ML20063E696
| ML20063E696 | |
| Person / Time | |
|---|---|
| Site: | Catawba, 05000000 |
| Issue date: | 08/24/1982 |
| From: | Culler R, Shaw R NORTH CAROLINA MUNICIPAL POWER AGENCIES |
| To: | |
| Shared Package | |
| ML20063E654 | List: |
| References | |
| NUDOCS 8208300341 | |
| Download: ML20063E696 (26) | |
Text
..
/
,/
k l
l k
e.
6 l l! -
l ll -
!I .
.I if j m;
\
If l '
M}i
[
l,!
n t
l ; lll l Ii'l i
l j -- -- - )
l
, , . - . . , , - - . .,m _ m - ..~_. _ . . ,
s..
Contents
.. ~.- ..- . - .; . . ~ . - - - : .
aa 1 1981/ Progressions 3 Duke Power Company and the Catawba Project l 5 A Brief History 6 Agency 1 Participants 9 Engineering 1981 10 Finance and Accounting 1981 12 Financial Statements 19 Auditor's Opinion 20 Board of Commissioners, Alternates Inside Back Cover: Consultants, Trustees, Paying Agents; Employees North Carolina Municipal Power Agency Number 1 NCMPA/1 3117 Popiarwood court, suite 300 P. o. Box 95162 Raleigh, North Carolina 27625 (919)876-9170
, _m,. , , - . _ , . . _ . _ ,. . - - . . - - _ . . , . , , - - 4
.. 3 .
..Y
- 1981/ Progressions-
, ., . ~ .. . . .ak - .. ~~a. ~~;-.-~~ N The NCMPA 1 Annual Report examines the progress of a joint-action agency organized in 1976 to deal effectively with power supply problems of municipally operated electric utilities in Piedmont North Carolina.
During the past year, the Agency continued to move forward steadily with its financing program to purchase generating capacity for member municipalities by issuing an additional
$325 million in electric revenue bonds and bond anticipation notes.
Despite volatile interest rates and increased competition in the municipal bond market, the average effective interest cost for all outstanding Agency bonds is 9.16 percent. Since 1978, the financial community has clearly demonstrated its confidence in NCMPA 1 by purchasing more than
$1 billion worth of Agency bonds and notes.
Throughout 1981, NCMPA 1 routinely re-examined its financing strategy in an effort to prosper in an ever-changing marketplace. A combination of good fortune, excellent timing and skillful maneuvering enabled the Agency to aggressively meet its financing schedule through the use of traditional financing instruments.
However, NCMPA 1 financial consultantc, management staff and Board of Commissioners have realized the need to investigate alternate borrowing techniques that could provide the Agency with the flexibility it may need in future markets.
In 1981, NCMPA 1 engineering consultants recommended that the Agency not begin power supply operations at the Agency's earliest 9 opportunity in July 1962 through the optional use
\cw h 02,3'x -
%gJla of Duke Power Company's McGuire Nuclear Station. However, this possible alternative remai,1s R yB uller Ralph W. Shaw chm under cogstant consideration by the Agency and Board of Commissioners Manager could be implemented at any time prior to the startup of Catawba to maximize the savings inherent in the overall joint-ownership arrange-ment.
Because NCMPA 1 now shares ownership of
]4, Catawba with a group of rural co-ops in the Carolinas, the Agency is re-examining its owner-4 %. _ [m ..j ship contracts with Duke to clarify and define hg ' , IET ' ' certain contractual obligations of the plant's co-owners to one another.
~*
w (/ s[... 3 We believe NCMPA 1 is well on the way n toward meeting its goal of providing member cities j h ' '"' \ with a lower-cost, reliable source of future electric d a 5 fl Y power.
I
7- y- ,
, _ 7 3, . y-
'R._N Q
' ^
p.
& e. _
- e h'r i i
=6' .hl/ G =, lyd \
r .i6 >, .. y . , _ -.
. , y, +. . /- .
As ?,'
- ' p' r*' R ., '~ ,tl
,~
, ,_, r
, x , , , , ,
d ,
~
C, *- r '/ E hgSQ-'hffh.;eljnk M L c : . _ . _ _ . s f .. i ,m a y,:,,7 .N -
Y g ,
'"'" h. I. .
,N , (
, p 4 M4 Side , -'
g ad yy?', '
ps y - j, .,
- y. . -
,y, N *, *J -
.gr .' + :
7- ,
4 s & '
, i
' ~-
+'q r
k
[ % u ,! 7 0 3 ,, p sJ - f f!pa h s -- -
n.., .s t
[p r>,
%g Y 'l
,, 7l l
%3w5%,dM99Wf*NQ9MQF Q i ' Qg - !jz zpn 7.tyg
- 8 -1
- .: 1_- .sb ? : e ;l ' M4PMYY%3 f;f5: ' ~
n e
t .
ti .==4 e j K b. sgr c n- 4ghy = -*;- = s ;;: 6 mq:
i
}
" 11 W bre??GF@723W"W O'(gg
!!' 1 a /' f.ycq t; - ,. f L. -
a p : ) [bhIjhh kN? '
'7 f5 I[ ,
'I h
'6_;kyyh j rmu s Q p m m vf
.#, .I gn@ i " j ; d p V ?m3q - 'py d
- $bd TN a megp6b@hs,s=tM'7j y_,
Ag kh .
L.
. .. i mm 7
7
,--,--,n- . n ,_-- n.. --
l DukePowerCompany; F AndThe Catawba Project '
L.,. m a a m a u w w .a L a w ~ 6 a n a 6 & A - a = wa a Duke Power Company has a track record in group of wholesale customers in 1975. Upon cf ficiency unmatched in the electric utility concluding that substantial, long-term savings in industry. The utility's award-winning fossil-fueled electric power costs would accrue to Agency generating system is consistently one of the most participants through direct ownership in the plant, tfficient in the nation. Duke is the only pr;vate NCMPA 1 entered into the joint agreement.
utility that has always designed and built its own power plants, and because of that unique ability, The Joint Agreement CCC~~~""~TO constructs plants more economically than the The Agency, as a non-profit municipal other private utilities in the country which must corporation, is able during the construction phase hire contractors. of the project to issue tax-exempt electric revenue Consequently, customers of the Charlotte- bonds at interest rates that are significantly below based company have traditionally enjoyed some the capital costs of an investor-owned utility. As of the lowest electric rates on the Eastern an operating power-supply utility, NCMPA 1 will Seaboard. One of the nation's largest i,nvestor- provide power to its participating municipalities at owned utilities, Duke reported $1.9 billion in sales rates designed to recover only actual operating, in 1981, serving 1.3 million customers in its maintenance and debt-service expenses. The 20,000-square-mile service area in North and Agency will not need to recover stockholders' South Carolina. dividends or income taxes.
By maintaining a balance of fossil-fueled, Each participant has executed a customary nuclear and hydroelectric plants to provide "take or pay" contract with the Agency, agreeing el ctric power; seeking greater control over fuel to pay its share of Catawba's annual operating supply, assuming a leadership role in costs, including debt service on bonds, whether or encouraging public conservation, and extensively not the plant is completed.
training its employees, Duke strives to preserve its Each city has also signed a supplemental financial integrity and to meet the energy power agreement with the Agency, and the d:mands of continued industrial development and Agency will purchase from Duke all additional Economic growth, power needed beyond that provided by joint ownership af generation,and in excess of federal Catawba Nuclear Station Irrrem power allotments some cities obtain from the The Catawba Nuclear Station, under con- Southeastern Power Administration (SEPA).
struction on Lake Wylie in South Carolina near Charlotte,is representative of Duke's long-term McGuire Reliability Exchange C.E2Jr.m commitment to nuclear power development as a The Agency chose not to exercise its earliest contribution to a healthy economic climate. The option to trigger the McGuire Reliability two-unit nuclear-fueled generating facility will Exchange, a special provision of its contracts with provide electric power to 20 NCMPA 1 members, Duke. Under this provision, NCMPA 1 could have 19 of which are participants in the Catawba replaced Duke as early as July 1,1982, as bulk Project. The Agency participants, municipal power supplier for Agency participants. Project el:ctric utilit!es in North Carolina's Piedmont, power would have been provided from the two-h2fe acquired a 75 percent undivided ownership unit McGuire Nuclear Station where Unit 1 began int: rest in one of the two Catawba units, and a commercial operation December 1,1981.
37.5 percent ownership interest in the station's The Agency's optional use of McGuire, prior support facilities. Under contract, Duke serves as to the startup of Catawba, would require six engineer-contractor and operator for the Agency. months' advance notice to Duke. This possible With approval of the North Carolina Local decision is under constant consideration by the Government Commission, the Agency periodi- Agency, and could be made at any time to cally issues bonds to pay Duke for its portion of maximize the savings inherent in the overall joint-tstimated costs of acquisition and construction. ownership arrangement. McGuire Catawba's Seeking relief from the burden of financing " sister" plant, is under construction by Duke near plant construction in erratic capital markets, Charlotte and is expected to be fully operational Duke of fered to sell portions of Catawba to a by 1983.
$ # iiid""Vjffi 4$-[45'ifo ji f (QlWh; df, gfjf e '
' ?e y a f (t w a i 4 ;' y y r s 4
/ } g /px'-e n. v , w = e
. '1 .
- t 4;o y
{y,y
' ~
,/ $ , 3;.h 7 y - -
7 ,y
,l' :
}yl: .
&2, ;/tij 7
+-
y
, baj ,
r a?
.?
+ ' .. !
5 ..
l
. ./ u p ,i ;. p ys- t .
^
- r 6
)
c s/ 8 i c f, ?'
l
.?
= _ -_
I
- _ _ . _ _ . _ ~ ,
LA Brief History l
..~ u c. m . __s -_.masm wasm xau _ _ ~_ m . u 2m ma NCMPA 1 was chartered as a municipal by the North Carolina Local Government corporation on January 13,1976. Of the 23 Commission.
municipal electric utilities that are presently all- 8 On November 29,1978, the Agency and requirements wholesale customers of Duke Power Duke closed on the Catawba purchase.
Company,20 belong to the Agency. E in May 1979, NCMPA 1 again went to All but one Agency member, the City of market, selling an issue of $150 million at a net Concord, are participants in the Agency's joint- interest cost of 7.338 percent.
ownership arrangement with Duke and own a 75 m in April 1980, NCMPA 1 sold a third issue of percent interest in Unit 2 at the Catawba Nuclear $100 million at a net interest cost of 10.507 Station. None of the Agency's member percent.
municipalities currently owns or operates any N in June 1980, the NCMPA 1 Board of independent electric generating facility. Commissioners approved a revolving credit agreement with a group of four banks. By year NCMPA1C ' " '
- - J .- u .
end, the Agency had borrowed the $ 75 million at a To enable municipalities owning electric its disposal under that agreement.
systems to create joint agencies with authority to D in April 1981, NCMPA 1 sold a $125 million construct, operate, maintain and finance electric issue of bonds at a net interest cost of 10.731 generating and transmission facilities, the North percent.
Carolina General Assembly enacted the Joint " In September 1981, NCMPA 1 sold a $200 Municipal Electric Power and Energy Act on May million issue of bonds and $100 million of bond 1,1975. anticipation notes. The long-term bonds were a in October 1975. Duke made a proposal to sold at a net interest cost of 14.45 percent. The all its municipal wholesale customers in North and interest on the bond anticipation notes was 12.17 South Carolina (including members of NCMPA 1) percent.
for the sale of a portion of Catawba. _. , ~ .,
a A 1977 amendment to the State Other Agencies Formed 7~1x.m.z -
Constitution, ratified by North Carolina voters. In 1976, other regional groups of municipal enabled a municipal power agency to participate electric utilities in North Carolina formed two as a joint owner in generation or transmission additional municipal power agencies for the projects with private utilities or rural elec;ric co- purpose of acquiring generation facilities, ops. On December 30,1981, North Carolina E On February 27,1978, after 24 years of Eastern Municipal Power Agency (NCEMPA) negotiations with Duke, the Agency's Board of began power deliveries to 11 of its 32 participating Commissioners approved the Catawba Project municipalities. These 11 Northeastern North and authorized the execution of joint-ownership Carolina municipalities formerly purchased all contracts with Duke. their power from Virginia Electric and Power 8 By July 1978, the governing bodies of 19 Company.
Agency members had approved the "take or pay" These cities also were charter members of contracts that are required between each project North Carolina Municipal Power Agency Number participant and the Agency, as well as the 2. In early 1980, they joined NCEMPA in separate contracts for the purchase of anticipation of completion of that Agency's supplemental power. negotiations for the joint ownership of generating e in October 1978, NCMPA 1 (and two other facilities owned by Carolina Power a Light municipal power agencies in the state) contracted Company (CP&L).
to acquire a full range of management services at NCEMPA has negotiated to purchase cost from ElectriCities of North Carolira. The use ownership interests in seven generating units in of a combined staff eliminates the duplication and operation or under construction by CP&L, a cxpense of separate staffs for each agency. Raleigh-based private utility serving some 757,000 m On November 16,1978, NCMPA 1 sold a electric customers in North Carolina and South
$400 million electric revenue bond issue at a net Carolina. NCEMPA's remaining 21 participants, interest cost of 6.812 percent. It was the second formerly served at wholesale by CP&L, will begin largest issue of its kind ever offered by a public receiving Agency power at the time of closing utility and the largest single issue by far ever sold with CP&L.
1
,, wwywvymm mm3~ wm"~mmmm~~www q
[' ... .
~
Il p Agency:1 Participants
~
] :
RAhl.Ahumuxawhauwwamw .nw.u_a.a The 19 NCMPA 1 cities are clustered in the Cherryville - pop. 4,844. Cherryville, located central Piedmont area of North Carolina, a region in Gaston County,is the headquarters of the 12th characterized by gently rolling hills to the east and largest motor freight company in the nation.
sharply rising elevations to the west. Textile mills and furniture factories are among the The Piedmont is the most populous and most town's major industries. Cherryville is also the highly industrialized portion of the state. At the home of the New Year Shooters. Every year, just same time, it boasts a substantial, thriving before midnight New Year's Eve and for 24 hours2.777778e-4 days <br />0.00667 hours <br />3.968254e-5 weeks <br />9.132e-6 months <br />, agricultural base. about 150 residents raise a loud cry to ward off More than 3.5 million of North Carolina's 5.9 evil spirits and invoke good luck. Carrying antique million residents live in the Piedmont. The region's muskets filled with black gunpowder, the agreeable climate, progressive government and Shooters visit homes and businesses, periodically stable work force contribute to its continuing firing in unison, industrial growth. Cornelius - pop.1,884. About 20 miles no-th The member cities of Agency 1, which of Charlotte, Cornelius is part of Mecklenburg collectively serve some 112,000 retail electric County. The 77-year-old town is home to customers, reflect the diversity of the Piedmont. manufacturers of foam products, small houset std They also offer a classic example of the products, and tools, emergence of municipal electric utilities as a Drexel - pop.1,392. Drexel, located in Burke significant partner in the ownership of electrical County, is an industrial community. Its largest generating facilities. industrial residents are a furniture manufacturer NCMPA 1 cities have had from 43 to 93 years' and a knitting mill.
experience in operating municipal electric Gastonia - pop. 47,333. This city is the seat systems. Once the principal suppliers of electric of Gaston County and lies 21 miles west of power in the state, the municipal electric systems Charlotte. It is one of the state's leerling textile thrived before the rural electric cooperatives and manuf acturing centers. In addition, tool and truck the investor-owned utilities were established, parts industries are expanding in the city.
Eventually, the cities'small generation Granite Falls - pop. 2,608. Incorporated in stations became less profitable to operate, and 1899, Granite Falls was named for the water municipal systems began to purchase power at flowing over granite rocks in Gunpowder Creek.
wholesale from private power companies that The town boasts the oldest cordage mill in the could operate larger, more economical generating United States. Granite Falls is about three miles plants. square and located in Caldwell County. Its main Today, by renewing municipal ownership of industries include textiles and furniture.
generation facilities, NCMPA 1 is restoring the High Point - pop. 63,380. High Point, located cities' historic role in North Carolina's electric in Guilford County, is the sixth largest city in power-supply community. North Carolina. The city is situated at the highest Here's a closer look at the Agency's point of the Piedmont region. Furnbe and participants: textiles are the largest industries. Annual furniture Albemarle - pop.15.110. Approximately 42 exhibitions hosted by High Point attract exhibitors miles northeast of Charlotte, Albemarle is the seat from across the nation and all around the world.
of Stanly County and its largest city. Textile High Point is one of three cities in the Triad, one manufacturing is the major industry. There are of the nation's most desirable areas in which to severallarge plants near the city, including live.
manufacturers of aluminum ingots, electrical Huntersville - pop.1,311. Located 15 miles components, furniture, and mobile homes. north of Charlotte in Mecklenburg County, Bostic - pop. 475. Bostic is a 73-year-old Huntersville is 105 years old. Its industries are town covering a one-mile-square area in manufacturers of household products and Rutherford County. Industry is represented by a janitorial supplies.
small textile mill, and there are several downtown Landis - pop. 2,007. The economy of this retailshops. Rowan County town is based primarily on manu-6
facturing. Two large cotton mills, a dyein g and apparel manufacturers, and hardware factories.
processing plant, and cotton yarn plant are the Morganton - pop.14,949. Morganton is the largest manufacturers. seat of Burke County, located at the perimeter of Lexington - pop.15,711. Lexington is the the Blue Ridge mountains. Industries include seat of Davidson County and its largest city. The furniture, electronics, shoes, poultry processing, town is the birthplace of North Carolina western upholstery weaving, industrial finishes and barbecue, and the site of 15 barbecue restaurants. shipping containers.
Western barbecue, say townspeople, is made from Newton - pop. 7,624. Located at the foothills pork shoulders only, differing from whole-hog of the Blue Ridge Mountains, Newton's historical barbecue found in the eastern part of the state. landmarks include Old St. Paul's Church (built in The economy of the city shows activity in 1771) and the Catawba County Historical industry and agriculture. Museum. The county seat of Catawba County, LincoInton - pop. 4,884. Almost 200 years Newton has a diversified economy. Its largest old, this town is located about 30 miles northwest manufacturers include textile mills, furniture of Charlotte. It is the county seat of Lincoln factories, hosiery mills and a plastics plant.
County and its largest city. Lincolnton is home to Pineville - pop.1,527. Eight miles south of various textile mills, furniture factories, metal Charlotte in Mecklenburg County, Pineville is the working plant, building material fabricator, birthplace of U. S. President James K. Polk. Main apparel f actories, fruit juice processing plant, and industries include manufacturers of chemicals.
manufacturers of plastics, textiles, electronic plastics, cardboard boxes, textiles, and air supplies, and taps ar i dies. conditioners.
Malden - pop. 2,717. Situated in the western Shelby - pop.15,310. Shelby is the center of Piedmont region in Catawba County, Maiden's an active agricultural and industrial area. The city principalindustries are textiles and furniture. A is the seat of Cleveland County. Industries include thread mill, knitting mill, four furniture factories, textile mills, two furniture plants, flour and feed and four yarn mills operate in or around the town. mill, bakery, ladies apparel manufacturer and an
- Monroe - pop.12,639. This seat of Union independent motion picture studio.
County is located 26 miles southeast of Charlotte Statesville - pop.18,622. This city, about 200 in the southern tip of the Piedmont region. The years old, is the seat of Iredell County. Located 43 city benefits from the thriving agriculture and miles north of Charlotte,it is the business center industry in the area. Principal farm products of a growing industrial and agricultural area.
include cotton, corn and poultry. Industries Statesville is active in wholesale and retail trade.
include textile mills, injection-molded plastic Industry includes flour mills, veneer plants, pen plants, household furnishings manfacturers, factory, cotton mills, hosiery mills, knitting mills, I textile machinery plants, tool and die factories, furniture factories, tool factory, screw factory, and pharmaceu'ical plants, brick and tile factories, large distribution warehouses.
,. a
@@
- Raleigh nu g ,,,,,,,c,,
g is
@ w..nmgion ,
CATAWBA
@ NORTH CAROLINA ,
1 Albemarle 11 Landis 2 Bostic 12 Lexington 3 Cherryville 13 Lincolnton 4 Concord
- 14 Maiden 5 Cornelius 15 Monroe 6 Drexel 16 Morganton 7 Gastonia 17 Newton 8 Granite Falls 18 Pineville 9 High Point 19 Shelby ,
- "" Eze'r 10 Huntersville 20 Statesville DUM.%7
O
.L , .
l' s .
1 /
l .\.
w
,j- !/t i e- :
s
~
~
,, }; t_ ,; --
f
= n x
~ . =.
T. w' ,
- ==
': g 6 A
p 76
^gc -
- e. !b
,.,)hi ~ o _
$:0 _
= ..
e -
e
- - s~ #
y .
- e
- O
.w g
e . ~
3p ,
0 y .
O t
~* e e e .
eese e ..
- u '
. ,. 0 2 -
.s.+
l . . , ,
. . m -
- i..
,4
1
._ _ ~ . _ ,- , -
- -. 3 Engineering 1981 1
, v
. - - .a~ - ..- ~ ~ , . a.= an.m William G. Wemhoff Manager-Projects and Construction A[ A i The Engineering Division of NCMPA 1 is responsibility of one of this division's professional primarily concerned with verifying that provisions engineers who is an on-site representative for the of contractualagreements between the Agency Agency.
and Duke are being executed in the best interests Since 1978 when NCMPA 1 first acquired its of the Agency and its participating cities, and with ownership interest in Catawba, Duke has sold or reviewing construction costs at Catawba Nuclear arranged to sell all but a 25 percent ownership Station for the propriety and accuracy of charges interest in the two-unit plant. The Saluda River to the Agency. Electric Cooperative in South Carolina and North Once NCMPA 1 becomes the power supplier Carolina Electric Membership Corporation for its participating municipalities, the division will collectively own a 75 percent interest in Catawba be actively engaged in meeting participants' Unit 1.The Piedmont Municipal Power Agency requirements for technical services, including (PMPA), a group of 10 South Carolina demand and energy forecasting, rate municipalities, has arranged to buy the remaining development, and assistance in determining 25 percent of Catawba Unit 2, the unit in which project expenditure and revenue projections. NCMPA 1 has its ownership. (in early 1982, the The 12-member Engineering Division serves South Caro.ina Supreme Court upheld the as the combined staff for both NCMPA 1 and constitutionality of that state's joint-action NCEMPA. A full range of managerial servicesis legislation, bringing PMPA closer to acquiring a provided at cost and paid directly by each share of Catawba. PMPA's purchase agreement Agency. The projects and construction staff must also be approved by the South Carolina includes a division manager, power supply Public Service Commission.)
administrator and power supply analyst, As a result of the multiple ownership of the operations engineer, supervisor of construction Catawba plant, during 1981 the Agency undertook and operations, several cost engineers and site a major re-examination of its ownership agree-representatives, as well as a supervisor of ments with Duke in an effort to clarify and define technical services, and a safety and training certain contractual obligations and relationships specialist. of the co-owne rs to one another. While largely the NCEMPA began all-requirements power task of NCMPA 1 legal consultants, revision of the delivery to a portion of its participating cities in Catawba agreements has directly involved the December 1981. The engineering staf f nearly Agency's engineering staff, whose working doubled in size during the past year to meet the knowledge of the ownership contracts has proved operating requirements of NCEMPA, and to invaluable.
prepare for the potential startup of NCMPA 1 power deliveries to participants in 1982 through Catawba Construction Status C'T2r2.Z~3 special provisions of the agreements called the At year end, Duke estimated construction of McGuire Reliability Exchange. the total Catawba Station to be 72 percent complete (as compared to 58 percent in 1980).
Activities Monitored C: TX:CQZ Construction of Catawba Unit 1 was 88 percent Throughout 1981, the NCMPA 1 management complete (79 percent in 1980) and Catawba Unit 2 staff and engineering team continued to monitor was 30 percent complete (25 percent in 1980).
all aspects of Duke's activities at Catawba through The current construction schedule estimates on-site inspection and by attending formal buyer a commercial operation date of March 1984 for raeetings at the company's corporate head- Catawba Unit 1 and September 1985 for Catawba quarters in Charlotte. As provided for in the Unit 2. While Duke has not announced any delays Agency's joint-ownership contracts with Duke, to the project construction schedule in 1981, it is the buyer meetings were estabhshed as a means expected that the company will undertake a major for co-owners of the Catawba facility to obtain a formal analysis of Catawba construction status in timely review of project scheduling, construction early 1982, after which the predicted commercial status, and budget and financial matters. Day-to- operation dates for the Catawba units may be day monitoring of the Catawba Project is the revised.
r 1
y ,, m.,. w.,pn., n, g w_ . g- , ,g m.,g.m,,..-.,,-,.
V ., r g L, . Finance And Accounting n 1981 Lw.--w.hmm.ww__u%2Aw umwau. ,,.a;_was
, James T. Bobo nj Manager-Finance and Administration NCMPA 1 continued the finanung of its and interest requirements on debt outstanding interest in the Catawba Nuclear Station during through July 1983 or later. Under these same cost 1981 through the issuance of additional bonds flow projections, NCMPA 1 expects the next issue and notes. As of January 1,1981, the Agency had of debt to be marketed in the first quarter of 1983.
bonds outstanding in the amount of $775 million The Board of Commissioners of the Agency and revolving credit notes outstanding of $75 also authorized the finance staff to begin review of million. various alternative methods of debt issuance to On April 2, NCMPA 1 sold $125 million of provide NCMPA 1 with flexibility in today's Series 1981 Bonds at a net interest cost of 10.731 market. One such method of borrowing under percent. On September 17, the Agency sold $200 consideration by the Agency is the use of tax-million of Series 1981 A Bonds and $100 million of exempt commercial paper.
Series 1981 Bond Anticipation Notes at a net During the preparation for the issuance of interest ccst of 14.45 percent and 12.17 percent debt in September, the Agency estimated that the respectively. total principal amount of bonds required to Both series of bonds issued in 1981 were finance the project is $1.590 biliion. This rated A by Moody's Investor Services, Inc., and represents a $25 million increase over the Standard and Poor's Corporation. The Series 1981 Agency's latest 1980 project estimate of $1.565 Bond Anticipation Notes were rated mig-1 by billion and was based upon the current Moody's.With the accomplishment of these 1981 construction schedule for the Catawba units and financings,the Agency's total amount of debt the current regulatory and economic environ-outstanding grew to $975 million in bonds and ment. The estimated total amount of bonds
$175 million in notes. required to finance the project is subject to The 1981 financings provided funds sufficient revision if there are economic changes affecting to rr.est estimated cash flow requirements and finance costs, and if there are revised dates for construction costs to the second quarter of 1983, commercial operation of the Catawba units.
CONSTRk.lCTION COSTS (49%) ADMINISTRATIVE COSTS (1%)
_.m ._ _
FINANCE COSTS (43%)
Project Estimate
/ (Thousands of Dollars)
Project Actual Estimate 12-31-81 NUCLEAR FUEL COSTS Construction Costs $786,632 530.102 (7%) Nuclear Fuel Costs 102.878 22.030 Finance Costs 688,990 221,510 Administrative Costs 11.500 3.945 h
M
$1,590,000 $777,587 l
l
- ,n g n m yn r.~g - - w w v m n ,, ~n - - r-g. , wm -
n v. - - - ~ ,
..a.22a :u a.s,.ww . cw_ m m._ . . -
~.u _ m 14. m... m.a . ms. .m, . _ . w. ~ .;
By year's end, NCMPA 1 had completed 61 percent of the estimated $1.590 billion financing Estimated Funding program through the issuance of long-term bonds. Out of the proceeds from the issuance of Requirements long-term bonds, together with short-term ($1.590 billion) financings, the Agency to date has spent $778 million for construction, nuclear fuel, financing and administrative costs. /
Agency Financings L.m h; w and2 The finance and accounting staff has the essentialtask of planning, controlling and reporting the financial activities of NCMPA 1 and NCEMPA. The finance staff's primary responsibility on behalf of NCMPA 1 is acquiring and managing the funds needed to finance the Agency's share of the Catawba Station construction and initial fueling costs.
In accomplishing this task, the financial staff works closely and in concert with the North - - -
[ l short Term oebt issued Carolina Local Government Commission (a "'NiUmunen / [i$$"m*i[ifo)3 division of the Department of State Treasurer) and /
with the Agency's financing team of consultants RevoMng Credit Notes y and underwriters, to assure the investing (srs muum) 7 community of proper disclosure of pertinent information on a timely basis through official q, statements and periodic status reports. (smsomumen)
Systems Development i 2 ' J^7 The evolutionary role of NCMPA 1 as a power a 1 /
a sena series supplier has required the design of flexible systems which will enable the Agency to meet its contractual, regulatory, planning and control I """"I t
[
m oed series Long Term oebt issued responsibilities. During 1981, steady progress was j '
I" *"""I [g$$$[ifoh" made in the development of operating systems for / 3 each Power Agency through the use of common sof tware. Specifically, the Power Demand and isrs send series Operating Statistics system was considered (W m"H") y operational as of December 31. This system, /
already in use by NCEMPA, is designed to verify the power supplier's billings for the monthly energy and demand costs, and to collect, maintain and report monthly load statistics.
In addition, sof tware packages were acquired .ieress u series-
'( * *""*"I to be used in both the Financial Reporting and Control, and the Annual Planning and Budgeting Systems. These two systems are presently in the installation phase and are scheduled for operation #,d in 1982. / t a
r-w w w r-y.<ys mm+c y y> > wyv , m._my w y - , e + e y*. mm - wy yy m my w., v mm. e-?, .nwy m- va y z + e p vn-4
%g gwa ~:. - ~ -,e w s w . u :ds.a.n = am u x u w ,:.u.x w:w n -
G2 Years Ended December 31,1981 and 1980 1981 1980 ASSETS ELECTRIC UTILITY PLANT - Construction Work in Progress, at cost (Notes 1 and 2) $ 638,192,115 $516,504,914 SPECIAL FUNDS (Notes 1,3,4,5 and 6):
Construction Fund:
Construction Account 112,019,296 30,759,301 Construction Interest Account 141,470,787 25,276,863 Construction Revolving Account 93,982 95,635 Noteinterest Account 32,801,358 Bond Fund:
Interest Account 40,886,143 26,500,427 Reserve Account 110,499,957 59,413,972 Operating Fund:
Working Capital Account 5,020,853 5,008,996 Revolving Credit Fund:
Revolving Credit Account 79.071,975 75,642,377 521,864,351 222.697,571 DEFERRED DEBT ISSUANCE COSTS (Note 1) 35,840,688 13,147,442
$1,195,897,154 $752,349,927 LIABILITIES CAPITAllZATION (Notes 4,5 and 6):
Revenue Bonds $ 975,000,000 $650,000,000 Revolving Credit Notes Payable 75,000,000 75,000,000 Bond Anticipation Notes Payable 100,000,000 l l
1,150,000,000 725.000.000 OTHER LIABILITIES:
Accounts Payable 427,955 227,542 Accrued Interest on Bonds 40,790,964 26,413,990 Accrued Interest on Revolving Credit Notes 1,803,235 708,395 Accrued Interest on Bond Anticipation Notes 2,875,000 45.897,154 27,349,927 COMMITMENTS AND CONTINGENCIES (Notes 2,7 and 8)
$1,195,897,154 $752,349,927 12 w -a-u_ -waeawaww.a=www:a a . v u-.r- - w-m m y m,-. .,,m. m-~ wye ., .
.-aa
7--,,~--,,,~.m .,....-n_m-.. ~ , . ~ ~ - - -,,,,,n.--~,,,.-7., ,
. . .a.; - m.u., e _.m lI l
Years Ended December 31,1981 and 1980 1981 1980 SOURCE OF FUNDS: l Proceeds from sale of l revenue bonds $325,000,000 $100,000,000 Proceeds from sale of bond anticipation notes 100,000,000 Proceeds from revolving credit notes 75,000,000 Decreasein cash 26,994 increase in other liabilities 18.547,227 6,763,474
$443,547,227 _$181,790,468 APPLICATION OF FUNDS:
Additions to electric utility plant -
construction work in progrcss $121,687,201 $111,585,140 Additions to special funds 299,166,780 67,541,940 Net deferred debt issuance costs 22,693,246 2,663.388
$443,547,227 _ $181,790,468 B
s s See notes to financial statements.
- l
. . r.v . -. .a.~.~. . .x.. =. a i , .:.~...,.: . . a . u.~ .,_ w ..,.,.w..._ ~ . u_-,+;,,_,._,
Years Ended December 31,1981 and 1980 CONSTRUCTION FUND Construcuan ConstrucHon Note Construction Revolving Interest Interest Account Account Account Account Cash and Investments, December 31.1979 (4) $ 47,550.893 $ 38,527.564 $ 98.613 $
Dond Proceeds (1) 55.214,153 31,563.104 Note Proceeds Investment income 5,368.233 5,081,756 9.076 Disbursements (85,127,877) (13.444)
Transfers 7,753.899 (49.895,561) 1.390 Cash and Investments December 31,1980 (4) 30,759,301 25,276,863 95.635 Bond Proceeds (2) 85,059.080 174,709,494 Note Proceeds (3) 66,704,722 31,625,000 investment income 8.689.687 9.709.017 12,171 1,176,358 Disbursements (87.172,247) (41,719)
Transfers 7,978.753 (68.224,587) 27,895 Cash and Investments December 31,1981 (4) $112.019,296 $141,470,787 $ 93,982 $32,801,358
- 1 i
8 i See notes to financial statements.' ,
~ c -u -. ~ ....-.a.
- , . . . . . ..- : . - . . . . . u m
[
\
,,nm,.m ,.y :~em:~ ~ n~; - ~~ ~mm . -wmy my 7w-rny v .mmng- a ; . m ,n g wrc~ p.3 x
.-whi nd.~i,4 4 A.~ ~~hn ww a-. aae. . AM aan .wa-wen aLwM+ i G .,x;&i..,,.;d b REVENUE OPERATING REVOLVING tlOND FUND FUND FUND CREDIT FUND Revenue Working Revolving gg[, , Fund Capital Credit Total Account Account Account
$20.533.846 $ 43.399.382 $ $ 5.043,333 $ $155,155,631 11,346.652 98,123,909 75,000.000 75,000,000 76.% 4 7.002.269 576.504 1.078.504 19,193,306 (39.175.813) (22.014) (436,127) (124,775,275) 45.063.430 (2.334.331) 22.014 (610.841) 26,500.427 59,413.972 5.008.996 75.642,377 222,697,571 45.424.409 305,192,983 98,329,722 162,165 9.105.942 838.562 11.647,697 41,341,599 (50.253,795) (11.664) (8.218.099) (145,697,524) 64,477,346 (3.444.366) 11.664 (826.705)
$40,886,143 $110,499,957 $ $ 5,020,853 $79,071,975 $521,864,351
- 1) N _t of underwriters' fee of $2,534,000 plus accrued interest on bonds of $657,909.
- 5) Net of underwriters' fees of $9,166,250 and discount on bonds of $11,582,500 plus accrued interest of $941,733.
- 0) Net of underwriters' fee of $1,830.000 plus accru3d interest of $159,722.
- 4) C? sh c nd investments at December 31,1979,1980 and 1981 include accrued interest of $2.482,758, $3,723.635 and
$7,514370, respectively.
, , _ . . _. . . . .. m - _y, y. . ._:_ w ..m m , -- . ..,y . . -
3 m ., . . ~ . - . . _ _ . - . m. -- V- . - ~ . - . . .% . -u
r n _+ w m --w- 7 ,,,
.-. w y , 8 m -r- v --: , ,y v - - m -- .,;
fw.~.
Notes To Financial Statements
- a a - --
o v.= sww o.e.ne.oi,ini sw 1m
~ ~ - - -~ = ~ ~ - - ~ ~ n - - -
1 NOTE 1 General Matters and Summary of Significant approved by the Agency, and for the Accounting Policies: ultimate decommissioning of the A. GeneralMatters: facility at the end of its usefullife.
North Carolina Municipal Power Agency The Agency has entered into a Project Number 1 (the " Agency") was organized on Power Sales Agreement and Supplemental January 13,1976, pursuant to the Joint Power Sales Agreement with each of the 19 , _
Municipal Electric Power and Energy Act, members who have elected to participate in adopted by the General Assembly of North the project. These Agreements provide for Carolina on May 1,1975. The Act enables the participant to purchase from the Agency municipalities owning electric systems to its total share of Project Output and its All create joint agencies with authority to Requirements Bulk Power Supply, as construct, operate, maintain and finance defined. The Agency is required to provide electric generation and transmission all electric power and energy required by facilities. each participant at the respective delivery points. Each participant is obligated to pay its The Agency currently has as members share of the operating and debt service costs 20 North Carolina municipalities which are of the Project.
wholesale customers of Duke Power Company (Duke). The Agency's principal B. Basis of Accounting:
activities to date consist of financing and The accounts of the Agency are purchasing electric generation and maintained in accordance with the Uniform transmission f acilities System of Accounts of the Federal Energy The Agency and Duke have entered into Regulatory Commission, and are in the following agreements: conformity with generally accepted The Purchase, Construction and accounting principles.
Ownership Agreement provides, C. Electric Utility Plant - Construction Work in among other things, for the Agency to Progress:
purchase a 75% ur' divided ownership All direct and ind.irect expenditures, interest in Unit 2 of the Catawba including interest expense, net of amounts Nuclear Station and a 37.5% undivided earned on invested funds, not otherwise ownership interest in certain support classified, are considered to be costs f acilities of the Project. This facility is associated with the development and presently under construction by Duke. construction of the Project. These costs wih The acquisition is being financed by the be capitalized as construction work in issuance of electric revenue bonds progress until such time as the plant pursuant to Resolution No. R-16-78, as becomes operational. Depreciation expense amended. (Resolution) of the Board of w mcogNzed on h faMty wMn Commissionersof the Agency. operations commence.
The interconnection Agreement
, D. Investment Securities:
provides for the interconnection between Duke's electric power system Investment securities are stated at and the Agency's above mentioned amortized cost as market declines are not undivided ownership interest in the recorded by the Agency unless a permanent Catawba Nuclear Station and for the loss is anticipated.
exchange of power between Unit 1 and E. Deferred Debt issuance Costs:
Unit 2 of the Catawba Nuclear Station Cost of theissuance of revenue bonds, j and between the Catawba units and Duke's McGuire Nuclear Station. The revolving credit notes and bond anticipation Agreement also provides for the notes are deferred and amortized over the purchase and sale of energy capacities lives of the related debt instruments.
and demands, and the transmission of energy to the Agency's participants NOTE 2 The Operating and Fuel Agreement provides for Duke to operate, maintain Construction Program:
and fuel the f acility, make renewals. The Agency has substantial commitments in replacements and capital additions as connection with the construction of the Catawba
- 6. i
. Notes To Financial Statements x..r.eno.o o.c..
-- - -~ , . --. , u.~ . . . - -
rsi,insi oisso
,n~;
facility. As of January 27,1981 the Agency's cost of amount. These outstanding Revenue Bonds construction, including nuclear fuel, was estimated consist of the following:
at approximately $901,000.000.These SERIES 1978 together with provisions for required workin costs' g 5.20% to 6 45% matunng annually from capital funds, and operating and debt service costs 1986 to 2000 $ 77.905.000 during the construction period will require the use 6 60% matunng in 2003 with annual sinking of the proceeds from the issuance of up to an fund requirements beginning estimated $1,590,000,000 of Electric Revenue in 2001 25.870.000 Bonds. Any future delays in construction could 6.70% matunng in 2008 with annual sinking further increase the cost of such facilities and this fund requirements beginning could require the issuance of additional revenue 6 75 aturing in 2020 with annual sink n bonds. tund requiremen.s beginning in accordance with provisions of the Purchase, in 2009 240.290.000 Construction and Ownership Agreement between 400.000.000 the Agency and Duke (Note 1), the Agency makes SERIES 1979 progress payments to Duke upon receipt of monthly billings. 5.75't to 6.90% maturing annually from 1986 to 2000 $ 27,200.0^0 The components of the construction work in 7.10% matunng in 2004 with annual sinking progress costs are as follows: fund requirements beginning December 31, in 2001 12.905.000 1981 1980
- ""9 " *""""*" "9 fund requirements Electnc Plant $616,162.623 $498.791.005 beginning in 2005 109.895.000 Nuclear Fuel Deposits 22.029.492 17.713.909 150.000.000 SERIES 1980
$638,192,115 $516,504,914 9.10% to 9.90% maturing annually from 1986 to 1995 16.855.000 NOTE 3 10 25% matunng in 2000 with annual sinking investment Securities: fund requirements beginning in 1996 16.145,000 investment securities include securities of 10.50% matunng in 2010 with annual sinking the U.S. Government, governmental agencies fund requirements and securities purchased under agreements to beginning 2001 67.000.000 resell (securities of the U.S. Government and 300,000.000 governmental agencies serve as collateral under SERIES 1981 such agreements). 9 40% to 10.5% maturing annually from NOTE 4 1991 to 1998 11,125.000 Revenue Bonds: 10.75% maturing in 2001 with annual sinking fund requirements beginning The Agency has been authorized to issue in 1999 9.875.000 Catawba Electric Revenue Bonds (Bonds)in 8 5% matunng in 2017 with annual sinking accordance with the terms, conditions and fund requirements beginning limitations of the Resolution. The total amounts 'n 2011 25.000.000 to be issued are to be sufficient to pay the costs 11.125% maturing " 2020 with annual sinking of acquisition and construction of the project as fund requirement beginmng defined, and/or other purposes set forth in the Resolution. On August 31,1981, the Local 125.000.000 Government Commission of the State of North SERIES 1981 A Carolina approved the issuance of such bonds 14 375% matunng in 2001 with annual sinking up to a maximum principal amount of fund requirements beginning
$1,580,000,000- in 1997 17.500.@ 0 11% maturing in 2015 with annual sinking The Agency will request that the fund requirements beginning Commission increase the aggregate principal in 2012 25.000.000 amount of bonds authorized to the limit of any 14 75% maturing in 2020 with annual sinking revised estimates in connection with the fund requirements beginning in 002 157.500.M0 issuance of the next series of bonds.
200.000 000 At December 31,1981, the Agency has issued $975,000,000 of the total authorized $975, Mop 00 LM
- - ,- - _ -- ,,- - n - - - -
'iNotesTo FinancialStatements v we ma AA www%%-,;sua Amm--w ~h--a.J e o ,w ;
Interest on Bonds is payable semi- NOTE 6 annually on January 1 and July 1. Bond Anticipation Notes:
The Bonds are subject to redemption Bond Anticipation Notes in the aggregate prior to maturity at the option of the Agency, principal amuunt of $100,000,000 dated on and af ter the following dates at a October 1,1981, bearing interest at the rate of maximum of 103% of the respective pnncipal 11.50% per annum, will mature July 1,1984.
amounts: Interest will be payable semi-annually on Series 1978 January 1,1989 January 1 and July 1, commencing January 1, Series 1979 January 1,1990 1982.
Series 1980 January 1,1991 The Notes are payable f rom proceeds of Series 1981 January 1,1991 subsequently issued Bonds and are Series 1981 A January 1,1991 additionally secured by a lien on Revenues on
~ These bonds are special obligations of a parity with the Revolving Credit Notes, the Agency, payable solely from and secured juniorin right of payment to the Bonds (Note solely by the Revenues, as defined, generated 4)-
from the operation of the Project subject to NOTE 7 the prior payment from Revenues of Commitments:
Operating Expenses, as defined, as well as other moneys and securities included ,n i The Agency has a contractual agreement funds specifically established for that w th ElectriCities of North Carolina whereby purpose by the Resolution.
ElectriCities provides general management services to the Agency. Such services The Resolution requires the Agency to include, among other things, accounting deposit into special f unds all proceeds of services, review of billings from Duke, Electric Revenue Bonds issued and of all assistance in connection with the issuance of Revenues, as defined, generated as a result of revenue bonds, preparation of construction the Power Sales Agreements mentioned and operating budgets, specific rate matters above. The utilization of the contents of the and any other services requested, and the individual funds is specifically defined in the necessary facilities required for the Anency to Resolution. conduct its normal business. Per the NC,TE 5 Agreement, charges for these services are at Revolving Credit Agreement: the actual costs to ElectriCities.
On July 17,1980, the Agency and a group The terms of the agreement specify of four banks entered into a revc!ving credit automatic contract renewal for successive agreement (Agreement) which allows the three-year periods unless terminated by one Agency to borrow up to $75,000,000 until July year's notice by either party prior to the end
. 17,1983. Borrowings under the Agreement of the contract term. The present agreement bear interest (with a ceiling of 12%) at 65% of extends through December 31,1984.
the prime rate as established by the banks NOTE 8 from time to time. Interest is payable on the Contingencies:
last business day of July October, January Duke has applied to the Nucler r and April, commencing July,1980.
Regulatory Commission (NRC) for an The Agency borrowed $18,750,000 on operating license for the Catawba Nuclear July 17,1980 and the remaining $56,250,000 Station. The license is expected to be on December 17,1980, evidenced by notes received prior to the end of the construction maturing July 17,1983. These proceeds were period. However,there is no assurance that deposited in the " Revolving Credit Fund"in the NRC will issue such license and the accordance with the Agreement to be used f acility cannot be placed into service without for payment of costs of acquisition and it.
construction of the project as defined. These The Price-Anderson Act limits the public moneys may be invested by the Agency until I abihty for a nuclear incident at a nuclear expended' generating unit to $560,000,000, which The notes are payable from proceeds of amount is to be covered by private insurance subsequently issued Bonds and are and agreements of indennity with the additionally secured by a lien on Revenues, Nuclear Regulatory Commission.
(juniorin Note 4). right of payment to the Bonds 18
7
-nm n -c : .-
h_ )
Such private insurance and agreements payments are required after the Catawba of indemnity will be carried by Duke on behaif Nuclear Station has received its operating of allco-owners of the Catawba Nuclear license, the Agency would be liable for 75% of Station. The terms of this coverage require those payments applicable to Unit 12.
the owners of alllicensed facilities to provide Property damage insurance coverage up to $5,000,000 per year per unit in the event presently available for the entire Catawba of any nuclearincident involving any licensed Nuclear Station has a maximum benefit facility in the nation with a maximum of limited to $450,000,000. Such available
$10,000,000 per year per unit owned in the coverage has been obtained, event of more than one incident. If any such Auditor's Opinion Touche Ross 8 Co.
February 22.1982 Board of Commissioners North Carolina Municipal Power Agency Number 1 Raleigh. North Carolina We have examined the balance sheets of North Carolina Municipal Power Agency Number 1 as of December 31,1981 and 1980, and the related statements of changes in financial position and changes in assets of special funds for the years then ended. Our examinations were made in accordance with generaliy accepted auditing standards and, accordingly, included such tests of the accounting records and other auditing procedures as we considered necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly the financial position of North Carolina Municipal Power Agency Number 1 at December 31,1981 and 1980, and the changes in its financial position and the changes in its assets of special funds for the years then enGd, in conformity with generally accepted accounting principles applied on a consistent basis.
/ w& .
Certified Public Accountants Charlotte, North Carolina 19
l mmw. -.-o n ,m+- -~-e- >ey . , - +
ps . - , s+---
(of Commissioners
- Commissioners ?i w x:--. ~.-u. --
. . ww .- u--.<~ ~.a .- m~-~~ .~ ~-w-- '- w . - -- w -> a Morris Baker Andrew M. Kistler,11 Clyde E. Bagwell Manager, Drexel Mayor, Morganton Utility Director, Statesville
- George Clay, Jr.
- David E. Lowe Mayor. Shelby Administrator, Lincolnton Belvin B. Beck, Jr.
Manager, Lexington Jack G. Crump
- Jack F. Neel Manager, Pineville Manager, Albemarle Cyrus L. Brooks
'Roy B. Culler Jr. *Earle E. Riddle Manager, High Point High Point Utilities Commission Chairman W. C. Deadmon '*
- I " 9' " "Y * "
Directorof Public Utilities uncilwoman, Morganton Wesley Rood Landis Mayor, Cornelius Wayne Dellinger James L. Dorton Marlon Sparrow Mayor Newton Alderman, Concord Commissioner, Huntersville William M. Edwards R. Duke Whlsenant Richard L. French Councilman, Cherryville Manager, Newton Manager, Huntersville H. Max Gunter *E. Graham Wilson Kenneth Harris Mayor, Bostic Utility Director, Gastonia Mayor, Drexel
- J. E. Hinkel
- Executive Committee Manager Monroe Harold S. Helms CouncHman, Monroe A. W. Huf f man, Jr. (Maiden and Statesville seats were Mayor, Granite Falls vacant at time of printing.)
Pauline T. Helms Councilwoman, Albemarle F""*'N" Gary D. Hicks o
- ,. Manager, Gastonia S imm 8 .. .. j l C Jack R. Clark l m -
Commissioner, Granite Falls !
l
, M y Eric L. Jones j s=. $.* Alderman, Landis l e I (' . Ida W. Kirkman 4 . rei M-' A Councilwoman, Maiden i x i j;
- ' John E. McGinnis 1 I
[ [ Councilman, Cherryville l
.(/ lL- ,
1 Stephen Royster
, V' Alderman, Shelby
.i
~~ 5 W 'l l -
Wayne Sheppard Councilman, Bostic l
.k >
k?
Ff M Nelson E. Smith Administrator, Cornelius '
j,q Front Row, f rom left: Lowe, secretary-treasurer; Baker. Wilson, Riddle, A. E. Tarr vice chairman Alderman. Lincointon Center Row, from left: Neel, Clay, Delhnger (alternate), Culler, chairman: Huffman. Charles R. Yandell Back Row, f rom lef t: Crump, Hinkel, Gunter, Sparrow.
2C Councilman, Pineville 1
-; a eg y 9' ,. . -w ' y _"_ w q' ye . t ssr- p,h is a*We s r~
. -t.-~* 4%v 99', - v 4. - wa & e'ubp.w- ,= 74*g F 7, -- W *M 3s* ' -sm^ g k *f 'td-WW mM' dV t's-Q q t 2
. tj i Consultants, Trustees, Paying Agents -
L - iwu .w . . ,w a s- . = ~.- x w . an :m s s.w 2.. ->ua .
North Carolina Counsel Bond Counsel Paying Agents Spruill Lane McCotter & Jolly Wood & Dawson Chemical Bank Rocky Mount, North Carolina New York, New York New York, New York Washington Counsel Bond Fund Trustee Continentallilinois National Spiegel & McDiarmid Chemical Bank Bank and Trust Company Washington, D.C. New York, New York of Chicago Engineering Consultant Construction Fund Trustee 89 ' "
- R. W. Beck and Associates Wachovia Bank and Trust Company, N.A. Wachovia Bank and Trust Company, N.A.
Orlando, Florida Winston-Salem, North Carolina Winston-Salem, North Carolina
- .y -- - . .- . .-. . , .nm .. _. . . . _ ~ -,-
,_ --7 Employees
,. k I, . . .w.>.- r .w, b.~~. .%'s- l,..sh - ~ . st ..t -*n G:, .- 6a..7 %r.s La.; 2 The combined staff of NCMPA 1 and NCEMPA expanded significantlyin 1981 to meet the demands of two rapidly evolving and complex power-supply programs.
With the approaching full operation of NCMPA 1 and NCEMPA as bulk power suppliers, staff additions have been required in all discipiires. Between early 1981 and early 1982, the staff grew from 15 to 35 employees and is expected to increase to 42 by mid-1982.
The focus of hiring has been on personnel with specialized technical training, and experience in power-supply forecasting and power plant design / construction management. Significant additions were also made in the finance and accounting areas. Necessary support personnel are being added in all areas.
Warr5n B. Allen Al M. Conyers Kenneth M. Raber Power Supply Analyst Supervisor-Finance and Accounting Supervisor-Technical Support Services Linda L Anderson Irene S. Fellows James W. Sally Clerk-Tyoist Accountant Site Representative-Harris G. A. Aulis Tina J. Figueroa Ralph W. Shaw Manager-Member Relations Receptionist Executive Director and General Manager Elaine M. Bagley Michael J. Gaona Steve R. Shelton Supervisor-Administrative Services Investment Specialist Operations Engineer Sandra L. Barnes John R. Gaster,11 Mark D.Sherman Secretary 11 Cost Engineer Accountant Barbara J. Beckham David B. Holloway Lois M. Smith Accountmg Technician 1 Speciahst-Safety and Training Secretary 11 Katherine S. Benson Arthur L Hubert Daniel M. Stone Secretary la Supervisor-Construction and Operations Cost Engineer James T. Bobo E. Elaine Jackson William F. Watson Manager-Finance and Administration Clerk-Typist Administrator-Power Supply Lynda E. Burgiss Danny B. Jones William G. Wemhoff Speciahst-Information and Communications Accountant Manager-Projects and Construction Arthur J. Burke, Jr. Evelyn D. Kirby Karen S. Wood Administrator-Support Services Speciahst-Information and Communications Accountant Dennis M. Cameron Fred M. Mills, Jr. Sandra J. Young Site Representative-Catawba Manager-Government Affairs Accounting Technician i Thomas A. Collins Mary Proctor Speciahst-Budgets and Studies Accounting Technician til
.