ML20101S790
| ML20101S790 | |
| Person / Time | |
|---|---|
| Site: | Comanche Peak  |
| Issue date: | 12/31/1983 |
| From: | Acker A TEXAS MUNICIPAL POWER AGENCY |
| To: | |
| Shared Package | |
| ML20101S784 | List: |
| References | |
| NUDOCS 8502050644 | |
| Download: ML20101S790 (36) | |
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i I l 1 l > 1 8 4 i M M MTRU@AL Dght years ago, bur %xascues rec- strategic planning. massive fmanc-
- POWDRAGMCY ognized the need to assure reliable mg, costly acquisition cf fuels and 4 and efficient electric power for the land, enormous construction and l Trem concept toreahty future requirements of thett cit: ens extensive staing and trammg.
- a N m es The cities met those challenges.
- nese cues - Bryan, Denton. Car- 'Ibday the concept is a reahty The land and Greenville - worked Tbxas Municpal Power Agencyis an
- together to develop a concept operational utthty in commeretal unique to the State of %xas Reyset operation since October 1,1983.
out to build a jomt action electnc utl- - ity. The effort was prodigious. It required innovative legislation, i lengthy environmental approvals, i l l l l The President's Mauge ne %xas Muntapal Power Agency Contnued leadersh:p and effort-stands on the verge of attammg the coupled with support ofour cues wdl goal of our four member cities. On assure long term success as an oper-October 1,1983, we began cperaton atmq utility. The challenges of this as a fully functionmg electric uthty new era are exatng, with eScency dedicated to providmg rehable elec- and reliabtlity as our ongoing i tric power to the cities m the most objectves econonucalmanner. This has been a year of sign:ficant
, g - De efforts of our Board of Directors accomplishment for TMPA Iam con-
' the Management and Staff of TMPA fident th:s level of achievement wdl dunng the construction phase have contnue in our future. '
g kd us to completon of the Gbbons Creek Steam Electric Station and aamciatedfacites
\ S j Avon Acker
's President BmidofDrectors A" Ad" 7bxasMuniapalPowerAgency f
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1 > 4 Board Of Directors l I Avon Acker 'd'w l President Hgh 1kchndogyCtmpany . Management , l Greenvine. 7kxas lbchard Stewart T I VicePresident . RecredAmencanAuhnesPdot 's I ! ReuredAirI'crce Cdonel ! May hon Ader Achansstewan L l . Dentort 7kras - I JerryJ. Ransom i Secretary 7reasurer CornputerConsultant Saenust "" i l' OtyCounal Greenvale, 7kxas [ Rachard Smith i Rad 5we. ht>JDeveLysma , Bryan, 7kxas c l Roland Vela
, UniversityProfessor laryl Ranavn Achanssrruth
? Dentort 7txas i William F. Magee ConsulungD>gineer Garland 7kxas - s
. I Peyton WaBer ..
, W7xiesaleBudchngMatenals - N OtyCounal Bryatt7kxas Robert A.JungIII ;f t BankPresident Garland 1kxas Rdand Vela Wabamistagee if f' .
l w waaa asax,miu i I l 2 i F i r
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4 The GeneralManage6J The transiten of TMPA from facity A number of milestone events Message. mnstruction to utity operations con- occurred which prepared the tmued durmg hscal year 1983. All Agency to enter Commercial Oper-efforts were targeted towards the atioia The htmg of the Gibbons I oblective of the Gibbons Creek Creek Steam Electnc Plant usmg bg-
'$ - . Steam Electr.c Station entermg rute dehvered from our mme com-1 into Commerc.al Operation on Octo- pletion of the leveraged leasmq on
., ber 1,1983. the two draghnes and conveycr sys-t 3 Signt$ cant and exciting events tr ap n of 198 Nrid g occurred which enabled us to suc' Issue, successful start up and testmg cessfully meet our objective. On of major operatmq systems, attairung e , , September 30,1983, the Agency was peak load of 451 MW completion of prepared to provide commercial mine-related transm.ssion projects.
electnc power to our four member the Agency Open House for cinzens cites and digmtaries of our cities, major Theleadership of the Board of Direc- additions to Agency pohcies and tors, coupledwith the dedicaton and procedures, and initiation of new i h _BW efforts of Agency management and trammg programs are indicative of stai has brought us to the successful the events that occurred this year I Ed Wemer completon of our major COLMri Piscal I projects era forbarPA A1983 utity has was beenthe con-end of Piscal Year B3 was a tme of clunge structed and staf'ed On October 1. withm the Agency. The Agency's 1983, the Agency entered into a new headquarters were moved from era as a fully operatng utity Arhngton to the Gibbons Creek site' TMPA has come of age as a pubhc a m more efhcient and effectve man' r t Q3$Bry tr b and Greenville with rehable, eco-i agement control. In addition the nomical electnc service. Agency staff was reorgaruzed to sup-port an operational mode, and
. numerous contractors, includmg the pnme contractor, were demobized dunng 1983. 4,e Ed Wagoner GeneralManager i
7kxasMumatulIbwerAgency I I 3
i i f 4 2 I i i TWA ne %xas MunicipalPower Agency start up phase in November.19R l 4 is located m Gnmes County %xas, and m full commercial operaticn 1 near the community of Carlos. The October 1.1983. ' i Agency includes: a lignite fired i steam electnc staton, a 25.000 acre TMPA has an ongomo commitment ' mmmg area with hgnite reserves to to protect me envuonmerit of Gnm ' supply fuel br the electne station; a County and Central Texas. The I 2.500 acre cx)ohng lake; an overland Ageracy meets or exceeds au rm ' conveyor system to carry hgnite and labry standards e protect an. wa'er a railsystem to carryhmestone to the and lanc{ resources. Massive lan: , plant and the transmission system to remn projects are underway l carry electncity to the four member Mer nunmg. We land is restred t: ' cities TMPA also owns 6 2% of the better than ongmal conditort Res o-fliture power to be nerated by the raten actuaDy miproves the produc- , ! Comanche Peak kuclear Power tivity of the land. State-of-the-ar-i Stam equipment morutors and protects az i - andwaterquahty Afulltmeenvuon- , he Agency is staffed with over 260 mental staff monitors all phases cf employees m corporate, admuustra- operation contmually to mainta:n ' tive, operational and support jobs environmentalquahty TMPA began generatng power in a l l ! l EncJineenng, Most of the major enameenno and ments needed to operate the phe COnStIUCbOn & construction programs initiated in and support systems, and a pMn! , I @ erns @ g g 1976 were completed this year Of 40 improvement program to reduce , major transmission, substation, operating costs we e m se ce o made a fof The System Operations Depent , service dunng the year is ordermg spare parts for system I maintenance. This gre up is n:2 I
- Re Gibbons Creek Plant was tested trammg employees m preventrie
' and placed in service. Nme major ma:ntenance toinsure the future reb ,
j transmission projects were com- abihtyof our substaton and transtrs 4 pleted. Withm the mme, six water son systems
%g ,, control structures, the mine mamte-
% nance facihtes and the hgnite con. De Land Department has acquusi most of the nghtsof-way needed fur veyor system were completed.
- the Agency high-voltage transms Over one thousand craft employees sion hne network. The Department and most construction management has also acqu: red control of a signb personnel have been released as cant part of the hgnite resources these projects have been com- needed for the 30-year hfe of the pleted. The Division is now strue. GWbons Creek Plant ,
tured to provide continuing U With construction near completion hrMsaght [o d to d ys m we have the facihties and systems to ex:st as an operatonaluthty Divsen [ operatons - personnel are now providmg the c Major programs begun this year support and expertse to maxuntze include: the closmg of hundreds of our ethciency and productvity as a t contracts mvolving the completed commercial uthty projects a cost-effective plant com- i plenon program, a sys'em to control j the manuais, drawmgs and docu- t l l 4 1 N 4
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l l No venture as complex as TMPA could succeed without the hard Sl work oflots of people. TMPA has sucweded because of the dedica-tson, loyalty, detemunation and good , humorofourstaff Warbngtogether. l l we have reached a gml that many willenvy andfew can tmstate. r 1
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I i Power M* The Power Production Dmsion has below standards. Engineering devoted fiscalyear 1983 to prepanng improvements m the unit control l i l plant personnel and equipment for loops alm mereased plant efhciency commercialpower produccon With operatng expenence our sta! ! r Start up occurred in several phases has become skilled m hndmg and ! includ.ng generator synchrorcaton mrrectng the problem areas unique ! M and been, hrst h te fire, and oper- to the Gibbons Creek Plant. The aton of the over conveyot n e Power Production sta5 has worked i i plant reached its rated load of 408 long and hard to make the shift to 5 megawatts and peak load of 451 commercial production a success l j megawatts early m 1983. Without their dedication and hard t
- Operatng effcency improved with work our achievements this year rnod.hcations to upgrade plant per- wot21 not have been possible L L formance and with mamtenance of equipment and systems performing Y -
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'r AdmuhEadva SeIVices The Admimstrative Services and part of an mternal communicaticn ,
And }{uman Resources Human Resources Division supports ptogram, the Community and , the Agency in a wide range of func- Employee Relations Department i tions. This year these included a redesigned and began pubhshmg ! number of eforts entcalto the Agen- the Agency newsletter "Ihe Enhght-cy's transition to commercial ener and developed a safety incen-production tve award program l' Within the dmston, the Human ne Purchasmo Departrnent imple-Resources Department relocated mented a computer system to gen- l the Agencys headquarters and per- erate purchase orders, developed a > sonnel from Arlmgton to Gibbons stores catalogue atxi improved con-Creek, revised the employee evalu- trol over matenals and expend tures ' f ation systern, wordmated dedicaton by rehning existmg purchasing i, 8 { , of the plant, redesigned compensa- pohcies ! F i add t or ! pe re nd 1983 was a sigmhcant year for the M m::ta!!ed a computerized pe.rrnnel DonAgency mtharid orgam:aton mapr changes sccpe As one m loc
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such change, the Admiristranve Ser-le . M'+ Re Admirustranve Semces Depart. vices and Human Resources Dnnsion we rnent handled muchof thelog:sticsof did not exist at the begmnmq of the . movmq the Agency's adrrumstrative year By the end of the year the Dm- l ofhees to Gibbons Creek. This sion had sigmacant impact on mak- ' included design of the new adimrus- ing those changes work. The tration buildmg farmshmgs, com- Dielsion was formed to provide munications, equipment, and efective centrah:ed semces to the transportation to accommodate relo- Agency dunnq the transiton to com-cated personnel, Bles and records mercial production and beyond r ugh the dedicated ecerts of the ne Trammg and Safety Department goal has been designed and began mapr technical hv Naff traming programs, a coordmated safety effort, and supervisory and , management trammg programs As , I ; l 9 l-F l l 1 i i l I ' l-- _ _ _ . -
< i l l I - 4 } l l l L FinanaalServoes ne rmancial Semces Division pro- receivmg. warehousing and mate- . l vides accountmg. cash and mvest- nals issue Work began late m the I i ment management Snancial year on revision of the general ! planrung and computer semces br ledger and accounts payable sys- l f , the Agency. The division has tems and the mamtenance schedul- l changed significantly this year, ing and mntrol system l l restructurmg to meet the demandsof De rmancial Semces Division alac ! ' o mmercialoperanons acts as the paymg agent between tre I ! With the move of Agency headquar- member cities This allows for the l ters from Arlmqton, the division lost economic dispatch of the member ! muchof ttsstai But dunes have been cities' resources for power and i y reassigned and new employees energy Dunng fiscal year 1983, the l tramed to bnng the division back to Agency received and paid over
/ fullstrength $17911.000 on behalf cf the cities !
to economic dispatch
/ Major accomphshrnents dunng tscal he j
year 1983 melude. completion of ' leveraged lease transactons br the De rnanagement of agency funds l mine's second drag!!ne and con- and the selection and timmg cf watamp fwernan veyor system the s11e of 8763 milhon investments are mapr efforts of the , in revenue bonds and the sale of f;runcial plannmg department Dur- !
$37996 mil!)on m refurxing revenue ing Bscal year 1983, the Agency l bonds, saving the Agency over $20 recorded gams on sales cf invest- ,
l m:lLon m interest expense rnent secuntes of $2,186.000 Bese i gams were the d;Iect result of ment-l Re development and implemtr*s- tonng rnarket condmons and tahng
- non of cntical accountng and m advantage of opportunities to trade L puter systems include a fuel mvestment secuntes for other secur-accountmq and energy bilhng sys- attes w
- th s:mdat matinty and quahty l tem, a revised budgetmg and vari- gelmes Recently the Agency tm f ance reporting system, a master gamed access to the Telerate fiet- '
! eqmpment list, the payrolUpersonnel work to further enhance our portkl.o l l , system; and systema for purchasmq. mymed ' I / Added to the Agency m May,1983 of these involved months of neg:t.a-the Agency attomey has made head- tions and nuny thousands of ddlars [
- way towardstheultmatepalof pro- The oSce has obtamed settlements vuingthe Agencywithquahtylegal thatMvesavedthe Agencytretune *
! semees at reducal cost. The omce and moneyof probrned ht,gatien ! t has taken over much of the legal Other areas of myolvement in the i s, work which had been done cutside l 8W the Agency This policy has made past year melude assistmo m land j i legalcouraelmuch more acceimble transactions and environment- , i" tothe Agencyand hassaved consd. rewed prW the handimg of l etable rnoney Outside counsel rnay lawsmts. drahmq of contracts and [ asing m fmancialtransact;cns it has 4 stillbeobtamedasthe neede been an excitmo and productive i l . 1heIAgalomcehasmadesigmfacant year, and the future boks promising :
. headway m closmo out large con- !
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Irttemal Audit In!arrn! Aud.: d-'oted most of %al were being effectively and eff.- year 1963 to auditng and closing out eter.tly utilized and properly c.n. contracts related to antplet'x1 con. trolled Reccmmendations mue
>. .. i struction at Gbbons Creek. These toward improving both of tbse k p .p'g included rnajor auits of the two pn- areas are now being implementd t
. t_. N' g' .e~ mary contractors of the Gbbons
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T ^~. Creek Station In addition, the Internal Audit perfcrmed savml
- i " Department concentrated on the special pro:ec's for managenant
' 0- e ^ resolution of outstanding back- dunno focal yiur 1983. In add.t:n h f~
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k charges related to constructiott nonnal dunes that Mude prmr.r.J
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- Internal Audit abo perbrmed oper- payroll ad'ustments and petty ed.
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t hof.!o OiCides 1333 anyen ha- omriand oreermlie Pthialesim~~1983 _, 54,000 Si,700 ' 160,000 24,400 Populanon-1970 _ 33,719 38,874 81,437 22,043 Median l'amdy Income (est) .. . . 822,300 _ $24.400 $28,794 823,168 Dnployment(est) 94.7% . 927% 9E7% , 87.0 % Buddmg Perrmts(est) 1,806 S80 10,759 190 MasorIndustnes Energy-related Desel trucks weld- Metalpr ducts air- Agneulturalcherru-and W productiort build- ing equipment, cran equipment, cals rubber goods mg matenals plas- busmens bims hn- truciat ammuruticn, bakeryitems aJ-ticcontamers food gene. Dour, mulu- dnihng equipment, craft rnoddicabon, flirniture, wallpaper bem weannoapparel weannoapparel brms cc nputersoftware, recreationalequip- wooden docrs trucrowave anten- ment, cherrucal nas aspect products food contamers products Other Resources Ranchmg agneul- Two uruversines Ranchma, mterstate Luces and recrea-ture, water and rnuseums fusicric highway transporta- tonal facine,., hydrocarbon fiael sites lakes and rec- tort lakes and ree- interstate tughway deposts uruversity reationallacihbes teationalfacities transportanon DoctricCuseorners Reedental 19,294 18,128 41,003 8,507 Commercial 2,552 2,380 3.410 1,273
. Itnal 21,880 20,814 46,213 9,750 Generating Capacity 230 M W 168 M W 424MW 95 MW Not Energy for load (kWh,000) , SSS,!!4 835.687 1,357,000 282,130 G
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-'c, EXAS APJNICIPAL POWTR AGENCY (ADevelopmentStageciterpnse)
b BALANCE SHEETS, September 33 1983 And 1982 Assets Notes 1983 1982 Doctric Plant: _ 3 In service: ~ ~ ~' ' i 11ansportationequzpment~~ _
$ 130.000 $ 130,000 Ibrruture and cxtures 346,000 346,000
_ _ Dectncplantleasedtoothers ] , 403.000 403.000
" , __ Intangr.ble plant . 445,000 44S.000
_ _ 'Ibtal . _ 1,324,000 1,324,000 _ Lessaccumulateddepreciation SS4,000 466,000 _ _'Ibtal-not 770,000 8S8,000 Construction work m progress ~ 2, 4 853,699,000 766,391,000 Nuclear fbel 12,184,000 7,845,000 hitalelectne plant 866,653,000 775,094,000
~ Restncted Assets: S Cash .. .
32,000 41,000 Secunties purchased under agreements to resell, at cost 47,540,000 3S,923,000 Uruted States Government and Government Agency obligations 2S2,865,000 344.077,000 Specialdeposits 1,309.000 1,277,000 Accruedintere::t . 6.556,000 7,800,000 Accounts receivable and other 6,130,000 504,000 Advance payments to mntractors 272,000 1,248.000 Ibelstock 3,368,000 - Due from unrestncted assets.. 66,000 346,000
'Ibtalrestricted assets 318,138,000 391,216,000 Current Assets:
i Cash 2,000 17,000
'Brne deposits .
175,000 1S9.000 Secunties purchased under agreernents to resell, at cost . . . 32,264,000 1,892.000 United States Government and Govemrnent Agency obligations 7,496,000 - Accounts receivable andother '
. I1,230,000 19,000
'Ibtalcurrent assets S1,167,000 2,087,000 OtherAssets:
Unamortized borrowingcosts . . 24,867,000 24,145,000 Deferred expenses to be recovered in future years - 193.000 Excess cost on advance refundmg of debt - net 6 106.869,000 - Deferred fuelmsts 3 16.874,000 -
'Ibtalother assets 148,610,000 24,338,000
~ ~ ~
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$1,384,588,000 $1,192,735,000 ,
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L
12=hh And Accumulated Not Revenues (Do6dt) Noter 1983 1982 The C;. ' .- =^ Stage
$ 872,000 $ (24,000)
Long.'llerm Debt Revenue bonds, exclud,ng current instalments 6 - _._ Senes 1976 48,S90,000 49,310,000
~Senes 1978 246. SOS,000 250,000,000 Series 1979 300,000,000 300,000.000 Senes 1980 2SO,000,000 250,000,000 Senes 1982 31,085,000 300,000,000 Series 1982A 76.300,000 -
Senes 1983 379,960,000 - U-uu dzscount and premium-net (1,S01,000) (421,000) Notes payable, excludmg current instalments 7 1,67S.000 2,345.000
'Ibtallong_ term debt 1,332,614,000 1,1S1,234,000 Current pah1==r Payable from restrrtedassets Current instahnents of lorxyterm debt 4.67S,000 1,12S.000 Accounts payable 12,270,000 21,441,000 Retamage payable 1,945,000 6,682.000 Accrued and maturedinterest 10,492.000 10,106,000 Accrued compensaten and pension benefits 23S,000 450,000 1btalpayable from restnered assets 29,617,000 39,804,000 Payablefrom currentassets Accountspayable 4,210,000 - 1,37S,000 Due to restncted_amets 66,000 346,000 1btalcutrent Hah 1=== 33,893,000 41,S2S,000 Other fiable=r Unearnedsurcharge revenues 3 16,80S,000 -
Deferred revenue to be rm.u,guxd in future years 384,000 -- 1btal other hah 1=== 17,189,000 - Commaments And Centmgenons 49 1 beal $1,384,568,000 $1,192,735,000 Seenotestohnanaalstatements 17
~
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'^
~ ' (A DevelopmentStageD1terpnse)
Statements CYNet Revenues AndNet Revenues (Debat) AccumulatedDunng The Development Stage Ihr The Years Dxied %ntomW 34 1983 And 1982 And Gunulative hom inception (July 1975) 7b September 3a 1963 1983 1982 Cumulative Operstmg1tevenues: Charges to partapatmg Ques $ 1,123.000 $ S03.000 $ 4.342,000 Other operaungincome 97.000 60,000 259.000 1beeloperedng revenues 1,220,000 563,000 4,601,000 Operetag Revenue Mwww=u: Operatmg and generalexpenses G49,000 260.000 3.254.000 Deprecation and amort: anon 48.000 S4.000 237.000 1bseloperstmg revenue rimev*www 697,000 314,000 3,491,000 Not operetag revenues $23,000 249,000 1,110,000
- OtherIncome (Mh):
Revenues of electnc plant leased to others 9S.000 101.000 428.000 Dcpenses of electne plant leasect to others, includmg deprecation of $19.000 per year (S3.000) (68.000) (371.000 Interestirmne 44.932,000 S3.818.000 216,623.000 Interest expense on long-term debt (106,720.000) (89.90S,000) (342,0S3,000: Otherinterest expense - - (618,000: Amort:ation of debt discount, prenuum and borrowmg rmsta net (1.298,000) (1,128.000) (4.893,000: Amortcation of excess cost on advance rekndmg of debt (2.977,000) - (2,977.000, Gamonsalesofsecuntes 2.186.000 874.000 3.154.000 Allowance for kndsused m projects 63.871.000 36.341,000 130.i66.000 '
. Gainonsaleofproperty 908.000 -
908.000 Otherincome-not 960,000 33,000 967,000 Deferred Espenses (Revenues)1b Be Recxwored Or Recogrused inIbeure Years (571,000) 54,000 (384,000; Not Revenues 896,000 336,000 1,693,000 Not Revenues (De8 cit) Accunnleted During the Developmera Stege: At beguunngofpenod (24.000) 428.000 - Distnbutions to parucpanng Ques - (788.000) (821.000', At and of period 3 872,000 $ (24,000) 3 872,000 18 Seenotestohnanaalstatements
'. (ADevelopmentStageEtterpnse)
Statements Of Giangesin AnanaalPosstion For The Years Ebded September 33 1983 And 1982 And Qunulative ham inception Quly 1975) 7b September 331983 1983 1982 Ommlatzve Sources Of Working Capital ._. Net revenues S 896.000 $ 336,000 $ 1,693.000 Depreciation and amortzation 67,000 19,000 217,000 Deferred (expenses) revenues to be recovered - or rwuedin future years S77,000 (S4,000) 384,000 Worlang capital provided by operations 1,540,000 301,000 2,294,000 Proceedsofrevenue bonds 456,260,000 300,000,000 1,616,324.000 Increase (decrease)in notes payable, excludmg currentinstalments _ (670,000) (320,000) 1,675,000 Uneamed surcharge revenues 16.80S,000 - 16,805,000 Proceeds fromsaleofequipment 36,411,000 2S,559.000 61,970 000 1 beal $S10,346,000 $32S,S40,000 $1,699,068,000 Uses Of Working Capual Cbnstruccon expenditures $123,698,000 $21S,6SO,000 $ 914.911,000 Add:tions to nuclear fuel 4,339,000 1,873,000 12,184,000 Increase (decrease)in net restncted assets (62,891,000) 99,745,000 288.521.000 Borrowing costs 1,802,000 7,216,000 27,5S2,000
- Deferredfuelcosts 16,874,000 - 16,874.000 Ozrrent instalments of revenue bonds 4,215,000 690,000 4,90S.000 1Xe*= to partcipatng Oties - 788,000 821,000 Advance refarxingof debt 268,915,000 - 279,540,000 Excess ccst on advance refundmg of debt 106,869,000 - 106.869,000 Increase (decrease) in worlang capital 46,525,000 (422,000) 46.891,000
'Ibtal $510,346,000 $325,540,000 $1,699,068,000 Increase W ) Inn -- - Of Not Restncted h ,
Cash, investments and special deposits 3(79,S72,000) $ 98,530,000 $ 301.746,000 Accruedinterest - . (1,244,000) 3,531,000 6.S56,000 Accounts receivable and advance payments to contractors 4,6S0,000 1,005,000 6,402,000 Ibelstock 3,368,000 - 3,368,000 Due fromunrestricted funds . (280,000) 346,000 66,000 Current instalments of long-term debt. (3 S50,000) (76S,000) (4,675,000) Accountsand retamage payable 13,908,000 (2,462.000) (14.21S,000) Accruedandmaturedinterest (386,000) (564,000) (10,497.000) Accrued compensation and related benefits 21S,000 (4,000) (235,000) Due to currentassets - 128,000 - Increase (decrease) in not rootnceed assets 3(62,891,000) $ 99,74S,000 $ 288,S21,000 kisease (Deasese)In Components Of Working Capital-Cash andinvestments $ 37,869,000 $ 904.000 $ 39,937,000 Acmunts receivableand other 11,211,000 (42,000) 11,230,000 19 Due fromrestricted assets - (128,000) - Acmunts payable (2,83S,000) (810,000) (4,210,000) Due to restricted funds . 280,000 (346,000) (66,000) Increase (decrease) in workmg capital . 8 46,525,000 $ (422,000) $ 46,891,000 Seenotes tofu 1anaalstatements
* * - .,.s 6w.
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Wilf IMiCili.i> l CD:D1.1 F7//I.1 ANNCi h %xas Municipal Pbwer Agency pose of obtaining the economic (ADevelopmentStageDaterpnse) (TMPA) was created in July 1975 by edmuw= of jointly ftnancing, mn-concurrent ordmances of the %xas structmg and operatmg large elec-cities of Bryan, Dcnton, Garland and tric generating units and related NO7ES70 Greemrtlle(Ques) pursuant to Chap- facihties to supply the Oties' future TWAM2ALSTA7EMEN75 ter 166, Actsof the 63rd Leghlatureof energy needs 'the Ques, under the
'Ibras, Regular Session,1973 as power sales contracts with TMPA, amended by Chapter 143, Actsof the are required to pay, for the benefits 64th Legislature, Regular Session, received or to be received by them 1975 (Act) Under the provisions of from such activities, an amount sufh-the Act. TMPA is a separate munici- cient to pay TMPA's operatmg and pal corporation, a pohucal subdivi- maintenanceexpensesandthe Bond sionof the State, and body pohncand Fund, Reserve Fund and Contm-mrporate. gency Fund requirements of the In September 1976, TMPA entered Reveme Bod mto idental power sales contracts with each of the Cities for the pur-TMPA is undertaking, as projects cbnstnx: ton cxsa approved by the Otles on August 27. obtensoeek 1976 and June la 1978, respectively. steam electne staton s 401 620.000 constructon of the Gibbons Creek g ,enune 87.991000 Steam Electric Station, a lignite- 51.760,000
.nansnusson racilmes fueled generatmg plant located m -
GrunesCounty, %xaswitha net gen. 543.371 000 eratmg capabihty of 390 MW, and Cornanche Peak 188.376.000 acquisiton of a E2% ownershipinter. symensdevelosen
. est m the construction of the Goman-che Peak Plant, a nuclear-fueled M%
*"d 86.901.000 generaung plant being constructed %"$7 by %xas Utihties Generatmg Com- Bond Resolutions 123.861.000 pany, a subsidiary of %xas Utilities Net weren 234.7M000 Company (see Note 4). In additon to h a on advance these proj.ects, TMPA is plannmg or refundmg of debt 109.846.000 undertakmg a number bi
- Systems Oher 50.243.000 -
Development and Rehabihty 1:xpen-ditures" which primarily relate to w g ip,3,g,aan transmission and communication facihtes In December 1983. Texas Utilities - h total financing requirements for Generatmg Company announced a the above-rnentioned projects upon N dehy and rMmst esti-ed b mate for the construction Plant WPAofpor- the S1 ofS ptem 1983 as
- Peak
% tion of construccon costs is expected to increase by approximately
$18,000.000 above the previous esti-mate. The estimated commercial operation dates of the two units have been changed from 1984 to 1985 for Unit I and from 1985 to 1986 for Unit P.
- 20 s
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The total estimated financing On October 1,1983, the Gibbons requirements do not include an esti- Creek Steam Electric Station was mate for the additional costs to be declared m commercial operation mcurred for TMPA's portion of the Concurrently, all energized trans-increased Comanche Peak expen- nussion hnes, substations, the Gb-ditures 'IMPA is currently reviewing bons Creek Steam Dectnc Station these revisions to determine the and the lignite mme were trans-need and timmg of additonalfinanc- ferred from construction work m ing to cover the additional construc- progree to electnc plant m service-tion and related Snancmg costs 'Ibtalcost of rojects transferred was approxima $640.000,000.
- n- 1, o c.
f _ Electric Plant- Electric plant is 7hinsportata 33% stated at historical cost. Suc.h cost Ebmitureandhxtures 20% i includes payroll-related cnsts such Dectneplantleased as taxes and employee benehts, to others S% general and admmistrative costs, Intangzbleplant 3% and an allowara for Amds used in Revenue Bonds-Issuance costs, pr jects discounts, and prenuums of Revenue The costs of lignite rights are Bonds are bemg amortized by the included in construction work in smicngfund method over the penod progress and amounted to of therelatedmatuntes 532,935,000 at September 30,1983. Ligtute nghts include the costs of all Unearned Surcharge Revenues-WAhasbilledthe Ques for power brehmmary and exploration studies, hold or fee acquisitons, delay rentals and advance royaltes hgmte plant dunng the year ended September 30,1983 under a rate for-Tederallncome7hres-Anyincome mula approved by the Board of ofTMPA, a pohticalsubdmstonof the Directors. The rate charged State of 7bxas, is exempt from Fed- meludeda base amount tocover fliel eral income tax under Secton 11S of costs and a surcharge to help defray the Internal Revenue Code. unfunded debt service in future Monce hfunds Usedin W years. The base a revenues were ects-TMPAhascapitahzedtoelec, cre tne plant the net cost of borrowed eo n order imds used dunng the penod of con to the costs of fuel recorded therein The surcharge revenues were stnicton h net cost of borrowed recorded on the balance sheet as a Amds includes anutzaton of bond deferred credit and will be discounts, premiums and uu ""N costa amortization of excess" cost on recorded as revenueswhen eamed advancerehmdmgofdebt,gamsand fuelStock-Fuel oil and lignite losses on sales of securities, and mventones are valued at weighted-interest expense net of interest average cost 'Ihe cost of fuel con-income. sumed dunng nutaltestmg of the hg-rute plant dunng 1983, wluch was not
&precata-Deprecatenofelec- recovered from the Cities through tric plant m service is calculated by billmgs for power sales, has been the straight-line method usmg the fol- deferred and will be charged to the UN
- Otiesover a penod ofapproximately Bye years 21
V; , In January 1979, 'IMPA executed the issued for the Comanche Peak Sta-Jomt Ownership Agreement (Agree- tion under present NRC regulatons ment) to acquire a 6.2% indnded unless vanous proceedmgs have ownershipinterestinthe r nmarcha been successfully concluded before Peak Steam Electne Station. The the Atomic Safety and Licensim project consists of two 1,150 MW Board and the NRC TMPA can give nuclear-fbeled pressunzed water- no assurance that such operatmg reactor steam electnc uruts, together heenses will be asued If operatmg with associated nuclear fuel, switch- hcenses have not beenissuedbythe yard, substation, railroad spur and time the Units are ready for fuelload-reservoit It also includes an interest mg. costs willincrease and the com-in a certain associated transmission mercial operation dates (see Note 2) hne. willbe delayed Under the terms of the Agreement. On December 28,1983, the Atomic TMPA is obhgated to pay 6.2% of all Safety and Licermng Board usued a future (i) construction costs, report m which it indicated that (ii) nuclear fuel costs, and charges made by two engmeets (ui)operatmg costs (after the station raise questions about the design of is placedinto commercaloperation) certain portions of the Comanche plus a management fee of five per. Peak Plant. The Board ordered centofits pro ratashare ofoperatmg 'Ibxas Unhnes Generatmg Company. . costs and fuel costs (subject to the apphcant for the plant's operatmg certam cost walation hnutations). license, to offer additional proof of D, Subject to certain operational excep- adequate design and design review tions TMPA is entitled to receive procedures meludmg thesuggested 62% of the net output that the use of an independent design
. stationis ofproducmgatany review, m connection with its efforts given tune. to obtam anoperatmg heense br the The Atomic Energ Act of 1954 plant. 'Ilexas Utilities Generatmg Company has not determined regturesthe =mmen
, the Nuclear whether to file a motion for reconsid-Regulatory Commission r (NRC) of eration or appeal of the Board's peraungheensesforthe nn=* order, or what additional evidence .
PeakStaten h ton br the may be regtured in connecuon with operaung heetnes both muts was
' docketed with the NRC on Apn1 E ' t!us matter. Consequently, it cannot oredict the effectof t 197a Operatmg bcenses will not be 4 pgmn!us order on the - .
Ti TrKi5 a Restncted assets presented in the Revenue Bonda Assets in the Con-~ accompanying balance sheets : struchon Fund are available pnmar-mclude those assets compnsmg the ily for the payment of construction Bond, Reserve. Contmgency and and acquisition costs of those proj-
. Construction nmds w!uch are estab ' ects desenbed in Note 2. Assets m
- hshed and maintained pursuant to the Contmgency nmd are for use m .
the Bond Resolutions of TMPA All paying extraordmary or unusual .
. assetsin the Bond nmd and substan- costa ;
tally aR assets in the Reserve nmd 'lhe aggregate amourst of assets in are avadaNa only to meet the pnn . each of these funds as of. capal and interest payments on the l d L. 7, . , - v. .. +
[ s.. ., w e me. 6 - am *. % - September 30,1983 and 1982 is as ties are obligations of the United b!)ows
-~~
States Govemment and Government ess ' emet Agencies. At September 30,1983, Band naxi 8104.117.000 3128.591.000 TMPA had repurche.3e agreements Rosem nsxt 122.0S1.000 114.909.000 bearing interest at rates ranging from 8.9% to 10.2% with various Y4 2,111 000 2.04S.000 resale dates between October 1983 and March 1984. nrxi 89.857.000 145.671.000 United .9ateJ Govemment and Gov-ernment Agency obligations bear itnel $314,138.000 8381J16,000 interest at retea ranging frcm 73% to TMPA has purchased investment IS.9% and mature at various dates
. secunta under repurchase agree between October 1983 and Apnl ments whereby TMPA will reell, at 1991. The securities are stated at its mst plm ah eammgs, e amortzed cust which, m the aggre-Ifted amounts of the secunties on or gate, is not matenally dferent from before spec 15ed dates. The securi- market.
TMPA has mven issues of Fevenue
.0r/13 outstanding, summanzed as follom
- Itange of Earboat Maruring kne setItases 1tedempoon Series From 'Ib . nom 1b Dese 1976 1963 2011 S% 6%% 1986 1978 1964 Ell S.35 7 1988 1979 198S 2012 S4 7 1989 1980 1985 2012 6 94 1990 1962 1986 1996 '94 13 4 -
1982A 1986 2012 74 10 % 1992 1983 1988 2012 64 94 1993
'Ibe Bonds are payable solely from, nance expenses from money on and are m!)aterahad by an irrevoc- deposit in the Revenue Furxi able first hen on, the net revenues of
'IMPA and the funds estau!&hed by Annualdebt service requirementsas the Bond Resolutiora subject to the of September 30,1983 are summa-payment of operating and mamte- tind as follows' 1haus Emang a.r==*- 30t Pitmosel keenest 1 tant 1964 8 4AIS,000 $ 109.253.000 $ 113,468.000
'1985 11.270,000 . 108.030.000 120.300.000 1986 '14.080.000 108.400,000 - 122,490.000 1987 14,986.000 107.524.000 121SO9.000 1988 19.525,000 106.557.000 1."6.081000 1989-2012 1.272.570.000 1.862,147.000 19J4.717.000 2nal $ 1,*,38,888.000 $3,308,911,000 $3,538.888,000 '
Cacnued 23
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In March 1983. TMPA sold resulted in a net reducten of debt
$379,960,000 of Senes 1983 Revenue service cost over the life of the Bcnds (Rehing Bonds). The net Refundmg Bonds pr ys ds of these bonds have been E* h ReW M b h et d 98 rm Bo '(Re of $26&91S.000 have been treated as Bonds 1'Ihe ReW M will be defeased and the liability and redeemed on March 1,1997 at 100% rehted mamoruzed bonowingmsts
. of the aggregate prmcipal amount have been removed from the bal-thereof. The net proceeds of the anoe h Merehrween Reftmdmg Bonds have been irrev- the net proceeds of the Refundmg ocably deposited with an escrow Bonds deposited with the escrow agent and have been used to pur- agent d h canymg amont of the chase direct obbgatiorrs of the United B @ net of unanch h hent.
mature h mtimes at such [borrowmg
- msts, on and in such jd.h6 Thi the date of t cmounts so that the matunng prmca-pal, together with the interest txen deferred and is being amor-m therm W M hnt b tized by the smking fund method pay the @serwce reqmrementsof over the hfe of the Refundmg Bonda the Refunded Bonds through the At September 30,1983 all of the redemption date. This transaction Re W h dsr e ou %
The Act permits TMPA to issue non- fuel resources 'Ihe costs of the prop-negotiable purchase rnoney notes etty and mvestments collateralmng payable in mstalments (collateral- the notes approx: mated $1,400,000 as
, ized by the properties being ofSeptember 30,1983.
e: quired)in order to acquire land or TAPA has a retirement plan mver- becomes a vested participant after .
, ing substantally all its employees six months of service. Effective for all
'lhe plan is structured so that TMPA employees hired after September contnbutes 13% of gross wages to a 30,1983, the employee will become fund for participants Employees . vested at the rate of 20% per year of may contnbute an additonal annunt service. Retirement plan costs for L. up to 10% tom their earnings on a 1983 and 1982 were $7S6,000 and -
voluntary bass Interest is eamed on $18S,000, respectively. - each individuafs accoura until retire- . ment or termmatiort 'Ihe employee 24 {$w .-
r 9 CCs,1Y.17::C.'T In connecnon with the projects and entered into lease agreements with activities desenbed m Note 2, TMPA such third parties Under the mmmg has u- tm-3 contracts br goods contract, TMPAis obhgated to make
~
and services which aggregate minimum payments equal to the approximately $51,000,000 as of Sep- costsincurred by Navasota under its tember 30,1983. lease agreements for the draghnes in order to obtam certam property and the cofiveyor system. The com et G bons em r 9 is Steam Electric Station, TMPA has .. - .-- _ made certain payments to Gnmes m W sessember a Countyand three schooldistnctsand 1984 s 6.686.000 has agreed to make additional 1985 6.686.000 annual payments, subject to adjust- 1986 6.686.000 ment as spect6ed in the agreement. 1987 6.686.000 at the rate of $520,000 per year, as 1988 6,686.000 long as the Gibbons Creek Unit No. I teer years 126.440.000 is m operatiott The estimated total payments remaining to be made by TMPA under this agreement are W s1E8R000 approximately $14,500,000 as of Sep- The above amounts are subject to tember 30,1981 escalation under various circum-TMPA has enteredinto a mang ser- stances as stipulated in the minmg
- mact with Navasota % contract. In addition. TMPA is Company (Navasota) to operate the required to pay additional amounts hgrute mme at the Gibbons Creek depending upon the levels of minmg Steam Electric Station. Under an acum %tal paymerits made under option provided in the contract, the mmmg services contract m 1983
. - TMPA elected to have Navasota pro- N,[g30 00 a I
mapr W mpment to The mmmg contract can be te'rmi-
.Nb U
.nated by TMPA at any time subse-ter quent to the expiration of an ntal six .
ed W aM a coalcon-myor system at cost to Navasta for arid orefourth year peM and by
$61.709.000 2599.000 sold in Apn!, Navasta at the expiration of the ini-1982 and $EISO,000 sold in October Dal penod or at the end of any suc-and December,1982). Concurrently cessive Beyear peM therda with the sales, Navasota sold the equipment to third parties and
- ., n e r. -+n-- , - - ..,
g-1he Board of Directors 1bxas MunicipalPower Agency We have examined the balance In our opuuon, such financial state-sheets of 1bxas Municipal Power ments present fairly the financial Agency (A Development Stage position of 'Ibzas Municipal Power Enterpnse) as of September 30,1983 Agency at September 30,1983 and and 1982 and the related statements 1982 and the results ofits operatons of net revenues and net revenues and the changes in its financial post-(deficit) accumulated during the tion for the years then ended e ni development stage and of changes cumulative from incepton Ouly 1975) in financial positon for the years then to September 30,1983, in contomuty ended and cumulative from meep- with generally accepted accounting tionQuly 1975)to September 30,1981 pnnciples apphed on a consistent Our examinations were made in basa awns with generallyaccepted auditng standards and, acxordingly, included such tests of the accountng records and such other auditing pro-cedures as we considered neces-saryinthecir< m-w Ak Y- &+ Dallas 7bxas Decernber281983 Ed LWagoner Robert B.McKinght GeneralManager DrectordLhganeenng. Cbrastruccort andSystemsOperatons David O.Branham DrectcrdAdmuustraDveSemees James R. Bailey ' andHurnan Resources AgencyAttctney Donald E.CuBum Gary T. Parsons DrectxdPowerProducbon IntemalAudter WiBam P. Freeman Drectctdnnanaalsemces P
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t - E l L E L E I I I TEX-LA ELECTRIC COOPERATIVE OF TEXAS, INC. FINANCIAL STATEMENTS December 31, 1983 and 1982 and ACCOUNTANTS' REPORT I I N AXLEY & RODE CERTtFIED PUBLIC ACCOUNTANTS _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ l
E C0NTENTS E Accountants' Report -------------------------------------------------------------- 1 Financial Statements: Balance Sheets ---------------------------------------------------------------- 2 Statements of Revenue and Patronage Capital ----------------------------------- 3 Statements of Changes in Financial Position ----------------------------------- 4 Notes to Financial Statements ---------------------------------------------------- 5 E
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,I AXLEY & RODE CERTIFIED PUBLIC ACCOUNTANTS
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. AXLEY & RODE l CERTIFIED PUBLIC ACCOUNTANTS E LUFKIN N ACOGDOCHES CROCKETT = LIVINGSTON TEXAS J
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E February 8, 1984 E E The Board of Directors Tex-La Electric Cooperative of Texas, Inc. We have examined the balance sheets of Tex-La Electric Cooperative of Texas, Inc. as of December 31, 1983, and 1982, and the related statements of E revenue and patronage capital and changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting
.I records and such other auditing procedures as we considered necessary in the circumstances.
In our report dated February 3, 1983, our opinion on the 1982 financial E statements was qualified because of the effects of the omission of patronage capital allocations from the National Rural Utilities Cooperative Finance Cooperation. As explained in Note 9, the Cooperative has restated its 1982 financial statements to include the patronage capital allocations. Accordingly, our present opinion on the 1982 financial statements, as presented herein, differs from that previously expressed.
~E In our opinion, the financial statements referred to above present fairly the financial position of Tex-La Electric Cooperative of Texas, Inc. at December 31, 1983 and 1982 and the results of its operations and changes in its
.E financial position for the years then ended in conformity with generally accepted accounting principles applied on a consistent basis. LAL CERTIFTED PUBLIC ACCOUNTANTS E t ,
TEX-LA ELECTRIC COOPERATIVE OF TEXAS, INC. BALANCE SHEETS E December 31, 1983 and 1982 1983 1982 ASSETS Electric Plant, At Cost: Furniture and fixtures $ 19 153 $ 5 798 Less accumulated depreciation 1 789 848 17 364 4 950 Construction work in progress (Notes 2 and 5) 100 297 109 76 702 076 E Net Electric Plant 100 314 473 76 707 026 Other Property and Investments: E Land 12 649 - Investments in associated organizations (Note 9) 2 838 157 2 837 157 2 850 806 2 837 157 Current Assets: Cash, including certificates of deposit of
$275,000 in 1983 and $150,000 in 1982 - General 296 709 214 343 I Cash, including certificates of deposit of
$3,575,901 in 1983 and $1,138,541 in 1982 -
Construction 3 578 285 1 150 096 Accounts receivable (includes receivables from member cooperatives of $1,719,509 in 1983 and
$1,659,243 in 1982) 1 763 801 1 675 703 Prepaid expenses -
4 757 Accrued interest 1 250 ; $76 I Total Current Assets 5 640 045 3 050 475
$108 805 324 $82 594 653 I EQUITIES, MARGINS AND LIABILITIES Equities and Margins (Note 10):
Memberships $ 700 $ 700 Patronage capital (Note 3) 218 186 207 219 Other equities (Note 4) 68 015 38 280 Total Equities and Margins 286 901 246 199 Long-term debt (Note 5) 103 948 000 80 682 000 Current Liabilities: Accounts payable 1 832 149 1 636 934 Accrued expenses - 322 Accrued interest 2 738 274 29 203 Total Current Liabilities 4 570 423 1 666 459
$108 805 324 $32 594 658 I
The accompanying notes are an integral part of these financial statements. I AXLEY & ROD E CERTIFIED PUBLIC ACCOUNTANTS L
TEX-LA ELECTRIC COOPERATIVE OF TEXAS, INC. STATEMENTS OF REVENUE AND PATRONAGE CAPITAL For The Years Ended December 31, 1983 and 1982 1983 1982 Operating Revenues: Power sales (Note 6) $25 417 829 $10 817 219 Professional fee assessments - 195 343 25 417 829 11 012 562 Operating Expenses: I Cost of purchased power Administrative and general (Notes 7 and 8) 24 645 152 760 769 10 476 778 459 908 Depreciation 941 377 I Net operating margins 25 408 862 10 967 10 937 063 75 499 Interest Charges: Interest on long-term debt 13 900 180 14 279 048 Allowance for borrowed funds used .g during construction (13 900 180) (14 279 048) 4 Net interest charges - - Nonoperating Margins: I Interest income 29 735 9 839 Net margins 40 702 85 338 I Patronage capital - Beginning 207 219 131 720 Transfer to appropriated margins (Note 4) (29 735) (9 839) Patronage capital - Ending $ 218 186 $ 207 219 I
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I I I The accompanying notes are an integral part of these financial statements. AXLEY & ROD E
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CERTIFIED PUBUC ACCOUNTANTS
TEX-LA ELECTRIC COOPERATIVE OF TEXAS, INC. STATEMENTS OF CHANGES IN FINANCIAL POSITION For The Years Ended December 31, 1983 and 1982 1983 1982 Funds Were Provided By: Net margins $ 40 702 $ 85 338 Add Items Not Requiring Funds: Depreciation 941 377 TOTAL FUNDS FROM OPERATIONS 41 643 85 715 Advances from CFC - 12 967 856 Advances from REA 23 266 000 80 682 000 Sale of interest in Commanche Peak Steam Electric Station - 66 133 123
$23 307 643 $159 868 694 Funds Were Used For:
Additions to construction work in progress $23 595 033 $ 24 675 867 Additions to furniture and fixtures 13 355 2 687 Additions to land 12 649 - Investment in associated organizations 1 000 - Payments on debt to CFC - 134 040 396 Increase (Decrease) in working capital (314 394) 1 149 744
$23 307 643 $159 868 694 Increase (Decrease) In Working Capital By Components:
Cash - General $ 82 366 $ (35 613) Cash - Construction- 2 428 189 1 150 096 Accounts receivable 88 098 1 634 168 Prepaid expenses (4 757) 1 394 Accrued interest (4 326) 4 598 Accounts payable (195 215) (1 577 072) Accrued expenses 322 1 376 Accrued interest (2 709 071) (29 203)
$ (314 394) $ 1 149 744 The accompanying notes are an integral part of these financial statements.
AXLEY& RODE CERTIFIED PUSLIC ACCOUNTAf878
TEX-LA ELECTRIC COOPERATIVE OF TEXAS, INC. NOTES TO FINANCIAL STATEMENTS NOTE 1 - ORGANIZATION AND
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES A. Organization and Operation: Tex-La Electric Cooperative of Texas, Inc. (the Cooperative) was formed in May, 1979, pursuant to the Texas Electric Cooperative Corporation Act, by the rural electric cooperatives of Cherokee County Electric Cooperative Association, Deep East Texas Electric Cooperative, Inc., Jasper-Newton Electric Cooperative, Inc., Houston County Electric Cooperative, Inc. , Rusk County Electric Coopera-tive, Inc., Sam Houston Electric Cooperative, Inc. and Wood County Electric Cooperative, Inc. (Members). The Cooperative was formed to obtain the financing required by the members to acquire ownership interest in large electric generating facilities and for coordinating the power supply requirements of such members. B. Chart of Accounts:
' The accounting records of the Cooperative are maintained substantially in accordance with the . Uniform System of Accounts as prescribed by the Federal Energy Regulatory Commission (FERC).
C. Electric Plant: Furniture and fixtures are stated at the historical cost and are being depreciated using the straight-line method over a period of ten years. Construction work in progress represents the Cooperative's share of the project costs not yet in production. D. Allowance for Borrowed Funds Used During Construction: The Cooperative has capitalized to electric plant the cost of' borrowed funds used for the construction of the Commanche Peak Steam Electric Station. Interest capitalized as part of newly constructed facilities at December 31, 1983 was approximately $33,600,000.
.E. Income Taxes:
The . Cooperative is exempt from Federal income tax under the provisions of Section 501(c)(12) of the Internal Revenue Code. NOTE 2 - JOINTLY-0WNED FACILITIES On December 9, 1980, the Cooperative executed a Joint Ownership Agreement' to I. . acquire a 4 1/3% undivided ownership interest in the Commanche Peak Steam Electric Station, a two unit 1150 megawatts each nuclear fueled electric generating station, located near Glen Rose, Texas in Hood and Somervell Counties, Texas, being con-I st ructed by Texas Utilities -Generating Company. 'On February 12,- 1982, the Cooperative sold 2 1/6% interest in the project -to Texas Power and Light Company. The: proceeds from the sale amounted. to. $66,133,123 which represented the Cooperative's cost of construction and capitalized interest. AxLEY& RODE I'. CERTinED PUSLIC ACCOUNTA80TS L
TEX-LA ELECTRIC COOPERATIVE OF TEXAS, INC. NOTES TO FINANCIAL STATEMENTS - CONTINUED NOTE 2 - JOINTLY-0WNED FACILITIES - CONTINUED The project is estimated to cost $3.89 billion and is scheduled for completion in 1984 and 1985 for units one and two, respectively. NOTE 3 - PATRONAGE CAPITAL The details of patronage capital at December 31, 1983 and 1982 are as follows: 1983 1982 Assignable (Note 4) $218 186 $207 219 Assigned - - 218 186 207 219 Less: Retired
$218 186 $207 219 NOTE 4 - OTHER EQUITIES The details of other equities at December 31, 1983 and 1982 are as follows:
1983 1982 Appropriated margins $68 015 $18_2&Q The by-laws of the Cooperative provide that nonoperating margins be used initially to offset any losses incurred during the current or any prior fiscal year. UpoJ recovery of any losses, a fund in the amount of $400,000 shall be accumulated from these remaining nonoperating margins and funded each year, if necessary, to maintain the $400,000 balance. NOTE 5 - LONG-TERM DEBT Long-term debt at December 31, consisted of the following: 1983 1982 Mortage note payable to the United States of America with the Rural Electrification , Administration (REA) as administrator $103 948 000 $80 682 000
. In July, 1981, the Cooperative entered into a loan agreement not to exceed
$180,000,000 to finance the construction and operation of generating facilities, electric transmission, distribution and service lines by the Cooperative payable to the Federal Financing Bank pursuant to an agreement between the Federal Financing Bank and the REA. The maturity date of each amount advanced under the loan agreement shall not be less than two years nor more than seven years after the date of the advance and shall be designated in writing at the time of request by the borrower subject to REA approval. The interest rate applicable to each advance shall be the respective rate established by the Federal Financing Bank at the time of the advance.
AXLEY& RODE CEftTtFIED PUBLIC ACCOUNTANTS
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m i TEX-LA ELECTRIC COOPERATIVE OF TEXAS, INC. I NOTES TO FINANCIAL STATEMENTS - CONTINUED r NOTE 6 - POWER CONTRACTS i Tex-La Electric Cooperative, Inc. has entered into agreements with Texas Power and Light and the United States of America acting through the Southwestern Power
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Administration (SPA) for the delivery of power and energy. Tex-La Electric Cooperative, Inc. has assigned its rights, titles and interest in the delivery of _ power and energy to the Cooperative. During 1981 and through July 31, 1982, the Cooperative collected a professional
" fee assessment of $0.0005 per kilowatt hour for providing the assigned power from Tex-La Electric Cooperative, Inc. to its members. The Cooperative realized $195,343 of professional fee assessments for the year ended December 31, 1982.
a The . Cooperative is obligated to supply power to its members under the power sales contracts which exist with the Cooperative's seven members for the sale of all electric power which the members will require for the operations of their respective systems. The contracts extend to December 30, 2026 and thereafter, as permitted by law until the expiration of six months after notice of cancellation by either the
; Cooperative or-the members.
NOTE 7 - PENSION PLAN
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Pension benefits are provided for substantially all employees. The Coopera-tive's policy is to fund all pension ecsts accrued through participation ~ in the National Rural - Electric Cooperative Association Retirement and Security Program. Pension costs were $6,594 for 1983 and $8,100 for 1982. The Plan is approved by the Internal Revenue Service. NOTE 8 - RELATED PARTY The Cooperative and Sam Rayburn G & T, Inc., (SRG&T) a rural generation and transmission cooperative, have entered into a contractual -agreement . whereby the Cooperative agrees to provide management services to SRG&T. SRG&T reimburses the Cooperative for SRG&T's proportionate share of the management related expenses. The Cooperative was reimbursed $85,129 in 1983 and $63,778 in 1982. Certain members of
- the Cooperative are members of SRG&T.
NOTE 9 - INVESTMENT IN ASSOCIATED ORGANIZATION As of December 31, 1983, the Cooperative has received patronage capital alloca-tions in the amount of $2,837,157 from the National Rural Utilities Cooperative Finance Corporation (CFC). The patronage capital allocations represent the Cooperative's share of the net margin of CFC for the two years ended May 31, 1982. CFC had provided interim financing for the construction of the electric plant prior to permanent financing being obtained from the REA during 1982. During 1983, the Cooperative recorded the patronage capital allocations which represent the
. proportionate increase in the Cooperative's investment account.
AXLEYa RODE CEftflFIED PUSLIC ACCOUftTA80TS
e . TEX-LA ELECTRIC COOPERATIVE OF TEXAS, INC. NOTES TO FINANCIAL STATEMENTS - CONTINUED NOTE 10 - COMMITMENT ' In connection with the Commanche Peak Steam Electric Station proj ect as described in Note 2, the Cooperative has entered into contracts with Texas Utilities Generating Company, to provide for 2 1/6% of the cost of construction. As of December-31, 1983, the Cooperative has paid funds totaling approximately
$68,900,000. .An additional amount estimated to be $13,200,000 is committed from long-term debt to pay for the construction of the project.
e AXLEYa RODE CERTIFIED PUBLIC ACCOUNTANTS}}