,ooo

, 50,000 2902355 0

0 1975

$100,OOO 50,000 227,380 0

0 1976

$100,OOO 4o,ooo 223,488 0

0 1977 fioo,ooo 75, 000 288.444 0

0 1978

$125,ooo 75,000 337,488 0

0 "1979

$1OO,OOO 70,000.

330,488 0

0 Total External Funds

$232,892

$380,355

$377,380

$363,488

$463,444

$537,488

$508,488 Internal ~inds Total From Retained

Earnings, Working Capital and Other Internal.

Sources (1)

$~126 4 3

$183 045

$210 762 intel Construction Bu@3et

$~35 385

$563 400

$ 588 142

$221 346

$315 017

$339 049

$312 933

$~84 834

$778 461

$ 876 537

$821 421

~

Construction E

enditures nuclear Power Plants Other Total St. Lucie g2

$ 94,o17 265 385

$359 385 6 584 f 87,994 475.4o6

$106,542 481 6oo

$563 4oo 8588 142

$584 834 8 12 742 8 34 166 8 66 5OO 8778 461 8 78 9oo

$876 537

$821 421 8 87 7oo 8 73 4o8

$ 67,614

$ 96,200

$113,131

$ 88,408 517 220 682 261 763 406 733 013 (1) Breakdown of Internal Sources not available.

Enclosure 2

a r>

BASXC DATA PLANT CAPITAL XHVESTHENT SUi 4" IARY Name of plant Net capacity Reactor type Location 817 t'"'e) '~~gg PNR

~Da.".',n'nd conaI:ruccion er o'd e

~ Month, year NSSS order placed Jan 1975

Month, ear o" cor~ercial operation Dec 1980 Length of workwee>

40 hrs/wk Xnterest rate, interest during conacruccion

~on~ear COST SUY~fARY 3<un of'iver Natural draft cooling towers Hechanical draft cooling towers Othe" (describe) oc~~fg ghozp pipeline intake with canal, canal discharge to off shore pipe-line.

Account Number DXPZCT COSTS Account Title Total Cost (thousand dollars) 20 Land and land rights....................

PHYSXCAL PLANT 21 22 23 24 25 XR)XPP.CT COSTS Structures and site facilities..

Reactor.

p1ant eouipment.........

Turbine plant equipment.........

~

Electric plant equipment........

Uisct plant equipmentt

~

~

~ ~ t ~

~ ~

~ t Subtotalt

~ ~ ~ ~ ~ ~ ~

't

~ ~ tt ~

~

~

Spare parts allowance...........

Contingency allowance....;......

Sub 'total t ~ ~

~ ~ t t

~

~

~

~ e ~ ~ t ~

t t t t t ~

~ tttt ~ t ~

57800 95083 30.911 l24500 2200 210494 28800

$ 239294 92

~

93 94 Construction facilities, equip't, and Services

~ ~ t ~ ~ ~ t ~ ~ ~ ~ ~ ~ ~ ~ t ~ ~ ~ t ~ ~ ~ t

~ ~ t ~ t Engineering and cons t.

mg'. services...

0 'ther costs

~

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Xnterest during construction...........,

S ubtotal ~ ~ ~ ~ ~ ~ ~ ~ ~ t ~ tt ~ ~ ~ ~ ~ ~ ~

~

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Start of construction cost..............

Escala tion during cons true tion

(

.': yr. )

Total plant capital investment

(>

/KW) 31250 10250 13406 65800 5

120706

~~M.ADO OQO-

~74 Enclosure 1

))e

)h(4 (7)'BL I

ASSETS

~

/ g FLORIDA PNCER 48 LICHI'CZCPANY BAZANCE SHEET at FEBRUARY 28; 1974 and 1973 eauiey.o kt KLL8

'6 y=ir'"'~

g Y(P(Z t>;))0 1974

~973 ELECTRIC VFZLITY PIANT (at original cost) h

'lant in service Property hold for future use

~

~

~

~

~

Less accuaulated depreciation and anortization

~

~

~

~

~

Net

~

~

~

~

~

~

~

Construction work in progress

~.

Nuclear fuel.

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

Electric utility plant lass acchzsulated depreciation

~

I

~

~ "i - ~

~

~

~

~

~

~

0

$ 2> 228> 289> 575

~'1 '07 '18

~ 34

~ 22 9

~

~

~

~

~

~

~

~

~

~

1 r 81 5 ~ 084 ~ 5 14

$24,537,618 23 707 059 2 373 329 907

$ 1,915,535

~ 338 27 ~ 878,121 39 39330 1, 5 63, 694, 121 C410r0080457 23 l04 043 I 996 806 623 DINER PROPERTY AND INVESTNENTSh Constzuction funds held by trustee

~.

~

~

Stozhs dahhage reserve fund

~

~

Other investsSente, etC.

~

~

~

Total other property and investhhhents

~

~

~

~

~

~

0

~

~

~

~

~

~

~

~

~

~

~

~

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',383,633

'130321> 806 320320 19,910,977 12,783,205

~320 26D 230I376 36 2

2 CURRENT ASSETS h Chleh

~

~

~

~

~

~

~, ~

~

~

~

~, ~

~

~

Accounts receivableh Custoners (less alloS>ance for uncollectible accounts in the ahhhount of

$ 1r 442 ~ 821 ihl 1974 ahl4 $ 1 ~ 042>753 ihl 1973)

~

~

~

~

~

~

~

~

~

Ehhployoes and shiscellaneous

~

Fuel stock

~

~

~

~

~

~

~

~

~

~

Naterials and supplies at average cost (less allowance for inventory a'4)ustnent in tho axount of $386,32$ in 1974 and

$ 272,833 in 1973).........

~

Other current assets

~

~..

~

~...

~

~

~'

~

~

~

Total current assets

~

~

~

~

~

~

~

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~

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~

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~

~

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~

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~

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~

~

~

~

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~

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~

~

50,499,$ 44 3,474.173 21,288,398 51,850,764 7 2D9 702 IIB 9

2 5

40,975 '36 4,816 ~ 203 6,577,825 39,383>043 6

60 769 IDI 022 32 3>971 544 20808r6$ 6

~ h DEFERRED DEBITS (No'te 1)

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TOIAL

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LIABILITIES

~

~

6 070 690

$ 2 239 320.649 2 209 034

$2,136,060,929 SHAREHOLDER'8 EQUITYh Cohhshon stock. no par - authorized 50,000,000 34,050,000 shares Preferred stoc'k Pzeha(uhs on proferred stock.

Less capital stock expense Rotalned earnings

~.

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~

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Total shareholder's, equity

~haresh issued and outstanding.

~

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0 0

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I 613 ~ 907 ~ 200 136,250,000 209,850 2>642,839

~2!

76 33 569>094,700 96>250,000 197,050 2'95 '44 l52 094 257

~99 DO 04

~1363 4

L(rhd-TERh( DEBTs First hsortgago bonds...........

~.

~

~

Instalhsent Purchase and Security contracts Dade County pollution control revenue bonds

~

Other Zcng-terr ~ debt......'....

~..

~

Vnasortised prezSiush on long-torah debt (Note 1)

~

~

Total long-terre debt

~

~

~

~

~

~

~

~

~

~

~

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~

~

~

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4 7

~

~

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~

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1,101,000,000 SS ~ 0$ 0,000

'72'45 '65 4037 0'

332 223I7I 72 4~

961>960.000 364000.000 72>096 F 000 I I03 322 I 0 I 239 I I

• Total capitalization

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l72 6lr 090 I BII 203 3l CURRENT LZABILITIESh Notes payable

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Accounts payable

........ 4'.

~

~

~

Custochers'eposits

~

~

IncccSO taxes accrued

~

~

~

~

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Other taxes accrued Interest accrued Dividends declared

,~

~

~ Tax col?actions payabla

~

~

~

~

~

~

~

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Pension costs accrued

, Contract rotentlons (due within one year)

.Other current liabilities.........

~

Total current liabilities

~

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56,250,000 40,703,555 47,466>866 12,176,209 28, 148, 004 210719,397 12,92$,137 5,895,116 14,777,505 4,515,849 ID l06 307 S

604 35 10>012,000 180768,999 420944,803 11 '70,525 23,090.291

'19,304,499 10,612,708 5,103,602 14,550.033 10544.549 5 333 5 9 I

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I DEPERRED CREDITS h

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RES ERVES h S tozhs, dahShaga In)Cries and dashages Other

'Total reserves

~

~

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~

~

~

~

~

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~

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CustohhSers advances foz cons'tructiohlr etco

~

VnahhSortised investzSent credit...

~

~

~

Contract retentions ~....

~

~

Total deferred czadi'ts

~

~

~

~

~

~

1,377,149 40>038r895

~750 20 48 192 I 13 0 321, 806 1,705,353 267 237

~32 4

76 10270,673 30,$ 42,439 9 90 330 I

I 2'2'783

'05 1,366,751 14 4996 ACCUNUZATED DEFERRED ZNCCZCE. TAXESl Accelerated asortization

~.

~....

~

~

~

~

~

~

Accelerated depreciation...

~

~

~

~

~

~

~

~

~

Other

~

~

~

~

Total accusulate4 daferre& incchse taxes

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

~

v

~

~

~

~

~

7r728>965 39,970,S97

~.

~313 53$

8 035 09 9,088,077 17,286.552 26 3

629 TOIAL ~

~

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~

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32 539 528 649

$ 2 336 D60 929

\\

NOTE lh In February, 1974. in accordance with FPC Order 505, Docket No. R-424, Unahsortized debt 4iscount, expense and pressiuhhs vere segreqatedh expense being retained in deferred debits and discounts and prechiusss being transferred to the long-terhs dobt section of the balance

shoot, Balance sheet for 1973 was restated in accordance with this order.

This report is not ccchplate without reference to Notes to the Financial Statehcents appearing in the Annual Report oi the Cohhpany.

FLORIDA POWER

& LIGHTCOMPANY CONDENSED INCOME STATEMENT Twelve Months Ended 1)

Feb.

28, 1974 (000's)

Feb.

28, 1973 (000's)

Change OPERATING REVENUES 733,818 591,847 24 OPERATING EXPENSES':

Fuel 0

0 0

0 0

0 0

0 0

0 0

0 0

0 Other Operation and Maintenance Depreciation Taxes

~

~

~

~

0

~

0 0

0

~

0

~

0 Total Operating Expenses 0

0 220,323 179,061 66,816 118,629 584, 829 170,495 145, 860 54,428 100,299 471, 082 29 23 23 18 24 OPERATXNG INCOME 148, 989 120,765 23 OTHER XNCOME (DEDUCTIONS):

Net Allowance for Funds Used Construction Taxes on,Other Income Other Other Income Net During 26,840 6,991 656 34,487 29,956 8,280 1

38,237 (10)

.(16)

(10)

XNCOME BEFORE INTEREST CHARGES INTEREST CHARGES 183,476 77 876 159,002 15 65,353 19 105,600 7, 027 NET INCOME Preferred Dividend Requirements NET INCOME APPLXCABLE TO COMMON STOCK 98,573 93, 649 13 2, 804 151 90, 845.

Average Common Shares Outstanding (2).

Earnings Per Common Share (2).

33,259

$ 2. 96 32,800

$ 2.77 1

7 TOTAL UTILITY PLANT AT END OF PERIOD

~

$ 2 ~ 807 743

$ 2 ~ 376

~ 526 18 (1)

Unaudited (2)

After adjustment for 2-for-1 stoc3c..split May 1972.

This report is not complete without reference to Notes to Financial State-ments appearing in the Annual Report of the Company.

0FFZCERS 'ERTZZZCATE (Ureter Sections 3, 28(2), 29(2) (3) and, 121 of Florida Pawer 5 Light Company's Mortgage and. Deed. of Trust)

The undersigned.,

J. J. Hudiburg, an Executive Vice President, and.

Michael C. Cook, the Treasurer, of Florida Power 8c Light Conrpany, the Corporation that executed.

and. delivered. to Bankers Trust Company and. The Florida National Bank of Jacksomri1le (now Florida First National Bank of Jacksonville),

as Trustees, its Mortgage and. Deed. of Trust, dated. as of January 1, 19%, as supplemnteL, HEREBY CERTXFY as follows:

(A)

That said. Florida Power 5, Light Company is not to the knowledge of the signers hereof in LeWult under said. Mortgage and. Deef of Trust, as supplemented.;

(B)

That g35,978,000 aggregate principal amount of First Mortgage Bonds>

3-1/2g Series due January 1, 1974, heretofore authenticated.

and delivered. under the Mortgage (being not less than the principal amount of bonds for which a request for authentication and. delivery is now being made under Section 29 of the Mortgage), which bonds were here-tofore sold or issued for value have matured.

and. been paid and/or that cash (other than cash which, after giving effect to the provi-sions of Sections 5 and, 61 hereof, is then deemed. to be Fundel Cash) in the necessary amount for the payment thereof is now heM by the Corporate Trustee (with irrevocable direction so to apply the same),

and. further that no part of such principal amount of bonds of the 3-1/2g Series due January 1, 1974 has been heretofore made the basis under any provisions of the Mortgage of the authentication and. de-livery of bonds, the withdrawal of cash or the release of property, or the basis of a cred.it under the provisions of Section 39 of the Mortgage, subject to the provisions of clause (d,) of Section 5 of the Mortgage and. also the provisions of Sections 39, 59 and. 61 of the Mortgage, permitting the revocation of the waiver of the right to the authentication and. delivery of bonds, or, so long as any bonfs of the First through Eighteenth Series are outstand.ing, deposited.

or credited.

to meet the requirements of Section 40 of the Mortgage and. that none of the bonds to be retired and. being made the basis of this application are being retired. by the use of cash which (after giving effect to the provisions of Sections 5 and 61 of the Mortgage) is now deemed. to be or to have been Funded.

Cash;

(C)

That the persons making this Certificate have read, as required. by the Provisions of Section 321 of said Mortgage and. Deed. of Trust, the covenants and, conditions contained therein with respect ta com-pliance with which this Certificate is made and, with respect to the action requested. in the accompanying resolutians, provided. for in said Mortgage and. Deed. of Trust, as supplemented; That they have made an examination or investigation at the office of the Company ancL of its counsel as to whether or not the Company is so in default; That they have examined. the accompanying Written Order, Certified Copy of Resolutions of the BoarcL of'irectors of Florida Paver 5 Light Camparry, Engineer's Certificate, Net Earning Certificate, Opinion of Counsel and Certified Copy of the Order of the Florida Public Service Commission, all as required, by the provisions of Articles V and, Vl of said Mortgage and. Deed. af Trust, the same having been made in connection with said Company's Application for the authentication and delivery of $32$,000,000 aggregate principal amount of First Mortgage Bonds, 8-1/@ Series due January 1, 2004; That the statements made herein are based. either on their avn per-sonal knavledge or on information, data and. reports furnished, to them by the officers, counsel, department heads or errrployees of the Company who have knavledge of the facts involved.;

That in the opinion of such persons they have made such examinatian or investigation as is necessary to enable them to express an in-farmed. opinion as to whether or not such covenants arrd conditions have been complied. with; That in the opinion of such persons such conditions and covenants and. the conditions precedent to such action (includ.ing any cove-nants compliance with which constitutes a condition precedent) have been complied. with.

WITNESS our hands this 24th day of January 1974.

(Signed)

J. J u

I Executive V President (Signed) Micha Treasurer

0 I

r, l

NET EARNING CERTIFICATE (Under Sections 7, 27, 28 and, 121 of Florida Power 5 Light Company's Mortgage and. Deed of Trust)

The undersigned, J. J. Hudiburg and, H. P. Williams, Jr., being respectively an Executive Vice President of Florida Power 8c Light Company (hereinafter called Company), the corporation that executed.

and delivered to Bankers Trust Company and. The Florida National Bank of Jacksonville (now'lorida First National Bank of Jacksonville) as Trustees, its Mortgage and. Deed of'rust, dated as of January 1, 194(, as supplemented.

(hereinafter called.

the Mortgage),

and. the Comptroller of the Company, who is an accountant (the period covered by this Certificate not being a period covered. by annual reports required. to be f1lel by the Company within the purview of the fourth paragraph of Section 7 of the Mortgage),

HEREBY CERTIFY as follows:

(A)

That the Ad)usted Net Earnings of the Company for a period of 12 consecutive calendar months within the 15 calendar months immediately preceding the first day of the month in which the Application for the authentication and delivery under the Mortgage of bonds now applied for is made, viz: for the 12 consecutive calendar months ended.,October 31, 1973, were as follows:

(1)

Its operat1ng

revenues, with the principal divisions thereof:

Electric Operating Revenues (2)

Its operating

expenses, with the principal divisions there-of, including, but without limitation, all expenses, and ac-cruals for repairs anl maintenance and all appropriations out of income for property retirement not only in respect of the Mortgaged and Pledged Property but also in respect of all other property owned by the Company:

(in lieu of including herein the amounts actua1ly expended, or accrued for repairs and maintenance of property owned by the Com-pany and. used in its electric utilitybusiness and. the amounts actually appropriated.

out of income for retirement of such property, there has been inclulel herein an amount equal to (a) the amounts actually expended or accrued dur-ing such period for repa1rs and. maintenance of property owned by the Company and used. in its electric utilitybusi-

ness, plus (b) for each full calendar month includel in such period, an amount equal to 1/12th of (1) $2,000,000, plus (ii) 2-1/g of the gross charges to plant account for additions to depreciable property of the Company made after December 31, 1943 and. prior to the beginning of the calen-dar year within which such calendar month is included, less (iii) 2-1/g of the gross credits to plant account for re-tirements of depreciable property of the Company male after December 31, 1943 and prior to the beginning of the calen-dar year within which such calendar month 1s 1ncluled)

$692,995,988.83

~

~

Electricity purchased and Interchange

- Net Other product1on and. transmission Mstribution Customers Sales Promotion Administrative and general Provision for uncollectible accounts Less an amount for automotive maintenance and retirement expenses included in above operating expenses for which provision is made in the calculated.

amount shown below for expenditure or accruals for repairs and. maintenance of, and for retirement of, property of the Company used in its elec-tric utilitybusiness An amount for expenditures or accruals for repairs and. maintenance of, and. for re-tirement of, property of the Company used.

in its electric utilitybusiness-calculated as set forth above Expenditures or accruals for repairs and maintenance of, and appropriations out of income for retirement of, all other property owned by the Company Taxes (other than income, profits and.

other taxes measured. by, or dependent on, net income}

$ (3,904,167.26) 215,923,266.28 27,101,489.12 14,175,840.40 8,663,974.90 42,275,737.75 1,626,611.OO

$ (1,181,613.76) 103,593,493.79 60,713,885.78 (3)

(4}

(5)

(6)

(7)

Total such operating expenses The amount remaining after deducting item (2) from item (1) above Its rental expenses for plants or systems not other-wise deducted herein from revenues or from other income The balance remaining after deducting item (4) from item (3) above Its rental revenues from plants or systems not other-wise included herein 1n revenues, or in other income (net)

The sum of 1tems (5) and (6)

$468,988,518.00

$224,007,470.83 None

$224,077,470.83 None

$224,007,470.83 (8)

(9)

Its other income (net)

As shown on Statement of Income (net)

Increase to offset income tax included. therein The sum of items (7) and. (8) above

$ 33~921~830.54 (7,165,655.53)

$ 26~756~175.01

$250,763 645.84 (10)

The amount, if any, by which the a'ggregate of (a) such other income (net) and (b) that portion of the amount stated in item (7) above which, in the opinion of the signers, is directly derived. from the operations of property (other than paving, grading and. other improve-ments to, under or upon public highways, bridges, parks or other public properties of analogous character) not subject to the Lien of the Mortgage at the date hereof, exceeds 15'fo of item (9) above The Adjusted Net Earnings of the Company for said period.

of 12 consecutive calendar months ended. October 31, 1973 (being the amount remaining after deducting item (10) from item (9) above)

None

$250 763 645.84 Upon $10p000p000 principal amount

Bonds, 3$ Series due 1979 Upon $10p000p000 principal amount Bonds, 3-5/@ Series due 1981 of First Mortgage of First Mortgage Upon $15p000,000 principal amount of First Mortgage

Bonds, 3-7/Bfo Series due 1983 Upon $10p000,000 principal'mount of First Mortgage Bonds, 3-1/@ Series due 1984 Upon $15p000p000 principal amount of First Mortgage Bonds, 3-5/8$ Series due 1986 Upon $15p000p000 principal amount of First Mortgage

Bonds, 4-3/Sfo Series due 1986 Upon $15p000p000 principal amount of First Mortgage Bonds, 4-5/@ Series due 1987 (B)

That the Annual Interest Requirements are as follows:

Interest requir'ements for 12 months upon all bonds Out-standing under the Mortgage at the date hereof, except

$35 p743p000 principal amount of First Mortgage Bonds, 3-1/2g Series d,ue January 1, 1974, for the refund,ing of which a portion of the bonds applied. for are to be issuedp viz:

S Upon @Op000p000 principal amount of First Mortgage Bonds, 8-1/8'eries due i/75 Upon $10p000,000 principal amount of 'First Mortgage

Bonds, 3$ Series due 1977 Upon gllp000p000 principal amount of First Mortgage

Bonds, 3-1/Bfo Series due 1978 5,687,500.00 300p000.00 343p750.00 300p000.00 362p 500.00 58lp 250.00 312p 500.00 543p750 00 656,250.00 693p750.00

Upon $20,000,000 principal amount of First Mortgage Bonds p 4 1/R Series due 1988 Upon @5,000,000 principal amount of First Mortgage

Bonds, 5$ Series due 1989 Upon $25,000,000 principal amount of First Mortgage Bonds, 4-1/24 Series due 1992 Upon $35,000,000 principal amount of First Mortgage Bonds, 4-5/8$ Series due 1994 Upon $40,000,000 principal amount of First Mortgage

Bonds, 4-5/8$ Series due 1995 Upon >F0,000,000 principal amount of First Mortgage

Bonds, 5$ Series due December 1, 1995 Upon $40,000,000 principal amount of First Mortgage

Bonds, 6j'o Series due 1996 Upon ~,000,000 principal amount of First Mortgage Bonds, 6-3/4$ Series due 19@7 Upon ~,000,000 principal amount of First Mortgage

Bonds, 7$ Series due 1998 Upon $50,000,000 principal amount of First Mortgage

Bonds, 7$ Series due December 1, 1998 Upon $50,000,000 principal amount of First Mortgage

Bonds,

@ Series due 1999 Upon @0,000,000 principal amount of First Mortgage Bonds, 7-5/8$ Series due 2001 Upon $100,000,000 principal amount of First Mortgage Bonds, 7"3/Q Series due September 1, 2001 825 '00.00 lp250'00.00

1~ 125'00.00 1,,618,75o.oo 1,85o,ooo.oo l

2~ 000, 000.00 2~ 400'00.00 4,o5o,ooo.oo 4,2M,ooo.oo 3p 500,000.00 4,ooo,ooo.oo 6,100 000.00 7,750~000.00 Upon $50,000,000 principal amount of First Mortgage Bonds, 7-5/8'fa. Series due 2002 Upon $70,000,000 principal amount of'irst, Mortgage Bonds, 7-1/P( Series due January 1, 2003 Upon $50,000,000 principal amount of First Mortgage Bonds, 8-1/@ Series due August 1, 1980 3 ~812,500.00 5 p250~000,00 4,o62,500.00

(ii) Interest requirements for 12 months upon all bonds now app11ed f'r in pending applications, including the ap-plication in connection with which this certif'icate is made, viz:

Upon $125,000,000 principal amount of First Mortgage Bonds, 8-1/g Series due January 1, 2004.

)XO,625,000.00 (iii) Interest requirements for 12 months upon all @mlified Lien Bonds which willbe Outstanding immediately after the authentication of the bonds now applied for in pend.-

ing applications, including the application in connec-tion with which this certif'icate is made, viz:

(No such Qualified Lien Bonds)

None (iy)

Interest requirements for 12 months upon the principal amount of'llother indebtedness (except indebtedness of $ (None) for the payment of which the bonds applied for are to be issued.

and in-debtedness for the purchase, payment or redemption of which moneys in the necessary amount have been depos-ited with or are held by the Corporate Trustee or the trustee or other holder of a Qm1ified Lien or lien prior to the Lien of the Mortgage with irrevocable direction so to apply the same; any notice required therefor having been given or having been provided for),

outstanding in the hands of the public on the date hereof and secured by lien prior or equal to the Lien of the Mortgage upon property of the Company subject to the Lien of'he Mortgage, if said indebtedness has been assumed. by the Company or the Company customarily pays the interest upon the principal thereof, viz:

(No such indebtedness)

Total such Annua1 Interest requirements None

$74,200,000.00 (C)

That $250,763,645.84, the %@usted Net Earn1ngs of the Company for the 12 consecutive calendar months ended. October 31, 1973 item (11) above, is (1) at least equivalent to twice $74,200,000.00 such Annual Interest Requirements, item (B) above or (2) at least equivalent to 1+ of the aggregate principal amount of bonds and. indebtedness upon which such Annual Interest Requ1re-ments have been computed.,

item (B) above; (D)

That the persons making this Certificate have read,,

as re-quired by the provisions of'ection 121 of said Mortgage, the covenants and conditions conta1ned therein with respect to compliance with which this Certificate is made;

That the statements made in subdivisions (A) to (C), inclusive

hereof, are based. either on their own personal knowledge or on information, data and reports furnished to them by the officers,

counsel, department heads or employees of the Company who have knowledge of the facts involved; That in the opinion of the persons making this Certificate, they have made such examination or investigation as is necessary to enable them to express an informed opinion as to whether or not such covenants and conditions have been complied with; and That in the opinion of the persons making this Certificate such conditions and covenants have been complied with.

WlTNESS our hands this 17th day of January, 1974'j peQj J. J udjburR Executive ice t

(Signed)

H. P.

illiams Jr.

Camptr r

Y, h D