ML20151Z844
| ML20151Z844 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 12/31/1997 |
| From: | Palk B, Waters D SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY |
| To: | |
| Shared Package | |
| ML17313A590 | List: |
| References | |
| NUDOCS 9809220151 | |
| Download: ML20151Z844 (79) | |
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What is S C P P A 7 , 1 Presnient's Letter . 2 Executive Director's Ierter . 3 Evuhaion of an Industry . 5 Operations and Fuunculs . . 8 No Verde Nuc! car Generanng Stanon 8 San Juan Generanng Stanon 10 Mead-Phocran/ Mead-Adelanco Transnussion Projects 10
}kxwcr Upraang Project 12 Southern Transnussion System 12 Legalauve Advocacy 14 Report of Independent Accountants 17 Con 6ined N!ance Sheet 18 Gunbined Statenrnt of Operanons . 20 Combined Scarenwnr of Cd Flows 22 Notes to Financial Scarements 24 Supplenwncal FinanculInformanon . 35
' The Southern California Public Power Authority (SCPPA) is a joint powers authority consisting of 10 municipal utilities and one irrigation district, who deliver electricity to 2 million customers over an area of 7,000 square miles, with a total population of 4.8 million.
The members are the municipal utilities of the cities of Anaheim, Azusa, Banning, Burbank, Colton, Glendale, Los Angeles, Pasadena, [semumecas - j cny w uum Riverside, and Vernon, and the Imperial Irrigation District. cay
- 4-sa car d 8==< SCPPA was formed in cny , - ~ . , , ,,m,.m.
ety w Coton yo , ri .; ; s in 1
- 1980 to finance the j
w ana. c,, , _ ,
, 7.,, ye.,-
Y Importal irrigation District ,
~*
Los Mgeles Department of 3Cguisition of gener-
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; i. ;, ; ufan : ,1 l Water And Power & y '
P~ cry of Pasadena , , 7t *' - i L".* *.c 1
m J' *,*afd 4 atton and trans- 41 . * *
- cny a al~ d.
, . ~ g,g 4 y v7(,~o -m cny a vemon .
p- ' > Inission resollTCes '""'M as o [ I.. - *- w /
. .. o m .t . .n m.
'ma mmL".4"" Y X"5O for it's members. a= aa " *. "'N
,,,,,,,,,,% . %4,: ;Jg Transtmasion System . p en -. .;e
.,. ,,, u,mn,, L,urrently, SC, PPA p
Transmission Project em see 1Aead-Adelanto . T,an, mission P,opot has three generan.on projects and three g Palo Verde Nuclear g,"*"*"''"" transmission projects, bringing power from Arizona, New Mexico, Utah, Project 0 5" *'aa C-"#as and Nevada. Station o member a sencies The projects were financed through the issuance of tax-exempt bonds, backed by the combined credit of the SCPPA members participating in each project. As of June 30,1997. SCPPA had issued $8.45 billion in bonds, including reftmding bonds, of which $3.16 billion in principal was outstanding. SCPPA's role has evolved over the years to include advocacy at the state and national levels, and cooperative efforts to reduce member costs and improve efficiency.
Bernard V. Pak Cooperation among SCPPA members reached new levels this year, and paid Persese high dividends. Facing the enormous challenges of industry deregulation, we realized that common problems could have conunon solutions, and that by presenting a unified position, we could best in0uence the course of events to protect our customer / owners. SCPPA became the local forum for discussion, and the conduit for infor-mation to and from Sacramento. SCPPA Directors were heavily involved in shaping the legislation which will change the way we do business in California, and we are represented on the Boards of both the Independent System Operator and the Power Exchange. We are working together to reduce debt service costs and operating costs on our SCPPA generating projects, and are working individually to reduce local operating costs and to improve customer service. The individual SCPPA members will decide if and when open access is in the best interests of our individual utilities and customers, but we will con-tinue to search for areas where cooperation and joint action can benefit us all. This year proved the power of cooperation. Next year holds new chal-lenges, and SCPPA will provide the mechanism to address many of them cooperatively. BERNARD V. PALK President
3 u Dani.i w. w.tm ' Restructuring dominated the Califi>rnia electric utility industry this year,
,_~n.
and it certainly dominated my schedule. Along with many of the SCPPA Directors, I was heavily involved in the debate leading up to the enactment of AB 1890 in September 1996. SCPPA and its members continued to be very active in the creation of the Power Exchange and the Independent System Operator. Protecting our member utilities and their customers has I been our prime goal, and we feel proud of our success. Public power will not be harmed by this very political process which was driven by the large industrial customers of the Califi>rnia investor-owned utilities. Throughout the restructuring process, SCPPA worked closely with the California Municipal Utilities Association (CMUA) and the Northern Califi>rnia Power Agency (NCPA). The successful teamwork on restructuring has led to cooperative efforts in other areas. Nine SCPPA members, eight NCPA members, and the Sacramento Municipal Utility District are working together to develop a Public Power Restructuring Education Program to help educate their customers about Califi>rnia's emerging electric market. In addition, five SCPPA members and seven NCPA members are cooperating on the development of new Customer Information Systems. We will be watching for other areas where North-South cooperation will yield common benefits. SCPPA completed refundings fl>r the Palo Verde Project and the Southern Transmission Project during this fiscal year, lowering costs for
SCPPA Directors 11
^
14r w ade :k Daniel W. Waters / L.a.uw Ikmw i Bernard V. Palk o,,uhr Joseph F. Hsu li.,1%ht Eldon A. Cotton unw, both projects. At year's end, we were working toward a major restructuring of all the Palo Verde fixed-rate debt, with the goal of lowering the project cost to market value by 2004. This was an exciting, challenging year. Cooperation among SCPl% members, and with our public power cousins in the North, has helped us shape the immediate future. SCPl% will continue to serve as the hub and cataly.st for the joint actions which will help our members to meet the even greater challenges to come. 1 77 DANIII W. WAIIxs Executue Director
tvoiunon in an inaustry u. 1 When SCPPA was formed in 1980, many of its members were effectively " land-locked", completely dependent on Southern California Edison fbr their generation and transmission requirements. Membership in SCPPA allowed them to become generation and transmission ownc- rhis made their power costs lower and more predictable, gave them more independence and local control, and gave them a voice in regional planning and development. In the 1980's and early 1990's, environmental constraints, uncertain price and avail-ability of oil and natural gas, and continuing load growth led to investment in nuclear and coal plants by most Califbrnia utilities. Diversity of fuel type and firm transmis-sion access were thought to be the route to stable rates in the long term. Conventional wisdom also said that spreading the cost out over the entire life of the resource was the most fliir to our customers who paid the bills. In recent years, natural gas has been abundantly available and relatively inexpensive. New technology and this low fuel cost make it possible to generate electricity at a much lower cost than our older power plants. The potential for these lower costs is driving the deregulation of our industry. Beginning in 1998, Califbrnia will experience radical change. The investor-owned utilities will divest a significant portion of their fbssil-fueled generation, sell all their generation into and supply all their needs from a Power Exchange, and turn their trans-mission over to an Independent System Operator.They will give residential and small commercial customers a 10% rate decrease, through the sale of billions of dollars
Edward K. AgNayan s truxiunon has defend the Anaheim Puldu UsArws suwe as uwep-
'"'""""i'"d',",',d"",""","",l
,d worth of " rate reduction bonds". Perhaps most importantly, they will lose for de intrucited Caldonua electne axlwary. Anahrun Pulac Unlaws' reami,mi m. s ,,28mr iu dw their service area monopoly, and customers will be free to choose any rwigid mng competa.ws". nul dw Imt three comnwraal/m.bnal rate dangn luw tan deacaws. In adh noWer stIDDIier.
tum. Analwim hade Utsun ha f Aa entered mto a punt wenure whwh edi alkw Arulwnn to tramw dw fmr ary SL, PPA members, as consumer-owned utilities, are not mandated to m de ,mn. n w,d, a rauy wn,a. pwately-nm filwr.opuc artwork nerv-uy the cuy. U Cunismen sermi . . 105.743
' b b b n,wer rmwrmed and h,Amed (m Megaurl k n) s<lffnerae,a 670.471 2.240KI grant customers tlle riglit to clloose their electricity supplier. SCPPA bachmed .
Ttnal . .. .2.911.342 Tumnusuim (m mda) . . .l.4 26 Toral Rrwinws (Utub) . . $244.195 men 1bers are taking aClion on many fronts to make (beir rates Competitive ogsrunng LLsis ((XXb) .5214.323 by the turn of the century, when the full force of competition is expected to hit. The customers of California's consumer-owned utilities already enjoy lower aver-age retail rates tilan Cttstomers of (lle neighboring investor-owned utilities, [Cityfof Azusa Joseph F. Hsu ., Tir aiv's ciennt urdai . in addition to Ibe benefits of local Contro}, }oCal employment, and Contri- == nuMd m 1895 I ' arxl ti.r naar of as lusro- " ry Anna puduwd elcernary wholesale r-i s=1 - cu=== fu s - butions to their cities' general funds. dw nu419%. dumyh succeulid hug > ta,n agurut ILhm on truwnsm The electric utility industry is evolving. SCPPA and its members are [,"';,^"",',3",",'t" d*",'i,'"d, m .u m rren scmuy r,nerug m Palo Verde Nuclear Cwncunng also evolving. Starting as a tool for joint financing, SCPPA has become a s o,en. n.~r n rwkxtnc isnt.
.a sm um c- mn,y sim - un,
#3. By hairy tbc abday to dnm4v as catalyst and a vehicle for cooperative long-range
- - planning, problem solv- r~ -n',ir "i~"~ ^=~ h-nm,nmura ,s ,ema mre , du i983 Irwt 'nn owngtune rxes wdl hrlp ing, and political advocacy. Based on a firm belief in the value of public d" "'/dj,"g,d,,'"*"""
d power, SCPPA will continue to evolve in response to its members' needs. ["""'";"3,,a ng,,j '4576 (m Megawat4 hn) sdignermed 0 haduwd. 4(tu69
%Ies
!< eud 210.7M)
Whokd 178.956 Total Rewnurs ((X ab) $23.786* operatuy Costs (lR Xb) . . $24.lW'
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$ l.166.240 43% - 7.2% 21.4 My 2023 5=a6rn Trananumiun Syuem Aa3 A+
Semor (.wn bxis Aaa/VMIGl AAA/A-l+ Sulxmluute 1.acn Nnds' Palo Verde Npt' $ 974,495 4.4% 7.7% 436 My 2017 A2 AA-Senmir uen Nexis Aaa/VMIGl AAA/A4 + Suhmfanate Lien 16b Muinple Pnya Rewnur bxb' 7.1% My 2013 A3 A Mead AJelargo $ 106.7tX) 11.1 7.1% My 2013 A3 A Med.Ih ms $ 3 8.8i10 11.1 7.1% 17.0 My 2020 A3 A Muhy4e Priya $ 259.l00 5.3% 18.8 My 2015 Aaa AAA Mead-Adeloso Rc(urdng' $ 173355 18.8 July 2015 Aaa AAA Mead 4bmz Refmang' $ 51.835 5.3% 5.6% 14.2 lan 2020 Aaa AAA kn hun Umc 3' $ 231.340
'Im.va 1991 )=hweem lawWr Am be (AMA4Q.1996 kJerdween % A Ama CW11/A'.1996 S4er4=w firwWe Aer W 8 b6 (FLU 'Imund 199d 1rn.er inn h6 (AM&tG.1993 L4nenise ad JClQ,1996 SJerdans W A (AMAtQ.199ti SJurJamer lenWr A.ar % B and C kb (AMMG, l'r4 ? %=sous % A ed B kk @L4) 'v. n.a .,4 as., ,,.a. -,,~ ,- _ .
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lhnmng cicancal sys ~ tem mm scrws an area 2 Palo Urde Operations -This was a year of new records at Palo Verde. ;,'y'"*""'""'L,,77mm,s i;uiu"*r 3 and a pornon of Mead.Adelanto and Mead 4%ma transmission laws
- 29,8 million MWH's produced - a new site record uw ser.ie is enwia,a to ainn ,
custonwrs t}vough the Cay owned dutnbunon syvem. Wah a pnmn
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pentm deregulated envmmment. Unit 2 ended the year having been operational every day of the year, on C"""";","~f,,g,,,,f34* (in Megawan4Liurs) Self-gerwrated . .0 wh-a . i20.c5 its way to a new record of 490 davs continuous operation. This was the e 4 Total .120.475 Tranumaion (in miles) . .12 2 Tnl Rewnun GXXh) . . $13.009 o rmon,C-s%000s) . $12320 ninth longest uninterrupted run ever recorded by a U.S,. nuclear plant. PRODUCTION COST 1996-97 OPERATIONS (< spr.wei nd M.mer w=< p4u NEIrn Iath Ceneracim Capairy (Millums of Unluatkin Ch Cetas Year per kWh Mwiis) (%) Una 1 9.3 86.5 1993 2.02 Una 2 11.0 102.5 1994 1.93 Una 3 9.5 88.1 iN5 1.61 Aggregate 29.8 92.4 19' 6 1.45 Industry average 70.3 19 7 1.35 (urgeo l l
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Ronsid V. Stzssi. Burbank's Isble serme j - Departowns legan serv- s j mg t=ah water and elec-tm a.r- m i9a aaa suiwd These records are the measurabic results of the reengineering of work on-ste pneratmn m rnponse to a surge in mdustrial and rendennal I,"~[' 7,C.'"",f3 processes and organization begun by the Operating Agent (Arizona Public SCPl% proicas. as well as firrn aal meerruptd>le supphes froc. c.ther urd- . . ows ana ,-,nmen, agna,s. ana S,ervice) m 1993. Improvements m teamwork and morale, and reduced contmues to operme us own local poner plant. Customm scrwd . . . . 51.189 production Cost are [tiftber evidence of effeClive management. Ibwer Crneraard and hadmed (m M<gawatt&rs) gy d gilxo San Juan Unit 3 Operations - Unit 3 at the San Juan Generating Station Toral . ... .l.062.000 Trmanuumn (in nules) .398 Ta n,wr-s oixs) . .sussi in New Mexico performed well this year, as it has each year since SCPPA opersing Cimes GKMh) . . $90.983 purchased a 41.8% share in 1993. Its availability factor was 96.7% and the five SCPPA participants took nearly 1.7 million MWH's, the highest yet. The Limestone Conversion Project is well under way, and running under budget. When complete, the 5-p c project will improve the removal of sulfur dioxide from the flue gasses, and save SCPPA $3 million per year in operating and Lcyof cotton- _ _ Thomas K. CIMe Tiw Cohon nu 4 j maintenance Costs. cleanc uul. .as i estabbshed 895. Interim Invoicing Agreements contintic to encotirage high capacity '?,7,73s. s ,,, '[<,CT37T 7 chanpd from bemg solely depenJent on Southern Cahfnua Eden for ns factors and lower per unit coal costs, and negotiations are proceeding on a ru,au,,a n~r to . mg aanwir engard m padusmg power from uv-cral diferent sources, acluevmg ugnif-
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long-term coal supply contract. Both the Operating Agent (Public Service .15AX1 Customm serwd , hwr Crnermed axi1%rdusni Company of New Mexico) and the coal company realize that an economic oadg,7,",1j-) , huderd 212.3W Toul. 212.300 Trm---n on nuws) . m fliel slipply is vital to the competitive ftittire of both the plant and the Total Rewnues J1th) . . $23.98) operaung Gats pu) . $23.693 coal mine. hirad-Phoenix /hfrad-Adelanto Transmission Projuts - Nine SCPPA members own roughly one-fifth of Mead-Phoenix and one-third of Mead-Adelanto through SCPPA. The two 500-kV AC transmission lines carry power between the Phoenix area, the
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Las Vegas area, and Southern California. Both lines successfully completed their first year of operation. city of %ndaleT ~l Hour Uprating Projut -The Uprating Project, which increased the rated s.rnard v. e.ik ! Incorporat<d m 1906.! ca,n u, n.a a ,e capacity at Hoover Power Plant by 35 percent, continues to be an econom-clecinc unday m 19W. of,cumng p=cr fnun uutade supph-m a iu,,.a ,o n,n r Im,n ical, renewable resource for nine SCPPA members, six of which financed u na,,,,ni m a,a m y o,a aw 6nt una of n own neun ynna-mg pai, m i941. s aia a" their participation through SCPPA. SCPPA is participating in efforts to Craywn h.er Plant, this facdity today has righi generanng umts. Glend.de cnntunees to purdase 85 . . p,m,m of . p. fmm m .a, identify and mitigate effects on endangered species in the lower Colorado 60tutf1
%,'"E",'","fa,avua_f2 River area, and is closely monitoring proposals regarding the sale of the (If1 b!(gAWJft l hKlis)
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Trmanumni(m mdes) . 72 final Rrwnues gn xh) - , $l22.m8 opnm,ns a-s onm . soss23 Southern Transmission Systnn (SIS) - The STS is a 488-mile long 500-kV DC transmission line and associated converter stations which delivers power Los Angeles Department _ _ _ _ from the Intermountain C,onverter S,tation in Utah to the Adelanto of water and Power Eldon A. Cotton ; Converter Station in Southern California. In its usual "ho-hum" fashion, the '" '"l,' ["Zl'" mg .in..a e,wn va-ch.ued from dw Pauk-na Mosucipal STS delivered nearly 14 million MWH in fiscal year 1996-97, with 99.62% h.c Pun. ma o, uh mg r, uuipamed us fir t gnwraung capacny a San l'ranempuio h=n Pimu Na 1.
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&lfpirrated .10.626AnU Purdu3cd .15.401.tu n )
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LNNE Keruth S. Nollsr . , IID entered dw pier . industry m 1936 armi ; Throughout fiscal year 1996-97, SCPPA closely monitored the legislative 'fg,r'f,jy,,7 y cratmg remrces Among IIIhwned
. resources are 24 MW of low head activities at the state and federal levels and played an active role m. educating hya,o u,,u aion, dw ili inwncan Canal. 307 MW of gas 4 ired seam i and combmed cycle units. and 162 elected officials and staff on the unique services, needs, and concerns of Mwer aintesnaminaa- r tion to IID's share of SCPPA resources compnsmg 104 MW at san public power systems. As federal lawmakers and regulators continue to [,,'"y".M*7 *' ",;d V"d'j long-term purthase contracts C-i - rwa . . . . . 88.533 advance proposals to restructure the electric utility industry, these activities her Cwswrued and Pwchased (m Mepwatt-f lours)
SelfGncemed .606.068 P ,a-a . ie55.n 5 will be increasingly important. Total .... .2.661.183 Trmwmssion I acihtws SCPPA emerged as a serious player in the debate leading up to t,i Lnue,gm) . ;$#8 operanng Casu (OUus) $201.388 California's restructuring legislation, and the final bill bears the marks of SCPPA's influence. Restructuring was also one of the hot issues on Capitol Hill in 1997, and promises to be a major legislative issue during 1998. Members of Congress heard from hundreds of witnesses, including SCPPA, who testified before the Senate Energy and Natural Resources Committee on several issues key to public power's ability to compete. As Congress debates the merits of retail competition, one of the most hotly con-R Otiif Pasadena-tested issues is the b3rivate-use limitation on tax-exemk3t bonds. Throub>hout Rufus Hightower Dublahed m 1906. dw the 105th Congress, investor-owned utilities actively lobbied Congress,
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, p m 1907 mwl t<wk mer operauon of su mumapal servet hghong fnnn EL,n F.lecinc. In 1909. Pasadena began the Charging that tax exempt bonds and the tax exemption of public power sys-extenson of in opersions to com-uwrcial and reudennal cusomen that resmha m ar ,epixe,,wnt s ai tems give public power an unfair advantage in a competitive market. SCPPA lam electne service in dw city ly 1920. In 1996-97. I%sadena pur-d ased a unnacly 85 percem of in g ,
Customers served . .57.978 d aggressively educating Members of Congress and Administration officials p,$"",*d Selfpnermed "f"**". I85.085 Ptahwd .106,627 i 254 712 on tlic rationale and need to orotect the status of tax exemnt r bonds for
'I.Toul rmwrussion - -t.acilaws (m emln) 57 a Total Rewmws (000s) . $111.969 operanng Cosu (OtW) $45.654 ,,
muntCipal titility systems in a Competitive eftvironment.
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ci Other issues of interest to SCPIM and its members indule: the new deregulated enemmnwnt. I%er and ransmas.um costs conau-nice aw t.a or a ,rs r_a on ,o Nudear Mste Disposal-SCPPA and its allies in Washington will con-our custonwes through rates. Coat reduction and restructunng efforts at scw4 u. ha ngnif-, i-P=" aa tinue to work with covernment leaders to develoo an effective and safe o I Rrrerude Pulac Uutines' efforu m nwetmg our k>=er oper4mg cost tar. gets. Addinonal efforts, especially at . Palo Verde Nuclear Generanng nuclear Waste storage program. Stauon, wdl be respured fin Rmrude to compete m future yem cu.,omns .nnd . . . . n.56, Sale of the Power hfarketing Administrations (PhiA's) -In contrast to prior IWn Grnnated and Nrchased (m Megawart4 toun) gry,2ted ,j27g years, sale of the federal PMAs was not a legislative priority in 1997. Total ..... .1.723.540 Trainnusuon (m nules) .2.085 rma R,.oues cua, .$it3.ii7 However, the issues of PMA rates and federal ownership may well become { opennng Cmis (aW) .5167,327 M part of the restructuring debate in 1998. Telnemmunications - As part of its legislative strategy, SCPPA is continuing its dialogue with officials of the Federal Communications Commission to ensure that im ilementation of the 1996 Telecommunications Act reserves the ri b ht of M". KennethDe J Dario-Vnnon's Light and Ihr municipal utilities to Compete in the telecommunications arena. [ f" " "'f8'",""j m i933. with compicuon of in dwul grwraung plant. In ad&non to su in addition to legislative issue areas, SCPPA hosted for the third straight o.n r , s,m a i u,uu rius recently uutalled gas nubuws. Vernon now receiws p>=n b>m Palo Verde,
% ~.ad - ="I'" 1-ims year a group of congressional ' staff on a fact-finding ' tour of SCPPA facil- APS. Cl%vR. SRP. BPA and Eason.
Customers wrwd . . . 2.045 ities. The tour was designed to increase the staff members' knowledge and 5-rc--daaNa-d (m Mepwatt4 Enars) Sdf.pnerated . 5.345 Pur based . 1.112.655 understanding of how the legislative debate on restructuring, taxes and other Tma uis.ao Transmmuon (m nulesj . . 2.4 Total Revenuen o ln) . $53.7M r*"""" '"" (" ") 53"" enerW, issues affect SCPPA and its members. um PERCENTAGE OF SCPPA MEMBER PARTICIPATION IN SCPPA'S INTEREST M sm - M g= M' g*== M
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1 I l i l i l REPORT OF INDEPENDENT ACCOUNTANTS i l Septemln r l1,1997 To the Ibard of Directors of the Southern Cahfornia Public Power Authoeity in our opinion, the accompanying combined balance sheet and the related combined statements of operations and of cash flows after the restatements desenbed in Note 9, present fairly, in all material respects, the financial position of the Southern Cahlbrnia Public Pourr Authority (Authorny) at June 30,1997 and 1996, and the results of its operations and its cash flows 1 fhr the years then ended in confbrmity with generally accepted accounting principles. These financial statements are the respon- l sibility of the Authority's management; our responsibility is to express an opmion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perfhrm the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examinmg, on a test basis, evidence supporting the amounts and disclosures in the financial state-ments, assessing the accounting principles used and significant estimates made by management, and evaluating the intrail financial statement prescotation. We believe that our audits pnnide a reasonable basis Ihr the opinion expressed above. In our opinion, the accompanying separate balance sheets and the related separate statements of cash flows of the Authority's ; Palo Verde Project, Southern Transmission System Project, Homer Uprating Project, hicad-Phoenix Project hicad-Adelanto j Project, hiuhiple Project Fund and San Juan Project and the separate statements of operations of the Authority's Palo Verde Project, Southern Transmission System Project. Hoover Uprating Project, Nicad-Phoenix Project, hicad-Adelanto Project and San Juan Project, after the restatements described in Note 9, present fairly, in all material respects, the financial position of each of the Projects at June 30,1997 and 1996, and their cash flows, and the resuhs of operations of the Authority's Palo Verde Project, Southern Transmission System Project, Hoover Uprating Project, hicad-Phoenix Project, hicad-Adelanto Project and San Juan Pmject for the years then ended in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Authority's management: our responsibility is to express an opinion on these financial statements ba3cd on our audits. l We conducted our audits of these statements in accordance with generally accepted auditing standards whidi require that we plan and perthrm the audit to obtain reasonable assurance about whether the financial statements are free of material misstate-ment. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estinutes made by management. and evaluating the twerall financial state. ment presentation. We believe that our audits pnwide a reasonable basis for the opinion expressed above. Our audits wrre conducted for the purpose of thrming an opinion on the basic financial statements taken as a whole. The supplemental financial information, as listed on the accompanying index, is presented for purposes of additional analysis and is not a required part of the basic financial statements. This infbrm,ition is the responsibility of the Authonty's management. Such infbrmation has been subjected to the auditing pmcedures applied in the audits of the basic financial statements and, in out opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. fl -
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Price Waterhouse LLP Los Angeles, Califhtnia l SCP' PAW l
SOUTHERN CAllFORNIA PUBLIC POWER AUTHORITY COMBINED BALANCE SHEET (in thwan& furu 11), I9')7
.%uthens Pnytai Iblo Imnsnnsswa llwwr %J %d Mainf le Snn Suai4zatum Urk Sweem l'pmwg 1%mx Ahlanto Pnwa Juan and (kker Pws Pws Pwa twwt Pwn f und Pwa funk hual ASSETS Unbry plant-
$ 183208 5 798,422 Pn.xiuction 5 615.214 51.189 $ 170.895 910,843 TransnsWon . 14.153 $ 674.606 5 18.893 2.627 335 7,865 32.376 Cwneral 2.6,5(.
632.023 693.499 53.816 171.230 191.073 L741.641 279.927 213.844 2.202 5.828 43.112 544.913 Leu- AccumularcJ Jcpucianon 352.096 479.655 51.614 165,402 147.961 1,196.728 10.026 210 10.236 Gmstrucnon wrk m pnyren 13.514 13.514 Nucicar ftwl ar anornud cost 375.636 479.655 51.614 165.402 148 171 1220.478 Net unbry plan Si vaal limd.s Available for sale a f.ur vake (Note 2): thmumwonmg fund 43.943 43.943 1,wnrnwm> 155.763 138.550 5 4.906 18.586 58.380 5 252.779 37.431 $ 4.442 670.837 1:scn= account 15.484 15.484 Advance to Intermount.un her Agency 11.550 11.550 AJsanco for capaaty arxl enegy. rwt 24.526 24.526 Internt ncewalde 1.946 583 6 6% 2.057 9.288 134 7 14.711 Ca.*h and cash equnalents 27.396 32.442 2.503 2.[6] 4.229 73 7.503 10.463 87.370 229.048 198.fo) 31.941 22.037 64.666 262.140 45.068 14.912 868.421 Account > recewable 2.878 2.12 2 5.386 (7,345) 31M1 7.511 3,494 11.005 Mmenals and supplas Costa recmcralde fnim (m excru of) future 230.497 241.326 4 163 14.544 33.706 517,194 bilhnp to partiapants (7.042) UnreahuJ low (gam) on imesmwnes m funds avalable for sale 733 (1.116) 74 1 3 115 (190) Unar wnerJ Jcbt capemes. len accinnulated amurruanon of $118.434 182.491 197.675 3.058 9.368 26.639 2.805 422.036 5 1.028."'94 5 1.116.149 5 28.031 $ 89.304 5 276.638 5 254.795 5 233.247 5 15.027 $ 3.N1.985 l LMBILmES Long. term Jebt $ 965.151 $ l.065.877 $ 26.999 $ 86.570 $ 268.456 5 243.466 $ 216.496 $ 2.873.015 Deferrrd cudis 112 3.073 3.185 Current habihtiet Loregaerm Jcbr an mdun one par 28.570 21.360 515 6.275 56.720 Accrued micent 22.660 24.394 402 2.588 7.884 8.256 5.873 72.057 Ascounts payalde ext acertwJ expenws 12.413 4406 115 146 293 4NU $ 15.027 37.008 Total current habihncs 63.643 50.160 1.032 2.734 8.182 8.256 16.751 15.027 165.785 Comnutnwnts and conungenews _
$ l.028.794 5 1.116.149 5 28.031 5 89.3N 5 276.638 5 254.795 5 233.247 5 15.027 5 3.N I.985 w, , - , an mmi e.., p.>,-.a -
R$3 D 3]
SOUTHERN CALIFORNIA PUDLIC POWER AUTHORITY COMBINED BALANCE SHEET
,In Anuank l
l lww 10. I'rni boudr 'n IWe Immnumen fixwr Ld - Ld- Wir$ Mn M b amo l *puq l%m Mlanue Pwn Juan Pww Pwe Pww Pna P,tva iund 1%1 Taal ASSETS Unlay pleu: Prakweken $ 613/4E $ 183.309 $ 796.917 T rmumi. won 14.146 $ 674.600 $ 48.A17 $ 1711168 MM.127 G ncrat 2.569 18.893 1.971 164 8.613 32.210 63).323 693.499 50.278 171.232 191.922 1.737.254 Lea - Acannulmed depercunon _ 250.021 194.127 346 1.255 36.622 482.871 j 380J02 4993 72 49.432 169.977 155.3m 1.254383 l G.wnertwenm wink in pnigren 9.503 3.116 3.501 16J20 Nixlear fuel ai .umrtved amt 13,225 13.225 Ner uniny plant 403.0 4) 499 3 72 52.548 169.977 158.801 1.283.728 Specul funds: Anulable for sale at far vahw (Nore 2 ): Deconunmbunng fund 33.474 33.474 Inmenwnti 115,746 102.842 5 9.628 21.591 62.562 $ 250.M8 34.170 597.427 lisen= account . Cnwsiwer wrws 343.898 343.898 AJvance to Internxiuncan l\wer Agency 19,550 19.550 AJvances for ca]wny and energy. rwt 25.183 25.183 Inrcrest remv.ib!c 1.512 2,169 6 841 2.285 9.220 67 16,100 Canh aml cash eqmvalenu . 67.879 90J24 1.997 1.548 4.5W 7.546 173.798 _ 218 611 558.783 23,980 69351 260.R)8 1.209.430 l 36.8_14_ __._4_1.783 i Acnona recnvable 738 2.687 19 1.750 4.741 (6.402) 945 4.478 M.nenals ami suppfws 9.240 3.569 12.8L M Gau renwerable fnwn (m exccu of) ftaure bilhngs to parnapants 217.926 215.490 (7.526) 1394 4383 31,780 463.447 Unrealued Liu on imestnwnis m fmals availal,lc fiw sale 456 2.865 3 9 28 4 3.365 Prepaid capenw' 26 66 92 Un.unortucJ debt expenws, leu accumulated .unwtuanon of $139.796 191.712 IM.ON 3307 9.888 28.123 31190 399.199
$ 11)41.713 $ 1.442.276 5 32.617 $ 89.595 $ 276M9 $ 251706 5 239.972 $ 3376.548 LIABILITIES Long-term delv $ 981.155 $ 1.045.292 5 30.981 $ 86.417 $ 268915 $ 242.786 $ 222.444 $ 2.877.(00 Subindmaic Refundmg Cnewer Senes 347.388 347.388 lkferred credus 2.664 2.664 Gwn nt lialulairs Long term JAx due wnhm one vrar 25,690 10.843 11m3 6.035 43.655 Accrtud inscrest 24.535 38.436 489 2.588 7.884 8.256 5.994 88J82 Accmmts gu3alde and accrued expnmes 10.333 315 62 590 780 5.499 17.579 Unal current lubilmes 60.558 49.596 1.636 3.178 8.664 8.256 17.528 149.416 Gunmuninus and conungencws
$ l.041.713 $ l.442.276 $ 32.617 $ 89.595 $ 276M9 $ 253.706 $ 239.972 $ 337e.548
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a SOUTHERN CAllFORNIA PUBliC POWER AUTHORITY COMDINED STATEMENT OF OPERATIONS (in tkank) h,Inkdfune 10. I997 kuriren Ikh 1,unumum lloews %b %I- %n irrde kern Upu,,g 1%nn Aklanto pan Pwt P,ept Pnyra Pwt 1%a l' reya 1: sal Opranng revemws: Sales of tlcernc ei.crgy $ 119.507 5 2.521 5 58.017 5 180.045 Sales of tr.msnus6m services $ 85.054 $ 3.282 $ 8.194 96.530 Reimburwnwn to parncipanti (8AXX4 (8JXXI) Tcnal oprarmg revenues 119.507 77.054 2.521 3.282 8.194 58.0l7 268.575 Opremg cignses: Anortuatum of nuclear ftwl 7.755 7.755 21.411 9.997 2.082 507 875 257 35.I29 Oilwr 3wrainiris Mamtmure . 5.818 4.460 73 207 37.181 47.739 Deprenarum 18.371 19.717 l356 4.573 9.139 53.156 Drcumnussuung . 11.593 3.113 14.706
'liwal operarmg caprurs 64.948 34.174 21182 1.936 5.655 49.690 158.485 Opranng income 54.559 42.880 439 1.346 2.539 8.327 110ANO Investnwns inconw 11.423 17.150 140 1.482 4.313 2.241 36.749 incmw twfive dels empnse 65.982 60.030 579 2.828 6.852 10.568 146.839 iMit expnw 78.553 85.866 IJL3 5.597 17.013 12.494 200.586 Cms reann alile inun future lxllmgs to parncipants ($ 12.571) ($ 25.836) t$ 484) ($ 2.769) ($ 10.161) ($ 1.926) ($ 53.747) j l
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f l SOUTHERN CAUFORNIA PUBLIC POWER AUTHORITY COMBINED STATEMENT OF OPERATIONS [In hw& l kr InhJJune us.1996
%rMn Ihle lennmn,n llocur %d %). %n irode Svann ( 'powng 1%nn A&nno ju.in Pems Pnv r Pnvr Pwr Prewer Pemu Iml Operanng revenu<r Lles of clutne energy . $ 135.464 $ 3.349 $ 50.117 5 188.930 N!es of transnusuon wrvwes 5 85_297 5 226 $ 172 85.695 Taal o}wratmg reveniri 135.464 85.297 3.349 226 172 50.117 274.625 Operanng ripen. sex Arnortuanon of nular furl 7,949 7.949 Oilwr operanons 25.815 10.192 2.200 213 145 314 38,879 M.nn<rnarve . 6.317 5.236 13 27 35.760 47.353 Ikpreciation 18.425 20.329 342 1.132 9.W5 49.323 i 1)ccoswnnuonmg 12.497 3.Il3 15.610
~Iotal o}wratmg ex;wnses 71.003 35.757 2.2txj 568 1.304 48.282 159.114 l 1
Ogwratmg uwonw (lim) 64.4til 49.540 1.149 (342) (1.132) 1.835 115.511 invesinwns uwonw 10.886 28.993 874 410 1.174 2.062 44.399 I Inconw twf.ne it.14 en;wnse 75.347 78,533 2.023 68 42 3.897 159.910 Ikbc expense 82,777 102,710 1.370 1.462 4.425 12.614 205.358 Cats farcmerable fnnn) m curu of future l bdimgs to partw' ranis ($ 7.4R ($ 24.177; $ 653 ($ 1.394) ($ 4.383) ($ 8.717) ($ 45.448) l l l l 11, an=nweg n.=s n v an iris <g ist f <r et thie.6,w,=wl swe=<,rrs l [S C P.P_ A' ?) l l
a e
$00THERN calif 0RNIA PUBUC POWER AtlTHORITY COMBINED STATEMENT OF CASH FLOWS
,in A A funr 1419>.
kukn Pwpti ikk lanmuumm llawr Med Med Multr;4 kn SsAshmn Usk Svnron Upong 1%ms Ab Pnyt lwn aml Oh Pnya Pnyt Pnys Pnwa %a land Ma fumb l.ul Ceh ihws innn oprimmg acnvirwn. O lwremg incone 5 54.559 5 42.880 $ 439 $ 1346 5 2.539 $ 8327 $ Il0JNO Adjustnwnts to reninede ogwraimg maiw to irt cah pnm&d ly operatmg aamtws . 18.371 19.717 f.356 4.573 9.139 53.156 , Drpreamion 3,113 14,706 l Decominmknung i1.593 1.710 1.710 Advances fin capm:ay and energy, twt 7.755 7.755 Arcornutam of nuticar fini 8/ino 8 000 Reimlursenwn to parricipanis Clunges in aucts md lialnlaacs: 2.687 19 (372) (646) 945 493 Accmmes reawalde (2.140) 1.729 75 1.804 Maien.ds arnt upplws 25 26 66 117 Other aurts Acamnin guyalde mul accnwJ expense. 2.080 4.203 53 y) (482) (896) 4.514 93,972 77.487 2.221 1.912 6.050 20,703 202345 Net cuh pnwided by operumg actmews Cmh laws from noncarnal financmg actmnes:
$ 16,835 16.835 Ahances inun parnapants Paniopmu wahdrawals . (2.149) (2.149) 14.686 14.686 Net cash pnmded by noncapual financmg aamtics Cash flows fnun capual mal retxed founcmg acudwr l'aynwnts for construction of faninws (10.325) (422) (1,623) (12.370)
Pavnwnts of interest on kmg tenn &bt (51.12 7) (74.876) (1.784) (4.924) (15.077) ($ 16.512) (12.m2) (176 302) 153.034 199.739 352.773 Procce& fnwn sale of imis . 343.898 343.898 1ransfm from escnw account - Cnewer sencs Pavnwnt for defruance/rr&mption of revenue lunds (157.015) (561.565) (3.637) (722.217) Rcraynwne of pnnapal on knpterm &bt (25.690) (10.845) (1.085) (6.035) (43.655) Denmmuuunung ftmJ (10.469) (10.469) Pavnwne for lumd mue cosa (3.558) _ (2.250) (5.808) Net cah und for cainial and rdmed financmg actmtws (105.150) (105,899) (6.506) j53346) (15.077) (16.512) jl9.6N)) j274.150) Cab flows fnnn uwestmg actmurs: 10.989 17.741 140 1.633 4.541 18.475 2.174 219 55.912 Interest recmed on mvestments (10h63) (939) (9.276) (2,030) (25.553) (6,767) (328,140) Purchases of umstnwnts (111.714) (161.198) Pwrch fnnn salc/nuunnty of uwestment3 . 71.420 113.987 15314 3.953 13.487 140 22.293 2325 242.919 Net cash pnwuled by (uwd for) uweinng actmtws (29.305) (29.470) 4.791 4.647 8.752 16.585 (l.086) (4.223) (29309) 506 1.213 (275) 73 (43) 10.463 (86.428) Net merroc (decreer) m cash and cash c<imvaltnis (4d483) (57.882) 67.879 90.324 1.997 1.548 4.504 - 7.546 - 173.798 Cash and cah eqmvalents at begmning of yra Cmh and cash eqmvalents at end of par $ 27396 5 32.442 $ 2.503 $ 2.761 5 4.229 5 73 $ 7.503 $ 10.463 $ 87370
% arwmpnyny me er an nwgalpet of dnfmemul amments I
l l l
SOUTHERN calif 0RNIA PUBLIC POWER AUTHORITY COMBINED STATEMENT OF CASH FLOWS
- In ManJC
%r indd jmv 10.1946 htken 1610 Inmomune llows Mead- Mrad - M.Jsp kn Wde % mi (&q 1%cmx Aidene Pnwa fun Pnya Pvs Pwa Pnwa 1%wa lumi Pn,ini k.J rash (Lma (n.m ogwraimg actmtwr Operarmg uwone (L,ss) 5 M.461 5 49.540 5 1.149 ($ 342) (5 1.132) 5 1435 5 115.511 AJpatnwnts to reamnic operatmg unoriw (kes) to swa cah pnwuled by operaimg utmews .
!)rprecunon 18.425 20J29 342 1.132 9 095 49.323 Decmnnumoning 12.497 3.113 15.610 Amornzanon of ruwlcar firl 7,949 7,949 Advances fbr capanty and erregy, twt 1,7M 1.7M Wnic-off of constnweam wwk m pn.grru costs 1J13 IJ13 (Lnges m asets and lubihner Accoursts receivalde 174 (218) (19) 213 (72) 946 1.024 Matenals and sup;4 cs 378 110 488 Otirr a*scis 55 1.977 3.467 56 5.555 Aconnus payabic and ucnwd ex;wnwa [6.437) (1.943) g) 556 745 1.482 d5g)4)
Net ceh pnmJed by operanng actmnn 97.502 69.021 2.907 2.746 4.140 16.637 192.953 Cah the inun noncapual fmarwmg utmna - - - Coh fkm from capual and relaird financmg utmner Paynwnts lhe construcnon of fxthews (10.892) (13.208) (15,652) (1,938) (41.690; Paynwnes of mrcrne on long term &bt (64,499) (88370) (1.979) (1295) (3.944) (5 16.512) (l1.988) (188.587) Pnecca (nnn sale of bonds 229.483 229,483 15ynwn for defcame of revenue luna . (233,632) (233.632) Decmunuuionmg fund . (8.971) (8.971) Rrpayment of prnwipal on kmg-tenn &bt (23.855) (14.325) (610) (38.790) Paynwns ihr lund imw nuts (4.832) (4.832) Ncr cash used the cagwtal and eclatcJ fin.uwmg acimnes (117.198) (102.695i (2.589) (14.503) n9.596) (16.512) (13.926) (287.019; Cah fke fnwn uwnnng acimtics: Inicent recewed on uwninwnis 10.597 28.631 894 815 1.865 18380 2.064 63.246 Purchaws of uwnmients (154M5) (154.904) (22.665) (3.264) (9.lM) (1.868) (14370; (360,940) Pnweeds inwn sale /marunty of unanrrnts 182309 195.593 20.705 14.474 23.000 8367 444.948 Net cah pnmJed by (used for) uwnnng actmews 38.221 _ 69320 j l.066) 12.025 15.681 16.512 (3.439) 147.254 Net mereaw (decicac) m cash anJ cah niuivalents 18.525 35646 (748) 268 225 - (728) 53.188 Cah and cash equwalents at twgmnmg of par 49.354 54.678 2.745 1280 4.279 - 8.274 120.610 Cash and enh equivalents ai cnd of vcar 5 67.879 5 90324 5 1997 5 1.548 5 4.504 5 - 5 7.546 5 173.798 Tk enmpmq nem err an mup!p<r of hefmamulummus iS C.'P P.A E
~
l l l l l ! l SOUTHERN CALIFORNLA Pt.tBLIC POWER AUTHORIT't ! NOTES TO FINANCIAL STATEMENTS l Nota l - Organization And Pwpose: Cahfornia. The Authority entered into an agreement also dated as l Southern Cahfornia Public Power Authority (Authority), a pubbe cf hiay 1,1983 with six of its participants pursuant to which each entity organized under the laws of the State of Cahfbtnia, was formed member assigned its entitlement to capacity of STS to the Authority by a joint Powers Agreement dated as of Ntwember 1,1980 pursuant in return for the Authority's agreement to make payments-in-aid to the Joint Excicise of ihrrs Act of the State of Califbtnia. The of construction to IPA. STS commenced commercial operations in Authority's par ticipaat membership consists of ten Southern July 1986. The Department of Water and Power of the City of Cahfornia cities and one pubhc district of the State of Cahlbrnia.The los Angeles (LADWP), a member of the Authority, serves as project i Authority was fbrmed fbr the porpose of planning, fmancing. develop- manager and operating agent of the Intermountain Iwer Project ing, acquiring, conuruning operanng and mamtaining projects (br the (IPP). generation and transmission of electric energy for sale to its partici-II" U"d'mtl */aP-The Authority and six panicipants entered into pants.The Joint Powers Agreement has a term of fifty years. an agreenwnt dated as of h1 arch 1,1986, pursuant to which each par-The members have the (b! lowing participation percentages in the tiapant assigned its entitlement to capacity and associated firm energy Authority's interest in the projects at June 30,1997 and 1996: to the Authority in return for the Authority's agreement to make Palo son hw he me San advance payments to the United States Burrau of Reclamation (USBR) p-twants vwe spt n upratins eno. nix wanto Juaa on behalf of such paiticipants.The USBR has declared that the Project cny or im Angin 67m, 59.5 % 24 8 % 353 % is substantially complete.The Authority has an 18.68% interest in the cny a Analwnn 17.6 42eo 24.2 13 5 contingent capacity of the i loover Uprating Project (HU). All seven-Lny o( Rmrude 54 10.2 319 4.0 115 " d" generators of the HU have commenced commercial Ingwnal irryamm Ibinci 6.5 5to"o OPCfdfi"US-cavo(%nnm 49 Cny 4 Ama to 42 1.0 2.2 14 7 M'dd-IbN I*ftf-The Authority entered into an agreement dated as c n of amnny to 21 to i.3 9.8 of December 17,1991 to acquire an interest in the Mead-Phoenix cy s colum to 12 to 2+ 14 5 Project (MP), a transmission line extending between the Westwing cny s nort,ank 4.4 4.5 16.0 15.4 n.5 substuion in Arizona and the Marketplace substation in Nevada.The cny s caendak 44 2.3 14.8 ill 9.8 agreement Imwides the Authority with an 18.31% intercsr in the cavs h kn 4.4 59 118 8+ - axum io us axum lo us unum. 10tum Westwing-Mead project component, a 17,76%, m.terest in the Mead Substation project component and a 22.4PL m.terest in the Mead-Mr.idhuenix gurncigunon rideca riure owirrdup cornierierin (we l*lM Marketplace project component.The Authority has entered into trans-Tlw nwmlwn parncipair m elw i%ycti scaNlvanon i msl lw maing degwa to rtw lund ar ilwir mission service contracts for the entire capability of its interest with nine members of the Authority on a "take or pay" basis. In addition, Tiw nwmlwn do not cunculv parncquic m ett Muingde l%nt Iwwl a n we nul4 dwd to pnmde funJmg for ungwcifwd 6,ure pnirca. i nrnive resIionsibility for accountinS for the separate ownership interest in the project by Western Area l ILlo lirJe Prepct -The Authority, pursuant to an assignment agreement Power Administration (WAPA), who is pnwiding separate funding l dated as of August 14,1981 with the Sali River Project (Salt River), ($73,0ll,(XX) and $72,874,(XX) at June 30,1997 and 1996, respec-l purchased a 5.91% interest in the Palo Verde Nuclear Generating rively) fbr its interest. Commercial operations of MP commenced in l Station (PVNGS), a 3,810 megawatt nuclear-fueled generating station April 1996. Funding was pnwided by a transfer of fimds from the i near Phoenix, Arizona, and a 6.55% share of the right to use certain Muhiple Project Fund (Note 4). l portions of the Arizona Nuclear Powrr Project Vallev Transmission ~ System (collectively, the Palo Verde Project). Edl-Al'Id"'"I*F--The Authority entered into an agreement dated as As of July 1,1981, ten participants had entered into power sales f December 17,1991 to acquire a 67.92% interest in the Mead-contracts with the Authority to purchase the Authoritv's share of Adelanto Project (MA), a transmission line extending between the PVNGS capacity and energy. Units 1,2 and 3 of the Palo Verde Adelanto substation in Southern Cahfornia and the Marketplace sub-Project began commercial operations in January 1986 September station in Nevada.The Authority has entered into transmission service 1986, and January 1988, respectiveh. c ntracts for the entire capability of its interest with nine members of the Authority on a "take or pay" basis. In addition, the Authority has Simthem Dansmissen System Pmycr-The Authority, pursuant to an agree- administrative responsibility fbr accounting thr the separate ownership ment dated as of May 1,1983 with the Intermountam Power Agency interea in the project by WAPA, who is pnwiding separate funding (IPA), has made payments-in-aid of construction to !PA to defray all ($17,088,0(X) at June 30,1997 and 1996) (br its in crest. Funding the costs of acquisition and construction of the SouthernTransmission was pnwided by a transfer of fbnds from the Multipl Project Fund System Project (STS), which pnwides (br the transmission of energy (Note 4). Commercial operations conunenced in April 1996. LADWP from the Intermountair. Generating Station in Utah to Southern serves as Imth construction manager and operations ma uger. El $ 1 P_PZAl
5fulupk Pnya f uni- During 6 scal yrar 1990, the Authority issued ex}vnse of the statement of operations. Each imner of the jointly- ! Multiple Project Revenue Ikmds for net proceeds of approximately owned projects is required to pnwide their own financing. SNm nullion to pnwide funds to finance costs of construaion and acquisinon of ownership interests or capacav rights in one or more f"I"Y Pld"' - The Autimrity's share of all expendaures, induJing then unspecified projects for the generation or transmission of electric general admmistratne anJ other ostrhead expenses payments-in-aid of construction, mterest net of related investment income, deferred cost ene g., In August 1992, the Authority's Ikurd of Directors appnned a res-
"""" "" '"d 'h' Idi' '3I"# I5' imer generawd and delivered to olution authorizing the use of certain proceeds of hiultiple Pmject the paniapants an capita! Led as unhty plant construction work in Revenue Bonds to finance the Authority's ownership interests in the P*R" """1 a faahty annnwnes conunnaal operanon.
MeaJ-Phoenn and Mead-Adelanto projects.Transfirs made from the 'I he Authority's share of construction and betterment costs associ-Muhiple Project Fund are sufficient to pnnide for the Authorit A share awd w nh PVNGS is induJed as utdity plant. Depreciation expense is of the estimated costs of acquisition ami construct;on of th'ese two computed using the straight-line method based on the estimated projects, induding reimbursement of planning development and other senice hfi of thinpfiw yrats. Nudear fuel is amortiecd and charged related costs.
- C*P'"',e on the basis of actual thermal energy produced relative to total thermal energy expected to be produced owr the hfe of the fuel.
San Juan Pryut - Effective July 1,1993, the Authority purduscJ a Under the pnwisions of the Nuclear Waste Pohey Act of 1982. the 41.80% interest in Unit 3. a 488 megawatt unit and related common Authority is charged one null per kilowatt-bour, by the federal ginrrn-facihties, of the San Juan Generating Station (SJGS) from Century ment, on its share of electriary produced by PVNGS, and such fimds Pimrr Corporation. Unit 3 is one unit of a fbur-unit coal-fired will eventually be utilized by the federal genrrnment to pnwide lbr power generating station in New hicxico.The Authority alh>cated the PVNGS' nudcar waste disposal.The Authority records this charge as a
$193 milhon purchase pric- to the estimated fair value of the utihty current yrar expense. l plant ($190 million) and to materials and supplies ($3 milhon). The The Authority's share of construction and betterment costs associ-purchase has been financed through the issuance of appnuimately aied with STS hip, MA and SJGS are included as unhry plant. , $237 milhon (par value) of San Jtun Project Revenue 1 onJs. The Depreciation expense is computed using the . straight-line method based l Authority has entered mto pimer sales contracts (br the entire capa- on the estimated service lives, pnneipally thirty-five years for STS, h1A bihty of its interest with five members of the Authority on a "take or and h1P and twenty-one years Ihr SJGS.
pay" basis. Interest costs incurred by the MP and hiA projects through the date commercial operations commenced (April 1996) are capitahzed as Proym'SuMuanon f und -. In fiscal 1997 the Authority authori/cd the mihty plant. Interest costs capir lieed in fiscal 1996 were $11,827 000 ctration of a Projects' Stabih/ation Fund. Deposits may be made int for 5 MA project and $3hl 000 lbr the MP project. I the fund from budget under-runs, after authorization of indnidual par-ticipants. and by direct contributions from the participants. Alanusfor Capaaty and _ng - Advance payments to USBR lbr the Participants have discretion our the use of their deposits to pay costs uprating of the 17 g scramrs at the Hoiwer Power Plant are induded and expenses of Authonty rdated projects.This fbnd is not a project- in aJvances ihr capacity and energy.These advances are being reduced related fund, therefore, it is not gswerned by any project Indenture of by the pnncipal portion of the credas on billings to the Authority for Trust. energy and capacity. L&ar lhemnnmonmg - Decommissioning of PVNGS is projected to Note 3 - Summary Of Significant Accounting Policies: commence subsequent to the year 2022. Based upon an updated study The financial statements of the Authority are presented in conformity performed by an independent engineering firm. the Authority's share of the estimated deconunissioning costs is $85.5 million in 1995 dollars ? with generally accepted accounting pnnciples, and substantially in confbrmity with accounting principles ptrsenbed by the Federal ($390 million in 2022 dollars assuming a 6% esumated annual infla. Energy Regulatory Commission and the Cahtbrnia Public Unhties tion rate). The Authority is pnwiding fhr its share of the estimated Commission.The Authority is not subject to regulation by either of future decommissioning costs twer the remaining hfe of the nuclear these regulatory bodies, pmer plant (25 to 27 years) through annual charges to expense which The Authority complies with all applicable pronouncements of the amounted to $11.6 million and $12.5 million in fiscal 1997 and 1996, Gowrnmental Accounting Standards Board (G ASB). In accordance respectively.The decommissioning liabihty is indudcJ as a component with GASB Statement No. 20, " Accounting and Financi;d Reporting of accumulated depreciation and was $99.7 million and $88.1 million , ihr Proprietary 1:unds and Other Giwernmental Entities That Use at June 30,1997 and 1996, respecti.cly. Pmprietary Fund Accounting," the Authority also comphes with A Deconunissioning Fund has been established and partially Ibnded authoritative pronouncements applicabic to nongovernmental entities at $43.9 million at June 30,1997.The Decommissioning Fund earned (i.e., Financial Account;ng Standards Board statements) which do not interest income of $2,690.000 and $1.341,000 during fiscal 1997 and conflict with GASB pronouncements. 1996, respectively. The financial statements represent the Authority's share in each jointiv-owned project. The Authonty's share of direct cycnses of "f" """ """""#"- Demohnon and sne ud.un.ubn of W winch inmlws wenng the sac to a inen" condaion which existed jointl'-owned y projects are mdaded 'in the correspondmg operating l SCPPA M l i i
prior to S]GS construction. is projected to commence subsequent to the years thereafter.The Authority made a payment of $3.8 million at the year 2014. Ibsed u;un a study pedormed by an independent enginecr- end of the initial rebate period during fiscal year 1995.The next rebate ing firm, the Authority's slure of the estimated denwhtion and site payment io the IRS is due in fiscal year 20tX). As of June 30,1997 and reclamation costs is $18.7 million in 1992 dollars ($65.3 million in 1996 the Authority had no liability relating to Arbitrage Rebate. 2014 dollars using a 6 stimated annualinflation rate).The Authority M*f'""*"5 - Certain reclassifications have been made in the fiscal is pnwiding for its share of the estimated future demolition costs our year 1996 financial uatements to confonn to the 6 scal year 1997 the remaining hfe of the power plant (18 years) through annual clurges presentanon. to ex[vnse of $3.1 milhon. The demolition liabihty is included as a com;unent of accumulated depreciation and was $12.5 million and y,yj g,,,,,,5 -The preparation of 6nancial staicments in conformity
$9.3 million at June 30,1997 and 1996, respectively, with perMly xcepted accounting principles requires management to As of June 30,1997, the Authority has not billed participants for nu estinutes and assumptions that affect the reported amounts of the cost of demolition nor has it established a demolition fund. assets and liabihties and disclosure of contingent assets and liabilities t the date of the Gnancial statements and the reported amounts of Unamorturd IMt Expus - Unamortized debt issue costs, including the rnenues and expenses during the reporting period. Actual results could loss on refundings, are being amortiecd over the shorter of the terms differ from those estinutes.
of the respective issues or the remaining terms of ,he bonds refunded, and are reported net of accumulated amortization. Total deferred loss on reflindinb's, net of accumulated amortization, was $395,095,(XX) Note 3 - Special Funds: and $378,070,(XX) at June 30,1997 and 1996, respectively. The ik>nd Indentures f.or the six projects and the Multiple Project Fund require the following special funds to be estabbshed to account for Inwstments - Investments include United States Gwernment and governmental agency securitics and teputduse agreements which are the Authority} receipts and disbursements.The moneys and investments held in these funds are restricted in use to the purposes stipulated in the collaterahzed by such securities. Additionally, the Mead-Phoenix Ikind indentures. A sumnury of these funds folk)ws: Project, the Mead-Adelanto Project and the Multiple Project Fund's investments are comprised of an investment agreement with a financial t mstitution eatmng a guaranteed rate of return. The Southern G,nstnicnon To Jntone fana for the acqmsaum and cormtructam of
. Transmission b.ystem Project has debt senice reserve funds associated 3 p,y l
with the 1991 anJ 1992 Subordinate Refunding Series Ikinds invested Debt Service .lo pay minnt and pnnapal relawd to the Revemw lbna. with a f.mancul institution under a specific investment agreement Revenue To mmally recnve all rnenues and Jnimne them to other alkmed under the Ikind Indenture earning a guaranteed rate of return. fa Investments available for sale are carried at aggregate fair value and To pay operanng eqwnset Operanng clunges in unreali/cd net gains or losses are recorded separatch'. ' Rewrve and To pay capual unpnwements anJ make up Jeficwnce m Imestments are reduced to estimated net realizable value when neces- g,nn, 34,3 saO for declines in value considered to be other than temIera9. Gains G ncral Rncrve .l.o make up any Jcficwncws m other fimA. and losses realized on the sale of investments are generally determined lo Jnturw funa lbr the cosi of acqumnon of capaarv. AJunce 1%nwnra using the specific identification method. As discussed in Note 3, all of
" ^**"' """ ""* 'E*' ' " "I
the investments are restricted as to their use. Pn9ut Revenue Knxit thrnmp Account To reenvc mvntment earnmp on the Mulople Pnyect Cad and Od fpwaltnu - Cash and cash equivalents mclude cash and R*""' h"*k all investments with origmal maturities less than 90 days. _ Revolvmg i und Ib pay the Auehanryk operanng ripenset Stmmc5 - Revenues consist of billings to participants for the s alte of Decomnunmnmg Lund To accumulate funa related to tlw future JccomnuNnmg electric energy and of transmission service in accordance with th pir- of PWh ticipation agreements. Generally, revenues are fixed at a level to reco"cr I sur i und To mmally recnvc pledgd revenun anocutcJ wuh ilw all operating and debt service costs over the cornmercial life of tht applicable sutordnuicd refundmg senes'inJenture of Tnur and pay the ulatcJ mnw .md pnnard property (see Note 6). ikn= account . To mmally reenvc picJgd revenun awocured wuh Ikht Lpenst - Dcht expense includes inte' at on debt and the amorti- %Ivedmate Component 3 of the NO SuivrJmarc RcfimJmg Cn%wer RefunJmg Senn'Indenmrc of Tnnt and pay the ut. uni mrcrnt zation of bond discounts, debt issuance expense and loss on refunding Cnw=n Senn and pnnapal costs. Acqumnon Account To A.imrw tima for ilw acqumnon and construction of ilw or Prva 1:und Mod-Phoenn. MeaJ-AJelanto and San Juan pnyas Arbitrqr Rdaft- A rebate payable to the internal Revenue Service (IRS) results from the investment of the proceeds from the Mult iple Pmject Surgus l umi lo make up anv defiacnon m oJwr runa of ti, Meaa AdeLnto and Mead Phorna prnets. Revenue Ikmd offering in a taxable financial instrument that vicids a biglict' fate of tute!vst income than tbc cost of the associated [unds. All of the funds listed above, except ihr the Rcrolving Fund, are The excess of interest income over costs is payable to the IRS within held by the respective trustecs. fke years of the date of the bond offering and each consecutive five m W M A!
l blo Ur4 Prgut - The balances of the funds required by the Ibnd Ihr Urratmg Pnya -The balances in the special funds required by the l Indenture are as folkws, in thousands: Ibnd Indenture are as folkws, in thousands: l Hm 5,,n m f iw7 tw6 tw7 Im j Amant,ard im Amswd im A.newd f a, A,mnewd In t Gw un ( mi un Gw un Gw \h i Drbi kena Furd . , Operatmg -Workmg Capual l und $ 1.724 $ l.721 $ 804 5 804 [%t Sernce Account $ 42.377 $ 41,695 $ SlJ86 $ 51,394 Nw &rnce Fund - ! i [We Scrnce Rcwrw Account 67,317 67.332 74.420 74.160 Debt Service Accmuu 753 753 2,390 2J90 Rcwenn Fund 1 1 5 5 (Mt &rnce Reserw Account 3.12 6 .,081 3.122 3.121 Operasing Find 25.812 25,830 20.130 20.134 Grnnal Rewrve I sud 1.871 1.845 5.318 5J16 j Rewrw ard Conrmgency Fund 24.911 24.982 25.924 26.107 Rcvolvuy Fund 15 15 - - _ J Ikcommimonmg Trust Fund 44399 44.418 34131 33.740
$ 7.489 $ 7.415 $ 11.634 $ 11.631
- l. sue fund 24.912 24,738 13,026 13,026 U""""'I"'*""";
i Rrvulvmg Fu xl 52 52 45 45 Wuhm one pu $ 7.489 $ 7,415
$229.781 $229.048 $219fb7 $ 218.611 l ' Contractual nutuntics:
Witlun one yen $ 80.473 $ 81.458 1 After my pu duuugh live yens 136,250 134.524 In addition, at June 30,1997 and 1996, the Authority had advances l Atin rive pm thnmgh ten yean 3.238 3.246 to USBR of $24,526,000 and $25,183,000, respectively. J Atier een pan 9.820 9.820
$ 229.781 $229.048 3ftad-Phwmx Pmjut -The balances in the special funds trquired by the Ibnd Indenture are as folkus, in thousands: ,
i Southern Transmisswn System Pwpa - The balances in the special funds l un w' , l required by the Bond Indenture are as follows, in thousands: iw i. ; A.c.a tm Aom a tm 1 lwn m Gw \h Gw un !
'# '" $ 12,830 $ 12,571 n., Acqumton Accoime $ 12.830 $ 12.571 A m. a tm 4.c.a nw u, n,, u, [%t &rvice Furd -
, g ,, g , IWe krnce Accourn 2.904 2,9N 4.976 4.967 4 rna cwne Au unt 6.132 6,132 6.133 6d33 l Inuiallacihews Account $ 246 $ 246 $ 235 5 235 1 Debt krnce Fund - nnnwFund - - 64 64 l IMt Scrvicc Account 2.587 2.587 21.921 21.896 Opnanng Fund N N W M IMt krvice Rcwrw Accmuu 21,339 21J79 86.220 86,189 b"'P"'I""d I 88 88 ~ - nng i und 4 4 6 6 r Operanng Fund 6.545 6.545 6.015 6J107 Cwirral Rncrw I und i1,772 11.772 '194 4.194 5 22.037 $ 22.037 $ 23.989 $ 23.980 l bur Fund 128.000 129 031 024 76.794 Contractual matuntes: Escrow Account . Sulcrdmate Wuhm one pu $ 2.763 $ 3.451 Refurdmg Cnmeer Series 15,439 15.484 346,474 343.903 Afin one year through five yean l Revolving Fund 15 15 15 15 After ten years 19.274 18.586
$185.943 $ 187.059 $542 098 $539.233 $ 22.037 5 22.037 I Contruttud matuntws:
Wuhm one pu $ 62,972 $ 63.412 l 3ffaj-Adlanto Prnut -The balances in the special funds required by the j After one year thrrmgh five yens 28.819 28.402 After live yens thnmgh ten yens 43,031 44.123 In h r u O's b hmE , After ten pas 51.121 51.122 9, m
$ 185.943 $ 187.059 I"' 3*
A,mnewd Fm A.med im Gw un G= un In addition, at June 30,1997 and 1996, the Authority had non- Z. ,,,,, g,,,,,, g 39,333 g 39,337 3 33,979 g 33,979 l intetrst bearing advances outstanding to IPA of $11,550,000 and [wi sernu Fund - I- IMt Servi Aummt 8,322 8322 15,166
$19,550,000, respectively, 15.194 l%: krvice Rewrve Account 16.865 16.865 16.865 16.865 Revenue l'und - - 71 71 Operanng Fund - - 264 264 Sirplus Fund 88 88 - -
i Revolvmg Fund 4 4 6 6
$ 64.665 $ 64.666 $ 69379 $ 69351 Conirutual mamntro j Wuhm one year $ 4.230 $ 6.287 After oir year through five yem 3.349 3.349 Atier ten yem 57.086 51030
$ 64.665 $ 64.666
~
[S C P PfA. E l
l 4 mInf,lc />9ut l'und JI he balances in the special funds rntuired by the the Authonty payabic solely from and secured solely by (1) proceeds ik>nd indenture are as fblkws, in thousands: from the sale of bonds, (2) all rnenues, incomes, rents and receipts attributable to the Palo Verde Project (see Note 6) and interest on ali
~-
moneys or securities (other than in the Construction I:und) held pur-
.-a n, &,--a o,,
4 suant to the Bond Indenture and (3) all funds cuablished b) the Ibnd o., u. u u., Indenture
- I'naced= Anonni $256,903 52563A)3 $2 s6.830 $256,830 5.237 5.2 17 3.278 3.278 At the option of the Authority, all outstandtng Power Project Ikrnmgs Aasunt RC'C""# Ih"d5 and Subordinate RefundmgTerm ikands are subject to 5262.140 s 262.14o 52suod 52uuos wdernpoon prior to matunty, acept for the 1996 Subordinate ninuunut m non, 5262.HO $262.40 Refunding Series A and portions of the 1989A,1992A,1992B and Ahn n n yrm 1993A Series bonds which are not redeemable.
The Ibnd indenture requires nundatory sinking fiind instaffments San han 1%ut - The balances in the special funds n quired by the Ibnd Indenture are as follows, in thousands: to be nude bepnning in fncal >w 2n)3 (1986 Snies A Ibnds and 1987 Series A lbnds),2005 (1989 Series A lbnds),2010 (1993 Series
*" A lbnds), and 2008 (1996 Subordinate Refunding Series B). Scheduled 4,,,,,d ~ i n 4,,-, [ T7 principal maturities ihr the Palohle Project during the five fiscal years o, vu o," "- fbl!owing June 30,1997 are $28.570fxX) in 1998, $30,1951X)0 in Operanng Aummt 5 1.932 $ 1.932 5 1.238 5 1.238 1999, $32.(40.00) in 2R X), $33.815.000 in 2001 and $34.765,000 in 2
Iwi.is m eiuna. ss 35 52 52[ 2W2. He avnage inwas rate on outuanding Mn during fiscal year 1997 and 1996 was 5.2% and 5.8% respectively. Debt Nrnce Auount 9,088 9,068 8.f07 8.597 Iktn krnce Reserve Aumma IA026 IA026 18.031 18D31 Sent hannnen .%n @ut -Tb f nance paymemsdn-ad of con-Reserve and Commgwy 15.455 15.452 13.377 13.381 struc; ion to IPA for construction of the STS. the Authority issued Revolvmg 10 10 Transmission Project Revenue Ibnds pursuant to the Authority's
$ 4s.07i 5 4sar.8 5 41.787 5 41.783 Indenture of Trust dated as of May 1,1983 (Senior Indenture), as conuacnut mamnio amended and supplemented. The Authority also has issued and has
( wnhin on, ye, 5 12n84 s 12.183 outstanding Transmission Project Revenue Ibnds 1991 and 1992 Afier one yra through the ycx, 14.961 14.859 Subordinate Refunding Series issued under indentures of Trust dated Ann un yrm 18D26 _l8 026 as of March 1,1991 and June 1,1992, respectivelv.The 1991 and 1992 5 4sn7: 54%8 subordinated bonds were issued to advance refim[i certain lunds previ- ! ously issued under the Senior Indenture. l l'rejuristalulcaten lund - At jun- 30,1997, the Projects' Stabihzation Tk bond indentures provide that the Revenue Bonds and l Fund invesanents had amortiecd cost and fair value of $14.986.000 the Subordinate Refunding' Series Ibnds shall be special, limited oblig-and $14.871,000, respectisely. All contractual nuturities are within one aions of the Authority payable solely from and secured solely l$y FC"' (1) proceeds fmm the sale of bonds (2) all revenues, incomes. rents and l receipts attributable to STS (see Note 6) and intenst on all moneys or l' qui irnestment Sah -There were no proceeds fiom sales of invest _ l ments during fiscal 1997 or 1996. mities (otha than in the Construction Fund) held pursuant to the l Bond indenture and (3) all funds estabhshed by the Ibnd Indenture. At the option of the Authority, all outstanding Tiansmission Note 4 - Long-term Debt: Project Revenue and Refimding Bonds are subject to redemption prior Reference is made below to the Combined Schedule of Long-term to nuturity. ncept fbr the 1996 Subordinate Refbndmg Series A which Debt at June 30.1997 for detads related to all of the Authority's out- is not redeemable. st ndmg innds. The Bond Indenture requires mandatory sinking fimd installments to be made beginning in fiscal year 2019 (for the 1996 Series B Bonds). Iblo lirle Pnyut -To finance the purchase and construction of the Scheduled principal maturities fbr STS during the five fiscal years fbl-Authorit/s share of the P26 ble Project, the Authority issued Power lowing June 30.1997 are $21,360,000 in 1998, $21,970.RK) in 1999 Project Revenue Ibnds > ..suant to the Authority's Indenture of Trust $23,l'10.000 in 2000, $24.455 mx) in 2001 and $26.040,NO in dated as of July 1,1981 (Senior Indenture), as amended and supple- 2002.The unage imnea rac on omaanding debt dming fiscal ycx ' mented. The Authority also has issued and has outstanding Ibwer 1997 and 1996 was 5.1% and 5.6% respectiv Iv. ' Project Subordinate Reibndmg Series Ibnds issued under an Indenture of Trust dated as of January 1,1993 (Suborthnate Indenture). The Hwr Gratmg Pnyut - To finance advance payments to USBR lbr Subordinate Refbnding lbnds were issued to advance refund certain application to the costs of the Hoover Uprating Project. the Authority ' bonds previously issued under the Senior indenture. issucJ Hydroelectric Power Project Revenue Ibnds pursuant to the The bond mdentures pr wide that the Res enue Ibnds and Authority's indenture of Tiust dated as of March 1,1986 (Ibnd Subordinate Refunding Ibnds shall be special, hmited obligations of Indenture). 1 I N ,$'ClP_P Ai
l i l l The Ikoi Indentutt pnwides that the Revenue Ibnds shall be re- outstanding $51.835.m10 of hiead-l%enix Revenue Ibnds under an i cial, hmited obligations of the Authonry payable solely from and Indenture of Trust dated as of January 1,1994 (ibnd Indenture). The i secured solely by (1) the proceeds fn>m the sale of C bonds. (2) all proceeds from the Restnue IbnJs, together with drawdowns from I revenues fnnn sales of energy to participants (see Nott a), (3) interest the 1)ebt Service I und and Project Acquisition Fund, wrte used to or other receipts derived from any moneys or securities held pursuant advance refund $64.840JKX) of the Niuluple Project Resenue Ibnds to the Ibnd Indereure and (4) all funds estabbshed by the Ibnd previously tramferred to the hicaJ-Phoenix Pn> ject, indenture (except for the Interim Adsance Payments Account m the The Ibnd Indenture pnwides tlut the Restnue Ibnds shall be Advance Payments Fund). special, hmited obhgations of the Authonty payable solely fmm, and At ihe option of the Authority, all outstanding i lydroelectric Iber secured solely by,(1) proceeds from the sale of bonds, (2) all revenues, Project Revenue Ibnds are subject to redemption pnor to maturity. incomes, rents and receipts attributable to Mead-Phoenix (see Note 6) l The Ibnd indenture requires inandatory sinking fund installments and mterest on all monep or securines and (3) all funds established by j to be nude beginning in fiscal year 2007 for the 1991 Series A lbnds the Ibnd Indenture. i nuturing on Octobet 1,2010 anJ fiscal year 2011 for the 1991 Series At the option of the Authonty, all outstandmg Nicad-Phoenix A lbnJs maturing on October 1,2017. Scheduled principal maturities Resenue Ibnds are subject to redemption prior to maturity. for the Iloover Uprating Project dunng the five fiscal years following The Ibnd Indenture requires mandatory sinking fund installments June 30,1997 air $515jXX) in 1998, $5501kX) m 1999, $580,0X) to be inade beginning in fiscal 3rar 2018 for the 1994 Series Ibnds. in 2mn), $615/XX) in 2001 and $650,000 in 20)2. The average The first scheduled principal nutt.nties thr the Nicad-Phoenix Revenue i interest rate on outstandmg debt during fiscal yrar 1997 and 1996 was Ibnd.s for fiscal years fbliowing June 30,1997 are $2.160fKK)in 2aX), ) 6.2% and 6.8%, respectively. $2.3201X)0 in 2001 and $2,480.WX)in 2002.The average interest rate 1)uring fiscal 1997, the Authority rcJecmed $3,565J100 of out- on outstanding debt during tiscal yrar 1997 and 1996 was 6.3% standing iipiroclectric Power Project Revenue Ibnds with funds in the Debt Service Fund. Af<divlMa* Pnyut -To finance the Authority's ownership interest in the estimated cost of the project, $285,0101X10 of the hiuhiple 3fulnple Pnyut f,md 'lo finance costs of construction and acquisi- Project Revenue Ibnds wrre transferred to the hicad-Adelanto Project tion of ownership interests or capacity rights in one or moir projects in October 1992. In hiarch 1994, the Authority issued and has out-expected to be undertaken within five years after issum.cc, the Authority standmg $173,955AXX) of NicaJ-Adelanto Revenue Ibnds und r an issued hiuhiple Pmject Revenue Ibnds pursuant to the Authority's Indenture of Trust dared as of January 1,1994 (Ibnd Indenture).The Indenture of Trust dated as of August 1,1989 (Ibnd Indenture), as proceeds of the Revenue Bonds, together with drawdowns from the amended and supplemented. Debt Service Fund and Project Acquisition Fund, were used to advance The Ibnd Indenture provides that the Revenue Ibnds shall be refund $178,310ax) of the hiulople Project Revenue Ibnds previ-special. limited obhgations of the Authority payable solely from, and ously transferred to the hiead-Adelanto Project. l 3ecured solely by,(l) proceeds from the sale of bonds,(2) with respect The Ibnd Indenture provides that the Revenue Ibnds shall be to each authoriecd project, the revenues of such authori/ed project, and special, limited obligations of the Authority payable solely from, and (3) all funds estabhshed by the Ibnd Indenruir. securcJ solely by (1) proceeds from the sale of Imnds, (2) all revenues, in October 1992, $103,640J100 and $285,010J100 of the incomes, rents and receipts attributable to hicad-Adelanto (see Note 6) l hiuhiple Project Revenue IbnJs were transferred to the Nicad-Phoenix and interest on all moneys or securities and (3) all funds established by Project and the hicad-Adelanto Project, respectively, to finance the the Ibnd Indenture. l estimated costs of acquisition and construction of the projects. At the option of the Authonty, all outstanding Nicad-Adelanto A total of $153,500,000 of the outstanding hiultiple Project Revenue Ibnds are subject to redemption prior to matunty. Revenue IbnJs are not subject to redemption prior to maturity. At The Ibnd Indenture requires mandatory sinking fund installments the option of the Authonty, the balance of the outstandmg bonds are to be made beginning in fiscal year 2018 for the 1996 Series Ibnds. subject to redemption prior to maturity. The first schedulcJ principal maturities for the hicad-Adelanto The Ibnd indenture requires nundato7 inking timd installments Revenue Ibnds lbr fiscal years fbliowing June 30,1997 are $5.940.000 to be made beginning in fiscal year 2006 for the 1969 Series IbnJs. in 20G), $6,380AXX) in 2001 and $6.8201)00 in 2002.The average The first scheduled principal maturities for the hiultiple Proicci interest rate on outstandmg debt during fiscal year 1997 and 1996 was Revenue Ibnds fbr fisc.d years followmg June 30,1997 are $5.400,000 5.6 % in 20m), $5,800,000 m 2001 and $6,200J00 in 2002.The aserage ~ interest rate on outstandmg debt during fiscal year 1097 and 1996 was sm / nan Pnyut - Ib finance the costs of acquisition of an ownership I 6.4 % interest in Unit 3 of the SJGS. the Authority issued San Juan Project I Revenue Ibnds pursuant to the Authority's Indenture of Trust datcJ as l 3feal-Nmx Pnyut -To finance the Authority's ownership interest in of January 1.1993 (Ibnd Indenture). the estimated cost of the project, $103,6401XX) of the hjultiple The Ibnd Indenture provides that the Resenue Ibnds shall be Project Revenue Ibnds were transferred to the hicad-Phoenix Project special. hmited obhgations of the Authority payable solely from, and in October 1992. In hiarch 1994, the Authonty issucJ and has secured solely by, (1) proceeds from the sale of bonds,(2) all revenues.
- S_C P P.A @
incomes, rents and receipts attnbutable to San Jum (see Note 6) and Series B Ibnds to refund $18,555,000 and $40,315.aU of previously inter st on all moneys or securities and (3) all funds established by the issued Palo Verde 1986 Refunding Series B and 1987 Refimdmg Ibnd Indenture. Series A lbnds, respectively.The refunding is expected to reduce total At the option of the Authority, all outstanding San Juan Project debt service papnents over the next 13 years by approximately Revenue Ibnds are subject to redemption prior to maturity. $50,967,000(the difTerence between the debt service payments on the The Ibnd indenture requires mandatory sinking fund installments old and new debt) and is expected to result in a net present value to be made beginning in fiscal year 2012 for the 1993 Series A lbnds. savings of approximately $29,537,000. The scheduled principal maturities for the San Juan Project Revenue On July 1,1995, the crossmer date fi>r the Palo Verde Special ibnds during the five fiscal years following June 30,1997 are Obligation Bonds Series A, trust assets in escrow of $7,131,000 were
$6,275,00 in 1998, $6,540,000 in 1999, $6,825,000 in 2000, used to advance refund $7,125,000 of previously issued bonds.
57,140,000 in 2001 and $7,480,000 in 2002.The average interest rate in March 1994, the Authonty issued $51,835,000 of Mead-on outstandmg debt during fiscal year 1997 and 1996 was 5.3%. Phoenix Project Revenue Ibnds and $173,955,0(U of Mead-Adelanto Project Rnenue 11onds to refund $243,150,000 of previously issued Refwdmg lbnh - In July 1992, the Authority issued $475,000.000 Multiple Project Revenue Ibnds which were transferred to the Mead-of Southern Transmission Project Revenue Ibnds to refund Phenix and Mead-Adelanto projects during fiscal year 1993. The
$385,385,00 of prniously issued bonds. Principal and interest with iM mfunding of 6 origimi issue within five years of its issuance respect to the 1992 bonds were allocated into four separate comp - triggered a recalculation of the arbitrage yield. The recalculation nents. Each of components 1,2 and 3 were secured by, and payable usulted m a higher ubirrage yield which reduced the rebate liability of from, investments in its esemw fi nd until scheduled crossover dates.
& Aahority. At June 30,1997, cumulative savings due to the rebate Component 4 proceeds of $14,100,000 were used to advance reflind calculation amounted to $7,345,000. This amount was allocated approximately $9,000,R)0 of bonds in fiscal year 1993. On the $1,959,000 and $5,386,000 to the Mead-Phoenix and Mead-Adelanto Component 1 Crossover date (January 1,1994), Component 1 proceeds Projects, respectively, and is recorded as accounts receivable in the of $13,959,000 were used in fiscal 1994 to advance refimd accompanying combined balance sheet.
$13.455,000 of previously issued bonds. On the Component 2 AtJune 30,1997 and 1996, the aggregate amount of debt in Crossover date (January 1,1995), Component 2 proceeds of Al projects considered to be defcased was $3,543,995,000 and
$5,519,000 were used in fiscal 1995 to advance refimd $5,335,000 of
$3,535,075,000, respectively.'
previously issued lends. On the Component 3 Crossover date (July 1, 1996), Con.ponent 3 proceeds of $321.069,000 were used in fiscal hamst Rate Swup - In fiscal year 1991, the Authority entered into an 1997 to advance refimd $313.050,000 of previously issued bonds. Interest Rate Swap agreement with a third paety for the purpose of In September 1996, the Authority issued $42,245,000 of Southern hedging against interest rate fluctuatin,s arising from the issuance of Transmission Project Revenue Bonds,1996 Subordinate Refundmg the Southern Transmission Project k e Ibnds,1991 Subordinate Series A and $121,065,000 of SouthernTransmission Project Revenue Refunding Series as variable rate oblipm The notional amount of Ibnds,1996 Subordinate Refunding Series B to reftmd $68,720,000 the Swap Agreement is equal to the ;r value of the bond and $127,R10,000 of the STS 1986 Refundmg Series A and '3, respec- ($291,000,000 and $291,700,000 at June o0,1997 and 1996, respec-tively.The refunding is expected to reduce total iebt senice payn.ents tively). The Swap Agreement provides for the Authority to make over the next 26 years by approximately $125,382,000 (the difference pavments to the third party on a fixed rate basis at 6.38%, and for the between the debt service payments on the old and new debt) and is third party to make reciprocal payments based on a variable rate basis expected to result in a net present value savings of approximately (3.9% and 3.1% at June 30,1997 and 1996, respectively).The Exmds
$32,526,000. mature in 2019.
In January 1992, $70,680,000 of Palo Verde 7pecial Obligation Crossover Series Ibnds, were issued, the proceeds of which were placed in an irrevocable trust to redeem $69.125,000 of previously issued bonds. On July 1,1996, trust assets held in escrow of $63,415,000 were used to advance refund $62.000,000 of previously issued bonds. In August 1996, the Authority issued $89,570,000 of Palo Verde 1996 Subordinate Refundmg Scries C bonds to refund $95,015,000 of 1986 Reftmding Series B bonds.The refimding is expected to reduce total debt service payments mer the next 20 yrars by approximately l $24,713,000 (the difference between the debt service payments on the ( old and new debt) and is expected to result in a nei present value sav-1 ings of approximately $16,955,000. In April 1996, the Authority issued $152,905,000 of Palo Verde 1996 Subordinate Refimding Series A lbnds to refund $163.355,000 of previously issued Palo Verde 1987 Refimding Series A lbnds and issued $58,870,000 of Palo Verde 1996 Subordinate Refunding M $ 1 P_P AJ
COMBINED SCHEDULE OF L'"iG TERM DEDT AT JUNE 30,19: 7 (la rkm.L> lue trane kf.way on Pnya hrs 4 54 Intewa R.a HvI Tal Vnswiyal Pak,Verdr 1%yect Revenue and Hrfundmg Ih4 1986A 03/13/86 82% 1997 co 2006 5 7.765 1987A 02/11/87 6.9% 1997 to 2017 40.140 1989A 02/15/89 7.2'E 1997 to 2015 281.585 1992A 01/01/92 61y% 1997 to 2010 7.155 19928 01/01/92 6HL 1997 to 20tb 63.415 1992C 01/01/92 6.0% 1917 to 2010 10.635 199 h b 03/01/93 5.5% 1997 to 2017 98.200 1993A 03/01/93 5.5% 1997 to 2017 2M,710 1996A 02/13/96 4.4% 1997 o 2017 152.905 19968 02/29/96 4.4% 1997 to 2017 58.870 19%C 08/22/96 42% 20l6 to 2017 89.570 1.078.950 Nuntwrn Ir.umnuwon Spirm ikyrct Revenue and Rchalmg iknb 1988A 11/22/M 7.2% 1997 to 2015 154.085 1991A N/17/91 6.4% 2019 291.000 1992 Comp 1. 2. 4 07/20/92 61% 1997 to 2021 35.705 1992 Comp 3 07/20/92 6.1% 1997 to 2021 423.559 1993A 07/01/93 5.4% 1997 to 2023 119.940 i 1996A 09/12/96 49% 1997 to 2006 42.245 l l 1996B 09/12/96 4.3% 2011to 2023 1211 5 5 l l 1.187,599 1 1 Herr Upratmg Pnyect Revenue and l I Refinhng iknb PMI 08/01/91 6.2% 1997 to 2017 31.005 Mulople Pnneci Revenue the l Mead Pluwmx Pnyect 1989 01/04/90 7.1% 1999 to 2013 38.800 Mead-AJ<lanio Pnyect 1989 01/04/90 7.1% 1999 to 2013 106.700 Muluple Pnvct 1989 Ol/N/90 7.1% 1999 to 202C 259.hk) 404Rx) Mead Pixwmx Project Revenue the 1994A 03/01/94 5.3% 2(116 to 2020 51.835 MealAdelanto Pnyect Revenue lhe 1994A 03/01/94 53% 2006 to 2020 173=955 San Juan Pngect Re snue Iknb 1993 06/01/93 5.6% 1997 to 2020 231.340 Total prmey al amount 3.159.284 linamortued bond diwount: PaloVenic Pnvet (85.229) Sunlwrn Tranmumun System ikyrci (100.362; Hawer Upratmg Pnyeci (3.491) MealPlarms Pngect (4.065) Mca&Addanto Pnnect (12.199) Muluric Pnyrct I:und (15,634) San Juan Pnyect (8.569) hwal unamornnd bond Jiwouni (229.549) long.icrm delv Jur withm one year (56.720) j Lual long-scrm dcht, net 5 2.873.015 l
.% - h.6 M 6 6 paJnt.in nM mw ser uW4 l
l [ $ C. PE P. A' B
l Note 5 - Disclosurn about Fair Value of Financial instmments senice on Transmission Pioject Revenue Ibnds and other debt. TN l The folhaving methods and assmnptions were used to estimate the fair contracts expire in 2027 and, as long as any Transmission Pmject l value of each class of financial instruments lbr which it is practicable Revenue Ibnds are outstanding, cannot be terminated or amended in to estimate that value: any manner which willimpair or adversely afTect the rights of the bond-bokiers. l Cash and <a3h cyu,wi<nts - The carrying value approximates fair value In March iW6, the Authority entered into Pwer sales contracts because of the short maturity of those insnaments widi six panicipants of the F LSer Upreting Project (see Note 1). Under the terms of the contraas, the participants are entitled to capac-Investments /lbumimemng fund /Isrew auewn: - Sardmait Refulng ity and awociated finn energy of the Hawer Uprating Project and are Creserr Sm<s/Crnsewr rurkv auennis - The fair values of investments obligated to make payments on a "take or pay" basis for their propor-are esumated based on quoted market prices foi the same or similar nonate share of opaanng and maintenance expenses and debt service investment s. whether or not the Ilooser Uprating Project or any part thereof has to,g-term debr/Sprnal OMpen Cresseur Smes Ibis /Suberdmat< Refmidmg been completed, is operating or n operabic, or its senice is suspended, crossever Smes -The fair value of the Authonty's debt is estimated based interfered with, reduced or curtailed or tenninated in whole or in part. on the quoted market prices for the same or simdar issues or on the cur- The contracts expire in 2018, and as long as any Hydmelectric Power rent average rates offered to the Authority for debt of appmximately Project Revenue Ibnds are outstanding, cannot be terminated or l the sar..e remaining matunties. net of the effect of a related interest rate amended in any manner which will impair or adversely affect the rights l swap agreement. of the bondholders. The fair values of the Authority's financialinstrmnents are as follows In August 1992, the Authority entered into transmission senice (in thousands): contracts with nine participants of the Mead-Phoenix Project (see Note 1). Under the terms of the contrans, the participants are entitled w % to transmission service utilizing the Mead-Phoenix Project and are sm-a w An-i u' *., obligated to make payments on a "take or pay" buis for their propor-o,,, u,, o tionate share of operating and maintenance expenses and debt service Cah anJ c wh equwalenn 5 87.37n 1 87.37n 5 173.798 5 173.79t, on the Multiple Project and Mead-Phoenix Revenue Ibnds and other bcniw accoimt Sulionlmaic debt, whether or not the Mead-Phoenix Project or any part thereof has Refundmg Cnmur kne. 15439 15.484 346.468 343.898 been completed, is operating and operable, or its service is suspended, Decommwonmg fund 43.924 43.963 33.865 33.474 nterfered with, reduced or curtaded or terminated in whole or in part, invomwnu 670.711 6U.837 507.831 597.427 The contracts expire in 2030 and, as long as any Multiple Project anJ IwMm Mead-Phoenix Revenue Bonds are outstanding, cannot be terminated Delii 2329,735 1211927 2320735 3.210.790 or amended in any manner which will impair or adversely affect the
%IwJmarc Rehaang
$* # "" "5' Cn e ur 9nes - -
347.3M 385.516 In August 1992, the Authority entered into transmission service op m h tomul comraas with nme participants of the Mead.Adelanto Project (see Ioteganon Note 1). Under the tenns of the contracts, the participants are entitled Cn -rsenn wh - - 6141s 67.739 to transmission service utiliemg the Mead-Adelanto Project and are Cn,- m n mcamn - - 61849 6u49 obligated to make payments on a "take or pay" basis lbr their propor-tionate share of operating anJ maintenance expenses and debt service on the Muhiple Project anJ Mead-Adelanto Revenue Ibnds and other Note 6 - Power Sales and Transmission Serv 6ce Contracts: debt, whether or not the Mead-Adelanto Project or any part thereof The Authonty has power sales contracts with ten participants of the has been completed, is operating and operable, or its service is sus-Palo Verde Project (see Note 1). Under the tenus of the contraas, the pended, interfered with, reduced or curtailed or terminated in whole or participants are entitled to power output fmm the PVNGS and are in part. The contraas expire in 2030 and, as long as anv Multiple obligated to make payments on a "take or pay" basis for their propor- Project and Mead-Adelanto Revenue Ibnds are outstandmA cannot be tionate share of operating and maintenance expenses and debt service tenainated or amended in any manner which will impair or adversely on Power Project Revenue Ibnds and other debt The contraas expire affect the rights of the bondh'olders. in 2030 and, as long as any Power Project Revenue Ibnds are out- In January 1993, the Authority entered into power sales contracts l standing, cannot be terminated or amended in any manner which will I with five parncipants of Unit 3 of the San Juan Project (see Note 1). impair or adversely affict the rights of the bondhokiers. Under the terms of the contracts, the participants are enntled to their l The Authority has transmission senice contraas with sb partici- pmportionate share of the power output of the San Juan Project and I pants of the Southern Transmission System Project (see Note 1)- are obligated to make pavments on a "take or pay" basis for their pro- i Under the terms of the contracts, the participants are entitled to trans- ponionhte share of operanng and maintenance c<penses and debt mission service utilieing the SouthernTransmission System Pmject and service on the San Juan Revenue Ibnds, whether or not Unit 3 of the are obligated to make pavments on a "take or pay" basis fbr their San Juan Projea or any part thereof is operating or operable. or its ser-propornonate share of operating and maintenance expenses and debt vice is suspended. interfered with, reduced or curtailed or terminated in n $1c P.PLAl
- whole or in part..The contracts expire in 2030 and, as long as any independent transmission system established by the legislation.The Bill San Juan Revenue Bonds are outstanding, cannot be terminated or aho mandates the collection of a public benefit charge from all electric amended in any manner which will impair or adversely affect the rights utdity customers in the state. Although these funds (currently estimated of the bondhoklers. at 2.5% of gross rnenues) must be spent on renewable resources, conservation, research and development, or low income rate subsidies, the gmrrning authority of each consumer-owned utility will control Note 7 - Costs Recoverable imm Future BHngs to
Participants:
actual expenditures. Billings to participants are designed to recmyr " costs" as defined by the The Price-Anderson Act (the "Act") requires that all utilities with purr sales and transmission service agreements.The billings are struc- nudear generating facdities share in payment for claims resulting from tured to systematically prmide for debt scryice tequirements, operating a nudcar incident. The Act limits liability from thini-party daims fimds and reserves in acconlance with these agreements. Those to $8.9 billion per incident. Participants in the Palo Verde Nudear expenses, according to generally accepted accounting principles Generating Station currently insure potential claims and liability (GAAP), which are not induJed as " costs" are deferred to such periods through conunercial insurance with a $200 million limit: the remain-when it is intended that they be tecmered through billings for the repay- der of the potential liability is covered by the industry-wide retrospec-ment of pnncipal on related debt. tive assessment program pnwided under the Act.This program limits Costs reemtrable from lhture billings to participants are comprised assessments to $79.3 million for each licensee for each nadear incident of the following (in thousands): occurring at any nudear reactor in the United States; payments under the program are limited to $10 million, per incident, per year. Based
- 9. x sw7 k,x on the Autlioritv's 5.9PL interest in Palo Verde, the Authority would
" ^"" " '
he responsible for a maximum assessment of $4.7 million,lirnited to GAAP iirmont induded m bilhnp to paniemain Eayments of $591,000f#r incident, I,er Irar. Deprecurmn d pl.un $ 397,651 $ 53.156 5 450.807 The Authority is mohed in various legal actions. In the opinion of. Anortuaiam of bed dmcount. management, the owne of such litigation or daims will not have a dat imue cmts, and cost of material effect on the fmancial position of the Authority or the respec-refurdng 268.899 57,968 326.867 tive rate %ds. Nuclear fuel anunuation 19.548 - 19,548 Deconmuunnung expene 82.843 6.702 89.545 Inten,i expense 30,899 9.760 40.668 Note 9 - Restatement of Prior Years Comparative Financial Statements Ibnd miuiremenu included m bilh"P br Qrq Py The Authority has restated prior year compara-tiw financial statements fm the Flower Uprating Pmject to ieflect hr d mainunana, the application of credits on billings to participants fbr energy and net of inmimeni momw (5 8.uls) 03.955) 002.270) cma of aainsaxm 4 caiway - sTs 0 8.350) - 08,350) capacity which reduce advance payments made to USBR (Note 2) in Redxton in dei wma bdhne accordance with Procedures and Practices for the Administration of an, to transfer of exun nmds 67,539 99 67.658 Section 6.5 of the Electric Service Contracts dated June 1996. The efTea of the restatunent on Costs reetwerable from future billings to p pants in the statement oNperadons Me px enMune 3R 5 463.447 s 53.747 5 517.194 1996 is as folknvs (m. thousands): In March 1997, the Palo Venle Project participants appn*cd a %% Project board resolution which instructs the Authority to increase fiscal 1998 and future bilhngs to Palo Verde participants so as to fidly amorti7e the C"' ""* *"' '"* """ K*P '" I"" d P'"'" a prevuuly reponed ($239) current costs recoverable from filture bilh.ngs to participants balance of _
""2 $230,497,000 at June 30,1997 by June 30,2003 and to prevent the lbrther accumulation of costs reemrrable from future billings to Ca@c==Ne fmm)in ex a of furun bilhnp to parucipants as adjusted $ 653 ;
participants, Advances fbr capacity and energy, net and Costs recmtrable from future billings to participants at July 1,1995 have also been increased j Note 8 - Commitments and Contingencies: In September 1996, Assembly Bill 1890 (Bill) was ge m final appnwal. and reduced, respectively, by $14.172,000 to reflect the retmactive efTect l The Bill, whidi pnwides for broad deregtdation of the power generation of the restatement on beginning Advances fbr capacity and energy, net industry in California, requires the participation of the state's imutor. and Costs recmtrable from future billings to participants. owned utilities. Consumer-owned utilities can participate on a voluntary MMP -Tk Moriy b ed prior w copiw basis but must hold public hearings as part of their decision making financial statements thr the Palo Venie Project to reficct amortization process.The Bd!, which was supported by the Authority, authorizes the
. over the remaining lif.e of the bond of debt issue costs associated with .
collection of a transition charge fbr generation when a consumer-owned the issuance of the Palo Verde Refundmg Bond Series 1985 A and 11 l utility opens its senice area to competition and participates in the
^
[S C P.PfA 1
Note 10 - Subsequent Event (Unaudited); Unamurti/cd debt expensn and Costs reantrable frmn future billings On October 9,1997, the Authonty issued $375.650A110 in Palo \etdc to participants at July 1.1995 have been reduced and increased, respec-Project lunds as part of a comprehensive Restructuring Plan.The bonds tively, by $12,981JXX) to reflect the retroacnvc effect of the irstatement on beginning Unamortized debt expenses and Costs ircoverabic consist of $29,975fXX) of tax-exempt lunds with an effectise interest rate of 4.4% 1997 Series A, and $345,675fxxl of taxalde Innds with from finure bilhngs to participants.The restatement had no effect on an eflective interest rate of 71)%,1997 & ries lithe Scrics A lunds will Costs recoverable from fiiture billings to participants for the year ended be used to advance n fiind $25,7451Xx) of 1989 Refimdmg Series A and June 30,1996.
$2,945/XX) of 1992 Refimdme Series C.Whereas,1997 Series B will be Smir/rrn Dan >mmen Swtcm l'nyut-The Authority has restated prior year used to refimd $9,895AX) oil 992 Refundh Sa-ics B: $1.980310 of comparative financial statements for the SouthernTransmission System 1992 Refunding Senes C: $238.295JX10 of 1993 Refunding Series A:
Project to reflect amortization mrr the trmaining hfe of the bond $98,2(x)JX10 cf 1993 Sulurdnute Refundtng Scries: and 574,475,000 of debt issue costs associated with the issuance of the Southern of l996 Stdurdinate Refitnding Scries A; which are restricted fmm being Transmission System Project Refundmg Ibnd Series 1985A. The refunded on a tax-exempt basis.These lunds will tv defiased to matu-Authority has ako restated prior year comparative financial statements rity with the proceeds from the taxable lund issue, The taxable bonds Ihr the SouthernTransmission System Project to reflect bond discount wrre structwrd as a bullet term tend nuturing in 2017. amortization over ihe hfe of the SonthernTransmission System Project Refimdmg Bond Series 1992 Com}unent 3. The effect of the restatements on Costs reawcrable from future bilhngs to participants in the statement of operations fbr the year ended June 30,1996 is as folhiws (in thousands): Souttom Transmission System Project _ cmi, recmruble Innn tune odhnp to parnapana as prnun!y repwied ($ 20.633) AJ muncnr ihr etfut of resuicmeni (3.544; Cmis reemruble innn Ihrure Inihnp to participants a adpared ($ 24177) Unamorti/ed debt expenses, Unamortized lund discount and Costs reccwcrable from future billings to participants at July 1,1995 l l have ah,o been (reduced)/ increased by ($559fX10), ($7,600,(XX)) and l $8,159,0lX), respectively, to reflect the retroactive efTect of the restate-l ment on beginning Unamorti/cd debt expenses, Unamortized bond discount and Costs rec werable f^ rom future billings to participants. Cemhmed Ltal - The effect of these rescatements on the combined total of Costs recoverable from fliture billings to participants in the statement of' operations Ihr the year ended June 30,1996 is as follows l (in thousands): Combined Total Coars recorubic fnnu thrure bdhnp to part apants as prenously rrportcJ ($ 42.N6s AJpntment for rticct of rnutement (2.M2; Cmri recerable from thture bdhnp to participu t$ as aJpated ($ 45.44C Advances fbr capacity and energy, net. Unamortized debt expenses, Unamortieed bond discount and Costs recoverable from future billings i to participants at July 1,1995 have also been increased (ttduced) by
$14,172.000. ($13,540JXK)), ($7AX)JXX)) and $6,9683X)0, respec-tively, to reflect the retroactive effect of the restatement on beginning ;
Advances Ihr capacity and energy, net, Unamortized debt expenses. l Unamortized bond discount and Costs recoverable from futt.re bdlings 1 .. to partiapants. M s c P. P A '
a e SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY SUPPLEMENTAL FINANCIAL INFORMATION INDEX Palo yms Projat Supplemental Schedule of Receipts and Distursements in Funds Required by the Ik>nd Indenture for the Year Ended June 30,1997 Southern Transtnission System Project Supplemental Schedule of Receipts and Distursements in Funds Required by the Ikind Indenture for the Year Ended June 30,1997 Hmm Upratingpmlnt Supplemental Schedule of Receipts and Dislutsements in Funds Required by the ik>nd Indenture fnr the Year Ended June 30,1997 Mea 4 Phoenix Project Supplemental Schedule of Receipts and Disbursements in Funds Required by the Ikind Indenture for the Year Ended June 30,1997 Mea &Adelanto P,Lojet Supplemental Schedule of Receipts and Distursements in Funds Required by the Ikind Indenture for the Year Ended June 30,1997 Muhiple Projet Fund Supplemental Schedule of Receipts and Distursements in Funds Required by the Ik>nd Indenture ihr the Year Ended June 30,1997 San Juan Project Supplemental Schedule of Receipts and Disbursements in Funds Required by the Ikand Indenture for the Year Ended June 30,1997 1 1 ISC'PPAG \
e SOUTHERN Calif ORNIA PUBLIC POWER AUTHORITY PALO VERDE PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNOS REQUIRED BY THE BOND INDENf0RE FOR THE YEAR ENDED JUNE 30,1997 (in hunds) in.mn-- le Lvew & mmog Serwr Rewmu Dyrratog Gwangem huv funa led fud lud fud fud I & ll Twl 5 124.685 5 4 5 19,949 5 25.582 5 13.017 5 33.530 5 216,767 Balarwe ar Jmw 30.1996 AJJumns: Irwennwns carnup 3.944 34 1.134 1.110 663 lh30 8.5l5 [hsintornm of uwennwnt esnings . (4.722) 8.191 (1.153) (1.538) (778) 723 30 96 432 115 853 2.249 thwount on umsinwne purcimes 81 121.355 19 24 121.479 Revemw fran power saks - Dinnlunion of revemws 51.719 (126.281) 40.679 2.3N 23.583 7.996 - Transfers so cicn= for refundmgs (7.649) (3.333) 258 (1.000) 5.433 (6.291) 717.338 717.338 Transfer fnnn cien= fur pnncipal and mieren paynwnes _ 761.434 (4) 41.033 1.332 29.016 10.479 843.290 Tural Deducuons: 2.363 2.363 Gwurnatum ex;wndaurcs 27.368 104 5 27.477 Operasmg exprulames I twl costs 8.044 8N4 1.585 1.585 lbul tsun cons 25h90 25.600 154yment of pnneigul 35.019 15.w3 50.622 Inscrest pa J 24 6 118 148 Prenman and interest paid on mvestments 717.338 717.338 Paynwns of pnncip.d and interest on esen= l*nwis 778.071 - 35.412 2.363 17.298 123 833.267 Tinal 5 108.N 8 5 -- 5 25.570 5 24.551 5 24.735 5 43.886 5 226.790 lialewe at June 30.1997 hs adwJule mmunanas ilw remic and dulurunwnts m fmwin reqmrrd under ilw Ikws! InJenmre and lus been prrpued (nwn the crust sutenwnts.Tlw balswes m the fiasis canst of cash and umn-nwnes a ongmal ami Tirst tulauen do run urlude accnnd uncren recewalde of $1.471 mai 51.245 amt Drawnmmammg hux! acennd mierest accewable nf 5475 arw! $267 at June 30.1997 and 19 respectmly, mw do alwy uw!wir t xal umnuud net uwennwnt discounts of $1.045 and 57M at Jmw30,1997 am' 1996. respectwely. Thew lulances also do nix uwiude unrralued km on mvenments m fursh avalalde for sale of 5733 mal 5456 as June 30.1997 aml 1996, resinctwely. i l 1 i
SOUTHERN CALIFORNIA PUBL!C POWER AUTHORITY SOUTHERN TRANSM!SSION SYSTEM PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED 3UNE 30,1997 (in ke# Giurnuru. f ud Imiwl ik6, (W farlum icevue Opr ws g Arw w bur Im A.amnr fud Iud Iud Iud Iud hul Balance ar Jurw30.1996 $ 234 $ 106.411 $ 6.051 $ 4.157 $ 76.219 $ 343.874 5 536.946 1 Additiinu: l Ikal unenu recened 254 254 I Irwrument earninp 11 3.639 450 328 6.964 11.392 l lbinlmiam of awcunwnt carrung (3.238) 10.499 (327) 15.897 (22.831) - l Revenaw fnnn tranunission sales 91.689 91.689 Disinimnon of nvenue (26.158) (87.758) 7.561 86.415 19.940 - Trarufer fnwn ricn= f.w pnncipal and interrst paymrnes 202.372 202.372 l Other necipts 55 42 12 109
'Iotal 11 176.670 14.922 7.562 109.542 (2.891) 305.816
[kducnons: 0;<ratmg esl<nses 14.437 14.437 Paynwns of pnncipal 10.845 10.845 Interest paid 25.507 47.682 73,189 Paynwnt for defcas.mcc of rrvenir lxwwls 31.310 326,539 357.849 Pavment of prmcipal amt mieren on esciw luixb 202.372 202.372 Prrnuum and inscrest paid on imestnwn pinchaus 172 59 231 Ikwwl imw cosis 174 3.228 3.402 Lwal 259.535 14.437 61.814 326.539 662.325 lblance at June 30,1997 $ 245 $ 23.546 $ 6.536 $ 11.719 $_123 947 $ 14.444 $ 180.437 l Tius selwdule summarucs etw tricipis and dalmrwnwnis in finis regmred inter the Ital indenrun and hu twen prepand imm the trusi vaienwnts.The klances in the fumh consist of cash amt uwes - l ments at ongmal cou. Thew W1.uwes do not mchule accned micrest recewalde of $583 aral 52.169 ai lune 30.1997 and IM, res;wanely. nor do tlwy mchale toi I annierciud rict iriwstnwn disciiiiiirs of $4.923 and $2.983 4i June 30.1997 and 1996. rnivcowly.Tirse balances do not mchale unrealiud (gam) kas on inwuments in fink availalde for sale of ($1.116) and $2.865 at June 30.1997 aial 1996 rnlwcovely.
;$ C P P A $
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY HOOVER UPRATING PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 30.1997
- In kwsL) labr AAww My In %, Gwd Ilivnent, Gyewy Rnenw Caput %e tswrw Rearw fud fud fud lud Aaount Asam fud Lul fulance at June 30.1996 5 - 5 238; 5 - 1 SN) 5 2.3 71 5 3.083 5 5.259 5 11.511 AJJitsuw Irwunwrw earnenp N) 5 27 36 25 153 thsenlution of uwestnwtu carnmp (60) 476 (58) (178) (180) -
Ibcount on ununwns punhaws 31 142 155 328 Revemic fnnn power ules 2.553 2.553 Dntnburne of rrvemws 508 (2.014) 1.284 222 - Transfer (non escniw fin narresi paynwnis 30.260 30.2N) Macrilaneous trumfers 804 (1.020j 3.852 (3M6) - Tiwal - 1,312 - - 35.396 - (3.414) 33.294 DrJiiciaww: Payment of prus, pal 4.650 4.650 Admini.uranve experminures 335 335 Interesi pad . 1.855 1.855 Paynwne of uncrest on es nw tunxl> 30.260 30.2N) Otlwr 43 252 295 Total - 378 - - 37.017 - - 37.395 thlaace at Jurw 30,1997 . 5 - 5 1.172 5 - $ SN) 5 750 5 3.083 5 1.845 5 7.410 Tius sdwJule uunnwues clw receipu and Asturwnwna m fmsb mpum! unJc the Ikal Indenture and has twrn preparcJ inan tlw mise natemenu.Tlw balances m the (wxis conun of c.ph and mven-menu ai onpnal cost. Tirw idances do inn mchnic acenwd interen recewable or $6 m imw 30.1997 and IW6. ruw do thry mclude tiwal answiurd net unument &scount of 573 and $117 at hur 30. lW7 and IW6, respeciwly I'twse lulances aim do not mdude unrealued != on uwennwna m funds avalalle for ule of $74 anxi 53 at huw 30.1997 and 1996, respectively. M f C P.~.IZA]
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY MEAD PHOENIX PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE DOND INDENTURE FOR THE YEAR ENDED JUNE 30,1997 (b. ak=w& Ih6 les kms A..peuusue $rewe ben hwnw law Operewg hwplw Aime A,mnr A,mns Innd fund lud led T.ul N!ance at how X),1996 $ 12,0*) $ 2,367 $ 5.916 $ 65 $ 2.525 $ 237 $ -. 5 23.190 AJ4u ww invennwne carnup 950 145 435 3 82 14 2 1.631 Tran&r of invranwnn (9M) (435) 1.365 - Reimimrwnwnc fnnn WAPA 222 222 Trarumimon reventw 2.912 2.912 Transfer of nonchly transnussion costs (502) 416 86 -
'Ir.uafer of furwh . 2.550 (2.700) 150 - -
Tmal 950 1.765 - (65) 1.447 580 88 4.765 Deducnors Coniertwemn exiwnJuures 364 3M Inscrrst paid . 2.642 2.534 5.176 thrnuum and inscrest paid on uwestnwnr purch.ucs 58 58 0;icraimg expenses 289 739 1.028 Total , 653 2.642 2.592 739 6.626 Nlarwe at June 30,1997 . $ 12.377 5 1.490 $ 5.916 $ - 5 1.380 5 78 $ 88 5 21.329 ~I ha schcaile summaners ilw receipts aiwi Jatonements m (wsts reymred unJa ilw Ibral indemure and has been prepared in,m the enas statenwnis. Tlw tulances in the furwh cormsr of cash and uwes:- nwnc at onguul ceint.Tiwse tul.mces Jo noi nwiude anrucJ micten mcwabic of $690 and $841 ai juiw30.1997 and 1996. respeenvely, rme Jo they uwlude tocal anorund rwt mvesenwns escount of $13 and prenmun of $42 as Jmw 30,1997 and 1996, re*prenvely Tlww lulaiwes Jo not mcliule unrealved Las on inveunwnu m fwsk available for sale of $9 ai jww 30.1996. i l I [s c PJPiA M
e SOUDIERN CALIFORNIA PUBLIC POWER AUTHORITY MEAD-ADELANTO PROJECT SUPPLEMENTAL SCHEDULE OF RECElPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 30,1997 (in dauund,) la 14 srevur Aq=mene sowc Amrw (Wng luar Anun. SurpIm Amnt Amor Aount fund fund fund fund Tal Iblowe at June 30.1996 . $ 35.665 $ 6.497 $ 16.267 $ 263 $ 8.474 5 71 $ $ 67.237 Addiennu: Inwanwns carnup 2.667 384 1.196 14 274 8 2 4.545 Tramfer of uwritment carnmgs 1.196 (1.196) - Rrimime.ctncnt (nun WAPA 15 15 Tranafm of timds 3.048 150 4.301 (7.585) 86 - Traninussmn rewrnw 7.943 7.943 Trarmfer of monthly trammissen amts 452 (452) - Total 2.667 4.628 - 616 4.575 (71) 88 12.503 Drawtuum: Girvenwrmn ex}wrwiirures (1) (1) Interru pad . 7.270 8.505 15.775 Prenuum and mreress paul on irwrsinwn piiraaws (1) 195 194 Operatmg npemes 365 851 1.216 Total 364 7.269 851 8.700 - 17.184 lblance ar June 30.1997 . $ 37.968 $ 3.856 $ 16.267 5 28 5 4 349 5 - 5 88 5 62.556 This sdelule sumnurucs ilw reccitu ami diamrwnwnn m fumla mpumt under t:w Ibnd liwieniure and bm twen pnpml inwn the trust warenwnts.The lulances m the finis amsist of cash and imest. rnents as ongutal ans.Tiwse batars do rmt uwiude accrued micern recenahic of 52.057 and $2.285 at hur 30,1997.uwt 1996, respectmly, nor Jo c}wy ulude toul anorturd net uwestnwns esamni of $53 ml pwmmm of 5143 ai june 30.1997 aral 1996 respecovely.Tiww balances Jo run uwlude unreaturJ lims on unrunwnes in fumis avadabic for s.de of $1 aml 528 at June 30.1997 and 1996. resperrmly. l l l l l l 1 l l l l l l l I l l l l l uXWm 1 L
O SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY l MULTIPLE PROJECT FUND SUPPLEMENTAL SCHEDULE OF RECE! PTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YEAR ENDED JUNE 30.1997 (In Amwdn I la 1%rth Senw Lamm Ama Amns Amm Tonel i ibl.ince as Jusw 30. )W6 $ 249.423 $ - $ 1465 $ 250.888 Allienms: Inventnwra carning . 18.208 268 18.476 Trmafer to enning accinua (18.208) 18.208 - Tran.fer en debt wrvice ucuina 16.512 (16.512) -
~Ibral -
16.512 1.964 18.476 Ikductuww Inscresi gwd 16.512 16.512 Orlwr traufers (1.696) 1.696 -- l Total (1.696) 16.512 1.696 16.512 i Ibl.uxe at Jinw30.1997 $ 247.727 $ - $ 5.125 $ 252.852 Thw sclwdule minmurues dw reenpis aml adusenwnrs in (tuwl mpurniinsler dw lbwl Imlenture assi has twen prepared horn dw tru sutenwnes.The Mance in dr fumt. curr.ist of unstnwnts at orepul co.i.T1wse Mancri do ma usimle accrued uwerrst treewalde of $9.288 and $9.220 at Jurw30.1997 and 1+)6, respectively. I I l l l l i l l l I i l (.S.C P[P_~A G l
*s l e
s SOUTHERN CA!!f0RNIA PUBUC POWER AUTHORITY SAN JUAN PROJECT SUPPLEMENTAL SCHEDULE OF RECEIPTS AND DISBURSEMENTS IN FUNDS REQUIRED BY THE BOND INDENTURE FOR THE YLAR ENDED JUNE 30.1997 (7,i knudp ( ps,y IA Ravnw (eng Amw Pnyn le hr Amw& fnd A.mvir An=ar ind San *< Amw Gange v bl M.uwe at June 30.1996 . $ - 5 1.253 5 5 5 y $ 8.521 5 18.025 5 13.321 5 41.651 AJJitunw Innsanent earnmp 42 60 25 38 1.066 534 1.765 Disenluum of inwsmwne earning 2.221 (73) (2) (311) (1,066) (769) - Dncount un mwicment purdunes - 7 1 279 241 528 Rewmr from p=cr sales 56.866 56.866 Distnlunon of rewnues (56,330) 35.689 18.514 2.127 - Trander of unintwn carnmgs (2) 2 - Murtlarwous er,uwfers (2.797) 2,797 - Total - 38.480 26 18.520 - 2.133 59.159 DrJuctawis: AJnumstraiwe eniwnditures 37.794 37.794 Interest paul . 11.988 11.988 Prenuum aisi mrerest on mustnwnt pudunes 6 110 116 Prurval paynwn 6.035 6.035 Total 37.794 18.029 110 55.933 Mance at June 30.1997 . $ - $ 1.939 5 5 $ 552 5 9.012 5 18.025 5 15.344 5 44.877 This m-hedule suinmarues die receipts assi didurwnwnts m fuswis repred under tlw Ibnd trannue .uwt h.u tven prep.ared fnmn de trust staienwnts.11e lulaiwes in che fmwls consw of cuh and inw*ments at onput cost.Tirse balances do noi uwhde ucnnd mierni recewable of 5134 anxi 567 at jurw30.1997 and 1996, resivenwly, nor do ilwy uxtude rotal anxwnard net inwsonent duient of $60 and 569 at June 30.1997 and 19% rnycenwly.11ww balarwes do not uxiuJr unrealued != on mwsinwnis m funds avaitalde for sale of $3 and $4 ar June 30.1997 and 1996, respectiwly. l l l 42 TfEP31
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