ML19327A906

Southern California Public Power Authority,1987-88 Annual Rept.

ML19327A906
Person / Time
Site:	Palo Verde
Issue date:	12/31/1988
From:	Drews G SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
To:
Shared Package
ML17305A289	List: ML17305A288 ML17305A290 ML17305A292 ML17305A293 ML19327A906 ML19327A907
References
NUDOCS 8910190231
Download: ML19327A906 (32)

Text

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. .f In 1980 the newly formed Southern California Public Power Authority was charged with the mission of financing projects which would generate or transmit electrical energy for its member agencies. The Authority represents all of the public power  !

., agencies in Southern California, a customer base in excess of 1.7 million. l These customers cover a wide range of growing communities from rural areas to lp industrial districts to maidential centers. The Authority is comprised of the Imperial '

(.s] Irrigation District and the municipalities of Anaheim, Azusa, Banning, Burbank,

, 3 ' Colton, Glendale, Ios Angeles, Pasadena, Riverside, and Vernon.

,;d Thmugh the Authority's efforts, the member agencies and their customers have benefited from a supply of milable and economical energy. The combined member-

• H ship recorded non-coincidental peak requirements of 6,721 megawatts.

,; SCPPA's high level of acceptance in the financial community has enabled it to secure the financing mquired to carry out its mission. Since first going to the market i in 1982, the Authority has issued approximately $4 billion in bonds and notes, includ-ing refunding issues.

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, With its emation in 1980, the Southern California Public Power Authority took on the challenge of helping to provide the energy needs of its member agencies. The Authority l lies met that challenge through the financing of various pmjects designed to efficiently I provide power. Importantly, SCPPA mmains one of the most effectivejoint financing

i.  ! action agencies in the nation and continues to carry a financial rating of AA.

, j Earlier this year Unit 3 of the Palo Verde Nuclear Generating Station came on-line.

J Ten Authority members are receiving electrical energy thmugh their entitlement in l this nuclear facility. Units 1 and 2 have been on-line since 1986.

j Six member agencies participated in the SCPPA funding of the Hoover Uprating

Pmiect. Designed to increase the output rating of Hoover Power Plant generators, this project is scheduled for completion in 1992.

Studies continue on the feasibility of the Mead-Phoenix DC Intertie project. Fund- -

ing for the study was arranged thmugh loans secured by the Authority.

I am pleased that this past year has seen the Authority efficiently serve its mem-

. bers. The responsibility for our continued success is due mainly to the professionalism

, of the staff, Board of Directors, and others. I would like to thank everyone for their hard work, for that is truly the strength of this organization.

J (hdda '

Gale A. Drews President i

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I Anahelm Spanish and then English explorers turbank

.l and settlers came to the regin. The Fornded in 1857 by a group of Ger, city, located 20 miles east oflos As headquarters for Burbank Stu-i man winegrowers, Anaheim has Angeles, was incorporated in 1898, dios, Walt Disney Productions, grown over the years to become the The 11 square miles that make up National Broadcasting Company, largest city in Orange County. modern day Azusa support a popu- and Warner Bros., Burbank holds

' lation of 35,000, an important position in the enter-located just 25 miles south of Los Angeles, this community ranks as The city had been almost exclu- tainment industry. Burbank is also

'1' sively dependent on wholesale one of the fastest growing popula, prominent in aviation as home to tion centers in the United States, power from Southern California L! lockheed Aircraft. Burbank indus-Anaheim is known the world over Edison Company (Edison) until , tries employ more than 70,000 peo-as the home of Mickey Mouse. Dis- receiving its Palo Verde Nuclear pg,,

neyland and other popular tourist Generating Station and Hoover The city is nestled in the eastern attraction. bring millions of visitors Power Plant entitlements. Last year, San Fernando Valley along the base to Anaheim each year. An attendant the utility had a peak demand of 47 of the Verdugo Mountains. When

$; industry that includes hundreds of megawatts and sold approximately it was neorporated in 1887, Bur.

i 185,000 megawatt hours.

d hotels, motels, restaurants, and the bank had a population of only 400.

! 680,000 gross-square foot Anaheim Today more than 85,000 people l Convention center forms an impor- tenning reside here.

tant part of the Anaheim economy. Burbank supplies electricity to

' Anaheim is also home to the Cali- its customers through a combina-in the 1850,s a small town grew up

!' fornia Angels of the American tion of oil and gas fired generating amund the stagecoach station on Baseball League and the los facilities in the los Angeles Basin, the San Gorgomo Ranch.The stage

. Angeles Rams of the National Foot- entitlements from Hoover Power hne was owned by Gen. Phineas T.

! ball League.The strong presence of P Pa Verde Nuclear Generat-Banning, and the town was_ named high-tech defense business rounds ing Station, the intermountain ~

after him. Even when the stage.

out the economic base of the city, Generating Station, and purchases Power needs are supplied by an y ach was replaced by the railroad from the Bonneville Power Admin.

in 1876, the name Banning stuck.  ;,  ; ,g  ;;; g g g ownership interest in San Onofre In fact, the t wn is still known as Nuclear Generating Station Units 2 Pacific Northwest and the South-

,Stagewac wn USA.

and 3, the Intermountain Generat. ,

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i,g Station and entitlement in the 19f3, and ts 7 square During the past year the city had ile olda a peak demand of 244 megawatts

- Hoover Power Plant, m addition t population of 14,000. Iocated i firm power and economy energy while generating and purchasing about 85 miles east of los Angeles, purchased from utilities throughout 1,001,000 megawatt. hours of energy.

Banning enjoys a scenic setting the western United States. In fiscal with the San Gorgonio Mountains

1988, power purchases and genera- Cohen to the north and the SanJacinto j tion of 2,846,000 megawatt hours Mountains to the south.

i were required to meet the needs of its at ements r m Pal Colton's roots date back to 1875

! Anaheim's %,700 customers.

l Verde Nuclear Generating Station when one square mile of land was l and Hoover Power Plant, Banning t deeded to the Southern Pacific Asses has been able to offset some of its Railroad. in return, the railroad j

purchased power. Previously, th agreed to make Colton its head-city had relied exclusively on power quarters for the arca. The town l i The history of Azusa stretches back purchased wholesale from its only quickly became known as " Hub l to the days of the Shoshone Indi.

I 8uPpher, Mmn. City" since it was on the main line

{ ans, who settled a small village at The city had a peak demand of of three major railroads.The era of l the mouth of the San Gabriei Can.

183 ngawans last year and wM the automobile only added to Col-yon. 0ver the years a succession of approximately 79.000 megawatt- ton's " Hub City" distinction;it is hours.

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d now the meeting point for three and other non. firm energy site and was named Glendale.

major interstate highways. contracts. By 1906 the city had grown ten.

located 55 miles east of Los fold in size and was incorporated.

Angeles in San Bernardino County, Glendale continued to grow and the "I'

Colton covers an area of 16 square city now occupies 30 square miles.

miles and is home to 33,000 While its boundaries have changed residents. Iocated just north of Ios Angeles dramatically through the years, Last year the city had a at the foot of the Verdugo Moun. Glendale remains true to its heri, peak power requirement of 40 ta.ns, Glendale has a population of tage and it, still known today as the megawatts and total energy 162,000. The history of the city " Jewel of the Verdugos."

requirements of 165,000 megawatt. dates back to 1798 when Corporal Glendale supplies its 75,000 cus-hours. Colton purchases the major. Jose Maria Verdugo obtained title tomers with a total of approxi.

ity ofits capacity from Edison. to the Rancho San Rafael from the mately 910.000 megawatt. hours of

. Energy comes from its entitlement King of Spain. As the area was set. energy either purchased or gener.

in the Palo Verde Nuclear Generat. tied, the large rancho was divided ated. The peak demand was 244 ing Station, Hoover Power Plant, up. In 1884, a 150. acre parcel of the megawatts during the past year.

Western States Power Pool, Edison rancho became the original town- The city receives entitlements p

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from the Intermountain Generating Pesadene owned by an irrigation company l

/ Station and the Palo Verde Nuclear were annexed to ensure an ade.

'5 Generating Station. Glendale als quate water supply. A small hydro.

Pasadena is scenically located at receives power from od. and gas. electric P lant was opened in 1886 the foot of the rugged San Gabriel fired generation m the los Angeles n a canal, giving rise to what is  :

mountains northeast oflos

. Basm, hydroelectncal generation the oldest municipal utility in j Angeles. Founded in 1875 and '

, from Hoover Power Plant, and pur. California.

incorporated one year later, Pass.

chues from the Bonneville Power Riverside is now a 77 square. l

. dena has grown to be a major eco.

.J Admmistration and other utilities, mile municiPality with more than  !

nomic, cultural, residential, and 195,000 residents. Riverside recreational centerin Southern sems more than 81,700 customers, j i las Angeles California.

including the University of Califor. i The city is home to some presti.

.! rua, Riverside. These customers are

, gious institutions sueh as I With a population of 3.4 million, served through 13 substations and the Norton Simon Museum,  ;

los Angeles is the largest Authority ,

the Jet Propulsion Laboratory, member. From a humble pueblo  ;

y settled back in 1781,los Angeles {d the Caliform,a Institute of has grown to become a major inter. 87 peak demand of 317 megawatts and

l Pasadena.is perhaps best known

national city covering more than g g f r the AnnualTournament of 465 square miles.

N 5e8 Parade, held every New

! The los Angeles Department of Year,s Day since 1890. The grand,

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Water and Power, the largest g ,

daddy of college football games, .

municipal utility in the United ership in Units 2 and 3 of the San the Rose Bowl,is aleo held New States, provides waier and energy Onofre Nuclear Generating Sta.

Year s Day m the city,a venerable tion, and receives more from an needs to this vast metropolis. Dur.

f thallstadium, the Rose Bowl. g p ing the fiscalyear, the city had a Pasadena supph,es electncity Nuclear Generating Station.

peak demand of 4,922 megawatts through a combmat on of oil, and Hoover Power Plant, and the Inter.

while a total of 21 million.

gas. fired generation m the los mountain Generating Station, in megawatt. hours were produced.

Angeles Basm, hydroelectne gener, addition, Riverside purchases firm los Angeles receives power from ation from Hoover Power Plant, and hydroelectric generating stations, .heg b %

coal, oil. and gas. fired facilities, Purchases from the Bonnevdle number of western utilities.

Power Administration, as well as and a nuclear generating station,in receiving an entitlement from the 1 addition to purchased power from interm untain Generating Station Womeo Pacific Northwest and Southwest and Palo Verde Nuclear Generating 1 utilities. Last year the Depart.

S'"'I "- From its inception Vernon was I ment's system had a net depend. During the year Pasadena's peak planned to be an industrial f able system capability of 7,280 Power requirement was 232 mega. center. Incorporated in 1905 I megawatts.

! watts and t.b city generated and and located just four miles South l '! Through its association with the Purchased approximately I milhon

' Authority,los Angeles has been of Mgd hd we megawatt. hours. Pasadena has designed to provide a well.

I able to add two new sources to its 50,000 electric customers and organized, hospitable home for

! system: the Intermountain Generat. a Population of 130,000, all types of :ndustry. Here, more l ing Station in Utah and the Palo than 525 manufacturing plants and i

.t Verde Nuclear Generating Station Riverside another 400 establishments engage

.: in Arizona. An entitlement through in the wholesale. retail trade.

4 the Authority provides for approxi.

The residential population of l f mately 145 megawatts from the The City of Riverside, located Vernon is nly a few hundred, i Palo Verde Nuclear Generating Sta. about 45 miles east of Los Angeles, l "' "# 8* I' * "E tion. was incorporated in 1883. Lands

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now the meeting point for three and other non firm energy site and was named Glendale.

major interstate highways. contracts. By 1906 the city had grown ten.

located 55 miles east of los fold ir size and was incorporated.

Angeles in San Bernardino County, Glendale continued to grow and the Colton covers an area of 16 square "" city now occupies 30 square miles.

miles and is home to 33,000 While its boundaries have changed residents. Located just north of los Angeles dramatically through the years, Last year the city had a at the foot of the Verdugo Moun. Glendale remains true to its hen.

peak power requirement of 40 tains, Glendale has a population of tage and is still known today as the megawatts and total energy 162,000. The history of the city " Jewel of the Verdugos."

, requirements of 165,000 megawatt. dates back to 1798 when Corporal Glendale supplies its 75,000 cus.

. hours. Colton purchases the major- Jose Maria Verdugo obtained title tomers with a total of approxi-ity ofits capacity from Edison, to the Rancho San Rafael from the mately 910,000 megawatt hours of

, Energy comes from its entitlement King of Spain. As the area was set. energy either purchased or gener-in the Palo Verde Nuclear Generat- tied, the large rancho was divided ated. The peak demand was 244 ing Station, Hoover Power Plant, up. In 1884, a ISO-acre parcel of the megawatts during the past year.

Western States Power Pool, Edison rancho became the original town- The city receives entitlements i

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from Hoover Power Plant, and pur- California.

incorporated one year later, Pasa.

chases from the Bonneville Power Riverside is now a 77 square-dena has grown to be a major eco- ,

1 Admmistration and other utilities, raile municipality with more than nomic, cultural, residential, and 195,000 residents. Riverside L recreational center in Southern

' serves m re than 81,700 customers, l las Ampsies California.

including the University of Califor-

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With a population of 3.4 milh.on, gious institutions such as the Norton Simon Museum, served through 13 substations and las Angelesis thelargest Authority ,

g member. From a humble pueblo the Jet Propulsion Laboratoty, subtransmission and distribution settled back in 1781,los Angeles and the Califorma Institute of lines. This past year the city had a Technology.

f has grown to become a major inter, . peak demand of 317 megawatts and Pasadena is perhaps best known g

-i national city covering more than 7 f r the AnnualTournament of

1. 5 i "  !

Roses parade, held every New T Angeles Department of Year,s Day since 1890. The grand.

"(E***tt Water and Power, the largest g ,

daddy of college football games, municipalutility in the United ership in Units 2 and 3 of the San the Rose Bowl,is also held New States, provides wat'er and energy Onofre Nuclear Generating Sta-needs to this vast metropolis. Dur- Year s Day in the city a venerable f tball stadium, the Rose Bowl.

ing the fiscal year, the city had a Pe Verde Pasadena supphes electricity peak demand of 4,922 megawatts Nuclear Generating Station, through a combmat on of oil- and while a total of 21 million. Hoover Power Plant, and the Inter-Eas fired generation m the los megawatt hours were produced. mountain Generating Station. In Angeles Basm, hydroelectric gener-los Angeles receives power from addition, Riverside purchases firm ation from Hoover Power Plant, and hydroelectric generating stations, and non. firm energy from a large coal, oil and gas fired facilities, Purchases from the Bonneville g  ;;;

Power Admimstration, as well as and a nuclear generating station,in receiving an entitlement from the

] addition to purchased power from Interm untain Generating Station Vemen Pacific Northwest and Southwest and Palo Verde Nuclear Generating l utilities. Last year the Depart-I Station.

ment's system had a net depend- From its inception Vernon was During the year Pasadena's peak l f able system capability of 7,280 Power requirernent was 232 mega-planned to be an industrial l .! megawatts. center. Incorporated in 1905

Through its association with the watts and the city generated ani and located just four miles South Purchased approximately 1 milhon

! Authority,los Angeles has been oflos Angeles, the city was megawatt. hours. Pasadena has able to add two new sources to its designed to provide a well-50,000 electric customers and l s i system: the Intermountain Generat- organized, hospitable home for I a Population of 130,000, i ing Station in Utah and the Palo all types of industry. Here, more j Verde Nuclear Generating Station than 525 manufacturing plants and

. in Arizona. An entitlement through Riverside another 400 establishments engage 4 the Authority provides for approxi- in the wholesale. retail trade.  !

! mately 145 megawatts from the The City of Riverside, located The residential population of

• -l Palo Verde Nuclear Generating Sta- Vern n is nly a few hundred, about 45 miles east of Ios Angeles, but during the day the working i l "*

was incorporated in 1883. Lands 1, i h

I I

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I .-..-,-....._.-m.y._, .,-.~. . . _ . _ . . . . . . . ,

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,#j population numbers in eacess of in the past year,!!D had a peak 55,000.The city is served by four N.] demand 00455 megawatts and pro-  ;

[h; realreads and boasts 114 miles of duced and purchased 1,561,000  !

raillines within its five-square-mile megawatt. hours.  !

!x j . city area. Virtually every industry Jj er business is on a direct t;anscon-  :

l timental railline. In addition,77 Wj. treekinglines op *; eerminals in j ',] the city. .

During the year, Vernon had a

& f '. ' j g total energy requirement of 1.12 7j million megawatt hours and a peak L]

(

desnand of 190 megaws.tts. Th.,

Vernon Electrical System, estab-i

.,a bhed in 1931. receives most of its  !

C if energy from Edison. The remainder

'j' comes from its entitlements in the f

a.' . Palo Verde Nuclear Generating Sta-n,l tion, Hoover Power Plant, and a city operated diesel generating plant.

5 huperialbrigenseelserist .

1 >

L , in 1911 the Imperialirrigation Dis-l trict(IID)was formed to deliver ,

' ~

water from distribution canals to

~~

500,000 acres of farmland in Impe-rial County, When hydroelectric

[ plants were built along the wa.

l terways,IID entered the power business.

,j By 1943 it had become the sole

-l distributor of electric energy in L j Imperial County and part of the l Coachella Valley of Riverside

( j County. Today, IID serves over ,

~j 66,000 customers in one of the 5 j

most productive agricultural areas l {

!., . in the nation.

I i In addition to its hydroelectric

! plants. IID generates power from i j oil-fired units, gas turbines, and 6

,  : diesel generators. It receives power

, from the Palo Verde Nuclear Gener- g.LQq - " ' ' ' -

(

ating Station, and purchases power .

from other utilities in the South-west.

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Early in 1988, Unit 3 of the Palo Verde Nuclear Generating Station The 500 kilovolt Southern Trans-mission System (STS)is a direct

~ los Angeles

% 2@a .'

67.0 % 145.04 .

(Palo Verde) went on.line. With current transmission line that car- Imperial

'" a -

Units I and 2 on line since 1986, ries power across 488 miles of irrigation 6.5% 14.07 this station, which is located about mountains and deserts from the

' S'"i" 5.4% ll R f.,. .

• 50 miles west of Phoenix, Arizona, Intermountain Generating Station I, *Rinnide "" "' '0 b g['

i now has a capacity of approxi- (IGS)in Utah to six Authority mem-

" Burbank us (53 j.{

mately 3810 megawatts. bers.The ICS consists of two coal-1

. A net annual output of more than fueled generating units capable of . .' Q'"d

d'"'

" 38 M

3 'Y \

I, 22 million me8swatt. hours is pro- Producin8 1600 MW in total. An . 4, 1.0% 2.16 jected from Palo Verde by the early adjacent converter station takes the (.,.Arus. tf"

' ' " V-'

j Banning 1.0 % 2.16 1990s.The Authority has a 5.91 alternating current produced by the i- cotton 1.0% 2.16 .

percent interest in the generating IGS and changes it into direct cut- '-

'. Toisi 100.0 % 216.48 station and receives up to 216 mega* rent. After transmission over the .N r

watta (based on the licensed reactor STS, the direct current is changed "/,iQ g . ). "[.,',*:-

• ij, /

/-

, thermalpower level per unit of back to alternating at the Adelanto jf.i. . z.l , y,.

l .' ,l 7 '1, )

. 1221 MW). Converter Station in Southern Cali- .'

.c . .c F. '

Palo Verde is managed by fornia and then delivered to the Arizona Public Service Company, member participants.The STS has with the gwitchyard portion oper- an official capacity of 1920 MW. y.. .g , , , , .

A total of 36. utilities in Utah, . "b - A.,- o. - .;

ated by the Salt River Project.The Authority will use a certain portion California, and Nevada are receiv. 5sakern fremannusa Syme =

[- l of the project transmission system. ing power from the ICS. While the Total financing for the project generating station,is owned by the ,,y * ,

N amounted to 31.16 billion. Taking intermountain Power Agency (IPA), f osl Angeles 59.5 % ,

i advwtage oflower interest rates, a political subdivision of the State, Anaheim 17.6 % .

the Aut.iority issued approximately of Utah,los Angeles has been $ Rinnide 10.2 % .

81 billion. in refunding bonds in appointed project manager and  !. Burbank 4.5%

19R5,1986 and early 1987 in five operating agent. .E clendale 2.3% 4 The Au.hority has completed 7 p... den. 5.9%

j issues. As a result, participating '

members will experier.ce a gross three refunding sales totaling Total 100.0 %

debt savings of 8269 million over approximately 51 billion. This pro- ',, , .

i the life of the project. gram has produced a gross debt .

'%y' *,.

}:

Ten member agencies have con- service savings of approximately .

.e '

j tracted with the Authority for enti- 8725 million over the life of the

'l tiement in Palo Verde. They will use project.

the stations output to meet new Power transmitted over the sys-

, growth needs to replace more expen- tem will be used by Authority mem-d sive purchased power, and to dis- bers to meet load growth, displace e

place oil and gas fired generation. Ios Angeles based oil and gas-fueled generation and, for some, to I reduce purchases from Edison.

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L liesser#ruelasPreisst P have an initial capt. city of 1,600  ;

'j megawatts.which could later be J i in 1986 the U.S. Bureau of Recla- expanded to 2,200 megawatts. l mation took over operation of the When completed in the mid- j 50 year old Hoover Power Plant, 1990s, the project would transmit j l , The Bureau is in the process of Palo Verde generation entitlements i f- uprating Hoover's 17 original geni for the Authority participants and 1

, '! erators to increase the capacity of facilitate economy energylenpacity l the plant from 1,450 megawatts to transaction with other utilities in ]

[ }. -

1,903 megawatts, The increase is made possible by the Southwest. 0ther participanis in the study are Salt River Project. ,

. Installing modern stator windings M.S R, and the Western Area Power (

and turbine impellers, and upgrad- Administration. '

y ing various auxiliary equipment. If the project is undertaken, c Other increases in plaat efficiency it would provide 1500 mega. J yL.j{~ can be realized through the replace. watts for Authority participants, i J l. ment of existing transformer banks. increasing to 2,062 megawatts if I

j' Additional plant improvements the 2,200 megawatt expansion is

. include consolidation of control ' carried out, j rooms and modernization to provide l

[

j for automatic and remote control.

e The project is scheduled for comple. M w @ ' 7 0'?'..'%',E.Of %

d i tion in 1992.

Six Authority members have con.

' lissuerlipeghengense n

s. ,,j 3 tracted to help finance the uprat- ."""*"" """" 1- -

42.6% - .

ing, and the Authority has issued /- Anaheim *

• RMnMe -

' 31 S % '; -

., approximately 834.5 million in .

Aruna 4.2% ' e bonds to finance their share. p 8'""i"' '

Participating members have begun ,

, . . . Colton 3.2%

receiving energy and capacity enti- '

'd Burbank 16.0 % .'

• tlements as the umts are uprated ,

,g.o tal I' 0% ;f'

'i and returned to service. Additional amounts will be received as new 5 ~ , , N$a . k; , ' s b c . ...

, groups of generators are uprated M, /, ' .,M */,. ; [' :pT . ',,

with a full entitlement of 94 mega- b.' . . .

.. J. r ' J C 1 watts expected in 1992.

,l jj .: 1 moed Mosemia DClaterfte Project 1

j The Authority and other Southwest

! utilities continue to study the feasi-

<I bility of constructing, owning, and j operating a 500 kilovolt, direct.

current transmission line. The

.l intertie between Phoenix, Arizona

'l and Boulder City, Nevada would 16

7. -n.-. -

_ 3 7-~ __

i .

E8Ps'tetladopendest Amoestemos l September 2,1988 mamasedef eheesessee .

sessiencessende pensi  :

peuerAsshee#y ,

In our opinion, the accompanying combined balance sheet and the related com-bined statements of operations and of cash flows present fairly the financial position of the Southern California Public Power Authority ( Authority) at June 30,1988 and

1987, and the results of its operations and its cash flows for the years then ended, in

. [j conformity with generally accepted accounting principles consistently applied. Our Jj examinations of these statements were made in accordance with generally accepted auditing standards and accortlingly included such tests of the accounting records and

q' 4

such other auditing procedures as we considered necessary in the circumstances.

." 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 L. System Project, Hoover Uprating Pmject and Mead-Phoenix Project, and the sepa- ,

[:- ' rate statements of operations of the Palo Verde Project, Southern Transmission Sys- l l tem Pmject and Hoover Uprating Project present fairly the financial position of each  :

E of the Pmjects at June 30,1988, and their cash flows and the results of operations of .

the Palo Verde Project, Southern Transmission System Project and Hoover Uprating Project for the year, in conformity with generally accepted accounting principles applied on a basis consistent with that of ths preceding year. Our examination of these -

statements was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

Our examinations were made for the purpose of forming an opinion on the basic p' financial statements taken as a whole. The supplemental financial information, as

' '! listed in the accompanying index, is presented for purposes of additional analysis and 1

is not a required part of the basic financial statements. Such information has been L

l subjected to the auditing procedures applied in the examinations of the basic financial l  ! statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

j j

/2.u h Ios Angeles, California

}

)

i 1 '.

.___._._.________.__..~1J.-"~^~1T*12.1,. ^ 1: T?i 'l-*l:J: T_ 1 ._.__...___~ 'l _1J Z . T: _ _ __i _ _ ..~ :'~~"i_

qp, y m -- '

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3 4'

'i Sostese CeBlermie Pulds power Authority '

'* costinedtelease these i en Thomsonds)

/sne .M 1988

. Southern

< Palo Transmission Hoewr Meed. June 30,

'l'rde e System Cyreting Phoenns 1967 Projeet Project Projecs Project kal kal Assets ,

P1 Utility plant Product ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 600,458 8 600,458 8 368,755 +

r E Treannission . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,988 8 656,773 662,761 636,546 General . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . 18,724 L 18,805 18,126 l

7d 81 l%

l2 1 lass- Accumuhte.d depreciation . . . . . . . . . .

606,527 34,224 675,497 38,064 1,282,024 72,288 1,023,427

- .34,072:

L, :I, 572,303 - 637,433 1,209,736 989,355

1. i Construction work in progress . . . . . . . . . . . . . 2.028 912 812,600 15,540 236,512 L !;( Meelear fuel, at amortised cost. . . . . . . . . . . . . 31 '.30 31,330 36,415 '

4' Net utility plant . . . . . . . . . . . . . . . . . . . . . . . _6f%661 638,345 12,600 1.256,606 1,262,282 l, 1 Special funds

. leventsments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221,918 150,768 826,970 1,843 401,499 412,547 l N Adensee to Intermountain Power Agency . . . . 20,161 20,161 20,981 l' i Advances for capacity and energy, net . . . . . . . 6.009 6,009 3,064

, 1- laserest receivable . . . . . . . . . . . . . . . . . . . . . . . 2,204 855 264 3,323 5.223 4' Cash.................................. 684 14 698 546

,, 224,122 171,734 33,927 1,857 431.690 442,361 4 Assommes receivable . . . . . . . . . . . . . . . . . . . . . . . . 836 836 5,587

' ,'- ,: ,38eserials and supplies . . . . . . . . . . . . . . . .* . . . . 6.528 6,528

s  !* . Cases recoverable from future billings 42,% 7 71,776 to perticipants . . . . . . . . . . . . . . . . . . . . . . . . (95) 114.648 84.310 ,

l~ , Deferred costs Unemortised debt expenses,less accumu. -

lated amortization of $36,164 and $28,178 in 1988 and 1987 . . . . . . . . . . . . . . . . . . . . . . 210,841 161,546 1,159 54 373,600 386,802 Other deferred costs . . . . . . . . . . . . . . . . . . . . . 1,309 1,309 1.542 C' 212.150 161,546 1,159 54 374,909 388,344 l ,' 81,092,264 81.043.451 834,991 814,511 82,185,217 $2,182,884 -

a l

j Imag term debt . . . . . . . . . . . . 81.028,% 5 8 998.578 834J94 8 100 82,%1,937 $2,087,332 l '

j Current liabilities long term debt due within one year. . . . . . . . . 13,095 2.260 14.048 29,403

l. Accrued in te res t . . . . . . . . . . . . . . . . . . . . . . .. 37,573 38,611 689 351 77,224 77,180 Accounts pa>able and accrued expenses . . . . . 12,631 4,002 8 12 _ 16,653 18,372 63,299 44,873 697 14,411 123,280 95,552 Commitments ar.d contingencies. . . . . . . . . . . . .

! 81,092,264 81,043,451 834,991 814.511 82,185g $2,182,884 1 The areempanying notes are an integral part of these financial statements.

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.; < commmedsessemanseopmenem j

.. ~ (laThousands) 1 fr.er endedJune % 1988 \

O' . Souskern her ended i ,

^No' Transmission Home ~ June n y' l*rrde System Upreisng 1967' i

, . Project Projecs Project kal bel Operating revenues N Sales of electric energy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 85,828 82,530 8 88,358 8 52,015-

6. .f s Sales of transmission services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 82,332 82,332 40.617 tj Total operating revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85.828 82,332 2,530 170.690 92.632 ,

.1 Operating expenses G' ' N uclear fuel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,042 9,042 7,259 b, Other opera tio n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.313 8.750 1,131 23,194 17,264 Z M a i n te nance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deprecia tio n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.388 18.241 3.159 19,975 9,547 38,216 6,274-30,732 L 4-. .) i i 'p Expense charged to projects during construction . . . . . . . . . . . . (520) (520) (370)

{ .

. Total opera ting ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,464 31.884 1.131 79,479 61,159 D;bt expenses

.,.1 Interest on de bt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,961 63,983 1.304 138,248 148,941

, E Allowance for borrowed funds used during construction. . . . . . . . (16,699) (16.699) (40.498).

Net d e b t ex pense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , 56,262 63.983 1.304 121.549 108,443 i Total ex pe nses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,726 95.867 2.435 201.028 169.602

. 'j Costs recoverable from future billings to participants. . . . . . . . . . . . - 3 (16,898) 8 (13.535) 8- 95 8 (30,338) 8 (76.970)

.j,' The accompanying notes m en integral part of these financial statements.

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Ger endedJune M 1988 i Southern harended

~' Palo Traumimon Hmer Mead. Js.no M l'orde Sptem Uprating Phorna 1987 Project Project Project Project Total Total Cuh flows from operating activities:

'./!'

i Salu of electric energy . . . . . . . . . . . . . . . . 8 Sales of transmission services. . . . . . . . . . .

85,828 8 82,332 8 2.530 8 88,358 82.332 8 52,015 40,617 Expenses of operations . . . . . . . . . . . . . . . . (102,726) (95,867) (2,435) (201,028) (169.602)-

Adjutments to arrive at net cuh provided by (med for) operating activities:

i. s Depreciation and amortisation . . . . . . . 27.283 19.975 47.258 37,187

,'i- Other net . . . . . . . . . . . . . . . . . . . . . . . . . 10,388 6,752 17,140 17,775

.d

'~ '

Changes in current anets and liabilities:

interest receivable . . . . . . . . . . . . . . . . (451) 2.113 238 1,900 (677)

- Accounts receivable . . . . . . . . . . . . . . 2,023 2,662 66 4.751 (155) l; ,' Materials and supplies . . . . . . . . . . . . (6,528) (6,528) 0ther usets . . . . . . . . . . . . . . . . . . . . . 232 68 54 354 23,206 q' . Accrued interest . . . . . . . . . . . . . . . . . . I19 119 (14,947) c; Accounts payable and accrued

. expe nses . . . . . . . . . . . . . . . . . . . . . . (1,639) 774 (816) (1,681) 1.544 1 Net cash provided by(used for) operating activities . . . . . . . . . . . 14.529 18.809 (363) 32,975 (13.037).

'{

Cash flows from investing activities:

(40,685) (72,590)

-l' '

Payments for construction of facility . . . . .

Advances for capacity and energy, net. . .

(15,378) (25,307)

(2,945) (2,945J l

Payments for feasibility study. . . . . . . . . . . 8(1,061) (1,061) (771) i Purchases of investments . . . . . . . . . . . . . (1,082,161) (1.821.388) (149,058) (4.479) (3,057.086) (2.149,158) l Proceeds from sale of investments . . . . . . . 1,082,472 1,827,066 - 153,050 5.546 3,068,134 2,234,397 Refund from(advance to)Intermountain (20,981) .

Power A gency . . . . . . . . . . . . . . . . . . . . . 820 820 l

l Net cash provided by (ased for) 1 l investing activities. . . . . . . . . . . . (15.067) (1d 809) 1.047 6 (32.823) (9,103)

L Cash flows from financing activities:

- Proceeds from sale of refunding bonds . . 679.434 l

l- ) Proceeds from sale of revenue bonds . . . . .

Payment for bond issue costs . . . . . . . . . . .

34,293 (107.549) l  :

Payment for defeasance of revenue bonds. (508,703)

K 'q -

!,i

• Payment of bond anticipation notes. . . . . (75,000)

. Net cash provided by financing

,, activities . . . . . . . . . . . . . . . . . . . 22.475 684 6 152 335-L.- Net increase (decrease) in cash . . . . . . . . . . . . (538) 538 8 546 211 Cash at beginning of year. . . . . . . . . . . . . . . .

Cash at end of year . . . . . . . . . . . . . . . . . . . . . 3 - 8 - 8 684 3 14 5 698 3 546

) }i Cash paid during the year for interest (net of amount capitalised) . . . . . . . . . . . . 8 58.328 8 77.221 8 2,757 8 - 8 138.3 % $ 121,113 j

j The accompanying notes are an integral part of these financial sistements.

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I L

ggggggg M ggglemenig commercial operaticas in July 1986. The Department of L

• Water and Power of the City ofIm Angeles, a member of gNE 4-Organisation and purpose the Authority, has served as project manager anti oper.

i Southern California Public Power Authority (Authority), a, ating agent ofIPP.

,j_~

public entity o ganised under the laws of the State of Cali.

goo,,er Upsting Project-The Authority and six partici-fornia, was formed by a Joint Powers Agreement dated as of pants entered into an agreement dated as of March 1,1986,

'L November 1,1980 pursuant to the joint Exercise of Powers pursuant to which each participant assigned its entitlement Act of the State of California.The Authority's participant to capacity and associated firm energy to the Authority in r membership consists of ten Southern California cities and

• return for the Authority's agreement to make advance pay.

! one public district of the State of California. The Authority l ments to the United States Burenuof Reclamation (USBR) was formed for the purpose of planning, financing, develop- on behalf of such participants. Construction is scheduled ing, acquiring, constructing, operating and maintaining for completion by September 1992. The Authority will have h-J i projects for the generation and transmission of electric an 18.68% interest in the contingent capacity of the Hoover energy for sale to its participants. The joint Powers Agree-b Uprating Project. Several "uprated" generators of the ment has a term of fifty years-Hoover Uprating Project have comir.enced commercial ~

The members have the following participation percent

• operations since June 1987.

ages in the Authority's interest in the four projece:

iy

' Mead. Phoenix Proicci-The Authority has also studied the

, h*"= feasibility of const'ructing the proposed Mead Phoenix DC

'[

'i

%,, D Nl" Una U Intertie Project (Mead Phoenix Project), a transmission line

' " from Arizona to Nevada. The Authority's present interest m i Ana cim .6 42.6 % the Mead. Phoenix Project is 93.75%. The feasibility study

' City of Riverside - 3.4 10.2 31.9 6.0 is substantially complete and present plans call for the Imperiallrrigation Authority to decide whether to continue with the project -

t District 6.5 in fiscal year 1989.

. l City of Vernon 4.9 3.0 i

i City of Asusa 1.0 4.2 .6 N0tt S-Surninary of significe.nl accounting policies:

1 City of Banning 1.0 2.1 .6 l The Authority maintains its records substantially in accord-  ;

City of Colton 1.0 3.2 .6 City of Burbank 4.4 4.5 16.0 , 5.0 ance with accounting principles and methods prescribed by l City of Ctendale 4.4 2.3 5.0 the Federal Energy Regulatory Commission and the Califor. {

City of Pasadena 4.4 5.9 3.0 nia Public Utilities Commission.The Authority is not sub- )

! 100.0 % 100.0 % 100.0 % 100.0 % ,

Utilityplant- All expenditures, including general adminis-Palo Verde Project-The Authority, pursuant to an assign- trative and other overhead expenses, payments.in sid of con-ment agreement dated as of August 14,1981 with the Salt struction, interest net of related investment income, deferred River Project AgriculturalImprovement and Power District, cost amortization and the fair value of test power generated purchased a 5.91% interest in the Palo Verde Nuclear Gen- and delivered to the participants are capitalized as utility

,y erating Station (PVNGS), a 3,810 megawatt nuclear. fueled plant construction work in progress until a facility begins

'l generating station near Phoenix, Arizona, and a 6.55% commercial operation.

>s. share of the right to use certain portions of the Arizona The Authority's share of costs associated with PVNGS is i

^

s Nuclear Power Project Valley Transmission System (collee- included as utility plant. Depreciation expense is computed q tively, the Palo Verde Project). As of July 1,1981, ten parti- using the straight line method based on the estimated serv-cipants had entered into power sales contracts with the ice life of thirty five years. Nuclear fuelis amortized and

] Authority to purchase the Authority's share of PVNGS charged to expense on the basis of actual thermal energy

- (.] capacity and energy. Units 1,2 and 3 of the Palo Verde Proj- produced relative to total thermal energy expected to be

.I eet began commercial operation in January and September produced over the life of the fuel. Under the provisions of l9 l t i 1986, and January 1988, respectively. the Nuclear Waste Policy Act of 1982, the Authority is 1 Southern Transmission System Project-The Authority, charged one mill per kilowatt. hour un its share of electri-L j pursuant to an agreement dated as of May 1,1983 with city produced by PVNGS. The Authority records this l the Intermountain Power Agency (IPA), has agreed to make charge as a current year expense.

payments in. aid of construction to IPA to defray all the costs The costs associated with STS are included as utility l

.t of acquisition and construction of the Southern Transmis. Pl ant. Depreciation expense is computed using the straight.

ll.j sion System Project (STS), a transmission line which will pro. line method based on the estimated service lives, principally vide for the transmission of energy from the intermountain thirty five years.

l. i 1 Power Project (IPP)in Utah to Southern California. The ,fdvar.cesfor capacity and energy- Advance payments to l

-l Authority entered into an agreement also dated as of May 1 USBR for the uprating of the 17 generators at the Hoover i 1983 with six ofits participants pursuant in which each Power Plant are included in advances for capacity and member assigned its entitlement to capacity of STS to the energy. These advances are being reduced by USBR billings l

3 Authority in return for the Authority's agreement to make to participants for energy and capacity.

,y payments.in aid of construction to IPA. STS commenced 15

.i d

f],i._

I .. ..

p, r

\ .

. '. b' Nuclear decomminioning- Decomminioning of PVNGS is Special funds, in thousands, were as follows:

Ly projected to start sometime after 2027. The Authority is pro. J.= se. -

ps7

'  ; viding for its share of the estimated future decommissioning 19sa l costs over the life of the nuclear power plant through annual c.,,yt. c.erra i V*3" Ma'hd %8"' M*d p .i,8 charges to espense.

Prak

A Nuclear Decommis.ioning Fund was established in Palo Verde $ 224,122 3231,950 8224,5,0 8 235,136 1986.The deposits to the fund plus the interest earnings STS 171,784 171.139 180,390 192,319 on the fund balances are expected to be sufficient to pay Hoover Uprating 33,927 33,609 34,528 34,217 Mead Phoenix 1,857 1,860 2,918 2,918 the Authority's share of the decommissioning costs.

3431,690 8438,558 8442,361 8464.590 i Deferred costs-Deferred costs are shown net of accumu,

• lated amortisation. Unamortised debt issue coes, including Phlo Verde Project-The special funds required by the the cost of refunding, are amortised over the terms of the respective issues. Other deferred costs are amortised gen- Bond Indenture contain balances, in thousands, as follows:

as, J. 3s, erally over five years. J 19st 19s7 lavestments-Investments include United States Govern.

ment and governmental agency securities and repurchase Construction Fund-Initial Facilities Account 8 48,666 8 38.454 agreements which are collateralized by such securities.

These investments are stated at amortised cost. As Debt Service Fund-d usse in Note C, all of the investments are restricted "jj', "",8 Bond Anticipation Note Fund 30 30 j

Revenue Fund 735 1 1 Revenues- Revenues consist of billings to participants for 15,739 Operating Fund i1,155 the sales of electric energy and of transmission service in 9,706 8,169 Reserve and Contingency Fund .

.A' accordance with the [.articipation agreements. Generally, Cennal nene Fund W revenues are fixed at a level to recover all operating and 3224,520 Tota' Special Funds $224.122 l' debt service costs over the commerciallife of the plant.

(See Note F.)

$ Debt expenses- Debt expenses include interest on debt, the Southern' Transmission System Project-The special funds required by the Bond indenture contain balances,in thou-

']

amortisation of bond pr'emiums and discounts, debt issue and refunding costs, Income from investments is recorded sands, as follows:

Juw 3s. 18 as a reduction of debt expense. 19ss Jun's7 19 A Statement of Cash flows- During the year ended June 30, 1980, the Authority adopted Statement of Accounting Stand. Construction Fund-Initial Facilities Accoun 8 10.310 $ 18,638 ards No. 95," Statement of Cash Flows?' Accordingly, fiscal ,

De year 1987 items have been restated to conform with the fiscal D btSe'"'"fei . e unt 41,086 38,623 year 1988 presentation. Debt Service Reserve Account 89,079 91,192 Revenue Fund 1 1 II0tl C-Special funds: Operating Fund 7.239 6.249 The Bond Indentures for three of the four projects require General Reserve Fund 3.908 4,711 the following special funds to be established to account for Total Special Funds $151.623 $159.414

a. } the Authority's receipts and disbursements. The moneys and

- 'N investments held in these funds are restricted in use to the During fiscal year 1987 the Authority advanced to IPA purposes stipulated in the bond indentures. A summary of 320,981,000 for their proportionate share of certain operat-

]h these funds follows:

Fund Held by Puepose ing and capital requirements associated with STS. During I' fiscal year 1988 the advance was reduced to $20,161,000.

t Construction Trustee To disburse funds for the acquisition and construction of the Project Hoover Uprating Project-The special funds required 4 _.

by the Bond Indenture contain balances,in thousands, j Debt Trustee To pay interest and principal related to i Service the Revenue Bonds as follows:

Revenue Trustee To initially receive all revenues and Junese. June 31.

19ss 19s7 disburse them to other funds Operating Trustee To pay operating expenses Advance Payments Fund 3 23.244 8 27,277 q 340 Reserve and Trustee To pay capitalimprovements and make Operating Working Capital Fund up deficiencies in other funds and, in Debt Service Fund il Contingency the case of the Palo Verde Project, Debt Service Account  ?!4 932 i 3.620 3.255 accumulate funds for decommissior ing Debt Service Reserve Account Total Special F.inds 3 27,918 8 31.464 General Trustee To make up any deficiencies in i Reserve other funds Advance Trustee To disburse funds for the cost of At June 30,1988 the Authority had advances to USBR Payments acquisition of capacity amounting to 86,009,000.

7

?

. - me- - ---- ; . - - - - - - - - -- - - -: -- --- - --

s 11

.j ~

j i Mead. Phoenix Project- At June 30,1988 and 1987, the 1984 Series A Bonds,2001 for the 1984 Series B Bonde and the 1985 Series A Bonds,2003 for the 1986 Series A Bonds balance in the Development Fund was $1,857,000 and

! 82,918,000 of which substantially all were invested in and 2002 for the 1986 Series B Bonds. Scheduled principal j- securities of the United States Government. maturities for STS during the five fisea' years following 1 -

June 30,1988 are 82,260,000 in 1989,83,785,000 in 1990, ,

• ! MN D-long term debt: 87,945,000 in 1991,88,485,000 in 1992 and 89,115,000 in I Palo Verde Project-To finance the purchase and construe. 1993. The effective interest rate on outstanding debt during

. tion of the Authority's share of the Palo Wrde Project, the fiscal years 1988 and 1987 was 7.7%.

s Authority issued Power Project Revenue Bonds pursuant to l the Authority's indenture of Trust dated as of July 1,1981 Hoover UProting Project-To finance advance payments to

.i USBR for application to the costs of the Hoover Uprating (Bond Indenture), as amended and supplemented. Reference is made to the Combined Schedule of long. Term Debt at Project, the Authority issued Hydroelectric Power Project

.' June 30,1988 for details related to outstanding bonds.

Revenue Bonds pursuant to the Authority : Indenture of Trust dated as of March 1,1986(Bond Indenture). Reference The Bond Indenture provides that the Revenue Bonds

' is made to the Combmed Schedule oflong. Term Debt at shall be special, limited obligations of the Authority payable M June 30,1988 for details related to the outstanding bonds.

solely from and secured solely by (1) proceeds from the sale

• The Bond Indenture provides that the Revenue Bonds of bonds,(2) all revenues, incomes, rents and receipts attrib.

i utable to the Palo Verde Project (see Note E)and interest shall be special, limited obligations of the Authority payable solely from and secured solely by (1) the proceeds from the

't en all moneys or securities (other than in the Construction Fund) held pursuant to the Bond Indenture and (3) all funds **Ie f the bonds,(2) all revenues from sales of energy to par.

d established by the Bond Indenture (excludiag the Decom, tlc 1 Pants (see Note E),(3) interest or other receipts derived

' Yj missioning Account in the Reserve and Contingency Fund);

fr m any m neys r securities held pursuant to the Bond Indenture and(4)all funds established by the Indenture of

. subject to the provisions of the Palo Verde Project Bond Trust (exapt for the Interim Advance Payments Account m

. . .* Indenture providing for the application thereof.

the Advance Payment Fund); subject to the provisions of the All outstanding Power Project Revenue Term Bonds, at ,

Bond Indenture providmg for the application thereof.

the option of the Authority, are subject to redemption prior All outstanding Hydroelectric Power Project Revenue Term Bonds, at the option of the Auti.ority, are subject to B nd Indenture requires mandatory sinking fund

^

redempt,on pnor to maturity.

instalments to be made beginning in fiscal year 1998 for the ,

1 1982 Series A Bonds,1999'for the 1982 Series B Bonds and The Bond Indenture requires manadatory smking fund the 1983 Series A Bonds,2001 for the 1984 Series A Bonds .instalments t be made beginning in fiscal year 2002 for the and the 1985 Series A Bonds,2005 for the 1985 Series B 1986 Senes A Bonds. No prmespal maturities of bonds out.

Bonds and 2003 for the 1986 Series A Bonds, the 1986. Series standing at June 30,1988 are scheduled for fiscal years 1989 through 1993. The effective interest rate on outstanding 0 B Bonds and the 1987 Series A Bonds. Scheduled principal debt during fiscal years 1988 and 1987 was 8.0% and 8.1%,

maturities for the Palo Verde Project during the five fiscal resPectively.

years following June 30,1988 are $13,095,000 in 1989, l 813,870,000 in 1990,814,745,000 in 1991,815,790,000 in The Authority estimates that the total financing require.

,i 1992 and $ 16,955,000 in 1993. The effective interest rate "'"I 'I'* I"I"' In the Hoover Uprating Project will 8PProximate $34 milh.on, of which substantially all will be i on outstanding debt during fiscal years 1988 and 1987 expended for payments for capacity and associated firm was 7.2% and 8.4%, respectively.

- energy and the acquisition of entitlements to capacity.

[' d Southern Transmission System Project-To finance, payment,.m. aid of construction to IPA for construction y,,g,pg,,,;, p,,,,,, _ g,3,,, 39, g9gg, ,y, gu,y,75,7 j had borrowed 814,148,000 to finance the feasibility study

of STS the Authority issued Transmission Proy et Revenue and development costs of the Mead. Phoenix Project. This Bonds pursuant to the Authority s Indenture of Trust dated

!  ; loan bears interest at approximately 67% of the prime rate; as of May 1,1983 (Bond indenture), as amended and supple.

ll however, the interest rate cannot exceed 12%. The average

[ mented. Reference is made to the Combmed Schedule of interest rate on this loan was 5.9% and 5.2% during fiscal long. Term Debt at June 30,1988 for details related to the years 1988 and 1987, respectively.

, outstandmg bonds.

The proceeds of the loan were deposited in a Development 1 The Bond indenture provides that the Revenue Bonds Fund for which the lender is the trustee and can only be j shall be special, limited obligations of the Authority payable used for payment of Mead. Phoenix Project development l solely from and secured solely by(1) proceeds from the sale l costs, costs of issuance of the loan, including general and of bonds,(2) all revenues, incomes, rents ana receipts attrib.

,j administrative expenses of the Authority related to the utable to STS (see Note E) and interest on all moneys or Mead Phoenix Project, and loan principal and interest.

securities (other than m the Construction Fund) held pursu.

The feasibility study is substantially complete and present ant to the Bond Indenture and (3)all funds established by plans call for the Authority to decide whether to continue

. the Bond Indenturet subject to the provisions of the Bond l with the project in fiscal year 1989.

Indenture providing for the application thereof.

On April 6,1988, the Authority adopted a note retire.

All outstand.ing Transmission Project Revenue Term ment plan. The plan involves voluntary payments by each Bonds, at the optmn of the Authority, are subject to redemp.

participant ofits proportionate share of the liability with

' " nty intends to repay all but he B id nde tu e requires mandatory sinking fund mstalments to be made beginning in fiecal year 2000 for the

[*h d ri g s ar 9 l, ]

17 L t 12 .:

l- li

'K.___ - -. .-

Aefunding 6eads- During fw1 ynt 1987, tS proceeds WIII f-Conta recewemble froni fuemee Isillings f  ; from the sale of $707,275,000 of Power hoject Refunding to participastat i i Bonds were used to advance refund 4630.126,000 of previ. Billings to participants are designed to recover " costs" as I i ously inued bonda. In connection therew th, the net pro- defined by the power sa:es and tratamission service agree-ceeds of the refund'og bonds have been envested in menta. The billings are structured to systematically provide

!' ' securities of the United States Government, the principal for debt service requiremenn, operating funds and reserves and interest from which will be sufficien* to fund the temain- in accordance with these ag eements. Those expenses, ing principal, interest and call premium payments on the according to generally accepted se uting principles,  ;

nfunded bonds until the stated firat call dates of the respec- *hich ere not included as " costs' s deferred to such peri.  ;

tive issues. Accordingly, all amounts related to the refunded ods as try are intended to be recovered through billings. I bonds have been removed from the balance sh+ets and the  !

cost of refunding the debt is included in unamortised debt Nett iv-Cosansitesen.a and contingencies:

) expenses. At June 30,1988 the aggregate amount of debt As a pardeipant in the PVNGS, the Authority could be sub-t j considered to be eatinguished wu 81,875,050,000. jeet to nueenment of retroactm in. tance premium adjust.

i % 1i ments in the event of a nuclew ireidsat at the PVNGS or L 110tII-Puvvr sales and temannsimaion servlee at any other licensed remetor in the United States.  ;

conteactat The Authority is invol e d Si vario.is legal actions. In the ,

,j The Authority hu sold its entitlement to the output of the opinion of management, the outcoine of such litigation or ,

i Palo Verde Projeet pursuant to power sales contracts with ten claims will not have a material effect on ths financial posi-  ;

i p  ! participants (see Note A). Under the terms of the contracts, tion of the Authority or the respective upmte projects.

the participants are entitled to power output from the Palo l t Ve-de Nuclear Generating Station and are obligated to make paysents on a "take or pay" basis for their proportionate IR$8E 98 M OWISfEIEN8E share of operating and maintenance expenses and debt Combined Schedule of long. Term Debt at June 30,1988 ,

smice on Power Project Revenue Bonds and other debt, t w hether or not the Palo Wrde Project or any put thereof Palo Grde Project has been completed, is operating or operable, or its output Supplemental Balance Sheet at June 30,1988 and 1987, is suspended, interfered with, reduced or curtailed or termi. Supplemental Statement of Operations for the Wan Ended nated. Tne contracts expire in 2030 and, u long u any June 30,1988 and 1987, Power Project Revenue Bonds are outsta iding, cannot be Supplemental Statement of Cuh Flows for the Wars Ended June 30,1988 and 1987. ,

terminated or amended in any manner which willimpair or advenely affect the rights of the bondholders. Supplemental Senedule of Receipts and Disbunements ,

The Authority hu entered into transminion service con. ,

in F ands Required by the Bond indenture for the War  ;

tracts with six participants of STS(See Note A). Under tne Ended June,30,1988. - -

terms of the contracts, the participants are entitled to trans- gg 7 p

E minion service utihzing STS and are obligated to make pay.

Supplemental Balance Sheet at June 30,1988 and 1987.

ments on a 'take or pay buis for their proportionate share Supplemental Stas:nent of Operations for :he Wars Ended of operating and maintenance expenses and debt service on Transminion Proj,ect Revenue Bonds and otner debt' b R 1988 W E SupplementalStatement of Cuh Flows for the Wars Ended  !

, w hether or not STS or any part thereof has been completed, June 30,1988 and 1987, is operating or is operable, or its servie j suspended, inter- Supplemental Schedule of Receips and Disbunements ,

fered with, reduced or curtailed or termirated. The con.

.i in Funds Required by the Bond indenture for the Wsr ,

tracts expire in 2027 and, as long as any Transmusion E M j d 1988.

. Project Rever.ue Bonds are outstanding, cannot be termi. (

.d pated w amended in any roanner wFich will imrair or Hoccer Upresing hjeet I adversely affect the rights of the bondholders. Supplemental Balamee Sheet at June 30,1988 and 1987.

! In March 1986, tb Authority entered into power sales Supplemental Stasement of Operations for the Wars Ended

! conmets with six participante of the itoo.er Upnting Proj. June 30,1915 and 1987.

cet (see Note A). Under the terms of the contracts, the partie. Supplemental Statesnemi ot' Cash Flows for the Wan Ended

ipants are entitled to capacity and associated firm energy of June 30,1913 and 1987.

l the Hoover Uprating Projeu and are oblisted to make pay- SupplementalSchedule of Receipts and Disbunements

, ments on a "take or pay" basis for their proportionate share in Funds Regnimi by the Bond Indenture for the War os operating ord maintenance expenses and debt senice Ended June 30,1988, whether or not tb Hoover Uprating Project or any part there9f hu been completed,is operatir.g or is operable, #"O'"*" Y' SUPPl emental Balance Sheet at June 30, I?88 and 1987.

or its service is suspended, interfered with, reduced or eur.

tailed or termin. ed in whole or in pait. The contracts Supplemental Statement uf Cash Flows for the han Ended June 30,1988 and 1987.

expire in 2018 and as long as the flydroelectric Power

! Project Revenue Bonds are outstanding, cannot be

terminated or amended in any manner whien willinnpair or advenely afft-t the rights of the bondholden.

I 1

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1 MM%bM W M SO N b M i

etJune 30,1988 j'. -} o. n u .

(fecoin Deseqf insewst Mwora.s on .

5 eras sete ko Julv I Total

! Palo Wrde Project Revenue and Refunding Bonds . . . . . . . . . . . . . . 1982A '

.. 8/13/82 IJ.9% 1988 to 2017 8 26.325

! 1982B 11/12'82 44,445 3 7.7 % 1988 to 2017

] 1983A el 8!83 8.8% 1988 to 2017 36.015 1984A 7/18!84 10.3% 1990 to 2004 24,090  !

L

. . l' 1985A 5/22'85 8.7% 1988 to 2014 12.515 1985B 7/ 2!85 9.1% 1988 to 2017 101,815 i*

1986A 3/13186 8.2% 1988 to 2015 157.645 i 19868 12./16!86 7.2% 1988 to 2017 354.630 -

1987A 2/11/87 6.9% 1988 to 2017 352.645 ,

!.110.125 l i Southern hanam8 wion Syster'

' Project Revenue and hefunding Bonde. . . . . . . . . . . . . . . . . . . . . . 1984A 21 9/84 9.3% 1990 to 2004 65,945 1984B 10/17/84 10.2 % 1990 to 2000 18,770

] 1985A 1986A 8/15/85 3/18'86 8.9%

8.0%

1989 to 2021 121.620

'j 1988 to 2021 371.720 l

. 1980 4'29/86 7.5 % 1988 to 2023 480.010 5 L

' 1.058.065 Hoover Uprating Project Revenue Bonds . . . . . . . . . . . . . . . . . . . . . . 1986A 8/13/86 8.1% 1993 to 2017 34.433 l M ead-Ph oe nis B an k lo a n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,148 l

Total Principal A mo u nt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.216.773 i i Leu

Unamortised Bond Discount- '

l Palo Wrde Project Reve nue a nd Ref'. o ng Bonds . . . . . . . . . . . . . . . . . . . . . . .'. . . . . . . . .'. . . . . . . . . . . . . . . . . . . . . . . . 68.065 Southern Transminion System Projeo. Caenue ,

', andRefundingBonds.............................................................................. 57.227 H oover Uprating Project Reve nue Bon ds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141 1

Tot al Unamortised Bond Discount . . . . . . . . . . . . . . . . . . . . . . . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,433

-l Totallong. Term Debt '

Less Una m orti s e d B o n d Discou n t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82.091,340 i Bonds which have been refunded are escluded from this schedule.

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M

• June 30.

4 .,

s JW8 . 1987 1

Assets 1 ,

Utility plant

!. . Production.......................................................................... 8 600.458 8 368.755 j 'hansmission......................................................................... 5,988 3,512 5

General............................................................................. 81 58

' 'i 606.527 372,325

!.ess - Accumulawd depreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.224 15.983 572.303 356.342 Construction work in progress. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.028 224.809 4

Nuclear fuel, at amortised cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.330 36.415

-! N et u tility plan t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 605.661 617.566 l Special funds

.i lavutments.......................................................................... 221.NS 222.229 l a ternt rece inble . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2')4 1.753 Cash................................................................................ 538 224.122 024.520 -

Accounts rece i vable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 836 2.859 M a te rials a nd su pplin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.528 Costs recoverable from future billings to participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42.% 7 26.069 l Defernd costs .

i Unamortised debt expenses,less accumulated amortisation

• of 818.643 and 813,698 in 1988 6cd 1987. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210.841 218,503 O ther d e fe rre d costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.309 1,542 212.150 220.045 81,002.264 81.091.059 LieblNeles k n g.t e rni d e b t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81.028.965 81.039.335 Current liabilities kng. term debt d ue within one ye ar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,095 Ac cr u e d in te res t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,573 37.454 Accounts payable and accru ed ex penses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.631 14.270

'! 63.299 51.724 Commitments and continge ncies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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,, N u cle a r f ue l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.042 7.259 ]

I Ot her o pe ra tio n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , 13.313 10,162

'~l Maintenance........................................................................... 6.388 3.192 i

t. Deprecia tion . . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.241 12,643  ;

?/ Empense charged to projects during contruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (520) (370)  ;

Total opera ting es pe mes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,464 32.886

.l Debt espemes 1 l a terw t on de bt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.961 78.290 i

, 4 Allowance for borrowed funds used during contruction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16.699) (40.498) j 1 N e t de b t ex pe nse . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . s . . . . . . . . . . . . . . . . . . . 56.262 37,792

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. Costs recoverable trom future billings to perticipants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 (16.898) 8 (18.729) l

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Sales of elettn e e ne r gy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .' . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 85.828 8 51,919 -

i Expenes of operations .............................................................. (102.726) (70,648) .

Adjustments to arrive at net cuh provided by (used for) operating activities:

, Depreciation and amortisation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,283  !?.098  ;

Other, net........................................................................ 10,588 9.723  !

Changes in current suets and liabilities:

I nt e res t re ce i vable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (451) 515 .

Acco u nts re c ei va ble . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,023 2.560  !

8 M a te ri als a n d s u pplies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.528)

,, 1 Othermuets.................................................................... 232  ;

I19 Aceru e d in t e re s t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.529) l Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,639) 5.055 l

. Net cuh provided by operating activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.529 13.693 y Cuh flows from investing activitier:

l Payments for construction of facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15.378) (55,131)

Purchase s of in ve s tm e n ts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.082,161) (1.124,179) i

'~4 Proceeds fro m sale of in vest ments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.082,472 1.176.515 I 9

Net cuh used for investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (15.067) (2.795)  !

Cuh Dows from financing activities:

Proceeds from sale of refunding bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 679,434  !

n Pa y me n t for bon d in u e cos ts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (106.289)

Payment for defensance of revenue bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (508,703) l Payment of bond anticipation notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (75.000) l

) Net euh used for financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.558)

.I N et inerc ue (d ecre ne) in euh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (538) 340  :

1 Cub an d be gin nin g of ye ar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 538 198  ;

1 Ca h a t e n d o f ye a r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 - 8 538 ,

.I i Cuh paid during the year for interest (net of amount capitslized) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 58.328 8 43.819 4*

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Construenon feedinsuel bebt dond Renrn & General fontsun $ert ste Amutspeuen Rensee Ope.euse Connageary Renon Arreens fund Nose fund fond fond fund fund Total Balance at June 30,1987. . . . . . . . 8 38,234 8157.906 8 29 815.575 88.478 8 4,178 8224,400

'I Additions i' .l Investment earnings . . . . . . . . . 2.335 14.896 1 8 82 1.323 1.040 6 19,683 1,896 Sales . . . . . . . . . . . . . . . . . . . . . . 87.612

', 4 Other income . . . . . . . . . . . . . . . 58 85.716 59 117

'l Transfer of interest payment . . . 102.906 102,906 Transfer of investments . . . . . . . 8.458 (2.563) (1.724) (4,171) i Transfer of investment earnings 5.597 (14.630) (1) Il.112 (1,308) (764) (6) l Transfer of sales receipts . . . . . . 71/SO (99.488) 19.038 3.880 4,890 Miscellaneous transfers . . . . . . . 1.453 (66) 2.996 250 264 (4.897)

, , Total..................... 19.797 ,174.786 - 418 16.799 2.696 (4.178) 210,318 Deductions Construction expenditures . . . . 5,489 845 6.334 Opereting espeiiditures . . . . . . . 18.046 18.046 i Fuel costs . . . . . . . . . . . . . . . . . . 2.920 591 3.511 Interest . . . . . . . ............ 178,052 178.052 Property tax . . . . . . . . . . . . . . . . 1.332 2.665 3.997 Financing costs . . . . . . . . . . . . . 141 141 Interest on investment

, purchases . . . . . . . . . . . . . . . . 14 22 15 18 69 Premium on investment purchases . . . . . . . . . . . . . . . . 368 244 628 1.240 Tbta!..................... 10.264 178.318 21.317 1.491 211.390 '

Balance nt June 30,1988........ 8 47.767 8154.374 8 29 8 418 811.057 89.683 $ - $223,328 This schedule summarius the receipts and disbursements in funds required under the bond indenture and has been prepared from the trust statements. The t,alances in ,

the funds conust of cuh and investments at oris.nal cost. Then balances do noi include acerned interest receivable of 82.204 and 81.753 at June 30.1988 and 1987. nne do they include total amorused net investment premiums of $1.724 and 81.632 at June 30,1988 and 1987.

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637.433 633.013 l Construction work in progren. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 912 r {'

'/! N et u t ility plan t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 638.345 633.013 d Specialfunds '

fi laveetments..........................................................................

Ad,ance to Intermountain Pow er A gency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

150.768 20,161 156.446 20,981  ;

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Interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . ..................... .. ............... 855 2.968 j f 171,784 180.395 l s

Accou nte rec e i vabl e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . 2.662 4

. Coets recoverable from future billings to participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71.776 58.241  ;

l Deferred coste  !

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of $ 16,910 and $ 13.999 in 1988 and 1987 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101.546 167.084 i

81.043,451 81.041.395

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Current liab3ities  !

Iong term de bt due within one year . . . . . . . . . . . . . . . . . . . . . . . . . .'. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.260 -i Acc ru e d i n t e re s t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,611 38.611  :

Accoun ts payable and accrue d ex pe nses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,002 3.228 i 44.873 41.839 i Commitme nts and co ntinge ncies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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s Sales of transmission services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 82.332 8, 40.617 F

i Operating espenses  ;

' 5i O t h er ope ra tio n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Maintenance.............................................................................

8.750 3.159 7.036 3.082 i

j oe,reciation............................................................................ i9.975 is.089 ,

Total operating em pe nees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31.884 28.207 i Debt empenses l a terest on debt, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63.983 70,651 l

J. Tot al es pe nws . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.867 98.858  :

Cons recoverable from future billings to participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . --8(13.535) 8.(58,241) 1 4  :-

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,i Sales of tronom mo n services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ' 8 82.332 8 40.617  :

E x pe nsa of ope ra tions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (95.867) (98 It38)  !

Adjustments to arrive at net cash provided by (used for)optrating activities: ,

' 19,975 18,089 Depreciation and amortiution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  :

O t h e r, n et . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......s....... ........................ 6,752 8,052 Changes in current anets end liabilities: ,

I n terest rec ei vable . . '. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.113 (690) i Accou n ts rec e i vable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.662 (2.649)  !

Otherassets...................................................................... 68 23.157 Accru e d i n t e res t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11.107) ,

Accounts payable and accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 774 (4.335) l' 3

Net ca.h provided by (used for) operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . 18.809 (27.724)

. Cah Dows from investing activities: ,

~ l Payments for construction of facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (25.307) (14 395)  ;

3 Purchmen of in vest me n ts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.821.A88) (933.018) 1 K] Proceeds from sale of investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,827,066 996.118 Refund from (advance to) lnterinountain Power Agency. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 820 (20,981)

Net cash provided by (used for) investin g activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18.309) 27.724

', t Ne t increase (decrease) in er sh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.  ?, - Cah a v beginni ng of ve ar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

.j C=h a t e nd of ye ar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 - 8 -

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Connouesson fundleaset Debs Generet fordasts Semte Recesse Operassag Resern Accouss fund fund Ts.sd fund Total Balance at June 30.1987............................ $ 18.480 $ 126,864 86.237 8 4.584 $156,165

.g Additions lamtment earniny . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 987 20.407 8 143 479 416 22.432 Sales.......................................... 82.255 82.255 lansfer of interest payment . . . . . . . . . . . . . . . . . . . . . . . 85.841 85.841

.j hansfer of inmtmen ts . . . . . . . . . . . . . . . . . . . . . . . . . . . I1,295 (11.295)

Dansfer of inetment earninp . . . . . . . . . . . . . . . . . . . . (6.392) 2.505 (479) 4.367 1

.l Transfer of funde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.307 (6,416) (2.647) 5.762 6 l Dansfer of sales receipts . . . . . . . . . . . . . . . . . . . . . . . . . . 72,408 (82.056) 9,84 8

'3 Miscellaneous receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,948 2.948

Total........................................ 18.537 165.848 -

9.848 (750) '193.483

. Deductions Paymenta in.eid of construction and administrative costs . . . . . . . . . . . . . . . . . . . . . . . . 26,921 26.921

! Operating expenditures. . . . . . . . . . . . . . . . . . . . . . . . . . . 8.855 8,855 I n te res t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163,%I 163.061

! Interest on inmtment purchases . . . . . . . . . . . . . . . . . . . 505 505

,! Premium on inmtment purchases. . . . . . . . . . . . . . . . . . 14 14

!, Total...........................,............. 26.921 163.580

• 8.855 199.356 i

Balance at June 30.1988............................ 810.096 8129.132 8

- 37.030 8 3.834 8150.292 This schedule summanm the receipts and dmburuments in funds required under the bond indenture and has been prepared from the in.st staiements. The balances in A

the funds consat of cash and invesiments ai or smal cost. These balances do not include accrued interest receivable of $855 and 82.968 et June 30,1988 and 1987. por do _

the' include total amortised nei investment discounts of $4"i and $281 at June 30.1988 and 198?.

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Sheet  !

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Jose 3R ' '

1 -  !

IMS 1981 l

AABS$s  !

Specialfunds i I Investments........................'....................................................... 826,970 830.062 i

.. I ntereal rece i vable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264 602  ;

Camb..................................................................................... 684 i

' t {_

j 27.918 31,464 f Aeeesnte r9ee l vable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66

'i )i 3#',4

• Advaneos for capacity and energy, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,009 1 Cost recoverable from future bifim' gs to participante . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (95)  :

{ Defeered coets Unamortised debt aspenses. lees accumulated amortisation of $102 and $49 la 1988 and 1987. . . . . . . . . . . 1.159 1J12 [

$34,991 83,.5.806  ;

4 -- . m: ,

UshMnes i lo ng.teren de b t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 834.294 834393  ;

. Current liabilities  !

Ac crue d i n te res t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 689 689 Accounto psyable and accrued ex pe nses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 824 l 2 697 1,513 l Commitments and contingencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . i li 834.991 835,806

==

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trer endedJess 31 >

1988 1987 I Operating revenues  :

Sales of e lectric en ergy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2.530 8 66 ,

, Operating expenets f i C a p a ci ty c h a r ges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235 13 >

' En er gy c h ar ges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652 53 i Ot h e r ope ra tio n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244 j

, Total o pera tin g e x pe nses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.131 66  :

6 Debt expenses l I n te res t on d e bt, n e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d 1.304 2,435 65 s

1 Tot al em pe n se s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  :

i l-1 Coet recoverable from future billings to participante . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8- 95 _5 -

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Ceek news from operating activities: i Sein of electric e nergy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2,530 8 66 .

j Es mass of ope ra t io ns . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.435) (66)  !

eetments to arrive at net cash provided by (used for)opern'ing activitin: I agn la current nonets and habilities: I

l atern t rece i vable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 238 (502) j

.* Aceout ta receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 (66)

• Accrued la te rest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 689 [

i Otheraseets......................................................................... 54 49 '

l l< Accounts payable and secrued es pensee . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (816) 824

.j Net cash provided by (uwd for) operating activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (363) 994 Cash flows from invnting activities:

Payments for construction of facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2.945) (3.064) .

F'... Purc haan of i nvntme n is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (149,058) (85,662) I

'l',

Proceede fron: sale of invntments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . , 153,050 54.699  !

l Net cash provided by (uwd for) investing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.047 (34.027)  ;

Cash news from financing activitin: ,

Proceeds from sale of revenue bonde . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34.293 i Pay me n t for bond iss u e costs. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,060)

Net cash provided by financing activities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,033  :

wI Net increase in cas h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 684

. Cash at beginn in g of ye a r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . {

. Cash a t end of y e a r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 684 8 -

t i

. Cash paid d uring the year for internt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 2.757 8 -

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hmnenu Permonu Reersue Opereung Carstel Servste Reserve .

Toad fund Fund fond fund Act-ases . Account kel l Balance at June 30.1987................ 825.242 82.243 8 941 83.253 831.679 i

. i ,

"2.

l Additions l

,' ' aj Inveetawat earninge . . . . . . . . . . . . . . . . . 2,185 373 8 3 8 17 72 296 2.946  ;

j Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5% 2,596

1. > ]' e. hnefer of instawats . . . . . . . . . . . . . . . (3,915) 3.915 j

.# '!1ransfer of instment earnings . . . . . . . . 738 (410) (3) (17) (26) (282) -  ;

l., , hanfor of sales receipts . . . . . . . . . . . . . . (2,596) 866 2.530 i

. e.:), Miscellaneous transfers . . . . . . . . . . . . . . . (3,136) 2.424 340 372 1

. 1 Tot al . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4,128) 6.302 - 66 340 2.576 386 5.542

. .Mt -

) i Deductions -

Advances for capacity and criergy . . . . . . 4.448  !

4.448

l. Payments for capacity and energy l

.. j

.. J ,

ebarges.......................... 66 66 l l' Administrative espenditures. . . . . . . . . . . 921 921 i L ej 1 ri terest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,757 2,757  !

l q Interest on investment purchases . . . . . . . 14 14 Preinium on investment purchases. . . . . . 439 16 46 1 502

'- .i ^4

- t ls . 'Ibt al . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.360 4,464 66 2.803 15 8.708  !

t Balance at June 30.1988................ $19,754 84.081 8 - 8- 8 340 8 714 83.624 ' $28,513 .)'

I Thie scledule summarises the receipts and disbursements in funds required under the bond indeniure and hu been prepared from the trust staiements. The balsaces in  !

.}

[  ; the fundo conam of cash and investments as original etet. These balances do not include accrued interest receivable of $264 and $466 at June 30.1988 and 1987. nor de I they laelude total amortssed not investment premiums of 8858 and $676 at June 30.1988 and 1987, t

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j' Utility plant Construction wor k i n pro gre ss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12.600 L2 811.703 f ll .' Special funds  !

+

Investments............................................................................... 1,843 2,910  !

( Cash........................ ............................................................ 14 8  ;

f 1.857 2,918

, Deferred charges l J Unamortised debe expenses. less accumulated amortisation of $509 and 8432 in 1988 and 1987. . . . . . . . . . 54 3.  !

' ' ,i 814,511 814.624 I i *

• l M i i

. l bngtermdebt............................................................................. 8 103 814.148 'I.

7'  ! Current liabil. ties  ;

. is bag. term debt d ue within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,048 a ; Accrued i n te re s t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 351 406 -  !

, Accoun ts payable and accrued ex penses. . . . . . . . . . . . . . . . . , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 50 '

's 14.411 476  !

I Commit me n ts a nd co n tin g e ncies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  !

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! har radedJnr 30 b 1988 1987 l j Cash flows from opera tin g activities: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 ~ ~ 8 -

[

Cash flows from investing activities: t Pa y me n t s for fe asibility st u dy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.%l) (771) ,

Pu rc hases of i n ves t me n ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.479) (6.299)

Proceeds fro m s a le of in ve s t m e n ts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.546 7.065 Net cash provided by (used for) investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 (5) u . Cash flows from fin ancin g activities: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decre ase) in cuh . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 (5)

Cash a t be gi n ni n g of ye ar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 13 C ash a t e n d o f ye a r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 i4 8 8  !

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