Text

Texas Municipal Power Agency 1985 Annual Rept
	ML20211G855
Person / Time
Site:	Comanche Peak
Issue date:	12/31/1985
From:	; TEXAS MUNICIPAL POWER AGENCY
To:	;
Shared Package
ML20211G817	List: ML20211G840; ML20211G855; ML20211G863; TXX-6076, Forwards Texas Utilities Co,Texas Municipal Power Agency & Brazos Electric Cooperative,Inc 1985 Annual Repts;
References
	NUDOCS 8611040256
	Download: ML20211G855 (30)
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TEDDIS MunicipGl Power Agency 1985 Annual Report

l The President's Message The Texas Municipal Power Agency continues to be a rewarding enterprise for the Cities of Bryan. Denton. Garland and Greenville. part-ners in the joint action effort to supply economical electric power to their customers.

This unique effort to share the economic benefits of large scale electric power generation with the partners acting in unison is possible because of the resolve and single-mindedness of the elected and ap-pointed o!!icials in the Agency served cities.

The partner cities have realized substantial return from the resale of power provided by TMPIs. The wisdom of the vision of a joint action power generating and distribution agency is being proven through monetary returns.

The citizens that the Board of Directors represent are being re-worded through the Agency's success. This is being made possible through the direction of the Board. TMPA's employees. facilities and pro-grams to increase productivity

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Dr Roland Vela Hank McQuaide Den Hallister 15'

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The General Manager's Report The Texas Municipal Power Agency's second year of commercial operation is the subject of this Isnnual Report. Major operational g

occunences are detailed Fiscal Year 1984 85 was charactenzed by successes and challenges I am pleased to report that Agency personnel and facilities have met the test Maximum plant reliability and availability were objectives as Fiscal Year 1984-85 began Performance in October and November supported these expectations December promised to be another successful month until. on the morning of December 8. the Gibbons Creek Steam Electnc Station's generator experienced a total failure.

Preliminary assessments indicated a disastrous situation The Agency faced a possible outage of six months. In the interim the Partner Cities generating units fueled by natural gas rather than Gibbons Creek Lignite would have been forced into service The Cities were faced with a S425: COO per month increase in the cost of a.bert a McKnight producing thelt needed power r.

m r y..r m na deferring planned projects and reducing administrative overhead. A cnsis team was formed to manage the generator project. This team with the assistance of the General Electric Company and Tippett &

Gee Consulting Engineers. identitled a number of options. These included repainng the failed generator. purchasing a comparable generator with some plant modltications. or purchasing a duplicato generator.

Fortunately a " twin sister" generator was located and purchased by the Agency This was the least expensive alternative The generator was transported to Gibbons Creek and installed in record time g

Gibbons Creek was generating at full load again in less than kg,.

seven weeks after the failure The rapid recovery saved TMPA Cities over S12 ^OCCO2 from the onginal pro;ected costs.

The Agency completed the year with proven reliability Despite the unscheduled outage. plant availability for load increased by 2% over Fiscal Year 83 84 1

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This improvement in productivity was the result et a number of coordinated efforts These included an enhanced preventative 1

maintenance program. accelerated training in all technical areas.

4 and organizational adjustments to increase efficiency and maximize n

resources s

New programs in the crea of Finance and Administration

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produced immediate improvements while promising long term benefit to the Agency A tax exempt commercial paper program to finance minc.n 3, s.

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..m lign te and nuclear fuel acquisition was initiated This S4 million program received Standard and Poor's and Moody ratings of Al and

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Pl. respectively reflecting continued respect in the marketplace for TMPAs financial integnty By choosing to issue debt in the short-term j

market. advantage was taken of interest rates as low as four percent l

r Traditional revenue bonds would yield ten percent This reduced l

tinancing costs substantially TMPA issued Sro mt!1 ton in Nevenue and Revenue Retunding Bonds in Fiscal year 1985 Approximately $126 million will be used for plant improvernent projects Comanche Peak Nuclear Station financing and capitalized interest fund:ng The remaining S8: million was used to refund the Senes 1982A Bond saving $28 million in present value dollars

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TMPA sta : and vendct perscr.nol replaced the Giberc; Creek Stat;cns damcaed goneratar m reccrd t;me through determmat:an and hard work Techncans Q.

prepare to h:t the replacement gonoratcr mta fjace (abcVe) and use overhead crane.; to move :t mta pos;t;cn b

The General Manager's Report continued The Agency made the largest Bond coupon payment in its history in September.1985. This $76 million payment included S11270.000 in principal repayment. Internal funds management programs continued to be successful. generating interest income in excess of $28 million last year.

Management and technical training programs were continued with good results The Agency received US Department of Labor Certification cf the Electrical. Mechanical. Instrument and Control.

Operations and Laboratory Technician Apprentice Training programs All managers and supervisors attended management training classes This training. to continue through Fiscal Year 1986. has already shown positive results Continuation of the self-insured medical and dental benefit programs produced good savings Employees are enthusiastically supporting the cost containment features that were implemented.

Benefit costs did not escalate this year.

Considerable interest was generated in the opening of Gibbons Creek Reservoir as a trophy fishing lake. The opening brcught international interest. including coverage by the ABC Evening News.

ESPN cable network, and newspapers as for away as Argentina.

Fishermen made over 550.000 attempts to telephone the fishing reservation number during the first day for reservations.

Gibbons Creek Reservoir has hved up to its reputation. It is currently providing high-quality recreational opportunities for fishermen. On TMPA's behalf, the Texas Parks 8c Wildlife Department is managing the reservoir as a trophy bass lake, with a restrictive " slot limit" on the size of black bass that may be kept. These strict controls will guarantee that Gibbons Creek Reservoir remains a premium fishing lake The Agency operates this facility on a non profit basis, with fees set to cover operational costs Over 20.000 man-hours were spent on the preparation of our second five-year mine plan permit application. The application includes sixteen environmental studies and detailed plans for the next five years of mining operations The application will be submitted during Fiscal Year 85-86.

All planned substation and transmission projects for the initial phase of Agency operations were completed this year These transmission facilities and sixteen substations assure the reliable delivery of Gibbons Creek power to Partner Cities The Agency initiated a comprehensive generation load study to determine future power needs of the Cities. This study to be completed in Fiscal Year 1986. will define alternatives to be considered in assuring adequate power supplies for the future TMPA's second year of commercial operation tested the Agency's ability to meet and overcome cnsis I believe that adversity has increased our strength Experience and knowledge gained during Fiscal Year 8485 translates into economical electrical energy for the Member Cities' growth and prosperity Perhaps the best proof of the Agency's ettectiveness is this rates did not increase this year. and are significantly lower than earlier projections Ed L Wagoner

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Pctrtners for Progress The Texas Municipal Power Agency provided over 2 million megawatts of electric power to Member Cities in Fiscal Year 1985. The electric utilities owned by each Member City distributed TMPA power.

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supplemented by their own generation. to the citizens businesses.

g.:n industries. hospitals. schools and other entities who depend on electric

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J The investment of the Member Cities in TMPA is a wise one. Their partnership has assured adequate power resources for continued 4

planned growth. Worklng together as partners. TMPA and the cities j

I have secured reliable. economical electric power for current needs and for future growth and progress This reliable power supply guarantees customers stable energy costs wellinto the twenty-first century Clearly TMPA is a partnership for progress.

Mike Vollmer i

Profile of Cities 1985 Bryan Denton Garland Greenville Populat:on-1985 57824 61.74:

178.982 25.350 Populat:on-1970 33 719 38 874 81.437 220U Fer Capita Income S8 3i7 S8 615 S12.70C

$120:

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But]d:ng Term:ts (est) 5Al 12Tt 2.994 220 Major Industnes Energy related Diesel trucks Metal pro-Agncultural and Businesses product:on.

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build:ng ma equ:pment.

equipment.

rubber goods enals plast:c busmess forms trucks am.

bakery items conta:ners 1:ngene. flour murutton. dnl-aircraft modi.

food products. mult1 wall ling equ.p-11 cation. wear-turn:ture. bus-paper bags ment weanng ing apparel.

iness forms computer sott-apparel, wooden doors

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ware. micro recreational wave anten-equ:pment.

nas aspect chemical pro-conta:ners ducts food Other Resources Ranching og Two universi.

products nculture water ties museums Ranching. in-Inkes and and hydrocar-histonc sites.

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bon doposits lakes and way transpor-tacilities. m-univers:ty recreational totion. lakes terstate high-facil:t;es and recrea way transpor-tional facill-tation f

t:es Electnc Customers 291, t 28.557 6:grC 12I0^

M;1es et lanes 397 327 7:2 37, Gonerat.ng Capac:ty 235 M W MA MW 424 MW 95 MW l

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TEXAS MUNICIPAL POWER AGENCY REPORT ON EXAMINATION OF FINANCIAL STATEMENTS for the years ended September 30,1985 and 1984 And Auditor's Report i

i o

e 17

TEXAS MUNICIPAL POWER AGENCY Balance Shoots September 30, ASSETS 1985 1984 (Dollars in Thousands)

Electric Plant In service S 753.988 S 736.790 less accumulated depreciation (49.809)

(24.483)

Tbtal-not 704,179 712,307 Construction work in progress 279,325 23L551 Nuclear fuel in progress 2L771 16.589 Tbtal Electric Plant 1,005,275 960,447

'.k Restricted Assets Cash and investments 288234 199.691 Accounts receivable and other -

1.373 L869 Due from/(to) unrestricted assets (3199) 712 Tbtal Restricted Funds 286,408 202,272 Current Assets Cash and investments 32652 36.292 Inventories:

Fuel stock 3.632 5.349 Materials and supplies 4.715 1.520 Accounts receivable and other 3.859 ILO29 Accrued interest receivable 3.821 5.17 2 Total Current Assets 48,679 59,362 Other Assets Unamortized debt issuance costs 25.465 23.605 Unamortized excess cost on advance refunding of debt 108.434 105.133 Deferred expenses to be recovered in future years 42.961 25232 Deferred fuel costs 16.886 17.449 Tbtal Other Assets 193,746 171,419 l

Total Assets

$1,534,108 $1,393,500 l

The accompanying notes are an integral part of these financial statements 18 s

September 30.

ACCUMULATED EXCESS REVENUES AND LIABILITIES 1985 1984 l.

(Dollars in Thousands)

Accumulated Excess Revenues S

11,383 $

13,620 IongTerm Debt Revenue bonds, including amounts due l

within one year of $13.455.000 and l

S11270,000 L450.870 1332.440 Unamortized discount and premium -

(7376) 0.428)

Accrued and matured interest 10,812 9,939_

(

Tax exempt commercial paper 40.000 p

Notes payable 1,701 2.070 Tbtal IongTerm Debt 1,496,007 1,343,021 Liabilities Payable from Restricted Assets Accounts payable 2.9 31 2,377 Retainage payable 214 5 11 Total Liabilities Payable From Restricted Assets 3,145 2,888 Current Liabilities Accounts payable 6,478 2 5.112 Accrued distribution to Member Cities 19,820 7,729 Accrued compensation and pension benefits 474 418 Due to/(from) restricted assets (3,199) 712 Total Current Liabilities 23,573 33,971 Commitments and Contingencies o

O Total Accumulated Excess Revenues and Liabilities

$1.534,108. $1.393.5_QQ_

19 L

TEXAS MUNICIPAL POWER AGENCY Statements of Operations and Accumulated Excess Revenues Year Ended September 30, 1985 1984 Operating Revenues before Refunds (Dollars in Thousands)

Power sales

$187,737 S85,191 Other operating income 713 897 Total Operating Income 188,450 86,088 Operating Expenses Fuel 49298 41.656 Production operation and maintenance 10,974 12,813 Transmission operation and maintenance 4l34 4.897 A

Administrative and general 7,742 6,440 Depreciation 25,306 23,908 Expenses to be recovered in future years (14.328)

(20217)

Total Operating Expenses 83,126 69,497 Net Operating Revenues before Interest Charges and Refunds 105,324 16,591 Interest Charges Interest income (27J66)

(34283)

Interest expense on debt 113.343 109,453 Amortization of debt issuance costs-1,506 12 61 Amortization of excess cost on advance refunding of debt 2,010 1,7A Deferred expenses to be recovered in future years (2,010)

(1,737)

Other income, net (266)

(426)

Allowance for fund used in projects (25,783)

(80,543)

Interest charges-net 61,634 (4,538) l Not Revenues before Refunds 43,690 21.12 9 Renewals and Replacements (590)

(652)

Refunds to Member Cities (45.337)

(7,729)

(2,237) 12,748 Iccumulated Excess Revenues At beginning of period 13.620 872 At end of period S 11,383

$13,620 The accompanying notes are an integral part of these financial statements 20

I TEXAS MUNICIPAL POWER AGENCY Statements of Changes in Financial Position Year Ended September 30, 1985 1984 Sources of Funds (Dollars in Thousands)

Net revenues before refunds S 43.690

$ 21.129 Amounts not affecting funds, Depreciation 25,326 23.029 Amortization 4.469 4.13 6 Costs to be recovered in future years (16338)

(21.953) 3 Funds provided from operations 57347 27241 Net (increase) decrease in restricted accounts (83.879) 98.082 5

Proceeds from issuance of revenue and refunding revenue bonds 194.732 Increase (decrease) in accrued and matured interest 873 (553)

Proceeds from issuance of commercial paper 40.000 Increase in notes payable 75 Net (increase) decrease in working capital 285 27337 Total sources of funds

$209,233

$152,107 Uses of Funds l

Additions to electric plant S 70.154

$120.700 Excess cost on advance refunding of debt 5311 Uneamed surcharge revenues transferred to accounts payable 16.805 Refunds to Member Cities 45337 7.729 Advance refunding of long term debt 74.429 Retirement of long term debt 11.715 4280 Renewals and replacements 590 652 4

Deferred fuel costs 303 1.640 Other, not 1394 301 l

Total uses of funds

$209,233

$152,107 The accompanying notes are an integral part of these financial statements

1 i

TEXAS MUNICIPAL POWER AGENCY NOTES TO FINANCIAL STATEMENTS L GENERAL The Texas Municipal Power Agen-In January 1979 TMPA executed a cy(TMPA)was createdin July 1975 Joint Ownership Agreement by concurrent ordinances of the (Agreement) with subsidiaries of Texas cities of Bryan, Denton, the Texas Utilities Electric Company Garland and Greenville (Cities)

Inc(TUEC) pursuant to whichTMPA pursuant to the Acts of the 63rd and acquired a 6.2% undivided owner-64th Legislature of Texas (Act).

shipinterestinthe ComanchePeak Under the provisions of the Act Steam Electric Station (Comanche -

TMPA is a separate municipalcor-Peak)and the nuclect fuel supply potation. TMPA is exempt from for the project Comanche Peak is federal income tax under Section a nuclearfueled generating sta-115 of the Intemal Revenue Code.

tion currently under construction.

In September 1976,TMPA enteredin-consisting of two units, each rated to identical Power Sales Contracts at1,150 MW net capability, located (Contracts) with each of the Cities about 40 miles southwest of Fort for the purpose of obtaining the Worth near Glen Rose, Texas TMPA economic advantages of jointly accounts for its ownership in Com-financing, constructing and anche Peak in the same manner operating large electric generating as its wholly-owned facilities TMPA's units and related facilities to supply investmentin Comanche Peak,in-the Cities' future energy needs cluding the Allowance for Funds Under the Contracts the Cities are Used in Projects and overhead, at required to pay, for the benefits September 30,1985 and 1984 was received or to be received by them

$281,872,000 and $228,478.000, from such activities an amount suf.

respectively ficient to pay'TMPA'soperating and Concurrent with the execution of maintenance expenses and the the Joint Ownership Agreement Bond Fund. Reserve Fund and Con-TMPA and TUEC executed a tingency Fund requirements of the Transmission Agreement which Revenue Bond-Resolutions provides for the accuisition of an (Resolutions).

ownership interest in certain TMPA was a Development Stage-transmission facilities and for the Enterprise prior to the commercial use of TUEC transmission facilities.

operation of the Gibbons Creek The Transmission Agreement pro-I Steam Electric Station (Gibbons vides for the transmission of power Creek), a lignite-fueled generating and energy from both Comanche plant located in Grimes County Peak and Gibbons Creek to certain Texas with a net. generating points of interconnection of TMPA capability of 390 MW The plant on the 345 kv system. In addition, together with a switchyard, dam.TMPA has constructed 16 substa-

{

and reservoir on Gibbons Creek to tions connected by 290 circuit 1

provide cooling water, buildings to miles of electrical power line, a p

house TMPA headquarters, microwave communications net-warehouse and maintenance ac-work and an economic dispatch tivities, and a railroad spur began center for control of TMPA and commercial operation October t Cities' electrical resources 1983.

l l

22

2.

SUMMARY

OF SIGNIFICANT Systemof Accounts-Theaccount-Deferred Fuel Costs-The costs of ACCOUNTING POLICIES ing records of TMPA are maintain-mine startup and development ed substantially in accordance have been deferred and are being with the Uniform System of Ac-amortized using the straight-line counts prescribed by the Federal method over the estimated useful Energy Regulatory Commission for life of the mine.The current costs of Class A and Class B Public Utilities lignite rights, reclamation and and Licensees royalties are expensed as a cost of Electric Plant-Electric plant is coal consumed stated at historical cost Such cost in-Rates-TMPA's rates for power and cludes payroll-related costs such as. energy billed to the Cities are taxes and employee benefits, designed to cover annual system general and administrative costs costs as defined in the Resolutions and on allowance for funds used and the ContractsIn generalcosts in projects The original cost of are defined to include TMPA's costs -

depreciable utility plant retired of operations (except for deprecia-

. and the cost of removal, less tion and amortization) and 1.25 salvage, are charged to ac-times debt service requirements cumulated depreciation.

The rates are set by the Board of Allowance for Funds Used in Directors annually and are re-Projects-TMPA capitalizes to the quired to be reviewed on a semi-electric plant accounts the net cost annual basis of borrowed funds used for con; It is TMPA's practice to periodically struction.The amount capitchzed is retund accumulated excess reduced by theincome eamed on revenues to the Member Cities to funds held in the Construction the extent of available funds Fund Interest is capitalized during Revenues-Revenues from the sale the construction period and of electricity including amounts beyond the date the projectis plac-resulting from the application of a ed in service until such time that fixed fuelfactor. ore recorded bas-bond proceeds available to fund ed upon billings to the Member the interest have been exhausted Cities During 1984. S62.104.000. of interest Deferred Expenses to be Re-costs associated with the revenue covered in Future Years-Certain bonds issued to finance Gibbons expenses which do not require Creek were capitalized. The funds currently and are not defin-amount of interest capitalized will ed as costs under the Resolutions be recovered in future years by set-and the Contracts are deferred to ting rates sufficient to provide funds such periods as they are intended for the related debt service to be recovered by rates During requirement 1 1985, $14.328.000 of depreciation Depreciation-Depreciationis pro-and S2.010.000 of amortization of vided using the straight line excess costs on advance refunding method over the estimated useful of debt have been deferred During lives of the various classes of plant.

1984, $20.217,000 of depreciation Annual depreciation provisions ex-and $1.737,000 of amortization of pressed as a percent of average excess costs on advance refunding depreciable plant was approx-of debt have been deferred.These imately 3.4% during 1985 and 1984.

amounts willbe recoveredin future Inventories-Lignite and fuel oil in-years by setting rates sufficient to ventories are valued at weighted provide funds for the related debt average cost. Materials and sup.

service requirements.

plies are stated at cost determined on the last-in, first-out basis 23 b

I f

I Renewals and Replacements-In current cost recovery of these items, i:

accordance with the Resolutions, During 1985 and 1984, excess i

after all required deposits into. revenues were charged with

!~

restricted funds have been made, $590.000and S652,000 respectively the balance of excess revenues is Debt Related Costs-Bond dis-charged with the cost of certain count, premium and issuance ex-renewal and replacement assets penses are being amortized over The original cost of these assets is the terms of the related bondissues capitalized in electric plant in ser-under the bonds outstanding vice and an offsetting contra ac method.

count is established to reflect the

3. RESTRICTED ASSETS Restricted assets presented in the Bonds Assets in the Construction l

accompanying balance sheetsin. Fund are available primarily for clude those assets comprising the the payment of construction and Bond, Reserve, Construction Con. acquisition costs of the Projects i

tingency and Tax Exempt Com. Assetsin the Contingency Fund are mercialPaper(TECP) Funds which for use in paying extraordinary or are established and maintained unusual costs. Assets in the TECP i

pursuant to the Resolutions. Fund are for useinfinancinglignite l

Substantially allassetsin the Bond and nuclear fuel costs and Reserve Fund are available The aggregate amount of assetsin only to mee'. the principal and in-each of these funds as of terest payments on the Revenue September 30 is as follows 1985 1984 Bond Fund S 80.737,000 S 39,727,000 Reserve Fund 123329,000 119,509,000 Construction Fund 48,097,000 41,006,000 Contingency Fund 2000.000 2,030.000 TECP Fund 32245,000 O

TOTAL

$286,408,000

$202,272,000

)

4.

CASH AND INVESTMENTS TMPA's funds are administered in Fund are carried at an amortized

(

accordance with Bond Resolutions cost of S165,547,000 at September and are invested in govemment 30, 1985 and $137,214,000 at-securities certificates of deposit. September 30.1984. The amortized and other temporary investments cost of these securities in the ag-Govemment securitiesincludedin gregate approximates market Restricted Funds and the Revenue value 5.

REVENUE BONDS Revenue Bonds outstanding are summarized as follows, Range of Earliest Series Amount Outstanding Maturing Interest Rates Redemption September 30 September 30 From M From To Date 1985 1984 1976 S 47,830.000 S 48,590.000 1986 2011 5.10 % 63/8%

1986 1978 242,825,000 246,505,000 1986 2011 5.60 7

1988 1979 295.805,000 300.000.000 1986 2012 5.60 7

1989 1980 247,365,000 250.000.000 1986 2012 6 1/4 91/4 1990 1982 31,085,000 3LO85,000 1986 1996 91/2 13 1/2 1996 1982A O

76,300.000 1986 2012 7 1/2 10 3/4 1992 1983 379,960.000 379,960.000 1988 2012 6 1/2 91/2 1993 1985 206,000.000 O

1989 2014 6 3/4 91/2 1995 htal

$1,450,870,000 $1,332,440,000 24 n.....

The Bonds are payable solely frorrt Resolutions

- and are collateralized by on ir-revocable first lien on the net Debt service requirements as of revenues of TMPA and the funds September 30, 1985 are summar-established. by the Bond ized as follows.

Years Ending September 30.

Principal Interest'

'Ibtal' 1986 S 13.455.000 S 85210000 S 98.665.000 1987 14.300.000 97.136.000 111.436.000 1988 18.780.000 106255.000 125.035.000 1989 22.365.000 115.788.000 -

138.153.000 1990 23.890.000 "

114255.000 138.145.000 "

19 91-2 012 1358.080000 L629364.000 2.987.444.000

'Ibtal

$1,450,870,000

$2,148,006,000

$3,598,878,000

excludes interest payable frorn bond proceeds

" excludes $40 rnillion principal amount of cornmercial paper which 'IMPA in-tends to finance with other long-term debt In June 1985. TMPA sold BondsThe excess cost on advance S206,000.000of Series 1985 Revenue refunding of debt of S5.311,000 has and Refunding Revenue Bonds been deferred and is being amor-

$79,988,900 of the 1985 Series Bond tized over the terms of the Refund-proceeds have been pledged to re-ing Bonds under the interest fund $76,300.000 Series 1982A method.

. Revenue Bonds The net proceeds The Resolutions contain certain of the 1985 Series Bonds related to restrictions and covenants in-the refunding, have been ir-cluding TMPA's covenant to revocably deposited with an establish and maintain rates and escrow agent and have been used other charges to produce revenues to purchase direct obligations of sufficient to pay operating and.

the United States Govemment.

maintenance expenses (exclusive These securities mature at such of depreciation and amortization),

times andin such amounts so that to produce net revenues sufficient the maturing principal, together to pay the amounts required to be with the interest income thereort depositedin the debt service funds will be sufficient to pay the debt ond to produce net revenuesequal service requirements of the Refund-to at least the sum of 125 times the ed Bonds through the redemption annualdebt service to be paid for dates This transaction has resulted the then outstanding bonds.

in a net reduction of debt service cost over the life of the Refunding

6. THE TAX EXEMPT On March 14,1985. TMPA's Board of refinance the Notes withinterest as COuuRDCIAL PAPER Directors adopted resolutions they become due.

PROGRAM authorizing the issuance of tax-Under the resolution,the Notes are exempt commercialpaper,in prin-special obligations of the Agency cipal amount not to exceed payable.from and collateralized S40.000.000,to finance the acquisi-by, proceeds from the sale of Bonds; tion of lignite for Gibbons Creek proceeds from the sale of Notes and nuclear fuel for Comanche issued pursuant to the Resolution or Peak. The commercial paper is other obligations issued pursuant to issuedin the form of Bond Anticipa-the provisior's oflaw,and amounts tion Notes (the " Notes") in held in the Note Payment Fund denominations of $100.000or more and Note Construction Account with maturities not to exceed 270 and further the Notes shall be col-days from date of issue The max-lateralized by a pledge of net imum maturity date for the Notes revenues, subordinate in all issued under the commercial respects to the pledge in favor of paper program is March 13, 1990. the Bonds TMPA intends to issue bonds to 25 6

TMPA has enteredinto a revolving terest on any borrowings under a credit agreement with a bank (the formula based upon the prime rate

" Bank") to provide for payment of of the Bank with a maximum rate the Notes Under the terms of the not to exceed that allowed bylaw.

agreement,TMPA may borrow up The current agreement is sched-to $42.800,000 on a revolving basis uled to terminate on March 26,1988 untilMarch 26,1988.There were no but provides ior extensions to borrowings under this agreement March 13,1990. TMPA agrees and in the Fiscal Year ended covenants that at all times it will September 30,1985. TMPA pays a maintain credit facilities with fee of % of 1% per annum on the banksin amounts to pay principal unused portion of the Bank's com-and interest of all Notes.

mitment andis obligated to payin-

7. NOTES PAYABLE The Act permitsTMPA to issue non-Note payment requirements for negotiable purchase money notes each of the Fiscal Years 1986 payable in installments (col-through1990 andin the aggregate lateralized by the properties being for the years 1991-95 arei $565,000, acquired)in order to acquire land $274,000, $154,000, $159.000, $157,000 or fuel resources These notes bear and S392.000, respectively, for interest rates between 5.7% and 8%. FiscalYear end September 30,1985.

l 8.

RETmmRNT PLAN TMPA has a retirement plan cover-ticipants Employees may con-ing substantially allits employees tribute an additionalamount up to The plan is a defined contribution 10% of eamings on a voluntary p:cn which provides for TMPA to ' basis Retirementplancostsfor1985 contribute an amount equal to and 1984, were $1,085,000 and 10% of gross wagas to a third party $889,000, respectively l

l trus ee for the benefit of plan par-l 9.

COMMITMENTS AND A) In connection with the acquisi-its lease agreements for the l

CONTINGENCIES

. tion of certain property necessary draglines and the conveyor system.

to complete Gibbons Creek.TMPA The aggregate amount of required is obligated to make payments to payments at September 30,1985 is Grimes County and three school as follows:

districts in the amount of $535,000 Years Ending September 30.

. per year (subject to adjustment as 1986 S 16360.000 specifiedinthe agreement)aslong 1987 16,160.000 as the Gibbons Creek station is in

(

operation.

1988 16.160.000 B) TMPA has enteredinto a mining 1989 16260.000 servces contract with Navasota 1990 16260.000 Mirung Company (Navasota) to Later years 264,650.000 opente the lignite mine at Gib-bons Creek. Under an option pro-The above amounts are subject videdin the contract TMPA elected to escalation under various cir-to have Navasota provide the ma-cumstances as stipulated in the jor mining equipment to be usedin mining contract.In addition.TMPA the operation of the mine and sold is required to pay additional

-its interests in two partially com-amounts depending upon the pleted draglines and a cool con-levels of mining activity Total veyor system at cost to Navasota for payments made under the mining S61,709,000. Concurrent with the services contract in 1985 and 1984 sales Navasota sold the equipment

. ere approximately 342,372,000 w

to third parties and entered into and $40,600.000. respectively The lease agreements with such third mining contract can be ter-

{

parties Under the mining contract, minated by TMPA at any time j

TMPA is obligated to make subsequent to the expiration of an minimum payments including initial six and one quarter year costs incurred by Navasota under penod,and by Navasota at the ex-

(

piration of the initial period or at contention before the ASLB relates theendof anysuccessivefive-year to the quality assurance quality period. Should the contract be ter-control (QA/QC) program for. the minated.TMPA would be required design and construction of the to either substitute another mining plant.

contractorin thelease agreements As a separate part of the NRC's or indemnify all parties for losses in-review of the operatinglicense ap-curred relating to the concellation. plication, in March 1984 the NRC C) The Transmission Agreement established a task force to con-(Note 1) requires payments to be solidate and carry out the various made by TMPA to Texas Utilities reviews necessary for the NRC Staff Generating Company (TUGCO) to reachits decision regarding the based on levels of transmissicn operating licenses. This effort in-plant investment. The estimated volved the establishment of the amounts to be paid under this con-Technical Review Team (TRT) tract in future years at September which began on intensive on site 30.1985 is summarized as follows investigation in July 1984 and Years Ending September 30, subsequently hasissued reports re-1986

$5374.000 questing additional information 1987 5.856,000 with respect to several functional 1988 6.511,000 re s of the plant's construction program. In January 1985, the TRT 1989 7.162.000 issued a report on its review of the 1990 and QA/QC programs at Comanche years thereafter 7,878.0C6 Peak. The report stated that

/ year although the QA program D) The Capitallmprovement Plan documentation met NRC re-includes. authorization for ' quirements,theimplementationof estimated expenditures of $424 the QA program demonstrated lack of commitment to aggressive-million in 1986 including an' ly implement an effective QA/QC estimated $21.8 million for the com.

pletion of Unit I and Unit IIof Com. program in several areas The TITI' anche Peak and purchase of indicated that it has found nuclear fuel.

evidence of faulty construction and ineffective QA and QC.

E) The Atomic Energy Act of 1954 inspections requires the issuance by the Nuclear Regulatory Commission In November 1985, TUGCO issued (NRC) of operating licenses for revised cost. and schedule Comanche Peakf Operating estimates for Comanche Peak.

licenses willnot beissued for Com. TUGCO estimates the reinspection anche Peak under present NRC effort and all plant modifications regulations until various pro.~ willbe completein time to support ceedings have been successfully commercial operation of Unit I in concluded before the Atomic Safe. mid1987 and UnitIlsix monthslater.

ty and Licensing Board (ASLB)cnd If this schedule is achieved, it is the NRC estimated the plant will cost $5.46 The NRC has been reviewing the billion, including AFUDC. The previous cost estimate issued in application for operating licenses for the Cornanche Peak units. As a J nuary 1985 was 4.56 billion. in-cluding AFUDC As a result of this, part of that review, a proceeding TMPA's share of direct and indirect was initiated before an Atomic Safety and Licensing Board (ASLB) construction costs for the project and hearings on various issues (excluding ANDC)isincreased by S26.6 million. In the 1985 Series Bond have been ongoing since December 1981. After completion ot issue. TMPA provided for a $10.6 the ASLB proceedings,the ASLB will million contingency for Comanche make recommendations to the Peak based on a Consulting NRC regarding the issuance of Engineer's Report.This wouldleave operating licenses for the Coman an additional $16 million not funded for Comanche Peak at this che Peak units The one remaining

[

l time. TMPA is currently evaluating associated therewith,willhave on altematives to fund the additional the scheduled date of commercial l-costs associated with Comanche operation. Anydelayswillincrease Pealc

. the cost of the plant andwouldlike-TMPA remains unable to predict ly further increase financing the effect that licensing re. requirements quirements and possible delays Auditor's Report Tb noard of Directors Texas Municipal Power Agency I

We have examined the balance the TexasMunicipalPower Agency '

sheets of the Texas Municipal as of September 30,1985 and 1984, Power Agency as of September 30, and the results ofitsoperations and 1985 and 1984, and the related the changesin us financialposition statements of operations and ac-for the years then ended, in con-cumulated excess revenues and -formity with generally accepted changes in financial position for accounung principles applied on the years then ended. Our ex-a consistent basis aminations were made in accor-dance with generally accepted auditing standards and, accord-l ingly, included such tests of the ac-counting records and such other auditing procedures as we con-sidered necessary in the W

circumstances In our opinion, the financial Coopers & Lybrand statements referred to above pre-Austin, Texas sent fairly the financial position of January 8,1986 i

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