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4 | 4 AMENDMENT NO. 46 August 22, 1975 | ||
AMENDMENT NO. 46 August 22, 1975 | |||
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the City or pursuant to other legislation hereafter adopted by die Florida Legislature, it is immediately necessary, in order to provide for the City's participation in the Project, that ' | the City or pursuant to other legislation hereafter adopted by die Florida Legislature, it is immediately necessary, in order to provide for the City's participation in the Project, that ' | ||
$7,000,000 be made immediately available for such purpose. | $7,000,000 be made immediately available for such purpose. | ||
C.' It is, therefore,' necessary to issue short term notes in the amount of $7,000,000 in order to immediately receive funds in anticipation of the receipt of the proceeds of such long-term financing, and it is necessary to pledge the taxing power of the City for the fiscal year '.975-76 and other revenues described herein as security for said Notes.- | C.' It is, therefore,' necessary to issue short term notes in the amount of $7,000,000 in order to immediately receive funds in anticipation of the receipt of the proceeds of such long-term financing, and it is necessary to pledge the taxing power of the City for the fiscal year '.975-76 and other revenues described herein as security for said Notes.- | ||
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~ | ~ | ||
the Mayor-Commissioner Pro Tempore and attested and, counter-signed by .i.he Clerk of the Commission and its corporate seal shall be affixed thereto. The Notes may be signed and sealdd on. behalf of the City by such person who at the actual time of the execution of such..tbtes shall hold the' proper office in l | the Mayor-Commissioner Pro Tempore and attested and, counter-signed by .i.he Clerk of the Commission and its corporate seal shall be affixed thereto. The Notes may be signed and sealdd on. behalf of the City by such person who at the actual time of the execution of such..tbtes shall hold the' proper office in l | ||
the City, although at ;the date of such Notes such person may | the City, although at ;the date of such Notes such person may | ||
,l | ,l | ||
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s ! | s ! | ||
and have been performed in due time, form and manner as recjuired E the Constitution and Laws of the State of Florida, ~ applicable the:l that the totai. indebtedness of said City, in'clu' ding the issue of | and have been performed in due time, form and manner as recjuired E the Constitution and Laws of the State of Florida, ~ applicable the:l that the totai. indebtedness of said City, in'clu' ding the issue of | ||
. . . 1 | . . . 1 Notes of which this Note is.one,'does .l not exceed - - any constitutionbl . | ||
Notes of which this Note is.one,'does .l not exceed - - any constitutionbl . | |||
statutory, ,or charter liiditation; and that ,' provision has been madi - | statutory, ,or charter liiditation; and that ,' provision has been madi - | ||
for the levy and collheticin of a direct annual tax for, the fiscal year 1975-76, at an annual rate not exceeding ten (10) mills on the dollar of assessed value upon all property subject to'taEatioq . . | for the levy and collheticin of a direct annual tax for, the fiscal year 1975-76, at an annual rate not exceeding ten (10) mills on the dollar of assessed value upon all property subject to'taEatioq . . | ||
l by the City to the extent necese=ry to pay the principal of and ' | l by the City to the extent necese=ry to pay the principal of and ' | ||
l | l | ||
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int rcat en thic Nots es tha cama shall b coma duo. The principa' of and interest on this Note are additionally secured by and payable from a pledge of certain funds of the City derived from sources other 'than ad valorem taxation in the manner provided in - - | int rcat en thic Nots es tha cama shall b coma duo. The principa' of and interest on this Note are additionally secured by and payable from a pledge of certain funds of the City derived from sources other 'than ad valorem taxation in the manner provided in - - | ||
ths Ordinance.. - | ths Ordinance.. - | ||
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This' Note shall not be redeemable prior to its stated date of maturity. . | This' Note shall not be redeemable prior to its stated date of maturity. . | ||
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' modifications or.samendments, : | ' modifications or.samendments, : | ||
without. tlie consent' of the hol,ders ,of ; | without. tlie consent' of the hol,ders ,of ; | ||
of all of such Notes. - | of all of such Notes. - | ||
SECTION 16. SEVERABILITY OF INVALID.. PROVISIONS. If any one l or more of the covenants, agreements or provisions'of this ordinanc-should be held contrary to.any express provisio'ns of law or contrar u the policy of express law, though not expressly prohibited, or , )' | SECTION 16. SEVERABILITY OF INVALID.. PROVISIONS. If any one l or more of the covenants, agreements or provisions'of this ordinanc-should be held contrary to.any express provisio'ns of law or contrar u the policy of express law, though not expressly prohibited, or , )' | ||
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SECTION 19. EFFECTIVE DATE. This ordinance shall take | SECTION 19. EFFECTIVE DATE. This ordinance shall take | ||
{;- effect immediately upon its adoption. | {;- effect immediately upon its adoption. | ||
* Dated this $ day of July, A.D., 1975. - | * Dated this $ day of July, A.D., 1975. - | ||
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ATTEST: , | ATTEST: , | ||
M l,, | M l,, | ||
CLERK OF TIfE COMMISSION ' | CLERK OF TIfE COMMISSION ' | ||
ll .- | ll .- | ||
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WHEREAS, by emergency ordinance adopted by the City ' | WHEREAS, by emergency ordinance adopted by the City ' | ||
Commission of the City of Gainesville, Florida, the City has | Commission of the City of Gainesville, Florida, the City has | ||
' authorized the issuance of $7,000,000.Ad Valorem Notes of | ' authorized the issuance of $7,000,000.Ad Valorem Notes of the City, due July 1, 1976,.to finance the cost of entering into a cooperative agreement with Florida Power Corporation for the' ' construction, maintenance, operation, and ownership of | ||
the City, due July 1, 1976,.to finance the cost of entering into a cooperative agreement with Florida Power Corporation for the' ' construction, maintenance, operation, and ownership of | |||
.a joint electric power production and tran.smission plant and facilities, together with other nunicipalities and utilities, to be known as Crystal River Plant Unit No. 3; and WHEREAS, the City Commission deems it in the 'best interest of the City to sell the Notes at public sale . | .a joint electric power production and tran.smission plant and facilities, together with other nunicipalities and utilities, to be known as Crystal River Plant Unit No. 3; and WHEREAS, the City Commission deems it in the 'best interest of the City to sell the Notes at public sale . | ||
NOW, THEREFORE,'BE,IT RESOLVED BY THE CITY COMMISSION OF | NOW, THEREFORE,'BE,IT RESOLVED BY THE CITY COMMISSION OF | ||
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. gate amourt of more than five per cent (5%) of the gross revenues of the city for the preceding fiscal year; and shall - | . gate amourt of more than five per cent (5%) of the gross revenues of the city for the preceding fiscal year; and shall - | ||
Supp. No. 23 I i | Supp. No. 23 I i | ||
48 | 48 j . | ||
j . | |||
I ; | I ; | ||
\ | \ | ||
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.l Assessment Ilends Sec. 9.01. Definitions. | .l Assessment Ilends Sec. 9.01. Definitions. | ||
General obligation bcnds, revenue bonds, excise tax bonds, and assessment bonds may be issued under the provisions e | General obligation bcnds, revenue bonds, excise tax bonds, and assessment bonds may be issued under the provisions e | ||
of this article. Whenever the words " bond" or'" bonds" only l i-are used in this article such words shall include the gan- | of this article. Whenever the words " bond" or'" bonds" only l i-are used in this article such words shall include the gan-I U #_ eral obligation bonds, revenue bonds, excise tax bonds, and Su pp. No. 23 | ||
I U #_ eral obligation bonds, revenue bonds, excise tax bonds, and Su pp. No. 23 | |||
; .i t > | ; .i t > | ||
57 L. | 57 L. | ||
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I. | I. | ||
t | t | ||
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Sec. 9.11. Collateral dignity of bonds and certificates. | Sec. 9.11. Collateral dignity of bonds and certificates. | ||
Notwithstanding any provisions of any other law or laws to the contrary, all general obligation bonds, revenue bonds, ex-cise tax bonds or assessment bonds issued under the provi- | Notwithstanding any provisions of any other law or laws to the contrary, all general obligation bonds, revenue bonds, ex-cise tax bonds or assessment bonds issued under the provi- | ||
, sions of this article, shall constitute legal investments for | , sions of this article, shall constitute legal investments for savings banks, banks, trust companies, executors, atlminis-trators, trustees, guardians, and other fiduciaries, and' for any board, body, agency or instrumentality of the State of Florida, or of any county, municipality, or other political sub-I Supp. No. 23 64.1 4 | ||
savings banks, banks, trust companies, executors, atlminis-trators, trustees, guardians, and other fiduciaries, and' for any board, body, agency or instrumentality of the State of Florida, or of any county, municipality, or other political sub-I Supp. No. 23 64.1 4 | |||
t | t | ||
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- I _ s.12. CHARTER I 9.14 ! | - I _ s.12. CHARTER I 9.14 ! | ||
rf.nk and priority, as to tien and source and security far - | rf.nk and priority, as to tien and source and security far - | ||
. payment from the pledged funds between bonds issued pursuant to this article and bonds thereafter issued. | . payment from the pledged funds between bonds issued pursuant to this article and bonds thereafter issued. | ||
y' | y' (6) The appointment of a trustee or trustees to hold and ap-l ply any funds provided for in this article and the ap-- | ||
(6) The appointment of a trustee or trustees to hold and ap-l ply any funds provided for in this article and the ap-- | |||
.. ! pointment of a receiver upon default of the city in the | .. ! pointment of a receiver upon default of the city in the | ||
: l. payment of the principal of and interest on said bonds | : l. payment of the principal of and interest on said bonds | ||
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(b) Fix the rates and charges to be paid by users, custom-ers and consumers, both within and without the corpo- | (b) Fix the rates and charges to be paid by users, custom-ers and consumers, both within and without the corpo- | ||
.! rate limits of the city, of any public utility owned or operated by the city; and levy and collect assessments for the installation of such utilities. - | .! rate limits of the city, of any public utility owned or operated by the city; and levy and collect assessments for the installation of such utilities. - | ||
i | i (c) Provide for the mandatory connection of any building, dwelling or structure to sewer lines adjacent to or con-Supp. No. 23 64.5 4 | ||
(c) Provide for the mandatory connection of any building, dwelling or structure to sewer lines adjacent to or con-Supp. No. 23 64.5 4 | |||
e d* | e d* | ||
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I j - (c) Enter into any co-operative agreement with any o'her i municipality, political subdivision or agency of the State of Florida, with any municipality or agency of another sate, with the United States or any of its agencies, or with any corporation or nonprofit corpo-ration or public trust operating or organized under the laws of the State of Florida or any other state, or with , | I j - (c) Enter into any co-operative agreement with any o'her i municipality, political subdivision or agency of the State of Florida, with any municipality or agency of another sate, with the United States or any of its agencies, or with any corporation or nonprofit corpo-ration or public trust operating or organized under the laws of the State of Florida or any other state, or with , | ||
any federal corporation, for the construction, mainte-nance, regulation, operation, ownership and Icasing of joint electric power production and transmission plants ') | any federal corporation, for the construction, mainte-nance, regulation, operation, ownership and Icasing of joint electric power production and transmission plants ') | ||
and facilities or joint water and sewer facilities, or may | and facilities or joint water and sewer facilities, or may j enter into any agreement for the interconnection of separately-owned facilities and the exchange, purchase or sale of electric power and energy or water or sewage i treatment and disposal, and the term of such agree-ments shall not be restricted as to length of time except as such agreements extend beyond the expected useful life of said joint or separately owned and operated facilities; may become a member of a public nonprofit corporation formed for the . purpose of constructing, | ||
j enter into any agreement for the interconnection of separately-owned facilities and the exchange, purchase or sale of electric power and energy or water or sewage i treatment and disposal, and the term of such agree-ments shall not be restricted as to length of time except as such agreements extend beyond the expected useful life of said joint or separately owned and operated facilities; may become a member of a public nonprofit corporation formed for the . purpose of constructing, | |||
; maintaining, regulating, operating, owning or leasing j of joint electric power production and transmission | ; maintaining, regulating, operating, owning or leasing j of joint electric power production and transmission | ||
; plants and facilities and have a beneficial interest in | ; plants and facilities and have a beneficial interest in | ||
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l I 10.04 CHART'RE I 11.02 | l I 10.04 CHART'RE I 11.02 | ||
(^' | (^' | ||
Sec.10.04. Same-Contracts for construction; contributions i - | Sec.10.04. Same-Contracts for construction; contributions i - | ||
from proposed users. !i The city is hereby authorized to enter into contracts with persons, firms and corporations having plants, residences or other facilities outside of the city limits of the city for the | from proposed users. !i The city is hereby authorized to enter into contracts with persons, firms and corporations having plants, residences or other facilities outside of the city limits of the city for the | ||
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10 11 Marion County, Florida, as a separate bulk power | 10 11 Marion County, Florida, as a separate bulk power | ||
* 12 supply utility or system; authorizing the issuance , | * 12 supply utility or system; authorizing the issuance , | ||
13 of revenue bonds by the City to pay the cost | 13 of revenue bonds by the City to pay the cost 14 thereof, payable from revenues derived from the : | ||
14 thereof, payable from revenues derived from the : | |||
15 operation of the system and other funds of the 16 City legally available for such ptirpose; and pro-17 viding an effective date. | 15 operation of the system and other funds of the 16 City legally available for such ptirpose; and pro-17 viding an effective date. | ||
18 19 De l'e Enacted by the Legislature of the State of Florida: | 18 19 De l'e Enacted by the Legislature of the State of Florida: | ||
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Mr. Maurice F. Hebb, Jr. July 3, 1975 Florida Power Corporation Page Two Contracts with each member of Seminole, designating Seminole as sole power supplier for each of our member systems, the Board of Trustees of Seminole has the responsibility for establishing rates to the member systems sufficient to cover all costs of Seminole, including Seminole's share of CR#3 operating expenses. | Mr. Maurice F. Hebb, Jr. July 3, 1975 Florida Power Corporation Page Two Contracts with each member of Seminole, designating Seminole as sole power supplier for each of our member systems, the Board of Trustees of Seminole has the responsibility for establishing rates to the member systems sufficient to cover all costs of Seminole, including Seminole's share of CR#3 operating expenses. | ||
Should you require additional information, please contact me and I will respond as promptly as possible. | Should you require additional information, please contact me and I will respond as promptly as possible. | ||
Very truly yours, | Very truly yours, SEMIN "E RIC COOPERATIVE, INC. | ||
SEMIN "E RIC COOPERATIVE, INC. | |||
-t? / ~ | -t? / ~ | ||
Joe D. Botto Executive Vice President JDB/cw Enclosures 1 l | Joe D. Botto Executive Vice President JDB/cw Enclosures 1 l | ||
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', ,x ;, < * + | ', ,x ;, < * + | ||
r , - Q;_y....; a- ? ,f. , | r , - Q;_y....; a- ? ,f. , | ||
~, | ~, | ||
[' * ' ' ..-m-- | [' * ' ' ..-m-- | ||
| Line 3,569: | Line 3,498: | ||
the plans, specifications, and schedules presently l established and documented in Exhibit C-3, and fully to i s comply with all requirements of all applicable statutes I and the rules and regulations of the Nuclear Regulatory Commission and such other regulatory agencies as shall 11 | the plans, specifications, and schedules presently l established and documented in Exhibit C-3, and fully to i s comply with all requirements of all applicable statutes I and the rules and regulations of the Nuclear Regulatory Commission and such other regulatory agencies as shall 11 | ||
W | W 6.3.3.2 Except as provided in Section 9.3, and Section 9.4,' | ||
6.3.3.2 Except as provided in Section 9.3, and Section 9.4,' | |||
the execution and. filing with the Nuclear Regula-g ' '(. , ' | the execution and. filing with the Nuclear Regula-g ' '(. , ' | ||
tory Commission or such other regulatory. agency having jurisdiction of applications, amendments, reports and other documents and filings in, or in connection with, licensing and other regulatory matters with respect to CR-3. | tory Commission or such other regulatory. agency having jurisdiction of applications, amendments, reports and other documents and filings in, or in connection with, licensing and other regulatory matters with respect to CR-3. | ||
| Line 3,578: | Line 3,505: | ||
regulatory matter, involving CR-3. | regulatory matter, involving CR-3. | ||
6.3.3.4 The COMPANY shall have no liability to PARTICI-PANTS for any loss, damage or expense suffered | 6.3.3.4 The COMPANY shall have no liability to PARTICI-PANTS for any loss, damage or expense suffered | ||
, by PARTICIPANTS or for any damage to PARTICIPANTS' interests in CR-3 or any portion of CR-3 arising out of or resulting from any action taken or failed to be taken by the COMPANY or any employee of the COMPANY pursuant to this Section 6.3, unless such loss, damage or expense results from (1) the willful misconduct of the COMPANY or any of its employees, or (2) the failure of the COM-j PANY or any of its employees to perform any l obligation imposed pursuant to this Section 6.3, or (3) the failure of the COMPANY or any of its o( employees to plan, license, construct, acquire, | , by PARTICIPANTS or for any damage to PARTICIPANTS' interests in CR-3 or any portion of CR-3 arising out of or resulting from any action taken or failed to be taken by the COMPANY or any employee of the COMPANY pursuant to this Section 6.3, unless such loss, damage or expense results from (1) the willful misconduct of the COMPANY or any of its employees, or (2) the failure of the COM-j PANY or any of its employees to perform any l obligation imposed pursuant to this Section 6.3, or (3) the failure of the COMPANY or any of its o( employees to plan, license, construct, acquire, complete, maintain, and operate CR-3 in a prudent manner in accordance with good utility practice. | ||
complete, maintain, and operate CR-3 in a prudent manner in accordance with good utility practice. | |||
6.3.3.5 In the event COMPANY, in performance of its duties within the scope of its agency, incurs any liability to any third party for which all the PARTICIPANTS and COMPANY are liable under this Section 6, any amount paid by the COMPANY on account of such liability shall be considered Cost of Construction or Operating Costs (as charged after June 30, 1975) and apportioned among the COMPANY and PARTICIPANTS pursuant to 4 | 6.3.3.5 In the event COMPANY, in performance of its duties within the scope of its agency, incurs any liability to any third party for which all the PARTICIPANTS and COMPANY are liable under this Section 6, any amount paid by the COMPANY on account of such liability shall be considered Cost of Construction or Operating Costs (as charged after June 30, 1975) and apportioned among the COMPANY and PARTICIPANTS pursuant to 4 | ||
their Generation Entitlement Shares, taking into account any amounts paid directly to the third party by any PARTICIPANT (S) or the COMPANY. | their Generation Entitlement Shares, taking into account any amounts paid directly to the third party by any PARTICIPANT (S) or the COMPANY. | ||
| Line 3,619: | Line 3,544: | ||
7.5.13 Investigate, adjust, defend and settle claims by third parties against any or all PARTICIPANTS and COMPANY, arising out of or attributable to Operating Work or Capital Improvements, or the past or future performance or non-performance of the obligations and duties of any PARTICIPANT or COMPANY, under or pursuant to this Participation Agreement, including but not limited to any claim resulting from death or injury to persons or damage to property, when said claims | 7.5.13 Investigate, adjust, defend and settle claims by third parties against any or all PARTICIPANTS and COMPANY, arising out of or attributable to Operating Work or Capital Improvements, or the past or future performance or non-performance of the obligations and duties of any PARTICIPANT or COMPANY, under or pursuant to this Participation Agreement, including but not limited to any claim resulting from death or injury to persons or damage to property, when said claims | ||
_are not covered by valid and collectible Operating | _are not covered by valid and collectible Operating | ||
. Insurance carried by COMPANY or any PARTICIPANT; and | . Insurance carried by COMPANY or any PARTICIPANT; and whenever and to the extent reasonable, present and prosecute' claims against any third party, including insurers, for any costs, losses and damages incurred in connection with said claims; - | ||
whenever and to the extent reasonable, present and prosecute' claims against any third party, including insurers, for any costs, losses and damages incurred in connection with said claims; - | |||
l' L 7.5.14 Provide notice to the Administrative Committee before L, any said claim or combination of said claims against l COMPANY and any or all PARTICIPANTS arising out of the | l' L 7.5.14 Provide notice to the Administrative Committee before L, any said claim or combination of said claims against l COMPANY and any or all PARTICIPANTS arising out of the | ||
! same transaction or incident is settled. The Administra-l 17 | ! same transaction or incident is settled. The Administra-l 17 | ||
| Line 3,686: | Line 3,609: | ||
cause or causes preventing the COMPANY and/or the PARTICIPANT (S) from carrying out its agreements; provided, that the settlement of strikes, lockov's and other industrial disturbances shall be entirely withit che discretion of the COMPANY or the PARTI-CIPANT, and it shall not be req % ired to make settlement of strikes, lockoats and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is unfavorable, in the judgment of the COMPANY or the PARTICIPANT suffering the labor dispute or other industrial disturbance. | cause or causes preventing the COMPANY and/or the PARTICIPANT (S) from carrying out its agreements; provided, that the settlement of strikes, lockov's and other industrial disturbances shall be entirely withit che discretion of the COMPANY or the PARTI-CIPANT, and it shall not be req % ired to make settlement of strikes, lockoats and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is unfavorable, in the judgment of the COMPANY or the PARTICIPANT suffering the labor dispute or other industrial disturbance. | ||
9.15 FUTURE POOLING. In the event the COMPANY and PARTICIPANTS become members of a pool whereby PARTICIPANTS do not receive capacity credit for their Generation Entitlement Shares in CR-3 under the requirements of the pool, COMPANY agrees to negotiate with PARTICIPANTS in good faith, through the Administrative Committee, in an effort to meet the requirements of the pool so that PARTICIPANTS will receive capacity credit for their ownership in CR.-3. | 9.15 FUTURE POOLING. In the event the COMPANY and PARTICIPANTS become members of a pool whereby PARTICIPANTS do not receive capacity credit for their Generation Entitlement Shares in CR-3 under the requirements of the pool, COMPANY agrees to negotiate with PARTICIPANTS in good faith, through the Administrative Committee, in an effort to meet the requirements of the pool so that PARTICIPANTS will receive capacity credit for their ownership in CR.-3. | ||
l i. | l i. | ||
\ l 1 | \ l 1 | ||
| Line 3,712: | Line 3,634: | ||
: 13. NONPARTITIONMENT f Each PARTICIPANT and COMPANY hereby waives any rights which it may have to partition any component of CR-3, whether by partition-ment in kind or by sale and division of the proceeds, and further agrees that it will not resort to any action in law or in equity to partition such component, and it waives the benefits of all laws that may now or hereaf ter authorize such partition for a term (i) which shall be coterminous with this Agreement, or (ii) which shall be for such lesser period as may be required under applicable law. | : 13. NONPARTITIONMENT f Each PARTICIPANT and COMPANY hereby waives any rights which it may have to partition any component of CR-3, whether by partition-ment in kind or by sale and division of the proceeds, and further agrees that it will not resort to any action in law or in equity to partition such component, and it waives the benefits of all laws that may now or hereaf ter authorize such partition for a term (i) which shall be coterminous with this Agreement, or (ii) which shall be for such lesser period as may be required under applicable law. | ||
\w 31 | \w 31 | ||
: 15. ADMINISTRATION As a means of securing effective cooperation and interchange of information and of providing consultation on a prompt and orderly basis among the PARTICIPANTS and the COMPANY in connection with various administrative and technical matters which may arise ) | : 15. ADMINISTRATION As a means of securing effective cooperation and interchange of information and of providing consultation on a prompt and orderly basis among the PARTICIPANTS and the COMPANY in connection with various administrative and technical matters which may arise ) | ||
from time to time in connection with the terms and conditions of 1 this Agreement, an Administrative Committee is established which l shall have the functions and responsibilities and be constituted as described herein. . | from time to time in connection with the terms and conditions of 1 this Agreement, an Administrative Committee is established which l shall have the functions and responsibilities and be constituted as described herein. . | ||
| Line 3,763: | Line 3,683: | ||
\~ , shall have the option of revoking the Generation Entitle-ment Share and all legal and equitable interests of the 39 | \~ , shall have the option of revoking the Generation Entitle-ment Share and all legal and equitable interests of the 39 | ||
l | l | ||
: 18. ARBITRATION ' | : 18. ARBITRATION ' | ||
| Line 3,858: | Line 3,777: | ||
Sedrbthry | Sedrbthry | ||
~ | ~ | ||
Witness | Witness 55 | ||
55 | |||
i s | i s | ||
| Line 3,887: | Line 3,804: | ||
YY W- | YY W- | ||
: u. HENRY wyAttorney Cit y | : u. HENRY wyAttorney Cit y | ||
I i | I i | ||
(. | (. | ||
| Line 3,979: | Line 3,895: | ||
adjustments shall be made on the basis of the following - - | adjustments shall be made on the basis of the following - - | ||
formula: , | formula: , | ||
PS = .1 C1+ CP 2 x 100 Cl + C2 where PS = PARTICIPANTS' total GES | PS = .1 C1+ CP 2 x 100 Cl + C2 where PS = PARTICIPANTS' total GES C 1 = Cost of Construction thru June 30, 1975 including AFC and Nuclear Fuel C 2 = Total Cost of Construction after June 30, 1975, | ||
C 1 = Cost of Construction thru June 30, 1975 including AFC and Nuclear Fuel C 2 = Total Cost of Construction after June 30, 1975, | |||
( including Nuclear Fuel, but excluding AFC. | ( including Nuclear Fuel, but excluding AFC. | ||
C P= Cost of' Construction after June 30, 1975, 2 | C P= Cost of' Construction after June 30, 1975, 2 | ||
| Line 4,041: | Line 3,955: | ||
.l | .l | ||
EXHIBIT C-1 C-1.1 Statement of Cost of Construction attributable to CR-3 through May 31, 1975. | EXHIBIT C-1 C-1.1 Statement of Cost of Construction attributable to CR-3 through May 31, 1975. | ||
Cost of Construction at Crystal River: Total Amount Structures and Improvements $ 57,545,290 Reactor Plant Equipment 58 726,585 Turbo-Generator Equipnent 34,,425,922 Accessory Electric Equipment ,p,151,632 l | Cost of Construction at Crystal River: Total Amount Structures and Improvements $ 57,545,290 Reactor Plant Equipment 58 726,585 Turbo-Generator Equipnent 34,,425,922 Accessory Electric Equipment ,p,151,632 l | ||
| Line 4,083: | Line 3,996: | ||
.a x 9_. g_3, m.M.n_. gw m_yn.. | .a x 9_. g_3, m.M.n_. gw m_yn.. | ||
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n cas.M,q qm _ 3 ..v :;'. w~ #e.- | |||
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| Line 4,094: | Line 4,005: | ||
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| Line 4,149: | Line 4,059: | ||
> e | > e | ||
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% s, p . .gQ*^x. . ., Pm,e..p .. rn, | % s, p . .gQ*^x. . ., Pm,e..p .. rn, | ||
",.t W;- , C.x Ita c. yany a Q.W;, . ,+ | ",.t W;- , C.x Ita c. yany a Q.W;, . ,+ | ||
| Line 4,164: | Line 4,073: | ||
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<r.fM%5-; . ,a Q , .Wf: . Q,Qg;4% Q | <r.fM%5-; . ,a Q , .Wf: . Q,Qg;4% Q | ||
- .:. L f | - .:. L f | ||
? m~ < h a ,n % n% p & %m; w,ig f.;p.gt=b;m Mw. s.. 3e.,4 ww-w%n ;;w p.~,,,<,4 W | ? m~ < h a ,n % n% p & %m; w,ig f.;p.gt=b;m Mw. s.. 3e.,4 ww-w%n ;;w p.~,,,<,4 W | ||
| Line 4,190: | Line 4,098: | ||
.m v. | .m v. | ||
w+,y - y-me - . | w+,y - y-me - . | ||
m 3- .w..-. | m 3- .w..-. | ||
-.p g %m g,y | -.p g %m g,y | ||
| Line 4,233: | Line 4,140: | ||
z ,n. .<a y, | z ,n. .<a y, | ||
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| Line 4,273: | Line 4,179: | ||
- y,m, c,,. | - y,m, c,,. | ||
@u. e,9 .;rn<T.-;j n o i . 4 . --.x< | @u. e,9 .;rn<T.-;j n o i . 4 . --.x< | ||
.~W<.3,w.s. | .~W<.3,w.s. | ||
r..p., | r..p., | ||
| Line 4,367: | Line 4,272: | ||
{ O 4 | { O 4 | ||
) | ) | ||
i l | i l | ||
o i | o i | ||
| Line 4,412: | Line 4,316: | ||
f' un mm s- - | f' un mm s- - | ||
l | l | ||
} *% | } *% | ||
N 1 | N 1 | ||
2 g | 2 g | ||
| Line 4,420: | Line 4,322: | ||
CITY OF BUSHNELL b | CITY OF BUSHNELL b | ||
+ | + | ||
a | a 1 | ||
P 1 hTW e - | |||
1 hTW e - | |||
. BELLA. HERMIDA OLIVER & GILLMAN CERTIFIED PUBLIC ACCOUNTANTS WICHOLAS J. BELLA. c. P. A. gesas.nettl PHONE 752 6883 REMY F**MIDA. c. P. A. 1707 W. REYNOLDS STREET RAYMr S. CLIVER. c. P. A. PLANT CITY. FLORIDA 3 3 5 6 6 H. Er e dM AN. C. P. A. | . BELLA. HERMIDA OLIVER & GILLMAN CERTIFIED PUBLIC ACCOUNTANTS WICHOLAS J. BELLA. c. P. A. gesas.nettl PHONE 752 6883 REMY F**MIDA. c. P. A. 1707 W. REYNOLDS STREET RAYMr S. CLIVER. c. P. A. PLANT CITY. FLORIDA 3 3 5 6 6 H. Er e dM AN. C. P. A. | ||
| Line 4,506: | Line 4,406: | ||
Dua From Water Utility Fund 329.00 | Dua From Water Utility Fund 329.00 | ||
' ' Dus From Electric Utility Fund 1,202.89 Dus From Utility Tax Fund 35.00 Total Current Assets $8,488.00 TOTAL ASSETS $8,488.00 e | ' ' Dus From Electric Utility Fund 1,202.89 Dus From Utility Tax Fund 35.00 Total Current Assets $8,488.00 TOTAL ASSETS $8,488.00 e | ||
e | e 5 | ||
5 | |||
EXHIBIT A LIABILITIES, RESERVES AND FUND BALANCE CURRENT LIABILITIES: | EXHIBIT A LIABILITIES, RESERVES AND FUND BALANCE CURRENT LIABILITIES: | ||
| Line 4,692: | Line 4,590: | ||
TOTAL EXPENDITURES $73,444.00 S126,999.76 $(53,555.76) l l | TOTAL EXPENDITURES $73,444.00 S126,999.76 $(53,555.76) l l | ||
l | l | ||
, ,, , - - - - - , ,. - n - | , ,, , - - - - - , ,. - n - | ||
| Line 4,810: | Line 4,707: | ||
EXHIBIT E-6 | EXHIBIT E-6 | ||
[' _ CITY OF BUSHNELL. FLORIDA ELECTRIC UTILITY FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUNDS WERE PROVIDED BY: | [' _ CITY OF BUSHNELL. FLORIDA ELECTRIC UTILITY FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUNDS WERE PROVIDED BY: | ||
Not Income, Exhibit E-3 $ 8,600.52 Contribution From General Fixed Assets 29,951.27 Transfer of Restricted Assets From General Fund 14,462.94 Total Funds Provided $53,014.73 FUNDS WERE APPLIED TO: | Not Income, Exhibit E-3 $ 8,600.52 Contribution From General Fixed Assets 29,951.27 Transfer of Restricted Assets From General Fund 14,462.94 Total Funds Provided $53,014.73 FUNDS WERE APPLIED TO: | ||
| Line 4,958: | Line 4,854: | ||
a .> O _.% | a .> O _.% | ||
w , | w , | ||
' ~ | ' ~ | ||
i'- j , n l~'.',,- p.,, $,~.') | i'- j , n l~'.',,- p.,, $,~.') | ||
| Line 4,979: | Line 4,874: | ||
t .;;- | t .;;- | ||
'' ' l , .a.. ue Ta "M kbyL l-'T* Q ,! | '' ' l , .a.. ue Ta "M kbyL l-'T* Q ,! | ||
, s - - | , s - - | ||
w[%r | w[%r | ||
| Line 5,160: | Line 5,054: | ||
Itility Construction Trust Fund lElcctric,waterandsewer-revenuebonds, | Itility Construction Trust Fund lElcctric,waterandsewer-revenuebonds, | ||
.Serica 1974 7.5, 6.6, 6.5, 6.6, 6.7, 6.75, 6.8, 6.9, 7.1, 7.2% 1/1; 7/1 " | .Serica 1974 7.5, 6.6, 6.5, 6.6, 6.7, 6.75, 6.8, 6.9, 7.1, 7.2% 1/1; 7/1 " | ||
ktal Enterprise Funds . | ktal Enterprise Funds . | ||
!Noto - See Note:2 on page 68 for information pertaining to an Electric Revenue- | !Noto - See Note:2 on page 68 for information pertaining to an Electric Revenue- | ||
| Line 5,210: | Line 5,103: | ||
$ 21,992,084 $ 21,992,084 | $ 21,992,084 $ 21,992,084 | ||
\. ; | \. ; | ||
MOO 9E, COSS 8: COMPANY e CERTIFIED PUBLIC ACCOUNTANTS 9@ | MOO 9E, COSS 8: COMPANY e CERTIFIED PUBLIC ACCOUNTANTS 9@ | ||
| Line 5,285: | Line 5,177: | ||
a | a | ||
! P l | ! P l | ||
s | s 1 | ||
1 | |||
-l MOOREg CORB & COMPANY.. | -l MOOREg CORB & COMPANY.. | ||
* _ CERTIFIED PUBLIC ACCOUNTANTS , , | * _ CERTIFIED PUBLIC ACCOUNTANTS , , | ||
| Line 5,297: | Line 5,187: | ||
l SSles of electricity ! | l SSles of electricity ! | ||
Residential sales $ 6,449,123 $ 7,629,771 l Commercial and general pm c 6,566,659 7,219,816 ! | Residential sales $ 6,449,123 $ 7,629,771 l Commercial and general pm c 6,566,659 7,219,816 ! | ||
Fuel adjustment 2,425,507 Street and traffic light 168,074 191,234 Bulk sales 426,354 446,052 Totc1 Sales of electricity $ 13,610,210 $ 17,912,380 l | Fuel adjustment 2,425,507 Street and traffic light 168,074 191,234 Bulk sales 426,354 446,052 Totc1 Sales of electricity $ 13,610,210 $ 17,912,380 l Othnr operating revenues M intenance of traffic and street lighting $ 42,700 $ 46,386 l S:rvice charges 60,174 87,542 l Rental lighting sales 51,779 59,090 ' | ||
Othnr operating revenues M intenance of traffic and street lighting $ 42,700 $ 46,386 l S:rvice charges 60,174 87,542 l Rental lighting sales 51,779 59,090 ' | |||
R:ntal lighting 78,432 76,285 Miscellaneous . | R:ntal lighting 78,432 76,285 Miscellaneous . | ||
84,544 93,051 Totc1 Other operating revenues 317,629 362,354 Total Operating revenues S 13,927,839 $ 18,274,734 Lesa: Operating exnenses bafore depreciation Power production expense $ 5,280,613 $ 8,586,597 Transmission' expense 159,737 213,577 | 84,544 93,051 Totc1 Other operating revenues 317,629 362,354 Total Operating revenues S 13,927,839 $ 18,274,734 Lesa: Operating exnenses bafore depreciation Power production expense $ 5,280,613 $ 8,586,597 Transmission' expense 159,737 213,577 | ||
| Line 5,366: | Line 5,254: | ||
.spense Fund 6,099.01 P.I.R.C. of 1950 93.591.57 2,090,955.82 Revenue Certificates Payable (See Footnote - Page 2) 51,990,600.00 Deferred Contracts Payable 471.005.00 52.461.605.00 . | .spense Fund 6,099.01 P.I.R.C. of 1950 93.591.57 2,090,955.82 Revenue Certificates Payable (See Footnote - Page 2) 51,990,600.00 Deferred Contracts Payable 471.005.00 52.461.605.00 . | ||
TOTAL LIABILITIES 57,550,716.70 | TOTAL LIABILITIES 57,550,716.70 | ||
( , | ( , | ||
~ | ~ | ||
| Line 5,416: | Line 5,303: | ||
Expenditures - Water - Pages 45-47 | Expenditures - Water - Pages 45-47 | ||
. Encumbrances - Water - Page.: 45-47 833,786.25 14.370.63 Fund Balance, May 31, 1975 2.414.127.73 TOIAL LIABILITIES, RESERVES AND FUND BA1ANCE 2,828,644.45 | . Encumbrances - Water - Page.: 45-47 833,786.25 14.370.63 Fund Balance, May 31, 1975 2.414.127.73 TOIAL LIABILITIES, RESERVES AND FUND BA1ANCE 2,828,644.45 | ||
[ | [ | ||
Note: | Note: | ||
| Line 5,554: | Line 5,440: | ||
Apr. 30, 1975 Certificate of Deposit' First National City Bank of N.Y. July 10, 1975 1,168,382.76 1,155,, 5.875% | Apr. 30, 1975 Certificate of Deposit' First National City Bank of N.Y. July 10, 1975 1,168,382.76 1,155,, 5.875% | ||
Total 3,030,000.00 a ,, | Total 3,030,000.00 a ,, | ||
1 f 3 _ ', F ' lPJ LG~Jf i ; CPr W .Gr - | 1 f 3 _ ', F ' lPJ LG~Jf i ; CPr W .Gr - | ||
| Line 5,905: | Line 5,790: | ||
City of Kissimmee, Florida ELECTRIC' AND WATER UTILITIES FUND - | City of Kissimmee, Florida ELECTRIC' AND WATER UTILITIES FUND - | ||
SCHEDULE OF OPERATING EXPENSES - BUDGETED AND ACTUAL For the Six Months Ended March 31, 1975 | SCHEDULE OF OPERATING EXPENSES - BUDGETED AND ACTUAL For the Six Months Ended March 31, 1975 ACTUAL OVER (UNDER) | ||
ACTUAL OVER (UNDER) | |||
BUDGET ACTUAL BUDGET WATER-OTHER Line Construction - - - | BUDGET ACTUAL BUDGET WATER-OTHER Line Construction - - - | ||
Contingency 20,000 356 ( 19,644) | Contingency 20,000 356 ( 19,644) | ||
| Line 5,936: | Line 5,819: | ||
. 1 I | . 1 I | ||
r' CI_TY OF LEESBURG, FIDRIDA | r' CI_TY OF LEESBURG, FIDRIDA l | ||
l i | |||
l | i l | ||
i | |||
l l | l l | ||
i FINANCIAL STATEMENTS ' | |||
FINANCIAL STATEMENTS ' | |||
AND SUPPLEMENTAL SCHEDULES | AND SUPPLEMENTAL SCHEDULES | ||
(. FOR THE YEAR ENDED SEPTEMBER 30,197t+ | (. FOR THE YEAR ENDED SEPTEMBER 30,197t+ | ||
| Line 6,100: | Line 5,981: | ||
t | t | ||
r.mumT E CITY OF LEESBURG. FLORIDA-PUBLIC IMPROVEMENT REVENUE CERTIFICATE SINKING FUND STATEbENT OF REVENUES, EXPENDITURES, TRANSFERS, AND FUND BAIANCE YEAR ENDED SEPTEMBER 30, 1974 REVENUES - Interest................................. $ 5,916 TRANSFERS FROM GENERAL FUND. . . . . . . . . . . . . . . . . . . . . . . . . 28,852 Total revenues and transfers . . . . . . . . . . 34.768 EXPENDITURES: | r.mumT E CITY OF LEESBURG. FLORIDA-PUBLIC IMPROVEMENT REVENUE CERTIFICATE SINKING FUND STATEbENT OF REVENUES, EXPENDITURES, TRANSFERS, AND FUND BAIANCE YEAR ENDED SEPTEMBER 30, 1974 REVENUES - Interest................................. $ 5,916 TRANSFERS FROM GENERAL FUND. . . . . . . . . . . . . . . . . . . . . . . . . 28,852 Total revenues and transfers . . . . . . . . . . 34.768 EXPENDITURES: | ||
Retirement of public improvement i | Retirement of public improvement i | ||
| Line 6,277: | Line 6,157: | ||
prior service cost over a period of 25 years, for the plan is charged to the General Fund ($56,550) and the Utilities Revenue Fund | prior service cost over a period of 25 years, for the plan is charged to the General Fund ($56,550) and the Utilities Revenue Fund | ||
($21,243). Effective October 1,1974, the pension plan was amended and employee _ contributions are no longer required. | ($21,243). Effective October 1,1974, the pension plan was amended and employee _ contributions are no longer required. | ||
: The Police Pension Fund was established to invest the con-tributions for the pension plan covering all full-time policemen | : The Police Pension Fund was established to invest the con-tributions for the pension plan covering all full-time policemen employed by the City. At the date of the last valuation (December 31,1973), the assets in the fund exceeded the actuarially computed value of the vested benefits. | ||
employed by the City. At the date of the last valuation (December 31,1973), the assets in the fund exceeded the actuarially computed value of the vested benefits. | |||
l Herlonn Park Project Fund This fund was closed during the year ended September 30, 1974 and all remaining assets were transferred to the General Fund. | l Herlonn Park Project Fund This fund was closed during the year ended September 30, 1974 and all remaining assets were transferred to the General Fund. | ||
(Continued) - 2. | (Continued) - 2. | ||
| Line 6,304: | Line 6,182: | ||
(See following page.) | (See following page.) | ||
a 1 | a 1 | ||
l l | l l | ||
1 l | 1 l | ||
Revision as of 22:42, 21 February 2020
| ML19308D684 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 08/27/1975 |
| From: | FLORIDA POWER CORP. |
| To: | |
| References | |
| NUDOCS 8003120806 | |
| Download: ML19308D684 (800) | |
Text
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FLORIDA' POWER CORPORATION
- SUPPLEMENT NO. 1 TO THE APPLICATION FOR LICENSES k
CRYSTAL RIVER UNIT 3
', NUCLEAR PLANT 4
1
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1 1 4 AMENDMENT NO. 46 August 22, 1975
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CONSTRUCTION PERMIT QUESTION 1. Indicate the total estimated cost to complete the design and construction of Crystal River Unit 3 including nuclear production plant costs; trans-mission, distribution and ge.neral plant costs; and the nuclear fuel inventory cost for the first core. I-RESPONSE TO QUESTION 1. The estimated cost to complete the design and construction of Crystal River Unit 3 is shown on Exhibit C-3 of the Crystal River Unit 3 Participation Agreement. This cost estimate excludes AFC from July, 1975, to completion, t
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f .. CONSTRUCTION PERMIT
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Question 2
'If-nuclear fuel for the facility is to be acquired by lease or other arrangement than purchase, submit copies of the lease.or documents relating to the "other arrangement".
( : Response to Question 2. The nuclear fuel for the Crystal River Unit 3 has been purchased. Y
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(- . l 1 Question 3 Provide the earliest and latest estimated dates for completion of construction of the unit. Response to Question 3. Construction of Unit 3 is schedules for comp'15 tion in time for
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(' fuel loading to begin in February, 1976, and for earliest com-mercial operation in June, 1976. It is projected that the latest ^ date for fuel loading to begin is May, 1976, with the latest commercial operation as September, 1976.
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( CONSTRUCTION PERMIT - QUESTION 4. What is the aggregate dollar amount that will be payable by the additional participants at the date of closing the sale? What is the total estimated dollar amount that the additional participants will pay to Florida Power Corporation after closing the sale and through completion of the unit? If the total estimated cost to complete the unit (per item 1 above) exceeds the total dollar contribution to be made by the additional participants, provide a detailed explanation of the source (s) of funds to finance the difference. Indicate the nature and amount of the additional source (s), if any, and indicate the assumptions upon which the ability to raise such
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funds is based. RESPONSE TO QUESTION 4. The aggregate dollar amount that was paid by the additional participants at the closing held on July 31, 1975, was $38,491,034. The total estimated dollar amount t,.at the additional participants will pay to Florida Power Corporation after the closing of the sale and through completion of the unit is approximately $6,355,000. The additional funds required to complete construction of Crystal River Unit 3 will be obtained as an integral part of Florida Power Corporation's total construction program as outlined in Section (f) Financial Qualifications of Applicant on page 5 of the volume titled " Application for Licenses". f\.s , r. L
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~ Question 5 Provide a list of the additional participants. Indicate their respective ownership shares.in the facility and the dollar contribution to be made by each at closing of the sale. Also indicate ~the estimated additional total dollar contribution to be made by each participant through the completion of the unit.
4 Response to Question S. ( A list of the additional participants indicating their respective ownership shares and_ dollar contribution made at the closing is shown on the next page. Also included is the estimated dollar contribution made by each through comp 1'etion of the unit. 1 (
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_ CONSTRUCTION PERMIT ~ of~~ , QUESTION 6.
'For each municipal and cooperative electric system applicant,. identif sources upon which the applicant plans to rely for the funds necessary to Pay the total cost of its ownership share in the subject facility and the amount to be obtained from each source.
The summation of these sources should equal the total contributica of each applicant through the year of completion of Crystal River Unit 3. i i I ( RESPONSE TO QUESTION 6. The sources of funds upon which the participants plan toayrely for to p their ownership shares in the unit are identified in the of llowing pages. i k_ e __ . . . . , - - - ,
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ALLOCATION - CRYSTAL RIVER UNIT 3 I PARTICIPATION Percent EstimatedAmf Amount Paid Paid Thru , Entitlement At Closing Completion: City of Alachua, Fla. 0.0779 $ 299,845 $ 49,506 City of.Bushnell, Fla. 0.0388 149,345 24,657 City of Gainesville, Fla. 1.4079 5,419,153 894,721 City of Kissimee, Fla. 0.6754 2,599,684 429,217 City of Leesburg, Fla. 0.8244 3,173,201 523,906 City of New Smyrna Beach, Fla. 5 New Symrna Beach Utilities 0.5608 2,158,577 356,388 Commission 1 City of Ocala, Fla. 1.3333 5,132,010 847,312 l Orlando Utilities Commission 1.6015 6,164,339 1,017,753 Sebring Utilities Commission 0.4473 1,721,704 284,259 Seminole Electric Coop., Inc. 1.6994 6,541,166 1,079,969 City of Tallahassee, Fla. 1.3333 5,132,010 847,312 TOTALS ----------- 10.0000 $38,491,034 $6,355,000 a i l
MARTH A S. ALDAY ROBERT H. C ATO (' ROBERT HITCHCOCK JR. 4 M AYOR-COMMISSIONER
^*
ALACHUA. FLORIDA 32615 GLENN O. DU BOIS CLIFTON MC DANIEL NONE1904) 4624231 CITY MANAGER COMMISSIONERS DOCKET # 50-302 RESPONSE TO QUESTION 6 CONSTRUCTION PERMIT Alachua will borrow on a short term bond anticipation note sufficient funds to meet immediate requirements. Bonds will be sold to cover our total requirements, including repaying the short term loan. Arrangements for the loan and the bonds have been made. l l l (
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*:-: . >..i; ,l. Ji. .e . G.>WS CITY OF BUSHNELL SEAT OF SUMTER COUNTY P. O. BOX 115 - PHONE 793 2571 BUSHHELL, FLORIDA 33513 July 3,1975 Mr. E. C. (Burt) Simpson (H-8)
Florida Power Corporation P. O. Box 14042 St. Petersburg, Florida 33733
Dear Mr. Simpson:
Subject:
Crystal River Nuclear Unit No. 3 - Nuclear Regulatory Commission (NRC) Response Our response to the NRC interrogatory as requested by Mr. W. S. O' Brian is as follows: Construction Permit
- 5. The City plans to finance its entire ownership share through a $200,000 revenue bond issue within approximately six months of the closing date (City Commission minutes, June 25, 1975). Short term funding has been pledged to the extent necessary by the Florida Bank at Bushnell.
- 7. Each municipal participant is an electric utility within the meaning of that term as used in House Bill 1329, adopted by the Legislature of Florida at its 1975 Regular Session, a copy of which is enclosed. That law authorizes the issuance of bonds pursuant to Chapter 159, Part I, Florida Statutes, a copy of which is enclosed. These same laws authorize the use of public funds to acquire ownership shares in joint electric power projects.
- 11. The most recent annual financial statement, Annual Audit
{ dated September, 1974, is enclosed. Interim financial statements are not prepared by our auditor. ( l l l
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- j- Mr. E. C. (Burt) Simpson (H-8)
Page 2 July 3,1975 Operating License - 5 Each of the additional participants is an electric utility within the meaning of House Bill 1329, adopted by the Legislature of Florida at its 1975 Regular Session, a copy of which is enclosed. Pursuant to that law, each of the additional participants is authorized to issue bonds and fix and revise rates and charges for the use of electric power projects pursuant to Chapter 159, Part I, Florida Statutes, a copy of which is enclosed. Rates
- and charges may be fixed pursuant to Section 159.10.
8.- Same response as CP-11. Sincerely, City of Bushnell fy 7 fg [ PU James N. Etheredge Mayor Enclosures
I l MARTH A S. ALDAY '. g ROBERT H. C ATO {
- ( ROBERT HITCHCOCK. JR.
< 4 4 M AYOR- COMMISSIONER ALACHUA. FLORIDA 32615 GLENN O. DU BOIS CLIFTON MC DANIEL PHONE (904) 462-1231 CITY MANAGER COMMISSIONERS DOCKET # 50-302 RESPONSE TO QUESTION 6 CONSTRUCTION PERMIT Alachua will borrow on a short term bond anticipation note sufficient funds to meet immediate requirements. Bonds will be sold to cover our total requirements, including repaying the short term loan. Arrangements for the loan and the bonds have been made.
b
William dough b CO. a.- a mia NOTINConPORATED ra J Strah e.i.e
= Alfred C $bpard POST OFFICE 504 3310 *
% Office ',, #h *3 FORT PIERCE FLORIDA 33450 0 Cart Nestav 305 46 9,25e6
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ST PE T E R 58 U f'G FLORIDA 337st 813 696 5641 Th. mas W terme James R Man 6.as v r.r... c.,i. n., n a4 s.. July 24, 1975 ' " ' " ' *"' Mr. E. C. Simpson Florida Power Corporation P. O. nox 14042 St. Petersburg, Florida 33733
Dear Mr. Simpson:
William R. Hough & Co. is serving as the Financial Consultant to the New Smvena Beach Utilities Commission in connection with the financing of the ourchase of an undivided ownership interest in the Florida Power Corporation's Crystal Mver Nuclear Unit No. 3. On July 7,1075, after a cublic hearing on the proposal, the New Snorrna Beach Utilities Commission adopted a Resolution authorizing the issuance of not to exceed t4,000,000 ( Utilities Revenue Certificates, Series 1975 A, to provide long range financing for the. purchase of the above project. On the same date, the New Smyrna Beach Utilities Commission authorized the issuance of $2,500,000 Utilities Revenue Certificates, Series 1975 A Anticipation ' Notes to provide temporary financing to meet the July 31 deadline for oayment to Florida Power Corporation of a major portion of the cost of the above project. William R. Houch & Co. is in the process of marketine the Anticipation Notes in order to provide funds to the Mew Smyrna Beach Utilities Commission in time to meet said deadline. Very trulv yours, O ni
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D. C. Huskey William R. Hough 1 Co. CC: Mr. William R. Hough "ew Smyrna Sesch Utilities Co mission s. MUNICIPAL BONO DE ALERS AND CONSULT ANTS
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A RESOLUTIOff PROVIDING FOR THE ISSUANCE BY THE CITY OF LEESBURG, FLORIDA, OF CAPITAL I!GROVEMENT NOTES IN Tite AMOU!ff 0F S3.500,000 TO ADVANCE FUNDS FOR THE COST OF ENTERING I!TTO A JOINT ELECTRIC *
. POWER PRODUCTION AND TRANSMISSION PROJECT XNOWN AS CRYSTAL RIVER pIANT l' NIT Nts. 3; CO?ffAINING OTHER PROVISIONS RELATING TO SUCl! NOTES; AND PROVIDING ,
AN EEFECTIVE DATE. BE IT RESOLVED BY THE CITY Co?ttISSION OF THE CITa' OE LEESBURC, FLORIDA: Section 1. AUTHORITY FOR Tills RES01.UTION. Thts Resolution is adopted pursuant to the provisions of Chapter 166, Part. II, Florida Statutes, and other applicable provisions of' law. Section 2. FINDINGS. It is hereby found, dete mnined and declared as follows, that: I
- A. The City of Leesburg is in the process of entering into a co-oper-stive agreeuent with Florida Power Corporation for the construction, mainten-ance, operation, and ownership of a joint electric power production and trans-mission plant and f acilities, together with other municipalities and utilities to be known as Crystal River Plant Unit No. 3 (the " project"). It is necessa,ry .
I and essential, due to the increased expansion and grcwth of the City, to pro-1 vide for additional generation and transmission facilities to supply electric power to the electric power distribution system now owned, operated and main-
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tained by the City for the supply and distribution of electric power within and without the corporate limits of the City, and the ftnancing of the project is an essential step in accomplishing such purpose.
- 5. Although it is contemplatest that the City't share of the cost of the project will be financed'on a long-term basis by other mecheds, which may be pursuant to the existing Charter of the City or pursuant to other legislation hereafter adopted by the Florida Legislature, it is imediately necessary, in order to provide for the City's participation in the project, that $3,500,000 be made inmediately available for such purpose.
C. It is, therefore, necessary to issue short term notes in the :enount of $3,500,000 in order to imediately receive funds tn anticipation of the receipt of the proceeds of such long-term financing, .ind it is necessary eo pledge all funds of the City derived from sources other than ad valorem taxation
, legally available therefor. The notes herein shall and.da not pledge the prop-erty, credit, or general tax revenue of the City.
Section 7. NEC(7tIA3:1*TY AND LECISTRATION. The N:tes sh:11 ba and ch:11 have all of the qualities and incidents of negotiable instruments under the law I merchant and the Laws of the State of Florida, and each successive holder, in accepting any of said Notes appertainina thereto, shall be conclusively deemed to have agreed that such Notes shall be and have all of the qualities and in. cidents of negotiable instruments under the low merchant and the Laws of the State of Florida. , The Notes may be registered at the 0rtion of the holder as to principal and Interest at the ottice erf the a:ltv e 1, rk and Auditor, as Registrar, or such other Registrar as may be Fereafter dulv appointed, such registration to be noted on the back of the Notes in the space provided therefar. Atter such registration as to principal and interest, no transter of the Notes anall be valid unless made at such of fice by written assignment ot the registered owner, or by this duly authorized attorney, in a form satisfactory to the Registrar, and aimilarly noted on the Notes, but the Notes may be dtscharged from registration by being in like manner transferred to bearer form and there. upon transferability by delivery shall be restored. At the option of the holder, the Notes may thereafter again from time to time be registered or transferred to bearer form as before. Section 8. NOTES MUTTIATED, DESTROYED, STOLEN OR LOST. In case any Note shall become mutilated, or be destroyed, stolen or lost, the Ctry may in its discretion issue and deliver a new Note of like tenor as the Nete so mutilated, destroyed, stolen or lost, in exchange ar.d substitution for such mutilated Note, upon surrender and cancellation of such mutilated Note, if any, or in lieu of and substitution for the Note, if any, destroyed, stolen or lost, and upcn the holder furnishing the City proof of his evnership thereof and s.ittsfactory indemnity and comp 1ving wit,h s' ah ather reasenable regulations and canditions a$ the City may prescribe and paying such expenses as the City may incur. All Notes so surrendered sball be caacelled by the City Clerk and Auditor. If aay much Note shall have matured or he a%t to mat
- ire, tnscend ai issuing a substitute Note, the City mas pay the sare, upon being in lemnt t't ed as nforesaid, and if such Note he lost, stolen or destroyed without wuriender thereof.
I %. g ._ . . ~~ '
. i cost of entering into a co-operative agreement with Florida Power Corporation for the construction, maintenance, operation and o mership of a joint electric I
- f power production and transmission plant and facilitie,s to be known as Crystal Rivar Plant Unit No. 3 under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including Chapter 166, part II, Florida Statutes, and other applicable provisions of law, and pur- i suant to a resolution of the City adopted on the day of , 1975 (hereinafter called " Resolution"). This Note is subject to all the terms and conditions of said Resolution, including but not limi ted to' the condition of
" Prior Redemption". ,
it is hereby certified and recited that all acts, conditions and things required to happen, to exist and to be performed, precedent to and in the 1 issuance of thia Note, have happened, exist and have been performed in dus
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time, form and manner as required by the Constitution and Laws of the State of Florida, applicable thereto; and that the issuance of this Note, and of the issue of Notes of which this Note is one, does not viciate any constitutional, statutory, or charter limitation or provision. The principal of and interest on this Note are p'ayable from a pledge of certain funds of the City derived from sources other than ad valorem taxation. Th'is Note shall and does not pledge the property, credit, or general tax revenue of the City. This Note does not constitute an indebtedness of the City within the meaning of any constitutional or statutory provision or limitation, and it is expressly agreed by the holder of this Note and the coupons appertaining thereto that such holder shall never have the right to require or empel the exercise of the ad valorem taxing power of the City for the pavment of the principal of and interest on this Note or the making of any sinking funi, reserve or other payments provided tor in the Resolution. It is further agreed between the City and the holder of this Note that thia Note and the obligation evidenced thereby shall not constitute a lien upon the project, or any part thereot~, or on any other property of or in the City, t,ut shall constitute a tien only on non-ad valorem Lunds, na described herein, in the manner provided in the resolution. 9 g
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~ ~ No holder or holders af any Notes issued hereunder shall ever have the right to compel the emercise of the ad valorem taming power of the City or taxation s - in any form of any real p operty therein to pay such Notes or the interest thereon or be entitled to payment of such principal apd interest from any other funds of the City except from the special funds in the manner provided herein.
Section 12. CITY BUDCET. The City, in preparing, approving and adopting its budget controlling or providing for the expenditures of its funds for the fiscal year 1975-76, will appropriate, allot and approve, from funds of the City derived from sources other than ad valores taxes and legally availdle therefor, the amounts sufficient to pay the principal of and interest on the Notes as the sese shall become due, after deducting therefrom any other funds which may be available for such payments and which may be so applied. Section 13. NOTEHOLDERS NOT ATFECTED 3Y USE OF NOTE PROCEEDS. The holders of the Notes issued hereunder shall have no responsibility for the
. use of the proceeds of said Notes, and the use of such Note proceeds by the City shall in no way affect the rights of such noteholders.
Section 14. MODIFICATION OR AMEND"!NT. ~ No material modification or amendment of this Resolution or of any Resolution amendatory hereof or supplemental hereto, may be made without the consent in writing of the holders of sixty-seven per centum (67%) or more in principal amount of the Notes then
. outstanding, provided, however, that no codification or amendment shall permit a change in the maturity of such Notes or a reduction in the rate of interest thereon, or in the amount of the principal obligation or af fecting the uncon-ditional promise of the City to pay the prir.cipal of and interest on t 0 Notes se the same shall become due, or reduce such percenta;;e of holders of such Notes, required above, for such modifications or amendments, without the con-sent of the holders of all of such Notes. -
Section 15. SEVERABILITY OF INVAI.!D PROVISIONS. If any one or more of the covenants, agreements or provisions of this Rtsolucion should w held contrary to any express provisions of law or contrary to the policy of express law, though not expressly prohibited, ar against public policy, or shall for sny reason whatsoever he held invnltd. then much cuvei. ants, regreec:.nts or pro-( . visions shall be null and void and shall be deemed separate from the remaining I' covenants, agreements or provisions, and in no w av af f ect the validity of all the other provisions of this Resolutic: or of the Notes issued thereunder.
' " CI.$$i*t!"c"EIE!}No e 1 I " '
- ICE *x*.'S"Ra"o't:y
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[ g City Of iGGSbal'f ' r" ta"h"."'" FRANK A. SKIL8REo J l COMMIS510NER MANAGER FORM OF GOVERNMENT
; P. O. BOX 630 y'jtNyE N ECHT C CLERK
^ TOR LEESBURG, FLORIDA 32748 "v"T **TT'"So" c"' ^ccT-July 3, 1975 RECENED JUL 81975 R. W. Beck and Associates P. O. Box 6817 R Wyg B "'$. g,.
Orlando, Florida 32803 Attention: Mr. Robert W. Claussen, Principal Engineer
Dear Bob,
Receipt is acknowledged of your July 2,1975 letter concerning the enclosure, and particularly items 6 and 11. Enclosed herewith is a copy of the Financial Statement and Supplemental Schedules for the year ended September 30, 1974 as published by Haskins & Sells who performed the annual audit for the City of Leesburg. The City of Leesburg will have a special Commission meeting today, July 3, 1975, to discuss short term money and the steps necessary for issuance of revenue certificates at a later date. . Although this resolution has not been passed, a sample of the pro-posed resolution is enclosed for your information. Should this change substantially, you will be notified and a copy of the passed resolution will be furnished you as early as possible. Should.you have any questions on this matter, please give me a call. In accordance with Section 6.1.1, forwarded under separate cover is a copy of the Charter and By-Laws. The City of Leesburg is desirous of being kept informed of the exact date of closing since funds that are necessary for the closing ) do not want to be drawn until the day before. I am sure you can realize the reason for this. Should you have any questions concerning i the above statements and enclosures, please let me know. i I Sincerely, ' j M CALVIN E. GLIDEWELL m City Manager CEG/lks i Encls cc: City Clerk - City Attorney l
Construction Permit Question 6 Kissimmee will make a 200 day loan from First Financial Corp. for approximately S2.7 million. This loan will be-paid through the proceeds of a bond issue of approximately $3.5 million which will cover all anticipated payments through December 1976. Approval of the loaa hr.s been received from the appropriate committee of First Financial and contract preparations are in process as of 7/2/75.- Bond Resolution preparation has begun and bond sale is anticipated in Nov.-Dec. 1975. A 10% contingency is included in the bond issue to provide for escallation of costs. (s-W v v --rc - , , .--, ,, ,. 7 g,% --,-. y v-
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_ Nk Nhb 4 THE CITY CJF KISSIM! ,,..;E. FLOFilOA l ADVtNISTRAfloN BtJ;LOING POST QFFICE BOX 343 TELEPHor.E 847-2221 on wcE 2274: July 3, 1975 l i 1 E. C. Simpson (H-8) I Florida Power Corporation P. O. Box 14042 St. Petersburg, FL 33733
Dear Mr. Simpson:
Please find attached the informat' ion required by the Nuclear Regulatory Commission (NRC) as it relates to Kissimmee Utilities. Enclosed are sixty (60) copies each of: (a) Fiscal Year 1974 audited financial report - utilities fund portion only; (b) six (6) months interim financial statement - utilities fund only; and (c) statement regarding sources of funding for construction. It is my understanding that further information regarding the authority of the cit'y to enter into this participation agreement, to sell revenue bonds, and to set utility rates, is being forwarded to you by Mr. Dan Livermore from Jacksonville. The response to those questions will be the same for all of the participating municipalities. If you have any questions regarding this information, please do not hesitate to contact me. The telephone number is (305) 847-2821. Sincerely yours,
\,
/
J. A. Bauer
' ,/ Utilities Director JAD/dl Attachments "THE NEW OPPORTUNITY CENTER OF FLORIDA"
ORDINANCE NO. 2048 20-75-2 AN EMERGENCY ORDINANCE PROVIDING FOR THE ISSUANCE . DY THE CITY OF GAINESVILLE, FLORIDA, OF AD VALOREM
- NOTES IN THE AMOUNT OF $7,000,000.00 DUE AND .
PAYABLE JULY 1,1976, TO ADVANCE FUNDS FOR THE - COST OF ENTERING INTO A JOINT ELECTRIC POWER PRO-DUCTION AND' TRANSMISSION PROJFCT KNOWN AS CRYSTAL RIVER PLANT UNIT NO. 3; CONTAINING OTHER PROVISIONS RELATING TO SUCH NOTES; AND PROVIDING AN EFFECTIVE DATE. BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF GAINESVILLE, FLORIDA: Section 1. AUT1'O_RITY FOR THIS ORDINANCE. This Ordinance is adopted pursuant to the provisions of Chapter 12760, Laws of Florida, Special Acts of 1927, being the Charter of the City of Gairosville, House Bill 1329, enacted by the Legislature of
. the State of Florida at its 1975 Regular Session, and other applicable provisions of law.
Section 2. FINDINGS. It is hereby found, determined and declared as follows, that: A. The City of Gainesville is in'the process of entering into a co-operative agreement with Florida Power Corporation for the construction, maintenance, oper$ tion, and ownership of a-joint electric pc:ier production and transmission plant and facil-ities,togetherwitho$hermunicipalitiesandutilities,tobe . known as Cry'stal River Plant Unit No. 3 (th'e " Project"). It'is necessary and essential, due to the increased expansion and growth of the gity, to provide for additional generation and transmission facilities to supply electric power to the electric power. distribution system now owned,. operated and maintained by the City for the supply and distribution of electric power
. within and without the corporate limits of the C'ity, and the financing of the Project is an essential stop in accomplishing such purpose.
2 B. Although it is contemplated that the City's share of the cost of the Project will be financed on a long-term basis by ,, other methods, which may be pursuant to the existing Charter of'~
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the City or pursuant to other legislation hereafter adopted by die Florida Legislature, it is immediately necessary, in order to provide for the City's participation in the Project, that '
$7,000,000 be made immediately available for such purpose.
C.' It is, therefore,' necessary to issue short term notes in the amount of $7,000,000 in order to immediately receive funds in anticipation of the receipt of the proceeds of such long-term financing, and it is necessary to pledge the taxing power of the City for the fiscal year '.975-76 and other revenues described herein as security for said Notes.-
- l l
g D. In'asmuch as the proceeds of these short term Notes must be received prior to the July 15, 3 75 closing date set for the closing and execution of the agreement with Florida Power Corporation for the Project,,this Ordinance is ,hereby found'and declared to be an emergency measure providing for.the immediate preservation of the pub 1'ic peace, property, health and safety of the people and sho ld therefore be made effective immediately. SECTION 3. ORDINANCE TO CONSTITUTE CONTRACT. In con-sideration of the acceptance of the Notes authorized to be issued hereunder by those who shall hold the same from time to time, this R l l ordinance shall be deemed to be and shall constitute a contract between the City and such holders. The covenants and agreements herein set'forth to be performed by the City shall be for the E a e -- - . - . , -,n,, , -- , .--- -,.- ----. -- .- -.-- g -emw..-, sve, v. , w
~ - --
cquni benOfit, protaction and cccurity of the legal holdsra of
.' any and all of such Notes, all of which shall be of equal rank and without preference, priority or distinction of any of the Notes _
over any other thereof, e-^ept as expressly provided. therein and herein. SEC'iTON 4. AUTHORITY OF ISSUANCE OF SHORT TERM NOTES. 'For the purpose of financing tie l cost of the Porject there are h reby authorized to be issued Ad Valorem Notes of the City in the aggregate principal amount of not exceeding Seven Million Dollars
~~
($7,000,000). The Notes shall be dated as of their date of delivery, shall be payable to bearer unless registered as herein-after provided, shall be payable in lawful money of the United States of America, shall be numbered consecutively from one up-ward, shall mature on July 1, 1976, and sha,11 bear interest from their date payable at maturity. The Not's e shall be issuable in. . denominations of $5,000, or integral multiples thereof,'shall bear interest at such rate or rates not exceeding the maximum rat # permitted by law, and shall be payable with respect to both principal and interest'at such place or places as the City shall determine by resplution at the time of sale. SECTION 5. SALE OF NOTES. The Notes shall be sold, at public or private sale, at one time or in installments from time to time, as shall be determined by subsequent resolution or .' ' resolutions of the City. Prior to delivery of the Notes, the City shall'have irrevocably deposited with the paying agent for the outstanding $4,000,000 General Obligation Notes of the City due September 30, 1975, a sum from funds other than the proceeds of the Notes which will be sufficient to pay when due the O g L -
~- entire outstanding principal amount of such General Obligation - Notes and all interest accured or to accure thereon. The term,s' . of such deposit may authorize the paying agent to invest the
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funds deposited in obligations of the United States of America or in certificates of deposit fully secured by such obligations, maturing on or before the date when such funds will be needed' to pay the principal and interest on such General Obligation N'otes, and, in such case, the investment income to be realized' on such investments may be deemed to be deposited with the paying agent for purposes of this section as. of the date of such investments. . . . .
.' SECTION 6. EXECUTION 'O? NOTES. The Notes shall be executed in the name of the City by the Mayor-Commissioner or
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the Mayor-Commissioner Pro Tempore and attested and, counter-signed by .i.he Clerk of the Commission and its corporate seal shall be affixed thereto. The Notes may be signed and sealdd on. behalf of the City by such person who at the actual time of the execution of such..tbtes shall hold the' proper office in l the City, although at ;the date of such Notes such person may
,l
- I not have b'een so authorized. .
The Notes shall be approved as to correctness and form by . the City Attorney. SECTION 7. NEGOTIABILITY AND REGISTRATION. The Notes shal2 be and shall have all.of the qualities and incid~ents of negotiab: instruments under the law merchant and the Laws of the State of Florida, and each successive holder, in accepting any'of said Not
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appertaining thereto, shall be conclusively deemed to have agreed ( that such Notes shall be and have all of the qualities and incident of nego'tiable instruments under the law merchant and'the Laws.of'
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the State of Florida. The d.otes may be registered at the option of the holder as to principal and interest at the effice of the Clerk of the . . Commission, as' Registrar, or such other Registrar as may be
~
hereafter duly appointed, such registration to be noted on the back of the Niotes in the space provided therefor. After such registration as to principal and interest, no transfer o'f the Notes shall be valid unless made at 'such office by written assignment of the registered owner, or by his duly authorized attorney, in a form satisfactory t'o the Registrar, and similarly noted on the Notes, but the Notes may be discharged fr'om.regis-tra' tion by being in like manner transferred to bearer form and thereupon transferability by delivery sh.all be restored. At' the option of the holder, the., Notes may thereafter again from , time to time be registered or transferred to bearer fora as before. . .
'SECTION 8. NOTES MUTILATED, DESTROYED, STOLEN OR LOST.
In case any Note shall become mutilated, or be destroyed, stolen
, or lost, the City may in its discretion issue and deliver a new Not of lik,e tenor as the Note so mutilated, destroyed, stolen or lost, l in exchange and substitution for such mutilated Note, upon surrende and cancellation of such mutilated' Note, if any, or in lieu of and substitution for the Note, if any, destroyed, stolen ~or lost, and upon the holder furnishing the City proof'of his . ownership thereof and satisfactory indemnity and complying.with such other reasonable 1
regulation'a cnd condition ce the City may prescriba and paying j
' such expenses as the City may incur. All Notes so surrendered' -
shall be cancelled by the Clerk of the Commission. If any such Note shall Ihav,e matured or be.about to mature, instead of issuing a substitute Note, the City may pay the same, upon being indemnified as aforesaid, and if such Note be lost, stolen or destroyed without surrender thereof. All such duplicate Notes issued pursuant to this section shall constitute original, additional contractural obligatie's on the part of the City whether or not the lost, stolen or destroyed Notes be at any time found'by anyone, and:such duplicate Notes shall be entitled to equal and proportionate benefits and rights as to lien on and source and security for payment from the funds, as hereinafter pledged, to the same
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extent as all other Notes issued hereunder. SECTION 9. PRIOR REDEMPTION. The Notes shall not be redeemable prior to their stated date of maturity. SECTION 10. FORM OF NOTES. The text of the Notes shall be'in substantially the following form and tenor, with such variations,' omissions and insertions as may be necessary,
-desirable and authorized or permitted by this ordinance or any subsequent ordinance enacted prior to the issuance thereof:
9 ' v " , ,-,._v-
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. , , . UNITED STATES OF AMERICA *'
. STATE OF FLORIDA
- g COUNTY ~OF ALACHUA -
CITY OF GAINESVILLE', i .
,,- AD VALOREli NOTE
.i .
.- - Y 4.. , . . ,
KNOW ALL MEN'BY THESE PRESENTS, that the City of Gaine'svi.lle Flo'rida, (hereinaf ter referred ,to as " City") for value received'..
, -] hereby promises to pay to the bearer, or, i'f tinis No'te be regh.ste . .- *
- to t,he rejristered holder as herein provided, the principal sum og -
ponngg with interest theieen from date at the rate of. per centum (_ .) per aitnum, payable
. . 'on the 1st day of July, .1976, .upon presentation and surrender, of .
,this, Note. 'Both principa1"of and interest on this Note'are.payab
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'in lawful money of thd United , States of Afterica at 4
. . . For'the prompt payment of the principal of aita interest on this Note as the same shall become -
due, the ad valorem taxing power of the City for the fiscal' year
'1975 ~/6, at.an annual rate not exceeding ten. (10) mills on t'he '
dollar of' assessed value, is hereby irrevocably pledged. , This Note is ond of an authorized issue of notes in the - 1 aggregate principal amount of no.t excbeding $7,000,000 of lik'e datl tenor and effegt, except as to number, denomination.and interest rate issued to advance the cost of eritering into a co-operative agreementw.k.thFloridaPowerCorporationfortheconstruction, maintenance, operation and ownership of a joint electric pouer 1
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N_
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1
production and transmission plant and facilities to be known as.. Crystal River Plant Unit No. 3, under the authority of and in.ful." compliance with the Constitution and Statutes of the State of Flo; including. Chapter 12760, Laws of Florida, Special Acts .of 1927, Hokise Bill 1329, enacted by the Legislature of the s' ~ t ate of .
~ '
Florida at its' 1975 Regular Session, and other applicable. "
, provisions of law, and pursuant to an' Ordinance of the City .' ,
. enacted on the- day of , 1975 (hereinafter -
called " Ordinance").. This Notie. is subject to all the terms and conditions of said Ordinance. .,
. It is hereby certified and recited that all acts, conditions
- and things required t,o happen, to exist and to be performed, ,
precedent to and in the issuanc'e of this,Nbte, have happened, exie ' s ! and have been performed in due time, form and manner as recjuired E the Constitution and Laws of the State of Florida, ~ applicable the:l that the totai. indebtedness of said City, in'clu' ding the issue of
. . . 1 Notes of which this Note is.one,'does .l not exceed - - any constitutionbl .
statutory, ,or charter liiditation; and that ,' provision has been madi - for the levy and collheticin of a direct annual tax for, the fiscal year 1975-76, at an annual rate not exceeding ten (10) mills on the dollar of assessed value upon all property subject to'taEatioq . . l by the City to the extent necese=ry to pay the principal of and ' l
. 1 i
, ,1@ . .
n- .. int rcat en thic Nots es tha cama shall b coma duo. The principa' of and interest on this Note are additionally secured by and payable from a pledge of certain funds of the City derived from sources other 'than ad valorem taxation in the manner provided in - - ths Ordinance.. -
~
This' Note shall not be redeemable prior to its stated date of maturity. . Thi.s Note is and has 'all. the ' qualities of a negotiable ,' .
' instrument under the law merchant and the laws of the State of .
Florida.- .
. .S This Note may be registered as to prin'cipal and interest 'in accordance with the provisions endor' sed hereon.
,IN ivITNESS ITdEREOF, the City of Gainesville h.as caused this-
- Note to be ' signed by its Mayor-C,o missioner, attested and counter; by the Clerk of the Commission, and its c6rporate seal 'o ,
c be
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affixed hereto, all as of the day of - -' A.D.,
' 1975. .
,' CITY OF GAINE'SVILLE, FLORIDA . *
(SEAL) .'
.- By: -
Mayor-Commissicner ATTESTED. M?O COUNTERSIGNED: . .. The foregoing note has been appre Clerk,of the Commission by me as to form and correctness City Attorney
- s. 9 .
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. PROVISION FOR REGISTRA'rION This Note may be registered as to principal and interest in the name of the holder on the books to be kept by the Clerk of-the Commission, as' ilegistrar, or such other, Registra'r as may here- .
after be duly' appointed, such registration being'noted hereon by . ~ such Registrar' in the registration blank below afher which no transfer shall be valid unless made on said books by the regi$:terec holder or attorney duly authorized and s'imilarly notied in the ~ registration blank below, but it may be discharged 'from regis-tration by 'eingb transferred to bearer form after which:it shall" be transfera'ble.by delivery buh it may, be agairi registered'as before. , .. ' Date of In Whose Name s ~ Signature of Registration - - Registered s Registrar.
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j 1 SECTION 11. PLEDGE O FUNDS. For the prompt. payment of the principal of and intere'st on tLa Notes, the ad valorem taxing power
, o_f'the Cit for the fiscal year,1975-76, at an annual rate not to exceed ten (10) mills on the dollar of assessed vAlue, is irrevocab pledged. The principal of and interest on the Notes are additional se-ured by and' payable from a pledge of and lien on'all funds of
.the-City derived from sources other than ad valorem taxat ion
~
legally available therefor, which lien is, however, junior and subordinate to the lien thereon of the holders of all outstanding ,
indchtednoco of tha city with reopect to those portions of such non cd valorcm fdnds.hnrotoforo pledged, respnctively, for the payment of j such outstanding indebtedness.and is further junior and subordinate I to the lien on that portion of the non ad valorem funds pledged for the repayment of not exceeding $19,500,000 Electric, Water and-Sewer Revenue Bonds, Series of 1975, and not exceeding S1,250,000 1 Public Improvement Revenue Certificates, Series 1975, each of which was authorized by the City on May 12, 1975 by ordinance and.resolu-tion, respectively, but unissued. SECTION 12. LEVY OF AD VALOREM TAX. There shall be levied and collected a tax during the fiscal year 1975-7G, at an annual rate not to exceed ten (10) mills on the dollar of assessed value, on all property subject to taxation by the City, to the extent necessary to pay the principal of and interest on such
. Notes as the same shall become due, after deducting therefrom
( any other-funds which may be available for such principal and interest payments and which may be'so applied. SECTION'13. CITY BUDGET. The City, in preparing, approving l and adopting its budget controlling or providing for the expendit- l ures of its funds for the fiscal year 1975-76, will appropriate, I
~ allot and approve, from funds of the City derived from sources l other than ad valorem taxes and legally available therefor, the amounts sufficient to pay the principal of and int rest on the-Notes'as the same shall become due, after deducting therefrom any other funds which may be available for such payments and which may be so applied.
SECTION 14. NOTEHOLDERS NOT AFFECTED BY USE OF NOTE PROCEEDS. 4 The holders of the Notes issued hereunder shall have no responsi-bility for the use of the proceeds of said Notes, and e use of f 4 I
l l cuch Noto proceeds by.the City shall in no way affect the rights o such noteholders. ' SECTION 15. MODIFICATION OR AMENLMENT. No material.modifica or amendment of this Ordinance or of any Ordinance amendat'ory - hereof or supplemental hereto, may be made without. the consent in
, writing of the holders of sixty-seven per centum (67%) or more in -
principal amount of the Notes'then outstanding, provided, hoNever, . that no modification or amendment shall permit a change in'the ', maturity of'such-Note's or a reduc' tion in the rate of interest s
, thereon, or ih,the' amount of the principal obligation or affecting
' the unconditional promise of the City to pay the priricipal of an'd interest on the Notes as the same shall become due, or reduce 3 suchpercentageofholdersofsuchNotes,requiredabove,'fo.bsuch!
i ' modifications or.samendments, : without. tlie consent' of the hol,ders ,of ; of all of such Notes. - SECTION 16. SEVERABILITY OF INVALID.. PROVISIONS. If any one l or more of the covenants, agreements or provisions'of this ordinanc-should be held contrary to.any express provisio'ns of law or contrar u the policy of express law, though not expressly prohibited, or , )' against public policy, or shall for any :teason whatsoever be, held invalid, then st.ch covenants, agreements or provisions sh'al1 be null and, void,andfshall be deemed separate from the remain'ing cov-r - , its, . agreements or provisions, and in no way afdect the validity of all the other provisions of.this Ordi~ nance or of the Notes issued-thereunder. ' e .'
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SECTION 17. ARBITRAGE. No use will bn mndo of the proceeds
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of the Notes which would cause the same to be " arbitrage bonds"~
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within the meaning of the Internal Revenue Code. The City at
, all times whil'e the Notes and interest thereon are outstanding will comply with the requirements of Section 103 (d) of the .
Internal Revenue Code and any valid and applicable rules and ' regulations of the Internal Revenue Service.
.SECTION 18. USE OF PROCEEDS. The City covenants that it will use the proceeds of the sale of the Notes solely to pay the cost of acquisition and construction of the Project, including, but without limitation, the costs of the City's ownership share of the Project under the co-operative agreement hereinabove referred to, the cost of engineering, financial and legal services, administrative expenses and r .
such other expenses as may be necessary or incident to the ! acquisition or' construction of the financing thereof herein ! authorized. Until such funds are needed for such purposes the City may invest and reinvest such proceeds in direct obligations of the United States of America or in time deposits in banks or trust companies represented by certificates of deposit and continuously secured as required by the laws of - Florida, maturing prior to the date on which the funds will be needed. 'Any surplus proceecs not needed for such purposes ' shall be applied solely to the purchase of the Notes prior to maturity or to the payment thereof at maturity. Investment income shall be applied only in the same manner as said l _ proceeds. .) 1 1 I
SECTION 19. EFFECTIVE DATE. This ordinance shall take {;- effect immediately upon its adoption.
- Dated this $ day of July, A.D., 1975. -
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e-9 e b MA R gOMMISSIONER - ATTEST: , M l,, CLERK OF TIfE COMMISSION ' ll .- 4
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,f RESOLUTION NO.- R-75-101' -
PASSED July 2, 1975 -- A RESOLUTION' AUTHORIZING THE SALE OF $7,000,000.00 AD VALOREM NOTES DUE JULY 1, 1976, OF THE CITY OF GAINESVILLE, FLORIDA; CALLING FOR BIDS AT PUBLIC
-SALE; PROVIDING AN EFFECTIVE DATE. ,
WHEREAS, by emergency ordinance adopted by the City ' Commission of the City of Gainesville, Florida, the City has
' authorized the issuance of $7,000,000.Ad Valorem Notes of the City, due July 1, 1976,.to finance the cost of entering into a cooperative agreement with Florida Power Corporation for the' ' construction, maintenance, operation, and ownership of
.a joint electric power production and tran.smission plant and facilities, together with other nunicipalities and utilities, to be known as Crystal River Plant Unit No. 3; and WHEREAS, the City Commission deems it in the 'best interest of the City to sell the Notes at public sale .
NOW, THEREFORE,'BE,IT RESOLVED BY THE CITY COMMISSION OF { THE CITY OF GAINESVILLE, FLORIDA: , Section 1. $7,000,000 principal amount of the Notes.shall be offered at public sale on July 9, 1975. . Section 2. An official notice of the sale for the Notes shall be published once prior to the date of such sale, in the Bond Buyer, published in the City of New York, New York. Such notice shall be in substantially the following form: I
OFFICIAL NOTICE OF SALE CITY OF GAINESVILLE STATE OF FLORIDA -
$7,000,000 AD VALOREM NOTES DUE JULY 1, 1976
. Sealed bids will be received by the City Commission of the Cit 3 of Gainesville, Florida (hereinaf ter called ',' City") , in the A.' . ..
Clarence O'Neill Auditorium in the City Hall, Gainesville, * - Florida, e .
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33602, until 3,.1:.0 0 'o ' clock, A.M. , Eastern Daylight Time, on July , 9,1975, at which time and place all bids will be, publicly opened
- and read for k.'he purchase of $72000,000 Ad valorem Notes of such
'. City maturing on July 1, 1976. The Notes will be issuable in the denominak: ion of $5,000 each or' integral multiples thereof, and each bidder shall stipulate as a pa of his; bid the denonina-tions, consistent with' the foregoing,,in which the Notes shall be issued if he is the successful bidder. 'The Notes will be in .
- bearer form, registrable as to principal and interest at the option of the holder. The priiscipal and interest on the No'tes will.be p,ayable at maturity. The Notes will be dated July: 14,.1975 The Notes are issued under the authority i .f and pursuant to' the Const$itution and Laws of the State of Florida, and an ordinancc:
. duly adopted.by the City Commission of the City of.Gainesville, Flc on - July 2 , 1975 (hereinaf ter called the " Ordinance") . The
. Notes are being issued for the ptirpose of financing the cost of .
acquisition of the City's ownership share of an electric power ( production and transmission plant and facilities known as Crystal : k g
m . . . . 7,- River Plant Unit No. 3 pursuant to a joint participation agreement: with Florida Potler Corporation and other mnnicipalities. For the prompt payment of the principal of and interest on the-Notes, the ad valore.d taxing power of the City for the fiscal year 1975-76, at an annual rate not to exceed ten (10) mills on the dollar of assessed value, is irrevocably pledged. Theprincipa$.oh and interest on. tha Notes are additionally secured by and payable, from a pledge of and lien on all funds of the City derived from sources other than ad valorem taxation legally available therefor;, junior and subordinate to the lien thereon of certain outstanding and certain authorized but unissued obligations. The Notes are not redeemable prior to thei: stated date of maturity. The terms of bidding for the Notes are as follows: - Bids' must be for all of the Notes. ' Bidders are required to name a single rate of interest, which may be in any multiple of One One-Hundredth. (1/100) or One-Eighth (1/8) of One Per Centum (1%) per annum. Each bid must be submitteci on a form to be furnished by the undersigned and enclosed in a sea'-d envelops addressed to the undersigned and marked on the outside " Proposal for $7,000,000
, Ad Valorem Notes Due July 1,1976, of the City of Gainesville, Florida" or words of equivalent import. -
Unless all bids are rejected, the right to reject all bids being hereby expressly reserved, the award will se made to the bidder bffering to purchese the Notes at the lowest rate of interest. uithout reference to premium; provided, however, if two or m$r'e
bidders offer to purchase the Notes at tha camm lowast rato of 1 f' interest, then the award will be made to the bidder. offering the highest premium. , All bids must be for an amount not less than par. - Each bidder must specify e single rate of interest for the Notes, which shall , not exceed Seven and One-Half Per Centum (7-1/2%) per annum. Delivery of and payment for the Notes in definitive form i will be made on or about July 14, 1975, in New York, New York or such other place mutually agreeable to the successful biddsr and * . the City. Payment is to be made in Federal Funds. The unqualified approving opinion of Messrs. Freeman, Richardson, Watson, Slade, McCarthy & Kell'y, Jacksonville, Florida, will be furnished to the successful bidder at the time of delivery without charge. There' will also be furnished the usual closing papers, including a certificate stating that there is no litigation pending or threatened affecting the validity.of the Notes. More detailed information, including bid forms and this Official Notice of Sale, may be obtained upon. request from the undersigned or from Lazard Freres & Co., 31st Floo'r, One Rockefeller Plaza, New York, New York, 10020, or 12th Floor, 44 Wall Street, New York, New York 10005. CITY OF GAINESVILLE, FLORIDA By D.E. Hope, Clerk of the City Commission
.~ . ; 's ,
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. l Section 3. This resolution shall take effect imraediately f * '
upon its adoption. - Dated. this et Adu day of July, A.D., 1975. 8 8 e e e S g *d a S O l 6 e b - -
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-- a w July 9, 1975 Mr. E.C. Simpson (H-8)
Florida Power Corporation P.O. Box 14042 St. Petersburg, Florida 33733 RE: Crystal River Unit 3 Participation NRC Additional Financial Information
Dear Mr. Simpson:
Enclosed are sixty (60) copies of the City of Gainesville's response to Item 6 of the Construction Permit. Rer,olution Number R-75-101 and Ordinance Number 2048 identify our intended source of interim financing. .The short . (' term General Obligation Notes will be replaced with long term Revenue Bonds prior to July 1, 197t. ! It is my understanding that tha NRC will accept one submittal as a group for item 7 of :he CP and item 5 of the O.P. I have enclosed one (1) copy of the suggested response to these 1 two items along with copies of Chapters 159, Part I and 166 Part I-IV, Florida Statutes; Article 7, Section 10, State Constitution - as amended November 5, 1974, and House Bill 1329 for your , advance information. ' Assuring the information provided will satisfactorily answer the June 10, 1975, request from NRC, this will complete our response. l i Sincerely, O 1 Richard L. Hester Director of Systems Planning RIJI:jh Enclosures cc: ;4essrs: R.E. Roundtree, S.L. Livengood, Osee Fagan, -( Bice Hope, Secretary RUB l 1 l l 555 Southeast Ffth Annue/ Post Ofice Box 490/Gormsvaa Flondo 32602/(904)376-1271
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h?y</g[hcah P. O. BOX 1270 OCALA, FLORIDA 32870 July 14, 1975 E. C. Simpson P.O. Box 14042 St. Petersburg, Florida 33733 Re: Nuclear Regulatory Agency Financial Information
Dear Mr. Simpson:
Please find enclosed sixty copies each of the following documents in response to request for Financial data for the nuclear Regulatory Agency. C.P. Item # 6. Funds to pay cost of ownership share in CR #3 facility will be proceeds from a Revenue Bond issue authorized by the City Charter of the City of Ocala, Florida (appropriate sections attached) and the laws of the State of Florida (Senate Bill 1338 attached). CP Item'# 11 and OL Item # 8. Our most recent audit, the year ending Leptember 30, 1974, is attached and our most recent interim financial statement, the eight month period ending May 30, 1975, is attached. CP Item # 7 and OL Item # 5. Response prepared by Bond Attorney and copies were previously furnished to you. Very truly yours, 8Y E. C. Shreve, Director of Utilities , ECSdr/1r cc: W. C. Bliss, Jr., City Manager D. J. Robson, Finance Officer file (
t ' g _ s.09 CIIARTER , f 6.10 r .
! ' the requested allotments of its appropriations by periods with-in the year. The manager shall review and authorize such al-lotments with or without revision as early as possible in the fiscal year. He may revise such allotments during the year if he deems it desirable and shall revise them to' accord with i any supplemental, emergency, reduced or transferred appro-priations made pursuant to Sectio.n 6.07.
I
; (b) Payments and obligations prohibited. No payment shall
' be made or obligation incurred against any allotment or ap.
j propriation except in accordance with appropriations duly , j made and unless the manager or his designee first certifies that there is a sufficient unencumbered balance in such allot-l ment or appropriation and that sufficient funds therefrom i are or will be available to cover the claim or meet the obliga-j
^
tion when it becomes due' and payable. Any authorization of payment or incurring of obligation in violation of the provi-sions of this charter shall be void and any payment so made j illegal; such action shall be cause for removal of any officer
! who knowingly authorized or made such payment or incurred l ) ~ such obligation, and he shall also be liable to the city for any
' - amount so paid. IIowever, except where prohibited by law,
! nothing'in this charter shall be construed to prevent the
! making or authorizing of payments or making of contracts l for capital improvements to be financed wholly or partly
-( ~l by the issuance of bonds or to prevent the making of any con-l tract or lease providing for payments beyond the end of the 3
fiscal year, provided that such action is made or approved by resolution. l Sec. G.10. Purchasing and borrowing authority. l
. (1) The City of Oenla, a municipal corporation under the laws of the State of Florida,is hereby authorized to:
i (a) Purchase machines, equipment and facilities, and to ' purchase and pay for other capital improvements to
, the city, and for the purpose of paying for the same, to issue its open note or to execute liens,' conditional sales contracts, or written agreements in connection therewith, or contracts providing that a lien shall be re- .
. Supp. No. 23 )
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t f' F i 6.10 . OCALA CODE i 6.10
- tained by the sclier on the property or equipment sold '
until fully paid; and to pay a reasonable rate of inter- , est on such notes, obligations or contracts, not exceed- - ing six per cent per annum. . (b) Borrow upon its open note sums for the operating expenses of the city, and to pay a reasonable rate of interest on such note not exceeding six per cent per
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mmum. (c) Secure the purchase price of real property by the exe- ' cution and delivery of a purchase money mortgage and promissory note, and to pay a reasonable rate of in-terest thercon not exceeding six per cent per annum. (d) Assume in the purchase of real and personal property liens, notes, mortgages, contracts and ngreements for the payment of all or a part of the purchase price thereof, provided the interest thereon shall not exceed six p'er cent per annum. (c) Secure the payment of services rendered to the city i l by the execution and delivery of its note, and to pay a / l reasonabic interest on such note not exceeding six per cent per annum. j
! (2) Payment of said not.es and obligations shall be pro-
. . 1 j vided in each annual budget according to the terms thereof l and shall be payable from the general revenues of the City of Ocala. The full faith and credit of said city and of the ad l valorem taxing power shall not be pledged for the payment of said notes, contracts, or obligations unless the same shall I have been approved by the electors who are freehohlers re-
! siding in raid city in the manner provided in the constitution
. and applicable statutes of the State of FIorida relating to freeholder obligations, but no ciection shall be required as to the issuance of any of said notes, contracts, or obligations.
l (3) The City of Ocala shall not have outstanding at any l . one time mortgages, notes, liens, contracts and aurcements
. for the purchase or acquisition of real property in an aggrc-
. gate amourt of more than five per cent (5%) of the gross revenues of the city for the preceding fiscal year; and shall -
Supp. No. 23 I i 48 j . I ;
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. I 8.08 CHARTER .
I 9.01 I upon be deemed removed from office upon the announcement . of the official canvass of that election and the vacancy caused by such recall shall be filled by the remainder of the city council according to the provisions'of this act, subject to the calling of a special election to fill the office of the official recalled as otherwise provided in the charter in case of vacan-
, cies.
f Sec. S.09. Preservation of records. t The city clerk shall preserve in his office all papers com-prising or connected with a petition for a recall for the period of one (1) year after the same is filed. . Sec. 8.10. Offenses relating to petitions. No person shall falsely impersonate another, or purposely write his name or residence falsely, in 69 signing of any petition for recall, or forge any name thereto, or sign any such s paper with the knowledge that he is not a qualified elector of 3 the city. Any person violating any of the provisions of this 1 section shall be deemed guilty of a misdemeanor, and shall
-l upon conviction be fined in any sum not to exceed one hun.
, dred dollars ($100.00) und may be imprisoned for not ex-i eceding sixty (60) days, or both, at the discretion of the c' ourt.
l' The foregoing provisions shall not be hehl to be exchisive of, but in addition to, all laws of the state prescribing penaltics
- for' the same offenses or for others ulating to the same mat .
I ter. .- 1 l Article IX. Issuance of General Obligation Bonds,
- Revenue Bonds, Excisc Tax Ilonels, and
.l Assessment Ilends Sec. 9.01. Definitions.
General obligation bcnds, revenue bonds, excise tax bonds, and assessment bonds may be issued under the provisions e of this article. Whenever the words " bond" or'" bonds" only l i-are used in this article such words shall include the gan-I U #_ eral obligation bonds, revenue bonds, excise tax bonds, and Su pp. No. 23
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57 L. 6
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3 9.01
- OCALA CODE { 9.02 .
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(~ . l-assessment bonds, or combination thereof, provided for in this article to the full extent that the provisions of this article are , applicable to such different types of bonds. The city may in its discretion designate any of such bonds as certificates in-stead of bonds. Sec. 9.02. General obligation bonds; limitations; exclusion of revenue obligations. The city shall have power to issue general obligation bonds to finance all or part of the construction or acquisition of any works, properties or improvements which the city is author-Ized by this charter or by any other law to construct or acquire; provided, however, that prior to the issuance of any such general obligation bonds, the issuance thereof shall have - been duly approved by the qualified electors who are free-holders residing in said city in the manner provided in the Constilution of Florida and the generallaws of Florida relat-Ing to the holding of bond elections. s The full faith and credit and taxing power of the city shall ) be pledged for the payment of the principal of and interest on
; any general obligation bonds issued by the city, and reserves therefor, and the city shall be unconditionally and irrevocably .
ebligated to levy ad valorem taxes on all taxable property ( therein in each year to the full extent necessary to pay the principal of and intcrest on such general obligation bonds, or on any revenue bonds, excise tax bonds, assessment bonds, or other obligations or combination thereof, for which the full faith and credit and taxing power of the city has been pledged as hereinafter provided, and for reserves therefor. . The aggregate amount of general obligation bonds of the city _ outstanding at any one time shall not be greater than twenty per cent (20c/o) of the assessed valuation of the tax-able real and personal property in the city according to the last assessment of such real and personal property. In com-
. puting the power of the city to issue general obligation bonds, there shall be excluded from such compu"ation any revenne bonds, excise tax bonds, assessment bonds, or other obliga-tions, or combination thereof, for which the full faith and - .
Supp. No. 23
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[ 9.02 , CHARTER . I 9.04 I credit and taxing power of the city is not pledged. Any rev- . enue bonds, excise tax bonds, assessment bonds, or other ob-ligations, or combination thereof, for which the full faith and credit and taxing power of the city has been pledged as pro-vided in this article, shall also be excloded from such compu-tailon, in whole or in part, to the extent that the governing body shall determino prior to the issuance thereof that the i revenues, excise taxes, special assessments, or other funds i pledged to the payment thereof will be sufficient to pay all
- or part of the principal of and interest on such revenue bonds, excise tax bonds, assessment bonds, or other obligations, or .
t combination thereof. I
! Sec. 9.03. Revenue obligations-Projects for which issued.
-I' The city shall have power to construct, acquire, repair, im-prove, extend and operate water systems, sewer systems, gas systen.s, electric systems, public parking systems, including both off-street and on-street public parking facilities, and to
~ issue frr.m time to time revenue bonds payable from the rev.
enues derived from such water systems, sewer systems, gas J systems, c!cetric systems, public parking systems, og any other d revenue-producing undertakings or enterprises whicEtTEciry _ is authorEdTf this charter or any other law to construct or Icquire_ (licireIiiiiffer referred to as revenue undertakings"), or any combination of such systems or other revenue under-
\ takings, to finance or r> finance the cost or part <>f the cost of the acquisition, construction, reconstruction, repair, exten-
' sion or improvement of such systems or other revenue under-takings or any combination thereof, including the acquisition of any property, real or personal or mixed, therefor, or other costs in connection therewith.
Sec. 9.01. Same-Same-Combination of projects. Any two or more of such systems or other revenue under-takings may be combined and consolidated into a single rev-g enue un' taking, and muy thercafter be operated and, main-taine6 as a single revenue undertaking. The reven~ue'. bonds author
- zed herein may be issued to finance any one or more of
. such revenue undertakings separately, or to finance two or Supp. No. 23 l
, 59
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g 9.04 - - OCALA CODE $ 9.06 . (
~ (- mare of such revenue undertakings and regardless of whether or not such revenue undertakings have been combined and consolidated into a single revenue undertaking as provided
.herein. If the city council deems it advisable, the proceedings authorizing such revenue bonds may provide that the city
,, may thereafter combine the revenue undertakings,to be sub-sequently financed by the city and that revenue bonds to be
; thereafter issued by the city to finance such subsequent rev-enue undertakings shall be on a parity with the revenue bonds then being issued under such terms, conditions and limitations ,
as shall be provided, and may further provide that the rev-ennes to be derived from the subsequent revenue undertakings shall at the time of the issuance of such parity revenue bonds
- be also pledged to the holders of any revenue bonds thereto-
[ fore issued to finance the revenue undertal.ings which are
- later combined with such subsequent revenue undertakings.
8 Sec. 9.05. Same-Additional security. e The city shall have power to pledge an additional security , for auch revenue bonds issued under this article any utilities services taxes, cigarette taxes, franchise taxes, occupational
. license taxes, or any other excise taxes or other funds which the city may have available, or any two' or more of such excise taxes or other funds, to the payment of the principal of or g intcrest on such revenue bonds, and for reserves therefor.
Sec. 9.06. Excise tax bonds; purposes; revenues. i.
! The city shall have power to issue from time to time excise I tax bonds payable from the proceeds of utilities services taxes, cigarette taxes, franchise taxes, occupational license taxes, ,
or any other excise taxes ~or other funds which the city may have available to pledge to the payment cf the principal of and intercst on said excise tax bonds, except moneys derived from : ..
, ad valorem taxes, to finance or refinance the cost or part of the cost of the construction, acquisition, reconstruction, ex-tension, repair or improvement of any works, properties, improvements or other purposes, except for the payment of current expenses, wh!ch the city is authorized by this charter or any other law to construct, acquire or undertake. f,'
Supp. No. 23 ; ( ' 60 - I
.. . . . . . . . . . . . .. - - ~ . --
' Al
F. I 9.07 -
-CHARTER l 9.07 Sec. 9_07, Assessmut bond:; security [-Arthority cf city],
_ The city shall have power to issue assessment bonds to fi-(' nance the cost, or part of the cost, of the construction, recon.
. struction and improvement of streets, roads, alleys, sewer or water facilities, sidewalks, curbs and gutters, or any other i works or Improvements which the, city is authorized by l this charter or any other law to construct, reconstruct or im.
I prove as a local improvement and to specially assess the cost or part of the cost thereof against the lands and r' cal estate specially benefited thereby, and to pledge for the payment of such assessment bonds all or any part of the special assess-ments levied or to be levied for such works or improvements. , The proceedings authorizing the issuance of such assessment bonds may provide that all such special assessments levied for such works or improvements may be deposited in a special fund, which may be pledged for the payment of such assess-ment bonds, and for reserves therefor. The city shall also have power to determine the number and dates of the instal.'ments
- - In which such special assessments may be paid.
f I\ The city shall also have power to issue assessment bonds and to pledge for the payment thereof any special assessments theretofore levied for any such works or improvements, re-
! gardless of whether such special assessments have been Icvied l for any one work or improvement, or for two or more works or improvements, and regardless of the times when such l,
special assessments were levied for such works or improve. ments. The proceedings author l zing the issuance of such as-sessment bonds may provide that all such special assessments levied for such works or improvements may be deposited in a special fund which may be pledged for the payment of such assessment bonds and for reserves therefor. Notwithstanding any other provisions of this charter or of any other law to the contrary, the proceedings authorizing the issuance of any of such assessment bonds may provide that i any special assessments, or any part thereof, pledged.for the j payment thereof, regardless of the time of the levy of such special assessments, may be paid in full, with or without in. terest in the discretion of the city council, within a period
- l. (s i
Supp.No.28 61 l 9. k.. 4 Og
I
. [ 9.07 - ,
OCALA CODE i 9.08 , (~ k to be determined by the city council, and that after the ex- - piration of such period the annualinstallments of such special assessments becoming due thereafter may not be paid prior to
' the maturity dates of such annual installments except upon
_ payment of all interest due or to become due to the respective maturity dates of such annual instailments, or under such terms and conditions as to prepayment of such annual install-ments as the city council shall determine. The power to issue the assessment bonds provided for in
; this section shall be deemed additional and supplemental au-
- thority, and shall not affect the power of the city to issue
.j assessment bonds or other assessment obligations under any l other provision of this charter or under any other law.
The city shall also have power to pledge any special assess-i ments as additional security for the payment of any revenue l bonds or excise tax bonds issued to finance the works or im-
; provements- for the cost or part of the cost of which said
; special assessments have been or are to be levied, under such terms and conditions as the city council shall determine.
')
l Sec. 9.08. Same-Items p r ble from funds realized. I 1 The cost of any works, properties, improvements or other purposes financed by the issuance of bonds under Section 9.07 ( shall include, but not be limited to, construction costs, engi-
- neering, fiscal or financial and legal expenses, surveys, plans j and specifications, interest during construction or acquisition
- and for one year thereafter, initial reserve funds, discount, if any, on the sale or exchange of bonds, acquisition of real or personal property, includirig franchises, and such other costs as are necessary and incidental to the construction or acquisi-tion 'of such works, properties, improvements or other p'ur- ;
poses and the financing thereof. The city shall have power to retain and enter into agreements with engineers, fiscal agents or financial advisers, attorneys, urchitects or other consult-
-. ants or advisers for the planning, supervision and financing of such works, properties, improvements or other purpos'es I upon such terms and conditions as shall be deemed advisable *
)
by the city council. Supp. No. 23 62 I s l l l gw ' y.h ' em a er o. m *@ +4e e e e e * ==
\
i 5
l 9.10 - OCALA COD 3 $ 9.10 '
. may be auth:rized by r:soluti:n er res:luticns cf ths city council, which may be adopted at the same meeting at which -! they are introduced by a majority of all the members thereof then in office and neeJ not be published or posted. Said bonds shall bear interest at t rate or rates not exceeding six per cent (6%) per annum, ma., be in one or more series, may bear l
such date or dates, may mature at such time or times not ex-ceeding forty (40) years from their respective dates, except that assessment bonds shall not mature later than two years after the maturity of the last annual installment of the special assessment pledged for the payment of such assessment bonds, may be payable in such medium of payment, at such place or places within or without the state, may carry such registra-i tion privileges, may be subject to such terms of prior redemp-
' tion, with or without premium, may be executed in such man-ner, may contain such terms, covenants and conditions, and may be in such form otherwise as such resohition or subue-quent resolutions shall provide. Said bonds may be sold, or
; exchanged for refunding bonds, or delivered to contractors in ,
i payment for any part of the works or improvements financed ) by such bonds, or delivered in exchange for any properties, - i cither real, personal or mixed, including franchises, to be l acquircd for such works or improvements, all at one time or~ i in blocks from time to time, in such manner as the city coun-l cil in its discretion shall determine, and at such price or prices i computed according to standard tables of bond values, as i will yield to the purchasers, or the holder of outstanding
, obligations surrendered in exchange for refunding bonds, or
! the contractors paid with such bonds, or the owners of any l properties exchanged for such bonds, income at a rate not exceeding six per cent (6%) per annum to the stated maturi-l ty dates of the bonds on the money paid or the principal I amount of outstanding obligations exchanged for refunding bonds, or the amount of any indebtedness to contractors paid with such bonds, or the value of any properties exchanged l
, for said bonds.
1 Pending the preparation of the definitive bonds, interim l certificates or receipts or temporary bonds in such form and j with such provisions as the city council may determine may.
. Supp. No. 23
; 64 ,
v
)
I. t
- . - . . . - . . . . = . . .. . * - - - . - -
9
i 9.09 - CHARTER I 9.10 . Sec. 9.09, PI:dga cf rd valor:m taxes f r c:mbinati:n bond l Issues. I The city shall also have power to pledge as additional securi-ty for the payment of any revenue. bonds, excise tax bonds,
. j- assessment bonds, or combination thereof, its full faith and r credit and ad valorem taxing power, and to provide that such i revenue bonds, excise tax bonds, or ass'essment bonds shall be
! payable as to both principal and interest, and reserves there-
, for, from ad valorem taxes levied on all taxable property in
! the city without limit as to rate or amount to the full extent i that any revenues, excise taxes or special assessments, or any combination thereof, pledged therefor are insufficient for the full payment of the principal of and interest on such revenue bonds, excise tax bonds, or assessment bonds, and reserves therefor; provided, however, that the full faith and credit and '
g taring power of the city shall not be pledged for the payment j of such revenue bonds, excise tax bo'nds, or assessment bonds unless the issuance of the same has been approved at an
, election of the qualified electors residing in said city who are I freeholders called and held in the manner provided in the con-stitution and statutes of the State of Florida relating to free-
! holder elections.
j . Nctwithstanding any other provisions of this charter or i of any other law or laws to the contrary, no approval of the qualified electors residing in said city, or the qualified electors residing in said city who are freeholders, or any referendum or elcetion of any kind relating to the issuance thereof, shall be required for the' issuance of any of said revenue bonds, excise tax bonds, or assessment bonds unless the full faith and credit and ad valorem taxing power of the city is pledged i for the payment of such revenue bonds, excise tax bonds or i assessment bonds.
! Sec. 9.10. General procedure; refunding bonds; sale or ex-change of obligations. .
The provisions of this section shall apply to any general obligation bonds, revenue bonds, excise tax bonds, assessment
, bonds, or refunding bonds issued under this article. Said bonds supp. No. 23
-, 63 v.
1-. - - . . - . - . . - - - - . . . . . . . . - . . . . . - - . - - . . . . _. -.. . 4 e
i 9.10 - CHARTE3 $ 9.11. be issued to the purchaser cr purchasers cf ths bonds issued , hereunder. Said bonds and such interim certificates or re- ! ceipts or temporary bonds shall be fully negotiable and shall i ( be and constitute negotiable instruments within the meaning i of and for all purposes of the law merchant and the negotiable I Instruments law of the State of Florida. I. Said bonds may be issued to refund any obligations there-tofore issued to finance such revenue undertakings, works,
, properties, ~or improvements theretofore issued under this
! article er any other law, or for the combined purpose of refund-t ing s h outstanding obligations and the construction, recon-strue. ion, extension or improvement of such revenue under-takings, works, properties or improvements, or any other rev-enue undertakings, works, properties or improvements.
The city may issue such refunding bonds at or prior to the maturity dates of the outstanding obligations to be refunded, and if prior to such maturity dates, may deposit the proceeds
- of such refunding bonds or other available funds in escrow
, ) until such maturity dates or the dates on which said outstand-I ~. ing bonds will be callable prior to maturity, and invest such
! escrowed funds in obligations of the United States of Ameri-I ca or time deposits in banks or trust companies evidenced by.
I certificates of deposit. In the event the full faith and credit and taxing power of the city is pledged for said refunding
~I bonds and the outstanding obligations to be refunded, such outstanding obligations shall be excluded from the computation of general obligation bonds provided for in Section 0.02 hereof 1 to the extent of the moneys on deposit in such escrow fund.
Sec. 9.11. Collateral dignity of bonds and certificates. Notwithstanding any provisions of any other law or laws to the contrary, all general obligation bonds, revenue bonds, ex-cise tax bonds or assessment bonds issued under the provi-
, sions of this article, shall constitute legal investments for savings banks, banks, trust companies, executors, atlminis-trators, trustees, guardians, and other fiduciaries, and' for any board, body, agency or instrumentality of the State of Florida, or of any county, municipality, or other political sub-I Supp. No. 23 64.1 4
t
. I 9.11 . _OCALA COD 3 69.2 -
.. ( '-
divisi:n cf such stcte; cnd shall be and constituta securities which may be deposited by banks or trust companies as se-p curity for deposits of state, county, municipal, and other public funds.
, Sec. 9.12. Covenants of resolutions authorizing bond issues.
Any resolution authorizing the issuance of bonds under this article may contain covenants as to: (1)' The purposes to which ine proceeds of said bonds may , be applied, and the securing, use and disposition there-of; (2) The use and dispcsition of revenues derived from rev-enue undertakings, excise taxes, ad' valorem taxes, or special assessments pledged for said bonds, and the creation and maintenance of reserve funds; (3) The pledging of all or any part of the gross revenues j derived from revenue undertakings, excise taxes, ad 'g i valorem taxes or special assessments to the payment of f
! the principal of and interest on bonds issued pursuant
! to this article, and for such reserve and other funds as i may be deemed necessary or desirable; (4) The fixing, establishment, collection and maintenance of fees, rentals or other charges for the use and ser-vices of facilities of such revenue undertakings, and of the rates or amounts of such excise taxes, ad valorem
(~ taxes, or special assessments pledged for such bonds as will always provide funds sufficient to pay the princi-pal of and interest on such bonds, and all reserves and other funds required by the terms of the resolution or resolutions authorizing the issuance of such bonds; (5) Limitations or restrictions upon the issuance of addi-tional bonds or other obligations payable from the revenues of such revenue undertakings, such excise taxes, ad valorem taxes or special assessments, hnd the rights and remedies of the holders of such additional 1 onds, or refunding bonds, issued thereafter, and the Sury. No. 23 64.2 - s l
. - . . . . . . . . . . . . . - . . . . - . . ....--.8 i
(*
- I _ s.12. CHARTER I 9.14 !
rf.nk and priority, as to tien and source and security far -
. payment from the pledged funds between bonds issued pursuant to this article and bonds thereafter issued.
y' (6) The appointment of a trustee or trustees to hold and ap-l ply any funds provided for in this article and the ap--
.. ! pointment of a receiver upon default of the city in the
- l. payment of the principal of and interest on said bonds
! or default under the terms and covenants contained in
_ the proceedings authorizing the issuance of the same. (7) Such other and additional covenants as shall be deemed desirabic or necessary for the security of the holders of the bonds issued pursuant to this article. All such covenants and agreements shall' constitute valid and legally binding contracts between the city and the holders
, of any bonds issued pursuant to this article regardless of the i time of issuance thereof, and subject to an'y limitations con-i toined in the proceedings authorizing the issuance of such bonds, shall be enforceable by any holder or holders of such bonds, acting either for himself or themselves alone, or acting j )
in behalf of all other holders of such bonds, by appropriate g _. proceedings in any court of competent jurisdiction. Sec. 9.13. Lien of bond holders. The holders of the bonds issued pursuant to this article shall have a lien upon revenues derivcd from revenue under-takings, excise taxes, ad valorem taxes or special assessments
~( pledged therefor to the extent and in the manner provided in the resolution authorizing the issuance of such bonds, which lien shall be prior and paramount and over and ahead of any claims or obligations of any nature against said pledge.1 funds
] subsequently arising or subsequently incurred, except as may j be provided in the resolution or resolutions authorizing such j bonds.
i Sec. 9.14. Revenue obligations; delinquency. of users of ser- : vices; compulsory sewer connections.
; In the event that the fees, rentals or other charges for the i r services and facilities of said revenue undertakings shall not
.( )
supp.x : 64.3 i \% c . m - . ~ - . - . , - . - . . - - - . - . _ k-
5 9.16 CHARTER $ 10.01 j crticia without regard 13 or nic:saity for complianc2 with tha . limitations or restrictions contained in any; other charter pro-
.. vision, including, but not limited to, any requirement for the
(, approval by the qualified electors residing in said city or j qualified ciectors who are freeholders residing in said city for the exercise of any of the powers provided in this article, ex-
-h cept as provided in this article. ,
; Sec. 9.17. Proceedings under statute.
i
~
The city le hereby authorized to elect to proceed under the provisions of this article or as provided by statute in the is-suance and sale of obligations, for the financing of the con-struction and maintenance of the public utility projects as authorized by chapters 169,170,180,181,183 and 184, Flor-ida Statutes. Article X. Public Utilities
- Sec.10.01. Authority.
e
; \. The City of Ocala may: -
l (a) Acquire, construct, maintain, own, lease and operate nll public utilities, either within or without the cor-r porate limits of said city; regulate all public utilities
- operated or conducted wthin the corporate limits of l said city now owned, leased or operated by the city,
- subject to such ru!cs, laws and regulations vested in the
.( Public Service Commission of the State of Florida; and regulate all utilities owned by the municipal cor-poration and operated-or conducted outside the cor-porate limits of said city. -
(b) Fix the rates and charges to be paid by users, custom-ers and consumers, both within and without the corpo-
.! rate limits of the city, of any public utility owned or operated by the city; and levy and collect assessments for the installation of such utilities. -
i (c) Provide for the mandatory connection of any building, dwelling or structure to sewer lines adjacent to or con-Supp. No. 23 64.5 4 e d*
~l 10.01 OCALA COD 1 l 10.01 it necting cny real pr perty within the corporr.te limits i -
of the city upon _which is situate [d] any dwelling, structure or building.
. (d) Provide for the connection of any, dwelling, structure
~
F or building within the corporate limits of the city to the
,.,i city water distribution system contiguous or adjacent j to such premises, where other sources of water are in-
? - sanitary, polluted, and injurious to the health of any 1 occupant, tenant, invitee, the public, or neighbor.
I j - (c) Enter into any co-operative agreement with any o'her i municipality, political subdivision or agency of the State of Florida, with any municipality or agency of another sate, with the United States or any of its agencies, or with any corporation or nonprofit corpo-ration or public trust operating or organized under the laws of the State of Florida or any other state, or with , any federal corporation, for the construction, mainte-nance, regulation, operation, ownership and Icasing of joint electric power production and transmission plants ') and facilities or joint water and sewer facilities, or may j enter into any agreement for the interconnection of separately-owned facilities and the exchange, purchase or sale of electric power and energy or water or sewage i treatment and disposal, and the term of such agree-ments shall not be restricted as to length of time except as such agreements extend beyond the expected useful life of said joint or separately owned and operated facilities; may become a member of a public nonprofit corporation formed for the . purpose of constructing,
; maintaining, regulating, operating, owning or leasing j of joint electric power production and transmission
; plants and facilities and have a beneficial interest in
; such public nonprofit corporations or accept the bene-i ficial interest in any public trust created for such pur-poses; may participate in the financing of such joint electric power production and transmission plants and g facil.cies and joint water and sewer facilitics by the l j issuance and sale of bonds and notes and other instru- 1 t menta of indebtedness, or pledge as a credit for security I 5 app.Now23 \
64.6 / I _ _ _ _ _ _ _ _ . _ . _ . _ . . . ___ . _ - - . - - - - - - - - -- I
( 10.02 , OCALA COD] { 10.08 (1) B:ftre disposal, recreation:1 facilities and properties. -
- shall be appraised by three (3) appraisers, such ap-
_ p' praisers to be qualified and appointed by the city coun-
.c '
cil; such appraisal to be filed in the city clerk's office during the time of the notice hereinafter provided.
'(2) Notice of intention to dispose of such facility shall be advertised in a newspaper of general circulation in the city for once a week for four (4) consecutive weeks, j setting forth the date, time and place of the meeting by 1
the city council to consider such matters.
! (3) The city council upon a majority vote shall advertise l for two (2) weeks for bids upon such facility, and ac-l cept or reject any such bid or negotiate the sale of such l facility by private sale at a price not less than the highest price bid. Provided, however, no bid or negoti-ated sales price shall be less than the appraised price.
(c) The city shall have the power to issue, from time to . time, under the procedure set forth in Article IX hereof, revenue bonds payable from the revenues derived from the -
- electric system, the water system, the sewer system, and the parking syctem of the city, including both on. street and off-street parking facilities, or any other utility authorized to be owned, constructed or acquired by the city, for any under-l taking, enterprise, or public improvement authorized to be i constructed or acquired.
l Sec.10.03. Sewerage outside city-Authorized. I The city is hereby authorized to lay and construct sewer j lines outside of the city limits of the city, and to permit resi-i dences, plants or facilities outside of the city limits to con-
! nect to said sewer lines and empty wastes into the city sewer-i age system and sewage disposal plant. Said use by the city may be authorized or permitted by ordinance or resolution
!- duly adopted by the city council of the city, containingisuch i terms and t.onditions regarding such use of the city sewer
.i lines and sewerage system as the city council may impose. -
4 Supp. No. 28 i
. I
.. # .-..--.-s. . .- . . . . ~ - . . , . - . . . . f
l I 10.04 CHART'RE I 11.02 (^' Sec.10.04. Same-Contracts for construction; contributions i - from proposed users. !i The city is hereby authorized to enter into contracts with persons, firms and corporations having plants, residences or other facilities outside of the city limits of the city for the
, laying and construction of sewer lines and sewage disposal facilities and for the use of such lines and facilities over such terms of years as may be deemed advisable, and provide the terms, conditions and charges for the use of said sewer lines and sewage disposal facilities. The city is authorized to re- ~
quire a reasonable contribution from such proposed users of the city sewer system for the cost of its sewage disposal facilities to be paid within such term of years as may be agreed upon. , Article XL Pensions and Annuities Sec.11.01. Authority to establish' system. Subject to the provisions of this article, the city council of the city shall have authority to establish by ordinance pen-sion, annuity and retirement systems providing pension and re-tirement benefits for any or all groups or classes of officers and employees now or hereafter permanently employed by said city no a full-time basis. Such ordinance shall define the groups or c! asses of officers and employees eligible to partici-pate in such systems, shall specify the qualifications of such officers and employees entitled to participate therein, and -
)
shall embody by reference or recitation the substance of those I provisions of this article controlling the powers and benefits granted hereunder. Sec.11.02. Creation of fund; amounts of contribution. Such ordinance shall provide for the creation of funds out of which shall be paid all benefits under each system. The monies required for any pension, annuity and retirement sys-tem establirhed hereunder shall be derived on a joint contri-butory basia, with the officers and employees bearing part of the cost and the city bearing part of the cost thereof. The city supp. .No. 28 64.9 ,
/- .
.- . -. . <-in 3 ENROLLED i 1 g
3
- A bill to' be entitled 4 An act relating to tho' acquisition, construction, 5 erection, building, extending, enlargement, im-6 Provement, furnishing, equipping and operating 7 electric generating plants, transmission lines, interconnections and, substations for the gener- :..*
8 9 ation, transmission, and exchanging of electric , Power and energy by and for the City of Ocala,- ;** 10 11 Marion County, Florida, as a separate bulk power
- 12 supply utility or system; authorizing the issuance ,
13 of revenue bonds by the City to pay the cost 14 thereof, payable from revenues derived from the : 15 operation of the system and other funds of the 16 City legally available for such ptirpose; and pro-17 viding an effective date. 18 19 De l'e Enacted by the Legislature of the State of Florida: 20 21 Section 1. The City of Ocal'a, Marion County, Florida, 22 (hereinaf ter referred to as " City") is hereby authorized to 23 acquire, build, construct, erect, extend, enlarge, improve, 24 furnish, equip and operate as a separate bulk power supply 25 utility or system, electric generating plants and transmission 26 lincs and interconnections and substations for the generation, 27 transmission and exchanging of electric power and energy both 28 within and without the boundaries of the City (he reina f t.c r 29 called " system"). 30 Section' 2. The City by resolution is authorized to 31 issue revenue bonds from time to time (hereinaf ter referred to 1338 CODING: Worals unsle.r I . :cil are onlill t tunn worrin in Menek-thramh I'jl r. .u r. ei, l..t is.ns f re.m ex a ntints law.
- . . . ... .' v,w - - -
~
[' 1 legally availabic for such purposo, including any exciso taxes 2 shich the City may be authorized to Icvy. 3 - Section 4. The bonds shall also be and they are hereby 4 constituted negotiable instrumcr ts undcr 'the law merchant and 5 the laws of the State of Florida. 6 Section 5. The bonds shall be and they are hereby con-7 stituted as icgal investments for any state, county, municipal , 8 or other public ' funds or for any bank, savings bank, tructocs, ! 9 cxecutors, guardians, or any trust or fiduciary funds whatsoever. " 10 Such bonds shall also be and constitute legal securitics which 11 may be deposited by any bank or trust co.apany for the security 12 of state, county, municipal, or other public funds. ',' 13 Section 6. No referendum or clectio[1 in the City shall ; 14 be required for the exercisc of any of the provisions of this ! 15 act unless such reforondum or election is required by the 16 Constitution of Florida. ' 17 Section 7. The cost of the projects may be docmed to alsc 18 include (but not limited to), the cost of acquisition of sites, 19 rigYrts of way, legal, engineering, fiscal, architectural fees 20 and fees of any other experts or co'nsultants employed by the 21 City, engineering, architectural or environmental studics, sur-22 voys, plans and designs for the system; applications, licenses, 23 permits and approvals required by governr: ental agencies, interest 24 during construction and for semo responsible period therefor; 25 prepaid facilitics charges, loan notes and advances; provinions 26 for debt service and other reserves; bond discount; the expence 27 of the issuaneo, authorization and sale of said bonds including 2R advertisement, noticos and their proccodingn in connection 29 therewith; and such other expences as are necescary, incidental 30 or appurtenant to the purposes authorized hereunder. 31
- 133S 3
conU:G: h'oritr. uniti ri : w.I are eulsil t inn si wnrein in wrnel -*hramm% I9r" ,irTII. l. t is r.o. ! : om <*x i n t. i nr1 1.w.
E N ORLANDO UTILITIES COMMISSION bwg=mmmtE5 500 SOUTH OR ANGE AVENUE P. O. BOX 3193 + ORLANDO FLORIDA 32S02 + 305/8411230 July 1, 1975
~
-Mr.-E. C. Simpson Florida Power Corporation Environmental Licensing Affairs Department P. O. Box 14042 St. Petersburg, Florida 33733
Dear Mr. Simpson:
Supplemental to the Orlando Utilities Commission's Charter and 374 Financial Statement transmitted to you earlier, we have the following additional information which we understand is needed by the Nuclear Regulatory Commission for the Crystal River 3 project. With regard to operating license information Item 5, the Commission plans to pay for its share of Crystal River 3 operating expenses from Commission operating revenues from electric energy sales. The Commission has full authority to regulate its electric rates as may be required to meet its expenses, as indicated in the Charter. With regard to construction permit information Item 6, the . Commission plans to pay for its ownership share of Crystal River 3 ! from the proceeds of revenue bond sales. A twenty percent contin- ; gency is currently provided for possible cost overriins should any l occur between closing and the commercial operation date of the unit. l We believe the Commission Charter, Chapter 159, Part I, of the Florida Statutes and House Bill 1329 of the 1975 Florida Legisla-ture, recently signed into law by the Gcvernor, provide adequate I authority for the Commission to issue revenue bonds and participate in joint ownership of the Crystal River 3 nuclear unit. Very truly yours, , h H. C. Luff ' l HCL:vc Assistant General Manager cc: Mr. C. H. Stanton Mr. Tom Gurney, Jr. s GROVER C. BRYAN DCK SIMPSON SAM G.WILKINS CARL T.LANGFORD HENRY T. MEINER PRESOENT FIRST VCE PRESIDENT SECOND V!CE PRESIDENT MAYOR IMMEDIATE PAST PRES 0ENT
. CURTIS H.STANTON - EXECUTIVE VICE PRESOENT & GENERAL MANAGER
$ Sh 0$YE$$$hbb Ofb hN$f C2. FRANK G. HANDLEY ud Ommme Mme J. A. BUTI ER
""*'""*" ^**7^nr ScencrAny SEBRING FLORIDA 33370 WALLACE P. CDX JDE CARRAWAY VICC CHAlNMAN PHONC 3e5-0191 COMMISSIONER ELDRIDGE PDLLARD J. H. PHILLIPS
=cCatrAny July 30, 1975 orweari.MAnAarn Mr. E. C. "Bert" Simpson (H-8)
Florida Power Corporation P. O. Box 14042 St. Petersburg, Florida 33733
Subject:
Crystal River Nuclear Unit No. 3 - Nuclear Regulatory Commission (NRC) Response
Dear Mr. Simpson:
Our response to the NRC Interrogatory as requested by Mr. W. S. O'Brien is as follows: CONSTRUCTION PERMIT
- 6. The Sebring Utilities Commission plans to finance its entire ownership share through a $2,500,000 electric and water revenue bond issue within approximately 6 months of the closing date (Commission minutes June 30, 1975). Short term funding has been secured as follows:
St. Petersburg Bank & Trust Company $ 750,000 Barnett Bank at Sebring 550,000 j First National Bank of Sebring 200,000 Bank of Florida at St. Petersburg 150,000 Dr. P. Phillips Foundation 200,000 Total $1,850,000 Additional short term funds are available from First National Bank of Sebring, if necessary.
- 11. The most recent annual financial statement, Annual Audit dated September 1974 is enclosed. Interim financial statements are not prepared by our auditor.
OPERATING LICENSE
- 8. Same response as CP-ll. l Very truly yours
! l '
ge .
/ 5+ f J. H. Phillips, General Manager SEBRING UTILITIES COMMISSION 70f78dd SbFOUfk $Cruite
Seminole El:ctric Ccoptr:tive, Incorporated Suite 129 2410 East Busch Routerard ' Telephones 813/932-8385
.i' 1' Tarnpa, Florida 33612 July 3, 1975 Mr. Maurice F. Hebb, Jr.
Vice President Florida Power Corporation Fost Office Box 14042 St. Petersburg, Florida 33733
Dear Mr. Hebb:
In response to your request for information concerning Seminole's participation in the 1.urchase of a portion of Florida Power Corporation's Crystal River Nuclear Unit Number 3, we are pleased to provide the following data:
- 1. CP Item #6 Seminole has applied to the Rural Electrification Administration, U. S. Department of Agriculture, for Guaranteed Loan Funds sufficient to ensure funds necessary to ace re Seminole's interest, yet to be finally determined. Such funds will probably be obtained from the Federal Financing Bank under said Guarantee. Additional sources which will be considered, and from which funds required to supplement the REA Loan are available if required, include the National Rural Utilities Finance Corporation and advances from the member systems which compose Seminole.
- 2. CP Item #7 We enclose one copy of the Rural Electrifi-cation Act, as amended; Chapter 425, Florida Statutes; H. B. 1329 as enacted in the 1975 Session of the Florida Legislature; The Articles of Incorporation of Seminole Electric Cooperative, Inc. , rnd the current By-Laws of Seminole.
- 3. CP Item #11 We enclose one. copy of our Financial Statements and Audit Report as of September 30, 1974, I the end of our last fiscal year.
- 4. OL Item #5 Seminole's only source of funds to cover normal operating costs is from the twelve member systems l which will purchase their wholesale power requirements from Seminole. Under terms of the Wholesalo Power A Generation-Transnsission Cm> perative
Mr. Maurice F. Hebb, Jr. July 3, 1975 Florida Power Corporation Page Two Contracts with each member of Seminole, designating Seminole as sole power supplier for each of our member systems, the Board of Trustees of Seminole has the responsibility for establishing rates to the member systems sufficient to cover all costs of Seminole, including Seminole's share of CR#3 operating expenses. Should you require additional information, please contact me and I will respond as promptly as possible. Very truly yours, SEMIN "E RIC COOPERATIVE, INC.
-t? / ~
Joe D. Botto Executive Vice President JDB/cw Enclosures 1 l I l 1 )
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'(
' JOHN Q. JONES DANIEL A. KLEM AN MAYOR COMMISSIONER CITY B&AMAGER DON ALD C. PRICE O HERSERT J. SECMEL s M AYOR PRO TEM COMMaessonER [4 ,
CsTY AuOstom.CLERa Jp M ES R. FORO
.g ; BRYAN W. M EN RY COMutstIONER CITY ATTORNEY BEN W. THOMPSON. JR. . .a EDW. J. HILL COMuisslONER -1 i CITY SOLICITOR EARL L. YANCEY O R 10 ,
COMuisssONER CITY H ALL 323o4 July 8, 1975 RESPONSE TO CP' ITEM NO. 6 SOURCES OF FUNDS TO PAY COST OF OWNERSHIP SHARE l IN CRYSTAL RIVER UNIT 3 l DOCKET No. 50-302 The City of Tallahassee's ownership in Florida Power Corporation's Crystal River Unit 3 will be a part of the City's Bulk Power Supply System. This sJstem consists of generating, transmission, and substation additions for the
)
period 1974-1979. The Bulk Power Supply System Revenue 3onds ' were initially for $72,000,00, and have been increased to
$85,000,000 in order to finance Crystal River Unit 3 partici-
- pation and other projects. The first installment, (Rated Aa) of $25,000,000, 30-year bonds, was issued and sold December, 1974. The second and third installments in the amounts of
$30,000,000 each are scheduled for sale in September, 1975, and April, 1976.
The Bulk Power Supply System will finance the costs (down payment, closing and construction costs), through December, 1975. Depreciation Funds have been allocated to cover payments for construction costs from January, 1976, - to completion of Crystal River Unit 3. A/ N L Herb'ertJ. geck'el Auditor and Clerk t
" FLORIDA'S CAPITAL CITY *-SERVING ALL FLORIDA
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l CONSTRUCTION PERMIT
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QUESTION 7. l Provide copies of excerpts from state statutes on which each municipal and l cooperative electric system is relying as authority to issue revenue bonds, general obligation bonds, or other forms of indebtedness and to take other actions necessary to acquire ownership shares in the subject facility. Also, submit copies of municipal ordinances, resolutions, regulations, or documents of a similar nature which permit each of the municiapl and
-cooperative electric system applicants to use public or cooperative funds for acquiring ownership shares.
RESPONSE TO QUESTION 7. - - - -
~(- Each municipal participant is an. electric utility within the meaning of that term as used in House Bill 1329, adopted by the Legislature of Florida at-its 1975 Regular Session. That law authorites the issuance of bonds pursuant ! to Chapter 159, Part I, Florida Statutes. These same laws authorize the use of public funds to acquire ownership shares in joint electric power proj ects.
In addition, Chapter 24914 Special Acts of 1947 and Chapter 73-631, specifically authorize the issuance of bonds for electric generation facilities by the City of Tallahassee. i l For Seminole Electric Cooperative, Inc., the Rural Electrification Act, as amended; Chapter 425, Florida Statutes; House Bill 1329, The Articles of Incorporation of Seminole Electric, Inc., and their current By-Laws, authorizes the acquisition of funds to acquire ownership shares in joint electric power projects. Copies of all, documents referenced above are contained in Appendix A of this
-Supplement.
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CONSTRUCTION PERMIT 1
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QUESTION 8. Is each additional participant's percentage ownership share in the facility equal to its percentage entitlement in the electrical capacity and output of the plant? If not, explain the difference (s) and any resultant effect on any participant's obligation to provide its share of design and construction costs, and its share of operating cost subsequent to the completion of the unit. RESPONSE TO QUESTION 8. Each additional participant's percentage ownership share in the facility is equal to its percentage entitlement in the electrical capacity and output of the plant.
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(~. CONSTRUCTION PERMIT , QUESTION 9. Explain the procedure to be used by Florida Power Corporation for billing the additional participants for construction progress payments subsequent to closing. This may be answered by reference to pertinent portions of an agreement between the parties that is submitted in support of the application. RESPONSE TO QUESTION 9. The procedure to be used by Florida Power Corporation for billing the additional participants is explained in Section 8.3 of the Participation Agreement for Crystal River Unit 3.
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f~ CONSTRUCTION PERMIT QUESTION 10. Provide copies of the final " Participation Agreement" including all exhibits referred to therein, none of which were attached to the . preliminary submission. Provide copies of any other final documents of conveyance of the ownership interest (referenced in the preliminary Participation Agreement, Section 1.b.). In addition, the Commission will require executed copies of the above agreement's subsequent to the closing of the sale. ( RESPONSE TO QUESTION 10. A copy of the Crystal River Unit 3 Participation Agreement is contained within the following pages. i.
( l 1 1 I , CRYSTAL RIVER UNIT 3 PARTICIPATION AGREEMENT July 31, 1975 ( ( Issued July 31, 1975
CRYSTAL RIVER UNIT 3
. PARTICIPATION AGREEMENT (t
Section No. CAPTION PAGE 1 Agreement 1 2 Definitions (2.1 thru 2.43) 2-5 3 Sale 6-7 3.1 Conveyance . . . . . . . . . . . . . . . . 6 3.2 Memorandum of Understanding . . . . . . . . 6 3.3 Sale of Assets . . . . . . . . . . . . . . 6 3.4 Release of Mortgage . . . . . . . . . . . . 7 3.5 Pre-Closing . . . . . . . . . . . . . . . . 7 4 Purchase and' Payment 8-9 4.1 Purchase Price . . . . . . . . . . . . . . . 8 4.2 Accumulated Cost of Construction . . . . . . 8
'4.3 Payment and Conditions . . . . . . . . . . . 8 4.4 Cost of Construction after Closing . . . . . 9 4.5 Capital Improvements . . . . . . . . . . . . 9 4.6 Forecast of Payments . . . . . . . . . . . . 9 4.7 Units of Property Retirement . . . . . . . . 9 5 Closing 10 ,
.( 6 Representations and Warranties 11-14 6.1 PARTICIPANT Warranties . . . . . . . . . . . 11 6.2 COMPANY Warranties . . . . . . . . . . . . . 11 6.3.1 Responsibility for Completion of . . . . . . 11 Construction 6.3.2 Provisions for Construction Completion . . . 12 6.3.3 Agency . . . . . . . . . . . . . . . . . . . 12 6.4 Information . . . . . . . . . . . . . . . . 13 6.5 Warranty as to Condition of CR-3 . .. . . . . 14 7 Operating Conditions 15-18 7.1 Authority for Operation and Management . . . 15 7.2 Scheduling and Dispatching . . . . . . . . . 15 , 7.3 Energy Entitlements . . . . . . . . . . . . 15 ' 7.4 Tests . . . . . . . . . . . . . . . . . . . 16 7.5 Operations Management . . . . . . . . . . . 16 7.6 Mutual Assistance . . . . . . . . . . . . . 18 8 Operating Costs 19-20 8.1 Operating Costs Defined . . . . . . . . . . 19 8.2 Extraordinary Costs . . . . . . . . . . . . 19 8.3 Billing and Payments . . . . . . . . . . . 19 8.4 Payment . . . . . . . . . . . . . . . . . . 20 8.5 Adjustments . . . . . . . . . . . . . . . . 20 ( 8.6 Late Payments . . . . . . . . . . . . . . . 20 1 of 4
/
Section No. CAPTION PAGE r' s 15.9 Change-of Representatives and Alternates . 35 15.10 Expenses . . . . . . . . . . . . . . . . . 35 16 Common and External Facilities 36-37 16.1 Common Facilities . . . . . . . . . . . . . . 36 16.2 External Facilities . . . . . . . . . . . . 36 16.3 Adjustment of Use Charge . . . . . . . . . 37 16.4 Billing . . . . . . . . . . . . . . . . . . 37 16.5 Observation . . . . . . . . . . . . . . . . 37 16.6 Ownership . . . . . . . . . . . . . . . . . 37 17 Defaults and Non-Payment 38-40 17.1 Act of Default . . . . . . . . , , . . . . 38 17.2 Written Notification of Default . . . . . 38 17.3 Cure of Default . . . . . . . . . . . . . . 38 17.4 Suspension Proce 'ures . . . . . . . . . . . 38 17.5 Arbitration of Default . . . . . . . . . . 39 17.6 Ultimate Disposition Liability . . . . . . 40 l 17.7 Act of Default by COMPANY , . . . . . . . . 40 l l 18 Arbitration 41-43 j 18.1 Arbitrable Dispute . . . . . . . . . . . . 41 i f 18.2 Notification and Response . . . . . . . . 41 t 18.3 Selection of Arbitrators . . . . . . . . . 41 18.4 Rules for Arbitration . . . . . . . . . . 42 18.5 Decision of Arbitrators . . . . . . . . . 42 18.6 Award of Arbitrators . . . . . . . . . . . 42 18.7 Binding Arbitration . . . . . . . . . . . 42 18.8 Fee and Expenses . . . . . . . . . . . . . 42 18.9 Other Legal Remedies . . . . . . . . . . . 43 19 Miscellaneous 44-45 19.1 Governing Law . . . . . . . . . . . . . . . 44 19.2 Notice . . . . . . . . . . . . . . . . . . 44 19.3 Section Heading . . . . . . . . . . . . . . 44 19.4 No Partnership . . . . . . . . . . . . . . 44 19.5 Counterparts . . . . . . . . . . . . . . . 44 19.6 Good Utility Practice . . . . . . . . . . . 44 19.7 Equal Opportunity. . . . . . . . . . . . . 44 19.8 Time . . . . . . . . . . . . . . . . . . . 45 19.9 Severability . . . . . . . . . . . . . . . 45 19.10 Integration . . . . . . . . . . . . . . . 45 19.11 Computation of Time . . . . . . . . . . . 45 19.12 Warranty Deed Covenant . . . . . . . . . . 45 20- Term and Termination 46 20.1 Termination . . . . . . . . . . . . . . . . 46 20.2 Retirement . . . . . . . . . . . . . . . . 46 20.3 Responsibility for Retirement
. . . . . . . 46
- 20.4 = Reversion . . . . . . . . . . . . . . . . . 46 L
l !- 3 of 4
CRYSTAL RIVER UNIT No. 3 (' PARTICIPATION AGREEMENT
- 1. AGREEMENT 1.1 This AGREEMENT, dated as of July 31, 1975, is between FLORIDA POWER CORPORATION (the COMPANY), a corporation organized and existing under the laws of the State of Florida, and PARTICIPANTS. A true and complete listing of PARTICIPANTS and their respective Generation Entitlement Shares appear in Appendix A attached hereto and made a part hereof.
l 1.2 WHEREAS, COMPANY and PAitTICIPM"2S desire to establish their ownership rights in the 825 MW nominally rated nuclear generating unit known as the Crystal River Unit No. 3 (CR-3) located near the City of Crystal River in Citrus County, Florida, as more particularly described in the Application for Licenses, Final Safety Analysis Report, and Environmental Report, as ' mended, and filed by COMPANY with the Nuclear Regulatory j Commission in Docket No. 50-302 (collectively referred to as j " Application"); 1.3 WHEREAS, it is the intention of all parties to proceed in good faith and put forth their best efforts toward completion of CR-3. 1.4 NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, COMPANY and PARTICIPANTS , hereby agree as follows: 4 1 e i i 1 l 1 _ _. ~ _
2.11 CRYSTAL RIVER UNIT 1: (CR-1) A fossil fuel-fired steam electric generating unit owned by COMPANY on the Plant (* Site with a nameplate turbine capability of 371 MW and all facilities and structures used therewith or related thereto, but excluding Common and External Facilities. 2.12 CRYSTAL RIVER UNIT 2: (CR-2 ) A fossil fuel-fired steam electric generating unit owned by COMPANY on the Plant Site with a nameplate turbine capability rating of 476.2 MW and all facilities and structures used therewith or related thereto, but excluding Common and External Facilities. 2.13 CRYSTAL RIVER UNIT 3: (CR-3 ) The nuclear steam electric genera-ting unit, with a design turbine capability rating of 858.9 MW, together with land and all facilities, structures and Nuclear Fuel used or to be.used thercwith or related thereto, all as described generally in Appendix B attached hereto which may be revised from time to time, but excluding Common Facilities, External Facilities, and all transmission facilities connected to the CR-3 High Voltage Switchyard (s) . 2.14 CR-3 PLANT SITE: The area on which CR-3 is located, as described in Appendix C attached hereto. 2.15 DATE OF COMMERCIAL OPERATION: The date on which the COMPANY determines CR-3 to be reliable as a source of Power; normally the midnight following successful completion of a 100-hour ( performance test. 2.16 EMERGENCY ACTION PLAN: A plan providing for the coordinated mobilization and control of action and communications by and l between the COMPANY and any and all PARTICIPANTS, federal, , state or local authorities and any public or private institu- l i tions in the event of an abnormal occurrence at the Plant Site I when any protective action outside the Plant Site may be warranted. I 2.17 ENERGY: Kilowatt-hours (kwh),
)
2.18 EXTERNAL FACILITIES: All improvements, facilities, and ! structures necessary for licensing, start-up, operation, maintenance, control, supply, or shut-down of CR-3, but which are not within the CR-3 Plant Site described in Appendix C, are not required or used by CR-1 or CR-2, and are not included in the Cost of Construction of CR-3. These facilities are more particularly described in Appendix H attached hereto and may be revised from time to time pursuant to the terms hereof. 2.19 FCG: Florida Electric Power Coordination Group. 2.20 FPC: Federal Power Commission. FPC shall never be used to identify " Florida Power Corporation". The Nuclear Fuel expensing includable in l( 2.21 FUEL EXPENSE: Account 518, of the Uniform System of Accounts. 3
2.33 PARTICIPANT: Any party hereto, as set forth in Appendix A, excepting COMPANY, and any successor of such party. k 2.34 PAYROLL TAXES: Taxes based on payroll. 2.35 PLANT SITE: The area encompassing the entire COMPANY property, at closing, contiguous to CR-3--approximately 4800 acres. 2.36 POINT OF DELIVERY: The high voltage side of the generato9 step-up transformer bank at which the PARTICIPANTS accept' delivery of their energy from CR-3. 2.37 POWER: Megawatts electric (MW or MWe) . 2.38 PRIME RATE: The minimum commercial lending rate existing from time to time at Morgan Guaranty Trust Company of New York, or such successor as may be selected by the Administrative Committee. 2.39 SEASONAL NET CAPABILITY: The net power output from CR-3 which can be obtained for a period adequate to satisfy the daily load patterns of COMPANY under expected conditions of operation with equipment in an average state of maintenance. The capability shall be tested to demonstrate and verify that the seasonal ratings can be achieved, in accordance with the general guides in Section III of the Southeastern Electric Reliability Council Guideline No. 2 for Uniform Generator Ratings for Reporting, or as. amended. [ 2.40 START-UP PERIOD: The period commencing with the date on which the first fuel assembly is inserted into the CR-3 reactor and terminating with the Date of Commercial Operation. I l 2.41 STATION SERVICE REQUIREMENTS: The Power and Energy required during any period for operation of all process and auxiliary equipment and systems used or useful in connection with the start-up, operation, shut-down, and maintenance of CR-3. l 2.42 UNITS OF PROPERTY: Units of property as described in the Federal Power Commission's " List of Units of Property for Use in Connection with Uniform System of Accounts Prescribed I for Public Utilities and Licensees" in effect as of the date of this Participation Agreement, and as such List n:ay be amended from time to time. ' 2.43 UNIFORM SYSTEM OF ACCOUNTS: The Federal Power Commission's
" Uniform System of Accounts Prescribed for Public Utilities and Licensees (Class A and Class B)", as adopted by the Florida Public Service Commission, and in effect as of the date of this Participation Agreement, or as such System of Accounts may be modified from time to time. References in this Participation Agreement to any specific Account Number shall mean the Account Number in effect as of the effective date of this Participation Agreement or any k- successor Account.
5
3.4 Release of Mortgage. At Closing, COMPANY'will furnish to s each PARTICIPANT a properly executed Release from any and all I
~
mortgages and liens (excluding drainage rights and oil, gas, - and mineral rights reserved to the State of Florida) on the undivided 10% interest in CR-3 being conveyed to PARTICIPANTS. 3.5 Pre-Closing. COMPANY and PARTICIPANTS met at the offices of COMPANY on July 15, 1975, at 10:00 A.M. for the purpose of reviewing documents and finalizing arrangements for the closing on CR-3. At this meeting a final determination was made as to which PARTICIPANTS intend in good faith to appear and to what extent each PARTICIPANT would participate in the actual closing on July 31, 1975. 3.5.1 The Closing will be cunaucted in accordance with the provisions of Section 5. i k l I i 1 l m 7
4.4 Subsequent to June 30, 1975, all Cost of Construction incurred by the COMPANY to complete construction of CR-3, excluding (' AFC, will be shared by the COMPANY and PARTICIPANTS in proportion to their respective Generation Entitlement Shares, and the estimate of these costs is attached as Exhibit C-3. These accumulated expenditures are properly recordable in appropriate accounts as set forth in the Uniform System of Accounts and in accordance with the Electric Plant Instructions thereof. 4.5 Capital Imorovement costs subsequent to final completion of CR-3, excluding AFC, Common Facilities, and External Facilities, will be shared by the COMPANY and PARTICIPANTS in proportion to their respective Generation Entitlement Shares. 4.6 Payment for the expenditures contemplated in Section 4.4 and 4.5 will be payabl.e as provided in Section 8.3. 4.6.1 A forecast of the payments required for Cost of Construc-tion shall be furnished by the COMPANY to PARTICIPANTS by calendar quarters through completion of construction. If estimated costs change, revisions of the forecast will be made each quarter. The quarterly forecasts shall be further detailed to show estimated costs by months for the six months following the issuance thereof (i.e. on January 1, 1976 monthly estimates will be furnished covering January through June 1976; on April 1, 1976 monthly estimates will be furnished covering April through September 1976, etc.). Initial issuance shall be on or ( before closing. 4.6.2 A forecast for Capital Improvements, Nuclear Fuel procurement and processing, Operating and Maintenance Costs, and charges for Common and External Facilities will be furnished by the COMPANY to meet PARTICIPANTS' budget requirements. 4.7 The COMPANY shall have sole authority, other than as provided in Section 20, in decisions regarding Units of Property retired from service, whether ccusidered original construction or capital improvements. Cost of removal and salvage credits, if any, from retired or replaced Units of Property will be shared l by the PARTICIPANTS in proportion to their respective Generation l Entitlement Shares. l l t t 9
- 6. REPRESENTATIONS and WARRANTIES l' 6.1 PARTICIPANTS individually for themselves hereby represent, warrant and covenant to the COMPANY as follows:
6.1.1 PARTICIPANT'S Organization. Each PARTICIPANT is an entity duly organized, validly existing and in good standing under Florida Statutes and other applicable laws of the State of Florida and has legal authority to carry on business as it is now being conducted and as it is contemplated to be conducted after the Closing. Each PARTICIPANT delivered to the COMPANY on or l before July 15, 1975 a true and complete copy, if in exis-tence, of their respective charter and by-laws as amended to date. Each warrants that they are financially able to assume the responsibiliLies contemplated by this Agreement. 6.1.2 Authority Relative to This Agreement. The execution, delivery and performance of this Agreement by the PARTI-CIPANTS have been duly and effectively authorized by all requisite corporate and/or other requisite action. 6.2 The COMPANY hereby represents and warrants to PARTICIPANTS as follows: 6.2.1 The COMPANY'S Organization. The COMPANY is a corporation duly organized, validly existing and in good standing
', under the laws of the State of Florida and has corporate power to carry on its business as it is now being con-ducted and as it is contemplated to be conducted after the C]osing. The COMPANY delivered to each PARTICIPANT a true and complete copy of its charter and by-laws as amended to date. The COMPANY warrants it is financially able to assume the responsibilities contemplated by this Agreer.ent .
6.2.2 Authority Relative to this Agreement. The execution, delivery and performance of this Agreement by the COMPANY have been duly and effectively authorized by all requisite corporate and/or other requisite action. 6.3 The COMPANY and PARTICIPANTS hereby covenant and agree as follows: 6.3.1 Responsibility for Completion of Constr*ction. The COMPANY shall have sole responsibility, to be discharged in a prudent manner in accordance with good utility practices, for the planning, licensing, design, and con-struction and testing of CR-3. The COMPANY will use its reasonable best efforts to complete construction and ; place CR-3 in commercial operation in accordance with ! the plans, specifications, and schedules presently l established and documented in Exhibit C-3, and fully to i s comply with all requirements of all applicable statutes I and the rules and regulations of the Nuclear Regulatory Commission and such other regulatory agencies as shall 11
W 6.3.3.2 Except as provided in Section 9.3, and Section 9.4,' the execution and. filing with the Nuclear Regula-g ' '(. , ' tory Commission or such other regulatory. agency having jurisdiction of applications, amendments, reports and other documents and filings in, or in connection with, licensing and other regulatory matters with respect to CR-3. 6.1.3.3 The receipt, on PARTICIPANTS' behalf, of any 1 4 4 notice or other communication from the Nuclear Regulatory Commission or other regulatory agency [ having jurisdiction, as to any licensing or other 4 regulatory matter, involving CR-3. 6.3.3.4 The COMPANY shall have no liability to PARTICI-PANTS for any loss, damage or expense suffered , by PARTICIPANTS or for any damage to PARTICIPANTS' interests in CR-3 or any portion of CR-3 arising out of or resulting from any action taken or failed to be taken by the COMPANY or any employee of the COMPANY pursuant to this Section 6.3, unless such loss, damage or expense results from (1) the willful misconduct of the COMPANY or any of its employees, or (2) the failure of the COM-j PANY or any of its employees to perform any l obligation imposed pursuant to this Section 6.3, or (3) the failure of the COMPANY or any of its o( employees to plan, license, construct, acquire, complete, maintain, and operate CR-3 in a prudent manner in accordance with good utility practice. 6.3.3.5 In the event COMPANY, in performance of its duties within the scope of its agency, incurs any liability to any third party for which all the PARTICIPANTS and COMPANY are liable under this Section 6, any amount paid by the COMPANY on account of such liability shall be considered Cost of Construction or Operating Costs (as charged after June 30, 1975) and apportioned among the COMPANY and PARTICIPANTS pursuant to 4 their Generation Entitlement Shares, taking into account any amounts paid directly to the third party by any PARTICIPANT (S) or the COMPANY. 6.4 Information. The COMPANY shall make all reasonable effort to regularly inform the PARTICIPANTS as to planning for and progress of construction, acquisition, completion, operation, i and maintenance of CR-3. Additional information will be provided in accordance with Section 15.3 herein. Any PARTICI-PANT (S) may request, and the COMPANY shall provide, additional information or reports concerning CR-3, or this Agreement, as reasonably required by such PARTICIPANT (S) herein. Any additional costs of furnishing such information or reports shall be paid by the - requesting PARTICIPANT (S) . 13
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- 7. OPERATING CONDITIONS -
- ( 7.1 Authority for Ooeration and Manacement. The COMPANY shall '
.have sole authority to manage, control, maintain, and I operate CR-3, and shall take all steps which it deems l necessary or appropriate for that purpose. For the purposes I and duration of this Agreement, the PARTICIPANTS irrevocably l appoint the COMPANY to act as their agent, and the COMPANY l
, accepts such appointment, in all activities required for the operation and management of CR-3. 7.2 Scheduling and Dispatching. The COMPANY shall have sole authority for the hourly scheduling and dispatching of CR-3 generation, in accordance with COMPANY'S scheduling and dis-patching practice. . It is the intent of. COMPANY to operate CR-3
- as a base load unit, at the Seasonal Net Capability, whenever
- . possible. However, operating conditions may require a reduction in output of CR-3 to meet changing system load. It is understood that such a reduction is a normal operating condition. In the
. event, and only in the event, the COMPANY voluntarily ceases to l operate or reduces output from CR-3 for the reason that the cost
- of energy that could have been generated by CR-3 would have been more expensive to the COMPANY than energy available to the COM-PANY from other sources; the COMPANY will make available to the
. PARTICIPANTS replacement power and energy in each hour, in addi-l tion to that from CR-3, equal to the amount thereof reasonably . anticipated to have been available to the PARTICIPANTS from CR-3
-(
at a cost which, when added to that of CR-3 under this Agreement, will equal the estimated cost that would have been 1.;urred if CR-3 were continued in operation at the Seasonal Net Capability, giving due consideration to the historic capacity factor of CR-3. COMPANY shall make available replacement power and energy, in
- accordance with this Section, for a period of 31 years from the Date of Commercial Operation, or until such time as CR-3 is j retired from COMPANY service, whichever is later.
7.3 Enerav Entitlements. The COMPANY and the PARTICIPANTS shall lxt entitled to 90% and 10%, respectively, or as contractually ammended, of the. Net Energy output of CR-3 at the Point of Delivery Metering for this energy will be located at the low side of the step-up and station service transformer banks and appropriately , adjusted for such transformer losses. 7.3.1 The determination of actual entitlements will be made monthly after the fact. Differences between actual KWH's received and KWH's entitlement will be carried as Inadvertent Energy with every attempt being made to , . correct monthly. ' ~ 7.3.2 As promptly as practicable after the end of each month, the COMPANY will render to the PARTICIPANTS a statement setting forth appropriate data as may be needed for operating records or for settlements hereunder.
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7.3.3' PARTICIPANTS' energy entitlement shall commence with the Date of Commercial. Operation of CR-3. p 15
7.5.8 In accordance with Operating Expense Instructions and in appropriate accounts as set forth in the
'- Uniform System of Accounts, keep and maintain such records of monies received and expended, obligations incurred, credits accrued, the conduct of Operating Work,' making of Capital Improvements, and of contracts entered into in the performance of Operating Work as may.be necessary or useful in carrying out this Agree-ment or required to permit an audit of the Operating Work and Capital Improvements, relating to CR-3, and make such records available for inspection; 7.5.9 Not permit any liens to remain in effect unsatisfied against CR-3, other than the liens permitted under this_ Agreement, liens for taxes and assessments not yet delinquent, liens for labor and material not yet perfected, or undetermined charges or liens incidental to the performance of the Operating Work; 7.5.10 Arrange for the placement ar.d maintenance of Operating 4 Insurance; 7.5.11 Assist any insurer in the investigation, adjustment and settlement of any loss or claim covered by Operating Insurance; 7.5.12 Present and prosecute claims against insurers and indemnitors providing Operating Insurance or indemnities '( in respect of any loss of or damage to any property of CR-3 or liability of any PARTICIPANT to third parties covered by any indemnity agreement, and to the extent ;
that such loss, damage or liability is.not covered by i Operating. Insurance or by any indemnity agreement; present and prosecute claims therefor against any parties who may be liable therefor; j I 7.5.13 Investigate, adjust, defend and settle claims by third parties against any or all PARTICIPANTS and COMPANY, arising out of or attributable to Operating Work or Capital Improvements, or the past or future performance or non-performance of the obligations and duties of any PARTICIPANT or COMPANY, under or pursuant to this Participation Agreement, including but not limited to any claim resulting from death or injury to persons or damage to property, when said claims _are not covered by valid and collectible Operating . Insurance carried by COMPANY or any PARTICIPANT; and whenever and to the extent reasonable, present and prosecute' claims against any third party, including insurers, for any costs, losses and damages incurred in connection with said claims; - l' L 7.5.14 Provide notice to the Administrative Committee before L, any said claim or combination of said claims against l COMPANY and any or all PARTICIPANTS arising out of the ! same transaction or incident is settled. The Administra-l 17
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- 8. OPERATING COSTS i I
/ 8.1 For the purposes of this Agreement, Operating costs shall mean all expenses incurred by the COMPANY attributable to CR-3 and properly recordable in accordance with the Operating Expense Instructions and in appropriate accounts as set ,
forth in the Uniform System of Accounts. These costs will include production expenses (including joint fuel lease pay-ments, if any, and amortization of Nuclear Fuel investment i as provided in the Uniform System of Accounts, excluding AFC l accumulated after June 30, 1975) production supervision, insurance and liability payments, employee benefits (including payroll taxes) and allocations of s11 expenses classified as Administrative and General (A and C) expenses. Methods of allocating COMPANY expenses to CR-3 are shown in Exhibit B attached hereto. Except as provided in Section 8.2, the sum of these expenses attributable to CR-3 will be shared by the COM-PANY and the PARTICIPANTS in proportion to their Generation Entitlement Shares. 8.2 Extraordinary costs incurred by the COMPANY resulting solely from the complexity of administering this Participation Agree-ment, which would not otherwise be incurred but for the existence of this Agreement involving the large number of PARTICIPANTS, will be distributed equally among and between all parties to this Agreement, including the COMPANY, up to an annual maximum of 4 % of the PARTICIPANTS' share of CR-3 annual operating costs, excluding Nuclear Fuel. Any such extraordinary costs above this ( annual maximum will be shared by the COMPANY and the PARTICIPANTS in proportion to their Generation Entitlement Shares. All costs billed under this Section 8.2 will be itemized and identified by COMPANY. If, however, the costs are incurred at the specific request of, or for the benefit of, one or more PARTICIPANT (S), such costs will be charged to the PARTICIPANT (S) causing the expense, without regard to the 4b% linitation above. 8.3 Payment of the above extraordinary costs and also payment for Construction Costs, Operating and Maintenance Costs (excluding amortization of Nuclear Fuel investment or other advance payments by PARTICIPANTS) Capital Improvements, Nuclear Fuel, and charges for Common and/or External Facilities will be as follows: 8.3.1 On the 15th of each month the COMPANY will furnish each PARTICIPANT an invoice showing the current estimate of Operating Costs and other cash payments required for the following month (Cost Month) . 8.3.2 These cash payments will be paid by PARTICIPANTS so l that the COMPANY will receive the funds by the 10th of i i the Cost Month or the first working day thereafter. l i ' 8.3.3 Estimates for Nuclear Fuel payments, whether for purchase, l lease or other cost, will be given as soon as the COMPANY ( substantiates the payment amount and at least 25 days prior to payment date. The invoices for Nuclear Fuel 19
- 9. _ GENERAL CONDITIONS i' 9.1 Cooperation. The COMPANY and PARTICIPANTS will cooperate
-with each other in all activities relating to CR-3, including, without limitation, the filing of applications for authoriza-tion's, permits or-licenses and the execution of such other documents as may be reasonably necessary to carry out the provisions of this Agreement. Without the COMPANY'S written consent, PARTICIPANTS shall not incur any obligation which '
would or could obligate the COMPANY to any third party. 9.2 Alienation and Assignment. During the existence of this contract, neither the COMPANY nor PARTICIPANTS shall have the right to sell, lease, convey, transfer, assign or alienate in any. manner wh tsoever its ownership interest, or any portion or portions LLereof, in CR-3, without first offering, subject to all requisite regulatory approval, such sale, lease or other conveyance to the COMPANY and PARTI-CIPANTS upon the same terms and conditions as the proposed sale, lease or conveyance to a third. party, which offer shall
- be made in the form of a proposed contract and shall be open for acceptance by the COMPANY and PARTICIPANTS for a period of 100 days. In the event such offer is accepted, the affected PARTICIPANT (S) and/or COMPANY shall proceed to a closing pursuant to the terms of the aforesaid contract in an expeditious manner. In the further event that one or more of such PARTICIPANTS or COMPANY desire to invest less than its
_( proportionate share based on the initial Generation Entitlement Share, the other PARTICIPANT (S) and/or COMPANY may thereupon make an additional investment, each in an amount thereof which shall be in proportion to the ratio which its initial Generation Entitlement Share shall bear to the total initial Generation Entitlement Shares of the PARTICIPANT (S) and/or COMPANY desiring to make such additional investment; or, such other amount as they shall agree upon among themselves. In i this event, the ownership interests and Generation Entitlement Shares of PARTICIPANTS and the COMPANY shall be adjusced in accordance with Appendix I. In the event such offer is not accepted by the COMPANY and/or PARTICIPANTS within the aforesaid 100-day period and the offering party does not consummate a sale, lease or other conveyance of such interest within a period of , one year after the date of its offer to the COMPANY and PARTICI- . PANTS, no such sale, lease or other conveyance may be consummated without re-offering the sale, lease or conveyance to the COMPANY and PARTICIPANTS. In no event shall the offering party sell, , lease or convey such interest to any third party on more favorable terms than those set forth in the aforesaid contract. 4 9.2.1 Not withstanding the foregoing, the COMPANY and/or ] PARTICIPANTS shall have the right, without first offering to the other PARTICIPANTS or COMPANY, to sell all or any portion of their entitlement to energy or capacity to any electric utility (herein defined ' as any person, corpora-
- - (
tion, partnership, ~ municipal electric utility, rural electric cooperative, or other legal entity, now or hereafter organizea to own, operate, manage, or control any plant cn other facility supplying electricity to and
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9.4-Licensee. If required, PARTICIPANTS, at their own expense and with informational assistance provided by the COMPANY, will ( seek to and become a licensee of the Nuclear Regulatory Commission or such other regulatory agencies having juris-diction over the licensing of CR-3. Should any PARTICIPANT (S) fail to obtain the necessary approval or license as may be required by NRC or other regulatory agency prior to Date of Commercial Operation, such PARTICIPANT (S) payments shall be refunded in full; and its Generation Entitlement Share, ownership i
. interests, and all further obligations under this Agreement !
shall revert to COMPANY. 9.5 Access. Official representatives of each PARTICIPANT and l its designees shall have the right to go upon and into the 1 CR-3 Plant Site subject to the rules and regulations of governmental regulatory bodics having jurisdiction thereof, insurance or industrial security requirements, and with suffi-cient advance notice to insure efficient and safe construction and operation of CR-3. 9.6 Conditions Precedent to the COMPANY'S Obligations Hereunder. All obligations of the COMPANY under this Agreement are sub-ject to the fulfillment, prior to or at the Closing, of each of the following conditions (4or the waiver in writing of such conditions by the COMPANY); 9.6.1 The COMPANY shall not have discovered any material error, misstatement or omission in the representations (C and warranties made by PARTICIPANTS in this Agreement. 9.6.2 PARTICIPANTS representations and warranties contained in this Fqreement shall be deemed to have been made again at and as of the time of closing and shall then be true in all material respects; PARTICIPANTS shall have performed and complied with all agreements, covenants and conditions required by this Agreement to be performed or complied with by it prior to or at the Closing; the COMPANY shall have been furnished with a certificate signed by the Principal Officer of each PARTICIPANT, dated the date of the Closing, certifying in such detail as the COMPANY may request to the fulfill-ment of the foregoing conditions. 9.6.3 The purchase money required of each PARTICIPANT shall be on hand in the form of a cashier's check payable to Florida Power Corporation at the Closing. 9.7 Conditions Precedent to PARTICIPANT'S Obligations Hereunder.
- All obligations of PARTICIPANTS under this Agreement, excluding any NRC licensing condition-in Section 9.4 above, are subject to the fulfillment, prior to or at Closing, of each of the following conditions (or the waiver in writing of such condi-tions by PARTICIPANTS):
9.7.1 PARTICIPANTS shall not have discovered any material error, misstatement or omission in the representations and warranties made by the COMPANY in this Agreement.
, 23
respective rights, titles and interests in CR-3 and in, to and under this Agreement, and shall be for the benefit of the ( respective rights, titles and interests of the COMPANY or PARTICIPANTS and their respective successors and assigns, in and to CR-3. It is the specific intention of this provision that.all such covenants and obligations shall be binding upon any party which acquires any of the rights, titles and interests of any PARTICIPANT or COMPANY in CR-3 or in, to and under this Agreement and that all of the above-described persons and groups shall be obligated to use COMPANY or PARTICIPANTS rights, titles and interests in CR-3 and/or in, to or under this Agreement for the purpose of discharging its covenants and obligations under this Agreement. 9.12 "AS IS" SALE. CR-3 is to be sold "as is" and "where is". The COMPANY represents that it has used due diligence in supervision, design, and construction, and that it is aware of no defect that would render CR-3 unfit or unsuitable for the use intended. The COMPANY represents that it will use due diligence to complete construction in such manner as to permit CR-3 to operate in a reasonably efficient manner in accordance with all applicable laws and regulations. The COMPANY represents that it has no undisclosed knowledge of litigation, actual or potential, or other controversies which may effect the rights or obligations of PARTICIPANTS. The COMPANY does not represent that the use or operation of CR-3 will not violate patent, trademark, or service-mark rights ( of any third parties, but has no knowledge of any such violation. Notwithstanding the foregoing, PARTICIPANTS shall have the benefit, in proportion to their Generation Entitlement Shares in CR-3, of all manufacturers' and vendors' warrar. ties and all patent, trademark, and service-mark rights running to the COMPANY in connection with CR-3. THE COMPANY MAKES 90 WARRANTY OF ANY KIND WHATEVER, EXPRESS OR IMPLIED, OTHER THAN THOSE STATED HEREIN; AND.ALL IMPLIED WARRANTIES OF MERCHANT-ABILITY AND FITNESS FOR A PARTICULAR PURPOSE WHICH EXCEED THE AFORESTATED OBLIGATION ARE HEREBY DISCLAIMED BY COMPANY AND EXCLUDED FROM THIS AGREEMENT. 9.13 DESTRUCTION 9.13.1 If CR.-3 or any portion thereof should be damaged or destroyed to the extent that the cost of repairs or reconstruction is estimated to be covered by the aggregate amount of insurance coverage carried pursuant to Section 11 hereof, and covering the cost of such repairs Gr reconstruction, then the COMPANY shall cause such repairs or reconstruction to be m,1de so that CR-3 shall be restored to substantially the same general condition, character or use as existed prior to such damage or destruction, unless the Administrative Committee shall determine and agree otherwise. 9.13.2 If CR-3 or any portion thereof should be damaged or
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destroyed to the extent that the cost of repairs or reconstruction is estimated to be more than the aggregate amount of insurance coverage carried and covering the cost of such repairs or reconstruction,
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25
force majeure shall remedy with all reasonable dispatch the
'~
cause or causes preventing the COMPANY and/or the PARTICIPANT (S) from carrying out its agreements; provided, that the settlement of strikes, lockov's and other industrial disturbances shall be entirely withit che discretion of the COMPANY or the PARTI-CIPANT, and it shall not be req % ired to make settlement of strikes, lockoats and other industrial disturbances by acceding to the demands of the opposing party or parties when such course is unfavorable, in the judgment of the COMPANY or the PARTICIPANT suffering the labor dispute or other industrial disturbance. 9.15 FUTURE POOLING. In the event the COMPANY and PARTICIPANTS become members of a pool whereby PARTICIPANTS do not receive capacity credit for their Generation Entitlement Shares in CR-3 under the requirements of the pool, COMPANY agrees to negotiate with PARTICIPANTS in good faith, through the Administrative Committee, in an effort to meet the requirements of the pool so that PARTICIPANTS will receive capacity credit for their ownership in CR.-3. l i. \ l 1 e 27
t
- 11. INSURANCE
.fhe COMPANY shall maintain in force, for the benefit of the COMPANY and the PARTICIPANTS as their interests shall appear, 4
as Cost of Construction or Operating Costs as appropriate, such available insurance as is usually carried by utilities constructing and operating nuclear generating facilities, but not less than will satisfy the requirements of the Atomic Energy Act of 1954, as amended, and the regulations thereunder, j and conform to prudent utility practice. 11.1 Each PARTICIPANT shall be named insured on such insurance I policy. The COMPANY shall furnish each PARTICIPANT with
- Certificate of Insurance of each such insurance policy.
sach of such policies shall be endorsed so as to provide ' that each PARTICIPANT shall be given the same advance notice of cancellation or material change as is required , to be given to the COMPANY. The COMPANY shall keep each ! PARTICIPANT informed as to the status of insurance in force and if it does so, the COMPANY shall not be liable for any failure to insure or inadequacy of coverage. . 11.2 Any PARTICIPANT may request additional insurance to the ! extent available, and if the COMPANY and PARTICIPANT (S) agree, the COMPANY shall purchase such requested insurance as Cost of Construction or Operating Costs as appropriate. If the PARTICIPANT (S) and COMPANY do not so agree, any PARTICIPANT requesting such insurance may purchase it at its own expense, , or may request the COMPANY to purchase such insurance at the ) expense of the requesting PARTICIPANT. The proceeds from such requested insurance shall be disbursed to the PARTICIPANT (S) , at whose expense the insurance was purchased. l 11.3 In the event that the COMPANY or any PARTICIPANT is held liable and pays more than its proportionate share of a damage clair, the COMPANY or such PARTICIPANT shall be , entitled to reimbursement (s) from COMPANY or PARTICIPANTS l who have not paid their proportionate share of the claim. 1 j'
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- 13. NONPARTITIONMENT f Each PARTICIPANT and COMPANY hereby waives any rights which it may have to partition any component of CR-3, whether by partition-ment in kind or by sale and division of the proceeds, and further agrees that it will not resort to any action in law or in equity to partition such component, and it waives the benefits of all laws that may now or hereaf ter authorize such partition for a term (i) which shall be coterminous with this Agreement, or (ii) which shall be for such lesser period as may be required under applicable law.
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- 15. ADMINISTRATION As a means of securing effective cooperation and interchange of information and of providing consultation on a prompt and orderly basis among the PARTICIPANTS and the COMPANY in connection with various administrative and technical matters which may arise )
from time to time in connection with the terms and conditions of 1 this Agreement, an Administrative Committee is established which l shall have the functions and responsibilities and be constituted as described herein. . 15.1 Membership. The Administrative Committee shall have as its Chairman an appointee representing the COMPANY, who shall i be responsible for calling meetings and establishing agendas. l Each PARTICIPANT may, at its option, have an individually I appointed member or may delegato a member to represent two or more PARTICIPANTS. 15.2 Meetings. The Administrative Committee shall meet annually j on a date and at a location announced by the Chairman at least i three months in advance. Special meetings may be called, as reasonably required, by the Chairman with as much advance notice to each PARTICIPANT, by telephone or in writing, as is practical. The Chairman shall call such special meetings on behalf of COMPANY, or on behalf of PARTICIPANTS when requested in writing by PARTICIPANTS representing 2/3 of the PARTICIPANTS' Generation Entitlement Shares. An agenda shall be provided at each meeting, in advance if practical, including items provided by COMPANY and/or PARTICI-PANT (S ) . 15.3 Functions. The Administrative Committee shall have the following functions, among others: 15.3.1 Provide liaison among all PARTICIPANTS and the COMPANY at the management level. In this effort, the Chairman shall keep the Administrative Committee informed of all significant matters with respect to licensing, design, acquisition, construction, operation, and maintenance of CR-3 and,'when practicable, shall furnish such information in time for each member to submit comments and recommendations thereon before decisions are made. The Chairman shall give due consideration to comments and recommendations made by each member. 15.3.2 Appoint Ad Hoc Committees as necessary to perform detailed work and conduct studies regarding matters requiring investigation. 15.3.3 Review and discuss disputes arising under this Agreement. 15.3.4 Provide liaison among all PARTICIPANTS and the COMPANY
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i with respect to the financial and accounting aspects k of progress, performance and completion of construction and operation of CR-3. These shall include such items as: capital improvements, annual capital expendi-33
! 15.7 If the Administrative Committee fails to reach agseement e while performing the respective functions and duties assigned I to it in this Agreement, then such disagreement shall be referred to higher authority within the organization of the COMPANY and each PARTICIPANT for resolution. If, after thirty (30) days the disagreement is not resolved by such higher authorities, then the matter may proceed to arbitration as provided in Section 18 hereof. 15.8 If a dispute should arise which is not resolved by the' Ad-ministrative Committee or the higher authorities within the COMPANY and PARTICIPANTS' organizations, then, pending the resolution of tne dispute by arbitration, or litigation, the COMPANY shall proceed with construction Work, Operating Work or Capital Improvements in a manner consistent with this Agreement and prudent practice in the electric utility industry, and the PARTICIPANTS shall advance the funds required to perform such Construction Work, Operating Work or Capital Improvements in accordance with the applicable provisions of this Agreement. Amounts advanced by the PARTICIPANTS pursuant to this Section during the pendency of such dispute shall not be subject to refund except upon a final determination that the expenditures were made in a manner inconsistent with this Agreement and prudent practice in the electric utility industry. 15.9 The COMPANY and each PARTICIPANT shall notify the others promptly of any change in the designation of its representa-tives on'the Committee. In the absence of the representative, any alternate appearing at a committee meeting shall be deemed to have authority to act on behalf of the organization he represents when the Committee Chairman is furnished with written notice of such authority. 15.10 Any expenses incurred by any member of the Administrative Committee, or ad hoc committees, and all expenses incurred by any employee or agent of the COMPANY or any PARTICIPANT assisting such committee member, in connection with his duties on such committee shall be paid and borne by the organization which he represents and shall not be included in Cost of Construction or in costs for Operating Work. l I l
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l 35
External Facilities not otherwise allocated to CR-3, on the basis of their Generation Entitlement Shares. i 16.2.3 The PARTICIPANTS shall pay to COMPANY a monthly use charge for the External Facilities listed in Appendix H l in an amount equal to one-twelfth of the product of (1) the original cost of the External Facilities, (2) the applicable fixed charge rate as shown in Appendix H, and (3) their Generation Entitlement Share. This use charge shall commence when the External Facilities are l placed in service. l l
'16.2.4 With regard to future External Facilities that may be required for.the proper operation of CR-3, COMPANY shall be responsible for the construction, operation, and maintenance in the same manner that COMPANY is responsible ,
for the External Facilities listed in Appendix H, and PARTICIPANTS will pay for the use of such future External l Facilities as provided for in Sec. 16.2.2 and Sec. 16.2.3. 16.3 At the request of the COMPANY or any PARTICIPANT, the Administrative Committee shall determine whether an adjustment , or readjustment of any percentage used in computing the monthly ' use charge is warranted, provided, however, such determination shall not be requested at intervals shorter than two years without the written consent of COMPANY and all of the PARTICI-PANTS.
! 16.4 COMPANY shall bill the PARTICIPANTS monthly for the monthly charges payable r.uder Section 16.1 and 16.2 hereof, in accordance with the provisions in Section 8.3.
16.5 Authorized representatives of PARTICIPANTS will be permitted to observe the operation and maintenance of Common and External Facilities, at reasonable times and in accordance with COMPANY rules and regulations, limitations of licenses, and limitations of other regulatory authorities. None of these rights of observation shall be exercised in such a way as, in the reasonably exercised judgment of COMPANY, would unduly interfere with the operation or maintenance of Common and External Facilities. 16.6 It is expressly understood by PARTICIPANTS that the COMPANY reserves all rights of ownershir wrar the Common and External Facilities so long as such use by the COMPANY or any third party does not unreasonably interfere with or make the operation and maintenance of CR-3 more burdensome. 4 i
%;[
l 37
Generation Entitlement Shares to the total of the Generation Entitlement Shares of the COMPANY and all ( non-defaulting PARTICIPANTS. 17.4.2 The suspension of any defaulting PARTICIPANT shall be terminated and its full rights hereunder restored when all of its defaults have been cured and all costs, plus interest, incurred by the COMPANY and the non-defaulting PARTICIPANTS pursuant to. Sections 17.2, 17.3, and 17.4.1 have been paid by the suspended PARTICIPANT. The proceeds paid by any suspended PARTICIPANT to remedy said default shall be distributed to the COMPANY and the non-defaulting PARTICIPANTS in the ratio of their respective Generation Entitlement Shares to the total of the Generation Entitlement Shares of the COMPANY and all non-defaulting PARTICIPANTS. 17.4.3 During the period that such suspension is in effect, no fuel expense credit adjustments shall be made to which the defaulting PARTICIPANT would have been ; entitled in the absence of such suspension. The non-defaulting PARTICIPANTS may apply all or any i portion of any such credit adjustments as offsets to ) the costs and expenses incurred by them and arising ! from or in connection with such default and suspension. 17.4.4 Should the suspension of the defaulting PARTICIPANT t continue for a period of ninety(90) days or longer, after the giving of written notice of such suspension, the COMPANY and/or other interested non-defaulting PARTICIPANT (S) shall have the option of purchasing the Generation Entitlement Share and all legal and equitable interests of the suspended PARTICIPANT in CR-3. Such option to purchase shall be exercisable by the serving of written notice of intent to purchase to the suspended PARTICIPANT. After applying appropriate credits due the COMPANY and the non-defaulting PARTICIPANTS for monies, plus interest, theretofore expended by them on behalf of the suspended PARTICIPANT, the purchase price and terms shall be subject to negotiations. Should the interested PARTICIPANT (S) and/or the COMPANY be unable to negotiate the net purchase price due the suspended PARTICIPANT and the terms to consummate the transaction within ninety (90) days of the giving of written notice of intent to purchase, the matter shall then become an arbitrable dispute subject to the provisions of Section 18 herein. 17.4.5 Should the suspension of the defaulting PARTICIPANT continue for a period of ninety (90) days or longer, after the giving of written notice of such suspension, and charter or bond covenants of the defaulting PARTICIPANT prohibit the sale of its ownership interests, the COMPANY \~ , shall have the option of revoking the Generation Entitle-ment Share and all legal and equitable interests of the 39
l
- 18. ARBITRATION '
. .In this Section 18,.the terms PARTICIPANT or PARTICIPANTS shall
( . include the COMPANY. 18.1 If an arbitrable dispute between any of the PARTICIPANTS should arise under this Agreement, any involved PARTICIPANT (S) may call for submission of the dispute to arbitration which i shall be binding upon all of the other involved PARTICIPANTS, if . all involved PARTICIPANTS agree to such arbitration. !
' 18.2 The PARTICIPANT (S) calling for arbitration shall give written notice to.all other PARTICIPANTS, setting forth in such notice in adequate detail the nature of the dispute, the amount or amounts of money, if any, involved in'such dispute, and the remedy sought by such arbitration proceedings, and, within twenty (20) days from receipt of such notice, any ot!.er PARTICIPANT which determines that it is or could become
- involved may, by written response to the first PARTICIPANT (S) and all other PARTICIPANTS, submit its own statement of the matter at issue and set forth in adequate detail additional related matters or issued to be arbitrated. Thereafter, the PARTICIPANT (S) first submitting its or their notice of the matter at issue shall have ten (10) days in which to submit a written rebuttal statement, copies of which shall be given to
- all other PARTICIPANTS. Any PARTICIPANT not filing a written
. response or other document declaring itself to be an involved PARTICIPANT within the time limits set forth in this Section 18.2 ( shall be excluded from any further participation in the arbitra- I tion proceedings. Thereafter, only upon a finding by arbitra-tors of all of the following may the arbitrators permit the filing of a late response and submittal of a written rebuttal statement as provided herein: I 18.2.1 That the non-arbitrating PARTICIPANT could not I . reasonably have known of its involvement in a matter of issue when served with notice of the dispute, 1 18.2.2 That the issues have been expanded from the original
, -notice of the dispute, , 18.2.3 That the delayed involvement of the PARTICIPANT in the arbitration will minimize costs of the then-imminent arbitration to all then-arbitrating PARTICIPANTS and is without prejudice to their substantial rights, and 18.2.4 The late-filing PARTICIPANT agrees to be bound by the instant arbitration.
18.3.Within forty (40) days following delivery of the written notice- pursuant to Section 18.2 hereof, the PARTICIPANTS, acting through their representatives on the Administrative Committee, shall meet for the purpose of selecting arbitrators. 7 Both sides of the dispute shall each designate an equal V number of arbitrators. The arbitrators so selected shall
- meet within twenty (20) days following their selection and shall select additional arbitrators, the number of which shall 41
the arbitrators shall specify some other apportionment of such fees and expenses. All other expenses and costs of the arbitra-( tion shall be borne by the PARTICIPANT incurring the same. 18.9 In the event that any PARTICIPANT shall attempt to carry out the provisions herein set forth in regard to arbitration, and such PARTICIPANT shall not be able to obtain a valid and enforceable arbitration decree, or if all involved PARTICIPANTS do not agree to arbitration, such PARTICIPANT shall be entitled to seek legal remedies in the courts or agencies having jurisdiction in the premises, and the provisions of this Agreement referring to decision of a board of arbitration, to the extent allowable by law, shall be then deemed applicable to final decisions of such courts or agencies. (
.g 43
19.8 IIgg. The COMPANY and PARTICIPANTS agree time is of the essence in this Agreement. 19.9 Severability. In the event any of the terms, covenants, or
~
conditions of this Participation' Agreement, its Appendices, and Exhibits, or the application of any such term, covenant, or condition, shall be held invalid as to any party or circumstance by any court having jurisdiction, all other terms, covenants, and conditions of this Agreement and their application shall not be affected thereby, and shall remain in force and effect. 19.10 Integration. The terms and provisions contained in this Participation Agreement, including Appendices and Exhibits, constitute the entire agreement between COMPANY and P ARTICIPANTS and shall supersede all previous communications, representations, or agreements, either verbal or written, between the COMPANY and PARTICIPANTS with respect to CR-3 and this Agreement. 19.11 Computation of Time. In computing any period of time pre-scribed or allowed by this Agreement, the day of the act, event or default from which the designated period of time begins to run shall not be included. The last day of the period so computed shall be included unless it is a Satur-day, Sunday or legal holiday in which event the period shall run until the end of the next day which is neither a Satur-day, Sunday or legal holiday. When the period of time 4
< prescribed or allowed is less than seven days, intermediate Saturdays, Sundays and legal holidays shall be excluded in the computation.
19.12 Wa rranty Deed Covenant. By the execution of this Participation Agreement, PARTICIPANTS and COMPANY acknowledge, accept, and agree to comply with the terms, provisions, and covenants con-tained in the Warranty Deed and Bill of Sale as set forth in Exhibit A. (. 45
21. EXECUTION IN WITNESS WHEREOF, the COMPANY and the PARTICIPANTS have caused this Participation Agreement to be executed as of the 31st day of July, 1975. FLORIDA POWER CORPORATION 1 hmtb b- J4 I , By: /..
' b .
Witness Vice Presiden Attest: ,
- , ,j 4 l W1..e.s Ass 1r.teery, t
1 47 1 1
THE CITY OF BUSHNELL ATTEST: BY_ ,m _ .
~4e
/JAMESN. ETHEREDGE' ~
w) <b. Y is 6h A ET S. STRICKLAND MARGyClerk (SEAL)
. Signed, Sealed and Delivered In the Presence of:
bm & >) WITNESS
$& N0& WITdESS
( , Approve as to form: J&ae2'f J()5EPH ME/NOTTI \ City W orney 49 l
f
. IN WITNESS WHEREOF, the COMPANY and the CITY OF KISSIMMEE, FLORIDA, a municipal corporation, have caused this Participation Agreement to be executed as of the 31st day of July, 1975.
Signed, sealed and delivered CITY OF KISSIMMEE, FLORIDA in the presence of: ' A Municipal Corporation g, D, y: ( . (1. . c- '(SEA 2 j Mayor-Commissioner 11rn M - ( \ VW ATTEST: W City Manager .
/
ex officio City Clerk (CITY SEAL) w 51
\
In the presence of: CITY OF NEW SMYRNA BEACH, RIDA -
- f. a Ok n sD %.. BY '
4 d i Lowell A. ' Hanks i / _ r' .
' C
/ "S7 Victcfr Mcdonald i U Vic Mayor
, f> > n ,
s,ll' , -- - E. Irene Beckham ! City Clerk UTILI ES COMMISSI N i CI NEW St RNA BEACH, FLORIDA
!_W_ N. m'^-^_- BY Evan L. Williams '
hairman M wcm $ % 2(L23 y) /t 'y, W ' Charles E.~ rard
- Vice Ch rma 7 s di 7 *) /.
- AJ
'Hpfgaret'G. McCabe Assistant Secretary w h.
James O. Covington O Secretary (/ l l i ( 53
.s ORLANDO UTILITIES COMMISSION I By - Y President Witness {/
/ t n Ax Y '
<ths)
Sedrbthry
~
Witness 55
i s SEBRING UT ITIES COMMi'SSION BY: / #[ KrfEST: - ' siWtarft' Secretary l l APPROVED AS TO FOR4: I
.. i na/Arn /Iaftb "
.torneg for S.ebeing' Utilities Commission l
. 57 l
i x Signed, seal,ed and delivered CITY OF TALLAHASSEE i in the preseSce of: ! w, sjkW By: $ J0M R'. JONES , 4fayor
~
~
V ATTEST: 1
.?
l By: HERBERT J. S $ L
, City Auditor and Clerk
( (Corporata Seal) APPROVE AS TO FORM: YY W-
- u. HENRY wyAttorney Cit y
I i (. l I i 59 :
APPENDIX A (' LISTING OF COMPANY AND PARTICIPANTS System, Address Generation Entitlement Share
& Telephone (Pe rcent) l l
Florida Power Corporation 00.0000 P. O. Box 14042, St. Petersburg 33733 813/866-5151 ; 1 Alachua, City of 0.0779 P. O. Box 8, Alachua 32615 904/462-1231 l Bushnell, City of 0.0388 P. O. Box 115, Bushnell 33513 904/793.-2591 1 l Gainesville, City of 1.4079 ) P. O. Box 490, Gainesville 32601 ) 904/376-1271 (Operations) 904/378-7444 (Administration) l l 8 Kissimmee, City of 0.6754 i P. O. Box 340, Kissimmee 32741 305/847-2821 Leesburg, City of 0.8244 P. O. Box 630, Leesburg 32748 904/787-4313 l New Smyrna Beach Utilities. 0.5608 Commission P. O. Box 519, New Smyrna Beach 32069 904/427-1361 or 1362 1 Ocala, City of 1.3333 P. O. Box 1270, Ocala 904/629-8431 Orlando Utilities Commission 1.6015 P. O. Box 3193, Orlando 32802 305/841-1230 Sebring Utilities Commission 0.4473 368 South Commerce Avenue, Sebring 33870 813/385-0191 A-1 i l J
APPENDIX B
,~.
5 DESCRIPTION OF CRYSTAL RIVER UNIT 3 Structures, equipment, and facilities now or hereafter constructed and installed in or on the CR-3 Plant Site, including, but not limited to the following: B.1 .T nuclear steam supply system of the pressurized water type, with a thermal capacity of approximately 2450 MW. B.2 A steam turbine-generator with a design nameplate turbine capability of 858.9 MW, and designed to take steam from the nuclear steam supply system. B.3 Containment for the nuclear steam supply system. B.4 All auxiliary equipment and other engineered safeguards associated wf.th the forecoing. B.5 An administration building, machine shop, warehouse, public informat' ion facility and other support buildings located adjacent to said units. (This does not include support buildings that are Common or External Facilities.) B.6 Cooling water cystem(s) . B.7 A radioactive waste treatment and control system or systems and all associated equipment. B.8 Generator step-up bank consisting of four transformers rated at 316 MVA each. B.9 Standby auxiliary power transformation equipment and related facilities. B.10 CR-3 control and communication facilities and associated buildings or equipment not included in Common or External Facilities. B.ll CR-3 Plant Site as descrised in Appendix C. l I B-1
l l THENCE S. 67 31' 02" W. , 481.14 FEEE TO THE POINT OF CURVATURE OF A CURVE -(' CONCAVE NORTHERLY AND HAVING A RADIUS OF 1103.72 FEET; THENCE RUN 241.24 FEET AIDNG THE ARC OF SAID CURVE, A CHORD BEARING AND DISTANCE OF S. 73 59' 18" W., 240.76 FEET; THENCE WEST,150.57 FEET; THENCE NORTH, 204.70 FEET; THENCE EAST , 60.00 FEER; THENCE NORTH,161.00 FEET; THENCE EAST, 437.55 FEET; THENCE NORTH, 353 FEET; THENCE WEST, 397 FEET TO THE POINT OF BEGINNING. CONTAINING 18.86 ACRES, MORE OR LESS. NOTE: BEARINGS USED IN THIS DESCRIPIION WERE ESTABLISHED FROM PLANI BASE LINE BEARINGS OF TRUE NORTH AND EAST. s 4
\
C-2
APPENDIX E OPERATING EMERGENCY '.{ E.1 In the event of-an Operating Emergency, the COMPANY shall, in addition to the action required to be taken pursuant to Section 7.5 of this Participation Agreement, take such steps as cre required in this Appendix E. E.2 As soon as practicable after the commencement of an Operating Emergency, the COMPANY shall advise each PARTICI-PANT of the occurrence of the Operating Emergency, its nature and the steps taken or to be taken to terminate the Operating Emergency. E.3 As soon as practicable after giving the advice required pursuant to Section E.2 hereof, the COMPANY shall develop l an estimate of expenses,-incurred and projected, required ; to terminate the Operating Emergency and to restore the ! availability of CR-3 and the estimated time schedule l within which such measures can be accomplished. In the event the estimated cost of restoring the availability of CR-3 to its rated capacity shall exceed $1,000,000, the l COMPANY shall consult with the Administrative Committee i before committing any expenditures therefor; provided'however, that nothing herein shall prevent the COMPANY from incurring y any expense it deems in its sole discretion necessary to
\ protect the plant or the health and safety of its employees and the public.
E.4 Subject to Section E.3 hereof and Section 9.13 of this Participation Agreement, costs incurred in terminating an Operating Emergency and restoring the availability of CR-3 may be charged to the COMPANY and the PARTICIPANTS by the COMPANY on the basis of its estimate of such costs with adjust-ment to be made in accordance with Sections E.6 and E.7 hereof when a final costs determination has been made. E.5 Following the termination of the Operating Emergency, the COMPANY shall submit to each PARTICIPANT a report containing a summary of the costs incurred and expenditures made in connection with the repair, restoration or reconstruction and such other information as may be required., E.6 The COMPANY shall allocate to the COMPANY and the PARTICIPANTS, in accordance with their respective Generation Entitlement Shares, the costs incurred or expenditures made in such repair, restoration or reconstruction which are charged as maintenance expense. E.7- The COMPANY'shall allocate to the COMPANY and the PARTICIPANTS, in accordance with their respective Generation Entitlement Shares, the costs incurred or expenditures made in such repair,
'" restoration or reconstruction which are Capital Improvements.
E-1 b __.
F.4 Transmission service shall be provided by COMPANY, within its transmission system, to each PARTICIPANT during the b-- term of this Agreement, under the T-1 rate schedule filed with the FPC, or any superseding schedule (s) . F.5 Partial requirements, as may be required herein, shall be provided by COMPANY to PARTICIPANT (S) , in accordance with the rate schedule filed with FPC. F.6 The rate schedules referenced in F.3, F.4, and F.5 above are subject to review and approval by the FPC. 4 e E+ F-2
G.4 PLANT SITE COMMON FACILITIES
~
~
Annual Continuing Property Fixed Charge Fixed In Service Record 1st Cost Rate - % Charges
- 1. Land (G.3.7) 1966 $1,682,860 16.72 $281,374
- 2. Structures 1966 351,327 14.76 51,856 (G.3.1,G.3.2) 1970 125,742 17.01 21,389 1973 25,078 16.29 4,085 Open 118,000 16.52 19,494 Total $ 620,147 1 5.61 96,824 I
- 3. Site Improvements 1966 4,825,444 14.75 712,236 (G.3.1, G.3.2) 1973 312,191 16.29 50,856 1974 79,165 17.67 13,988_,_ ;
Total $5,216,800 14.90 $777,080 l ( 4. Water Supply Equipment 1966 132,490 14.76 19,556 (G.3.3) 1973 238,991 16.29 38,932 _ Total $ 371,481 15.74 $ 58,488
- 5. Water Treatment Equipment 1966 582,495 14.76 85,976 I (G.3.4) 1971 49,760 16.34 8,131 1973 294,438 16.29 47,964__
Total $ 926,693 15.33 $142,071 l
- 6. Miscellaneous Equipment 1973 48,222 16.29 7,855 (G.3.5,G.3.6) Open 236,000 16.52 38,987 Total $ 284,222 16.48 $ 46,842 _
GRAND TOTAL $9,102,203 15.41 $1,402,679 I b . G-2
APPENDIX I (~ DESCRIPTION OF ADJUSTMENTS OF GENERATION ENTITLEMENT SHARES Under several Sections of the Participation Agreement adjustment- , or re-allocation of Generation Entitlement Shares (GES) and own-ship interests of COMPANY and/or PARTICIPANTS is allowed or required. The step-by-step process for adjustment shall be as follows: I.1 Adjustment Prior to Closing. Adjustment or re-allocation. prior to Closing shall be as agreed among all PARTICIPANTS. . I.2 Adjustment for Construction Completion under Section 6.3.2. Should events occur to cause Section 6.3.2 to take affect, , adjustments shall be made on the basis of the following - - formula: , PS = .1 C1+ CP 2 x 100 Cl + C2 where PS = PARTICIPANTS' total GES C 1 = Cost of Construction thru June 30, 1975 including AFC and Nuclear Fuel C 2 = Total Cost of Construction after June 30, 1975, ( including Nuclear Fuel, but excluding AFC. C P= Cost of' Construction after June 30, 1975, 2 contributed by PARTICIPANTS, including Nuclear Fuel PARTICIPANTS' total Generation Entitlement Shares, as calculated above, shall be allocated among PARTICIPANTS ; at Date of Commercial Operation in proportion to their j original Generation Entitlement Shares. If events are j such that continued extra contributions by PARTICIPANTS l to Cost of Construction are required after Date of Commercial, Operation, the above PS shall be recalculated monthly after each such extra contribution has been made. i.3 Adjustments for Purchase Option Under Section 17.4.4. Should the purchase option for a defaulting PARTICIPANT'S Generation Entitlement Share be negotiated or arbitrated, l the interested PARTICIPANT (S) and/or the COMPANY ~shall receive an additional percentage share based on the ratio of their payment and the net purchase price times the defaulted Generation Entitlement Share. It is understood l
.the maximum additional participation in this purchase option shall be in the ratio which the interested PARTICIPANT (S) and/or the COMPANY'S initial Generation Entitlement Shares bears to the total Generation Entitlement Shares of the interested PARTICIPANT (S) and/or COMPANY. l
- k. I l
l ! I-l
- 3. City of Gainesville- 1.4079-i- 4 '. City of Kissimmee 0.6754 5.- City of Leesburg 0.8244
., 6. City of New Smyrna Beach 0.5608 ! l and New Smyrna Beach Utilities Commission l
- 7. City of~Ocala 1.3333 l
- 8. City.of Orlando and 1.6015 Orlando Utilities Commission
- 9. Sebring Utilities Commission 0.4473
- 10. Seminole Electric Cooperative, Inc. 1.6994
- 11. City of Tallahassee 1.3333 i
Total being conveyed 10.0000% l Provided', however, that the foregoing conveyance and the estates created thereby shall terminate upon the condition i subsequent of_the termination of the Agreement, pursuant to j Sections 9.13.2, 17.4.4, 17.4.5, and 20.1 of the Agreement, I and upon such termination of the Agreement, all right, title 1 and' interest in said property created by the foregoing conveyance l shall automatically revert and vest in GRANTOR, its successors i and assigns, and; provided, further, that the foregoing conveyance I and _ estates created thereby are subject to the default and suspen ; sion provisions of the Participation Agreement which grants to ' COMPANY and any non-defaulting PARTICIPANT the option of purchasing the suspended PARTICIPANT (S) legal and equitable interests con-1 veyed by this instrument. l GRANTEES, as an incident to the foregoing, shall have the right of ingress and egress upon adjoining lands of GRANTOR for L (' - access to the above described property from adjacent public roads exercisable.over such improved roads as GRANTOR shall make available and at reasonable times in accordance with GRANTOR's rules and regulations, 1Lmitations of licenses, and limitations of other
- . regulatory authorities.
! As part cf the consideration of this conveyance, the parties convenant as follows: (1) GRANTOR covenants with GRANTEES, and GRANTEES covenant I with GRANTOR and with all other tenants in common thereof, that said real estate shall be used only for the purposes of constructing'and operating CR-3' thereon or for such other purpose as may be mutually agreed upon by all of said tenants in common; and (2) GRANTEES, for themselves, their successors and assigns, hereby accepts title to said real estate and any improvements now'or hereafter constructed thereon as tenants in common with lGRANTOR and others who'may now hold or hereafter acquire interests as tenants in common in said real estate, and AGREE that:- (a) -the interests hereby conveyed shall be held as tenancies in common; (b) GRANTEES waive the right to partition the property, real'or personal hereby conveyed whether by partition in kind or by sale and division of the proceeds thereof; (c) GRANTEES will not resort to any action at law or in equity to partition said-property; (d) GRANTEES waive the
, benefit of all such laws as may now or hereafter authorize
. JL~' such partition; (e) the covenants herein made and restrictions set forth in this conveyance shall be binding upon GRANTEES, their-successors and assigns, shall be an attribute of the title Exh. A-2
l EXHIBIT B 1 l
~~ ACCOUNTING FOR OPERATING COSTS f
+
)
B.1 Operation and Maintenance Expenses. In determining CR-3 monthly operr. ting expenses the following assignment and allocation procedures shall be used. (All account numbers refer to Uniform System of Accounts in effect at July 15, 1975 - Page Exh. B-4) B.l.1 Generation Expense - Excluding' Fuel. These costs include I jf ~a ll operation and maintenance expenses charged to Nuclear l Power Generation Accounts 517 through 532 (excluding Fuel Expenses.shown in Section B.l.8) applicable to CR-3 as recorded on COMPANY books or records. These include the costs of production supervision at the plant and an alloca-tion of the cost of COMPANY power production and other support departments. B.l.2 Load Control and Dispatching. These expenses include alloca-tion or portions of Account 556 and, if applicable, portions of Account 557. Allocations will be on the basis of MW capa-bility or other appropriate work requirements of this depart-
- ment.
B.1.3 Insurance. This includes all costs incurred by the COMPANY directly chargeable to Accounts 924 and 925. Costs for insurance on CR-3 described in Section 11 will be charged to ( CR-3 as. incurred. Costs of claims associated with CR-3, not covered by insurance, will be charged to CR-3 expense. Other insurance costs, which include general insurance that covers CR-3, will be allocated with Administrative and General expenses in Section B.l.6. Costs of workmen's compensation and safety expenses in Account 925 will be allocated to CR-3 as appropriate or may be included in established COfiPANY pay-roll loading and allocated with other employee benefits in Section B.l.4. B.l.4 Employee Benefits. These costs include all pensions and benefits costs incurred by the COMPANY and chargeable to Account 926, and also the portion of Account 925 which is a part of established COMPANY payroll loading and which is not allocated under Section B.l.3. These costs will be allocated to CR-3 on the basis of established COMPANY payroll loading for these costs times the COMPANY payroll included in above items B.l.1, B.l.2'and B.1.3. B.l.5 CR-3 Operating and Maintenance Ratio - Excluding Fuel. This is the ratio of CR-3 operation and maintenance costs deter-mined in above Sections B l.1, B.l.2, B.l.3 and B.l.4 to i total COMPANY operating and maintenance expenses excluding Fuel (Section B.l.8) and the Administrative and General Expenses l which are to be allocated in following Section'B.l.6. This l Operation and Maintenance ratio shall be based on 12-month j ~ (- . average costs, updated each calendar quarter. During the first year of commercial operation, the ratio shall be based Exh. B-1 .. l . -
EXAMPLE OF PROCEDURE FOR DETERMINING CR-3 OPERATING COSTS (S in thousands) System CR-3 Payroll Total Payroll Total D.1.1 Generation Expense excluding Fuel $10,200 $19,500 $2,600 $5,000 Purchased Power 31,.000 D.1.2 Lcad Control and Dispatching 170 180 26 30 Transmission, Distribution, Customer Accounting & Sales Expenses 15,500 25,000 D.1.3 Insurance Property Insurance 50 1,500 28 850 Liability Insurance and Clabus (Excluding General Insurance costs Allocated in Sect. B.l.6 below) 50 700 27 390 Subtotal $25,970 $77,880 $2,681 $6,270 D.1.4 Employee Benefits 6,000 544 e SUBTOTAL $83,880 (2) $6,814 (1) B.1.5 Crystal River #3 Ratio (1,2 ) 8.12% D.l.6 Allocation of Total A E G excluding Insurance and Benefits charged above in , Section B.1.3 4,500 9,500 365 771 l B.l.7 Employee benefits on A & G 74 Paynoll allocated'to CR-3 SUBTOTAL $30,470 $3,046 i B.l.8 Fuel 210,000 9,600 ! D.l.9 TOTAL OPERATING EXPENSES $303,380 $17,259 ) l D.2 Payroll taxes 1,800 183
- TOTAL OPERATING EXPENSES & PAYROLL TAXES (CR-3 ) S17,442 S.3 PARTICIPANTS' SHARE 10% - Per Year $ 1,744 l - Per Month S 145 l
(, _. Exh, B-3
.l
EXHIBIT C-1 C-1.1 Statement of Cost of Construction attributable to CR-3 through May 31, 1975. Cost of Construction at Crystal River: Total Amount Structures and Improvements $ 57,545,290 Reactor Plant Equipment 58 726,585 Turbo-Generator Equipnent 34,,425,922 Accessory Electric Equipment ,p,151,632 l Misc. Power Plant Equipment & Unallocated Expenses W ,284,460 Subtotal $214,133,889 Other Costs of Construction: General Administrative Capitalized Costs .$ 663,987 Engineering and Supervision 9,748,080 Allowance for Funds Used During Construction 67,834,665 Engineering Services 23,544,751 Tbtal Work Order Charges $315,925,372 Other Costs Not Included Above: Nuclear Fuel $ 30,196,732 Substation Step-Up Transformers 1,936,000
- Other Unallocated Costs -
Total Construction Charges $348;o58,104 Adjustments for External Facilities (2,140,153)
- Total Net Charges $345,917,951 Amount Due from Participants (11% of above amount) $ 38,050,975
- Amounts are based on direct costs to date with an '
allocation of overhead charges. These amounts will be adjusted for future direct costs and final
\-- allocation of overheads.
l l' Exh. C-1-1
EXHIBIT C-2 3
-C-2.i Statement of Cost of Construction attributable to CR-3 for month of June, 1975.
Cost of Construction at Crystal River: Total Amount. Structures and Improvements- $ 6,226 Reactor Plant Equipment 222,950 Turbo-Generator Equipment 32,841 Accessory Electric Equipment 69,382 Misc. Power Plant Equipment & Unallocated Expenses 569,813 Subtotal $ 901,212 Other Costs of Construction: General Administrative Capitalized Costs $ 21,802 Engineering and Supervision 285,505 Allowance for Funds Used During Construction 2,177,848 Engineering Services 191,123 [ Total Work Order Charges $3,577,490 Other Costs Not Included Above: Nuclear Fuel $ 199,281 Substation Step-Up Transformers 204,906
- Land 18,860 Total Construction Charges $4,000,537 Adjustments for External Facilities -0
- Total Net Charges $4,000,537 Amount Due from Participants (11% of above amount) $ 440,059
- Amounts are based on direct costs to date with an allocation of overhead charges. These amounts will be adjusted for future direct costs and final allocation' of overheads.
, l Exh. C-2-1
- s. .
l l EXHIBIT C-3 l l (' C-3.1 Statement of estimated Cost of Construction attributable to CR-3 from July 1, 1975 through December 31, 1977, the forecast end of construction. (In Thousands) i' Estimated Cost of Construction at Crystal River Total Amount Structures and Improvements $ 8,078 Reactor Plant Equipment 14,682 Turbo- Generator Equipment 629 Accessory Electric Equipment 3,277 Misc. Power Plant Equipment & Unallocated Expenses 16,204 Subtotal. 5 42,870 Estimated Other Costs of construction: l l General Administrative Capitalized Costs 157 Engineering and Supervision 9,890 Allowance for Funds Used During Construction 0 Engineering Services 10,635 (~ Total Work Order Charges S 63,552 1 1 l l Amount Due from Participants (10% of above amount) $ 6,355 l Milestone Schedule - From NRC Report of May,1975 Cold Hydrostatic Testi , Complete Jan. 1976 Hot Functional Testing Complete April 1976 Fuel Loading May 1976 Commercial Operation Sept. 1976 l
. Exh. C-3-1
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f' CONSTRUCTION PERMIT , QUESTION 11. Provide the following for each municipal and cooperative applicant: (a)' Copies of the most recent annual financial statements. Continue to submit copies of the annual financial statements for each year thereafter as required by 10 CFR 50.71 (b). (b) Copies of the most recent interim financial statements. RESPONSE TO QUESTION 11. Copies of the financial statements for the additional participants are attached.
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Muwe > { O 4 ) i l o i i k CITY OF ALACHUA i k I l 4 s 2 i ? i s t h a i i-l 1 I r A m m.m .m --
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DOCKET # 50-302 evo . .. .co .. EXHIBIT A
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. ~, C ****** RESPONSE TO QUESTION 31 CONSTRUCTION PERMIT COMBINED BALANCE SHEET SEPTEMBER 30, 1974 CITY OF ALACHUA, FLORIDA 1
FEDERAL REVENUE SHARING GENERAL GENERAL UTILITY TRUST FIXED
-FUND FUND FUND ASSETS ASSETS Cash and Savings Investments Accounts Receivable - Net Af ter
$50,639 $ 183,377 $ $
a l Estimated Unco 11ectible Accounts , 2,074 81,229 Accrued Interest Receivable 83 1,314 m Materials and Supplies - At Cost Prepaid Insurance . 24,312 6,656 l Fixed Assets - Utility At Cost Less 905,158 476,909 Depreciation; General At Cost Due From Utility Fund 1,720 l \ Restricted Assets - Sewer Funds 2,394,215 Unamortized Discount on Bonds
~
76,137 TOTAL ASSETS 54,516 3,672,398 0 476,909 LIABILITIES, RESERVES, CONTRIBUTIONS, RETAINED EARNINGS / FUND BAIANCES
~
LIABILITIES Accounts Payable - 7,428 96,109 Customers' Deposits ' 17,018 Taxes Payable or Accrued 271 4,586 Retirement Contributions Payable 186 Due to General Fund 1,720 Interest Payable - Bonds 81,000 l m Bonds Payabic 2,600,000 TOTAL LIABILITIES 7,885 2,800,433 0 0 l RESERVES 316,623 I,; CONTRIBUTION IN AIL OF CONSTRUCTION 10,247 : RETAINED EARNINGS / FUND BALANCES 46,631 545,095 476,909
\ TOTAL LIABILITIES, RESERVES, CONTRIBUTIONS, L
' RETAINED EARNINGS / FUND BALANCES $54,516 $3,612,398 $ 0 $476,909 j l
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f' un mm s- - l } *% N 1 2 g i i CITY OF BUSHNELL b
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. BELLA. HERMIDA OLIVER & GILLMAN CERTIFIED PUBLIC ACCOUNTANTS WICHOLAS J. BELLA. c. P. A. gesas.nettl PHONE 752 6883 REMY F**MIDA. c. P. A. 1707 W. REYNOLDS STREET RAYMr S. CLIVER. c. P. A. PLANT CITY. FLORIDA 3 3 5 6 6 H. Er e dM AN. C. P. A.
WIL
- t H. H ANCOCK. c. P. A. PHONE 253 2851 ,
Col Mrd H. SHIRAH. C. P. A. 307 HYCE PARK AVENUE W. ANDREW MU ELLER. JR.. C. P. A. TAMPA. FLORIDA 33 606 The Honorable Mayor and Members of the City Council City of Bushnell, - Florida Gentlemen: We have examined the balance sheet of the City of Bushnell, Florida, for the year ended September 30, 1974, and the related financial statements for the period then ended. Our examination was made in accordance with generally accepted auditing standards and ac c ord in g ly inc luded such t tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. The scope of this audit did not include the verification of fixed assets. In our opinion, subject to the foregoing qualification, the attached financial statements present fairly the financial position of the various funds of the City of Bushne ll, Florida, as at September 30, 1974, and the results of their financial operation for the year then ended in conformity with generally accepted municipal accounting principles applied on a basis consistent with that of the preceding year. Respectfully' submitted, BELLA, HERMIDA, OLIVER & GILLMAN 0; ?' *
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. Certified Public Accountants l
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'INDEX COMMENTS ,
GENERAL FUND: I Exhibit A Balance Sheet l Exhibit A-1 Analysis of Changes in Fund Balance i Exhibit A-2 Statement of Revenue - Estimated Compared l l With Actual Exhibit A-3 Statement of Expenditures - Estimated Compared j With Actual i IMPROVEMENT FUND: j I Exhibit B Balance Sheet Exhibit B-L Analysis of Changes in Fund Balance Exhibit B-2 Statement of Revenue ( Exhibit B-3 Statement of Expenditures SPECIAL REVENUE FUNDS - Exhibit C Combined Balance Sheet Exhibit C-1 Analysis of Changes in Fund Balance Exhibit C-2 Statement of Revenue - Estimated and Actual Exhibit C-3 Statement of Expenditures Compared With Authorizations- , 1 TRUST AND AGENCY FUNDS: Exhibit D Combined Balance Sheet Exhibit D-1 Statement or Cash Receipts and Disbursements : Exhibit D-2 Analysis of Changes in Fund Balance N
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i l l l l ELECTRIC UTILITY FUND: Exhibit E Balance Sheet l Exhibit E- 1 Statement of Changes in Contributions Exhibit E-2 . Statement of Changes in Retained Earnings Exhibit E-3 Schedule of Utility Equipment in Service Exhibit E-4 Statement of Revenue and Expenses - Estimated Compared With Actual Exhibit E-5 Schedule of Operating Expenses - Estimnted Compared With Actual Exhibit E-6 Statement of Changes in Financial Position l WATER UTILITY FUND : Exhibit F Balance Sheet Exhibit F-1 Statement of Changes in Retained Earnings Exhibit F-2 Schedule of Utility Plant in Service Exhibit F-3 Statement of Revenue and Expenses - Estimated Compared With Actual Exhibit F-4 Schedule of Operating Expenses - (. - Estimated Compared With Actual Exhibit F-5 Statement of Changes in Financial Position LONG TERM DEBT: Exhibit c Statement of Long.. Term Debt GENERAL FIXED ASSETS :
-Exhibit H Statement of General Fixed Assets Exhibit H- 1 Schedule of General Fixed Assets v
COMMENTS GENERAL FUND All receivables of the General Fund are shown on the b a 'l a n c e sheet with a 1007. reserve to preserve the cash basis of accounting but to reflect the assets on the balance sheet. UTILITY TAX REVENUE FUND Ths revenue of this fund is deposited in the Florida Bank at Bushnell and is pledged to secure a loan with that bank, the ba lanc e of which was
$14,286.16 at September 30, 1974. The revenue is presently adequate to uset the maturity requirements of the loan.
i CIGARETTE TAX AND STATE REVENUE SHARING FUND The Cigarette Tax has by Resolution 204 been pledged to secure a loan from the Florida Bank at Bushnell in the amount of $125,181.77. The loan bears interest at the rate of 5% and is to be repaid in 120 monthly installments of $1,060.70 each. The note is additionally secured by revenues of the water utility. The amount drawn against the note at September 30, 1974, was $125,181.77, the balance owed was $91,991. 3 6 a t September 30, 1974. FEDERAL REVENUE SHARING FUND This fund is requir ed by the Federal Government to be established. Expenditures from this fund during the period were for eligible capital assets for recreation and sanitation.
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4 RETIREMENT FUND The purpose of this fund is to receive the retirement deductions from the Caneral Fund and to make the payment at the end of each month. This fund operates as a trust and agency fund. l PARKS AND RECREATION FUND l l This fund is being included in the financial statements this year. It was not included in the city's audit in prior years. ELECTRIC, UTILITY FUND SUBSEQUENT EVENTS The City of Bushnell received a $10,757.19 refund from Florida Power Corporation in October, 1974. A suit had been filed by Florida Municipal Utilities Association for overcharges by Florida Power Corporation from Merch, 1973, through August, 1974. Florida Power was required to refund the overcharges with interest in the amount of $577.74. The interest was received by the city in September, 1974, and is included in Electric Utility Miscellaneous Revenue. STATEMENT OF LONG-TERM DEBT The City of Bushnell has no-long-term debt other than two notes, one in the amount of $14,286.76, the other in the amount of $91,991.36, both payable to the Florida Bank at Bushnell. Preceding paragraphs describe the revenue security for these notes. I
t GENERAL FIXED ASSETS Fixed assets were established on the records of the city during the 1967 oudit. The figures have been updated by acquisition since that time and reduced by' sales and trade-ins. During the period the fixed assets relating to Elec trical and Water Utility Revenue were transferred to those funds.
GENERAL COMMENT
S The records maintained by the City Clerk are very accurately and neatly caintained. Budgeted expenses should be compared to actual and the budget should be i manded when actual expenses exceed the budget. e
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. Y CITY OF BUSHNELL. FLORIDA GENERAL FUND BALANCE SHEET '
SEPTEMBER 30, 1974 l
)
ASSETS , l l CURRENT ASSETS: 1 Cash in Bank $6,386.11 ) Change Fund 500.00 Patty Cash 35.00 Tax Certificates Receivable $ 28.98 ' Mcwing Accounts Receivable 213.30 . Total Receivable 242.28 Lass, Allowance for. Uncollected Receivables 242.28 -- Dua From Water Utility Fund 329.00
' ' Dus From Electric Utility Fund 1,202.89 Dus From Utility Tax Fund 35.00 Total Current Assets $8,488.00 TOTAL ASSETS $8,488.00 e
e 5
EXHIBIT A LIABILITIES, RESERVES AND FUND BALANCE CURRENT LIABILITIES: Payroll Deductions Payable $1,229.05 RESERVES FOR: Petty Cash and Change Fund 535.00 I FUND BALANCE, EXHIBIT A-1 6,723.95 TOTA L - LIABILITIES ,' RESERVES AND FUND B A LAN CE $8,488.00 i i I N T 1
EXHIBIT A-1 CITY OF BUSHNELL, FLORIDA CENERAL FUND ANA LYSIS OF CHANGES IN FUND B A LA NCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 i BA LA NCE , OCTOBER 1, 1973 $ 4,225.71 ADD: Revenues - Exhibit A-2 103,989.06 Total Balance and Additions 108,214.77 DEDUCT: Expenditures - Exhibit A-3 101,490.82 i BA LA N CE , SEPTEMBER 30, 1974, EXHIBIT A $ 6,723.95 5 .
EXHIBIT A-2 1 t CITY OF BUSHNELL. FLORIDA GENERAL FUND
. STATEMENT OF REVENUE -
ESTIMATED COMPARED b'ITH ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1974
. A CTUA L OVER REVENUE (UNDER)
SOURCE ESTIMATED ACTUAL E S TIMA TE D Gorbage Collection $17,650.00 $ 18,453.80 $ 803.80 Interest 1,000.00 1,375.00 375.00 Fire Calls Out of City 450.00 262.50 (187.50) Rent.- Post Office 2,546.00 2,545.92 (.08) Mcwing 350.00 507.15 157.15 Fines and Forfeitures 1,500.00 1,528.90 28.90 Occupational Licenses 2,000.00 3,471.99 1,471.99 Dog Licenses 50.00 51.00 1.00 ( uilding Permits 1,100.00 1,209.00 109.00 Municipal Tax 6,500.00 6,615.85 115.85 Transfer From Other Funds 46,874.00 48,000.00 1,126.00 Fu21 Tax Refund 400.00 447.05 47.05 Miscellaneous 131.74 131.74 Rool and Personal Property Tax 16,927.00 16,927.52 .52 Boverage License Tax 524.00 524.40 .40 Mobile Home Tax 1,300.00 1,319.89 19.89 Franchise Tax 544.00 617.35 73.35 TOTA LS $99,715.00 $103,989.06 $4,274.06 r i 1 6_..
EXHIBIT A-3. Pago 1 CITY OF BUSHNELL, FLORIDA GENERAL FUND
. STATEMENT OF EXPENDITURES -
ESTIMATED COMPARED WITH ACTUAL
,FOR THE YEAR ENDED SEPTEMBER 30, 1974 A CTUA L (OVER)
EXPENDITURES UNDER ESTIMATED ACTUAL ESTIMATED POLICE DEPARTMENT: Salaries $24,924.00 $25,601.30 $(677.3C; Auto Expense 2,500.00 2,840.23 (340.23) Uniforms 600.00 614.90 (14.90) Jail Maintenance 300.00 300.00 Prisoner Expense 500.00 500.00 Supplies 250.00 147.77 102.23 Dog Warden and Dog Pound Expense 150.00 123.15 26.85 Miscellaneous Expense 250.00 13.97 236.03 School and Riot Equipment 200.00 200.00 Capital Outlay 252.45 (252.45) x
' Total Police Department 29,674.00 29,893.77 (219.77)
FIRE DEPARTMENT: Salaries 2,640.00 2,640.00 Equipment Expense 800.00 892.67 (92.67) S upp lie s 250.00 226.10 23.90 Dues 168.00 168.00 Total Fire Department 3,858.00 3,926.77 (68.77) ig , L 1 l
- EXHIBIT A-3 Pogo 2 t-CITY OF BUSHNELL, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES -
ESTIMATED COMPARED WITH ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1974 I ACTUAL (OVER) EXPENDITURES UNDER ESTIMATED _A CTUA L E S TIMA TE D STREET AND SANITATION DEPARTMENT: Salaries $16,000.00 $ 17 ,07 5. 65 $(1,075.65) Truck and Tractor Expense 4,300.00 4,900.16 (600.16) Equipment Repairs 200.00 164.45 35.55 Miscellaneous Expense 525.00 361.14 163.36 Supplies 500.00 667.74 (167.74) Capital Outlay 383.00 (38.1.00) Contract Labor 20.25 (20.25) k Total S treet and Sanitation Department 21,525.00 23,572.39 (2,047.39) BUSHNELL CEMETERY 500.00 500.00 -- SOUTH SUMTER EVERGREEN CEMETERY 150.00 150.00 -- BUSHNELL LIBRARY. 720.00 720.00 -- TRANSFER TO OTHER FUNDS 840.00 840.00 -- O
EXHIBIT A-3
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t CITY OF BUSHNELL, FLORIDA GENERAL FUND STATEMENT OF EXPENDITURES - ESTIMATED COMPARED WITH ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1974
, ACTUAL (OVER)
EXPENDITURES UNDER ESTIMATED ACTUA L E S TIMA TE D GENERAL AND ADMINISTRATIVE: Salaries $16,628.00 $ 16,688.00 $ (60.00) Insurance 6,600.00 6,555.50 44.50 Payroll Taxes 7,890.00 8,014.08 (124.08) Office Supplies 2,500.00 2,493.37 6.63 Accounting and Auditing Expense 2,750.00 2,750.00 Janitor and Cleaning Supplies 800.00 768.60 31.40 Telephone 900.00 949.43 (49.43) Equipment Repairs 443.50 (443.50) Miscellaneous Expense 500.00 774.68 (274.68) Legal Advertisements 1,000.00 974.65 25.35 Christmas Party and Expense 100.00 308.08 (208.08) Authorized Trips 350.00 360.94 (10.94) Capital Outlay 222.00 (222.00) Dues and Subscriptions 62.00 62.00 Building Repairs 600.00 585.06 14.94 Real Estate Transfers 14.00 14.00 Survey 240.00 240.00 Total General and Administrative 40,934.00 41,887.89 (953.89) TOTAL EXPENDITURES $98,201.00 $101.490.82 S(3.289.82) 9 l
EXHIBIT B
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CITY OF BUSHNELL, FLORIDA IMPROVEMENT FUND BALANCE SHEET ' SEPTEMBER 30, 1974 '+ ASSETS CASH IN BANK $ 814.35 ESCROW BANK ACCOUNT 4,000.00 TIME DEPOSITS 5,000.00 Total Cash $9,814.35 TOTAL ASSETS $9,814.35 LIABILITIES, RESERVES AND FUND BALANCE RESERVES: Escrow Deposit $4,000.00 Total Reserves $4,000.00 FUND BA LANCE - EXHIBIT B-1 5,814.35 TOTAL LIABILITIES, RESERVES AND 1 FUND BA LANCE $9,814.25 i
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EXHIBIT B-1 CITY OF BUSHNELL, FLORIDA IMPROVEMENT FUND ANALYSIS OF CHANGES IN FUND B A LANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 BALANCE, OCTOBER 1, 1973 $ 8,450.78 ADD: Revenues - Exhibit B-2 40,181.77 Total Balance and Additions 48,632.55 DEDUCT: Expenditures - Exhibit B-3 42,818.20 B A LA N CE , SEPTEMBER 30, 19'/ 4 - EXHIBIT B $ 5,814.35
EXHIBIT B-2 CITY OF BUSHNELL. FLORIDA IMPROVEMENT FUND STATEMENT OF REVENUE (NOTE 1) FOR THE YEAR ENDED 3EPTEMBER 30, 1974 4 TRANSFER FROM'CICARETTE TAX FUND $4 0,181. 7 7 TOTAL REVENUE - EXHIBIT B-1 $4 0,181. 7 7 NCTE 1: The Improvement Fund was not included in the budget of the City of Bushnell for 1973-74. O s. L
. EXHIBIT B-3 4
l CITY OF BUSHNELL, FLORI DA f IMPROVEMENT FUND
. STATEMENT OF EXPENDITURES FOR THE YEAR ENDED SEPTEMBER 30, 1974 Eogineering - Utility S tudy $ 5,590.96 Engineering - Miscellaneous 771.57 Troe Trimming 2,902.00 L9 gal Services Loan 350.00 Miscellaneous 127.40 Capital Improvements:
Engineering Electric Construction 6,855.71 1 epital Improvements: Electrical Construction 23,095.56 . Cash Register 3,125.00 TOTAL EXPENDITURES - EXHIBIT B-1 $42,818.20
b c g- . CITY OF BUSHNELL, FLORIDA
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c SPECIAL REVENUE FUNDS COMBINED BALANCE SHEET , SEPTEMBER 30, 1974 e ASSETS TOTAL CASH IN BANK $19.527.16 TIME DEPOSITS 5,000.[0 TOTAL ASSETS $24,527.'g
; : ABILITIES AND FUND BALANCES LIABILITIES:
Due to General Fund $ 35.00 FUND BALANCES - EXHIBIT C-1 24,492.16 TOTAL LIABILITIES AND FUND BALANCES $24,527.16 O e 4 O m c
EXHIBIT C i - CIGARETTE UTILITY Ai'D STATE FEDERA L PARKS TAX REVENUE REVENUE AND REVENUE SHARING SHARING RECREATION FUND FUND FUND FUND
$1,825.70 $2,816.63 $14,302.59 $582.24 5,000.00
$1,825.70 $7,816.63 $14,302.59 $582.24
$ 35.00 $ $ $
1,790.70 7,816.63 14,302.59 582.24
$1,825.70 $7,816.63 $14,302.59 $582.24 i
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e EXHIBIT C- 1 l Pcgo 1 -
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'- CITY OF BUSHNELL. FLORID i SPECIAL REVENUE FUNDS ANALYSIS OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 ACTUAL OVER (UNDER)
ESTIMATED ACTUAL E S TIMA TE D UTILITY TAX REVENUE FUND Belance, October 1, 1973 $ 4,349.00 $ 4,314.19 $ (34.81) Add: Revenues - Exhibit C-2 14,575.00 15,051.51 476.51 Totals 18,924.00 19,365.70 441.70 Daduct: Expenditures - Exhibit C-3 14,575.00 17,575.00 3,000.00 Balance, September 30, 1974 4,349.00 1,790.70 (2,558.30)
' CIGARETTE TAX AND STATE REVENUE l SHARING FUND Balance, October 1, 1973 7,131.00 17,131.30 10,000.30 Add: Revenues - Exhibit C-2 44,373.00 84,491.85 40.118.85 Totals 51,504.00 101,623.15 50,119.15 Daduct: Expenditures - Exhibit C-3 44,373.00 93,80'.52 49,433.52 Balance, September 30, 1974 7,131.00 7,816.63 685.63 FEDERAL REVENUE SHARING FUND Balance, October 1, 1973 11,670.00 11,670.65 .65 Add: Revenues - Exhibit C- 2 17,588.00 17,590.00 2.00 Totals 29,258.00 29,260.65 2.65 Daduct: Expenditures - Exhibit C-3 14,496.00 14,958.06 462.06 Bolance, September 30, 1974 14,762.00 14.302.59 (459.41)
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EXHIBIT C-1
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s CITY OF BUSHNELL, FLORIDA SPECIAL REVENUE FUNDS - ANA LYSIS OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 e A CTUA L OVER (UNDER) PARKS AND RECREATION FUND ESTIMATED ACTUAL ESTIMATED Bclence, October 1, 1973 (Note 1) $ --
$ 282.42 $ 282.42 Add: Revenues - Exhibit C-2 960.00 960.00 Totals -- 1,242.42 1,242.42 Deduct: Expenditures - Exhibit C-3 -- 660.18 660.18 Balance, September 30, 1974 -- 582.24 582.24
. TOTAL SPECIAL REVENUE FUNDS $26,242.00 $24,492.16 $(1,749.84)
NOTE 1: The Parks and Recreation Fund had not been included i r. the city's audits in prior years. This fu3d was established in 1956 and receives money from the General Fund and rental of recreational facilities. The major recreational facilities of this fund were purchased by the city and are included in General Fixed Assets. 9 9 .
EXHIBIT C-2
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6 CITY OF BUSHNELL. FLORIDA SPECIAL REVENUE FUNDS STATEMENT OF REVENUE - ESTIMATED AND ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1974 A CTUA L OVER (UNDER) ESTIMATED A CTUA L E S TIMA TE D UTILITY TAX FUND REVENUE: Utility Taxes ,
$14,575.00 $ 15,051.51 $ 476.51 Total Utility Tax Fund Revenue -
Exhibit C- 1 14,575.00 15.051.51 476.51 CIGARElfE TAX AFD STATE REVENUE SHARING FUND: Cigarette' Tax and Revenue Sharing Collected 44,373.00 44,310.08 (62.92) Loan Proceeds 40,181.77 40,181.77 Total Cigarette Tax and State Revenue Sharing Fund - Exhibit C- 1 44,373.00 84,491.85 40,118.85 FEDERAL REVENUE SHARING FUND: Revenue Sharing Received From the Federal Government 17,588.00 17,590.00 2.00 Total Federal Revenue Sharing Fund - Exhibit C-1 17,588.00 17,590.00 2.00 PARKS AND RECREATION FUND: Transfer From General Fund 840.00 840.00 Building Rent 120.00 120.00 Total-Parks and Rect ation Fund, Exhibit C-1 -- 960.00 960.00 TOTAL REVENUES $76,536.00 $118,093.36 S41,557.36 (
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EXHIBIT C-3 CITY OF BUSHNELL, FLORIDA SPECIAL REVENUE FUNDS ! STATEMENT OF EXPENDITURES COMPARED WITH AUTHORIZATIONS l FOR THE YEAR ENDED SEPTEMBER 30, 1974 i EXPENDITURES (OVER) l UNDER APPROPRIATIONS EXPENDITURES APPROPRIATIONS UTILITY TAX REVENUE FUND: ; Principle and Interest en Note $ 6,075.00 $ 6,075.00 $ Transfer to General Fund 8,500.00 11,500.00 (3,000.00) l Total Utility Tax Revenue Fund - Exhibit C-1 14,575.00 17,575.00 (3,000.00) CIGARETTE TAX AND STATE REVENUE SHARING FUND: Principle and Interest on Note 12,999.00 12,999.00 Transfer to Genera l Fund 31,374.00 34,500.00 (3,126.00) Transfer to Improvement Fund 40,181.77 (40,181.77) Transfer to Cemetery Land 5,125.75 (5,125.75) Ambulance Service 1,000.00 (1,000.00) Total Cigarette Tax and State Revenue Sharing Fund - Exhibit C- 1 44,373.00 93,806.52 (49,433.52) 4 FEDERAL REVENUE SHARING FUND: Ccpital Outlay 5,601.00 6,063.06 (462.06) Operating and Maintenance 8,895.00 8,895.00 Total Federal Revenue Sharing Fund - Exhibit C- 1 14,496.00 14,958.06 (462.06) PARKS AND RECREATION FUND: Ccpital Outlay 425.00 (425.00) Ropairs and Maintenance 235.18 (235.18) Total Parks ~and Recreation Fund - Exhibit C- 1 -- 660.18 (660.18) TOTAL EXPENDITURES $73,444.00 S126,999.76 $(53,555.76) l l l
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. EXHIBIT D
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s CITY OF BUSHNELL, FLORIDA
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TRUST AND AGENCY FUNDS COMBINED BALANCE SHEET SEPTEMBER 30, 1974 , BAIL RETIREMENT BOND TOTAL FUND FUND ASSETS 6 Cash in Bank - Exhibit D-1 $130.21 $18.21 $112.00 TOTAL ASSETS $130.21 $18.21 $112.00 t LIABILITIES AND FUND BA LAN CES Liabilities: Due to General Fund $ 18.21 $ 18. 21 $ Bonds Payable to Sumter County 112.00 112.00 Fund Balance - Exhibit D-2
- TOTAL LIABILITIES AND FUND BALANCES $130.21 $18.21 $112.00 1
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EXHIBIT D-1 CITY OF BUSHNELL. FLORIDA TRUST AND AGENCY FUNDS STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED SEPTEMBER 30, 1974 BAIL RETIREMENT BOND TOTAL FUND FUND CASH BALANCES , OCTOBER 1, 1973 $ 18.21 $ 18.21 $ RECEIPTS: Pcyroll 9 eductions and Matching Funds - Exhibit D- 2 7,145.50 7,145.50 Bail Bonds Received - Exhibit D-2 339.90 339.90 Total Balances and Receipts 7,503.61 7,163.71 339.90 t ISBURSEMENTS: Payments to Florida Retirement System 7,145.50 7,145.50 Ramittances to Sumter County 227.90 227.90 Total Disbursements - Exhibit D- 2 7,373.40 7,145.50 227.90 CASH BALANCES, SEPTEMBER 30, 1974, EXHIBIT D $ 130.21 $ 18.21 $112.00 l i
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EXHIBIT D-2 4 CITY OF BUSHNELL, FLORIDA TRUST AND AGENCY FUNDS A NA LYSIS OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED SEPTEMBER 30, 1974 BAIL RETIREMENT BOND _,T OTA L FUND FUND FUND BALANCES, OCTOBER 1, 1973 $ $ $ ADD: Roceipts - Exhibit D- 1 7,485.40 7,145.50 339.90 d Total Balances and Additions 7,485.40 7,145.50 339.90 i DUCT: Disbursements - Exhibit D-1 7,373.40 7,145.50 227.90
- Bands Payable to Sumter County 112.00 112.00 Total Deductions 7,485.40 7,145.50 339.90 FUND BALANCES , SEPTEMBER 30, 1974, EXHIBIT D $ --
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C e c CITY OF BUSHNELL, FLORIDA ELECTRIC UTILITY FUND BALANCE SHEET SEPTEMBER 30, 1974 ASSETS CURRENT ASSETS: Cash in Bank $12,868.31 Utility Accounts Receivable $1,397.61 Loss: Allowance for Uncollectable Roceivables 1,397.61 Total Receivables -- Total Current Assets $ 12,868.31 RESTRICTED ASSETS:
. Cash in Bank - Meter Deposits 4,462.94
( fine Deposits - Meter Deposits 10,000.00 Total Restricted Assets 14,462.94 UTILITY EQUIPMENT IN SERVICE (AT COST) - EXHIBIT E-3 (NOTE 1) 111,832.31 TOTAL ASSETS 0139.163.56 NOTE 1: No depreciation has been provided for by the city. NOTE 2: Meter Deposits are made up of utility deposits and water deposits. j O
EXHIBIT E e . LIABILITIES, CONTRIBUTIONS. AND RETAINED Ei,RNINGS CURRENT LIABILITIES (PAYABLE FROM CURRENT ASSETS): Payroll Deductions Payable '
$ 288.80 Sales Tax Payable 338.91 Due to General Fund 1,202.89 Total Current Liabilities $ 1,830.60 CURRENT LIABILITIES (PAYABLE FROM RESTRICTED ASSETS):
Customers' Meter Deposits (Note 2) 14,462.94 ( Total Liabilities (Note 3) 16,293.54 CONTRIBUTIONS: From General Fixed Assets - Exhibit ~ E- 1 104,650.70 RETAINED EARNINGS - EXHIBIT E-2 18,219.32 TOTAL LIABILITIES , CONTRIBUTIONS AND RETAINED EARNINGS $139,163.56 i l l l NOTE 3: Chapter 71-360 of the Florida Statues extended taxation to cover electrical transmission and distribution equipment owned.and operated by a municipality e f fec tive July 1, 1971. The City of Bushnell, Florida, is liable to pay all sales
. tax from July 1, 1971, to present for all extensions of its electrical transmission and distribution. As of the
'date of this report the amount owed ~was not determined.
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EXHIBIT E-1 CITY OF BUSHMELL. FLORIDA ELECTRIC UTILITY FUND STATEMENT OF CHANGES IN CONTRIBUTIONS . FOR THE YEAR ENDED SEPTEMBER 30, 1974 B A LA N C E , OCTOBER 1, 1973 $ 74,699.43 ADD: Contributions From General Fixed Assets 29,951.27
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. CONTRIBUTIONS, SEPTEMBER 30, 1974.-
EXHIBIT E $104,650.70 4 4
EXHIBIT E-2 . 1 l CITY OF BUSHNELL, FLORIDA l ELECTRIC UTILITY FUND STATEMENT OF CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED SEPTEMBER 30, 1974 BA LA NC E , OCTOBER 1, 1973 S 9,618.80 l l ADD: l Net Income - Exhibit E-4 8,600.52 l 1 4 i RETAINED EARNINGS, SEPTEMBER 30, 1974 - EXHIBIT E $18,219.32 w
EXHIBIT E-3 CITY OF BUSHNELL, FLORIDA ELECTRIC UTILITY FUND SCHEDULE OF UTILITY EQUIPMENT IN SERVICE FOR THE YEAR ENDED SEPTEMBER 30 1974 e BALANCE B A LA N C E OCTOBER 1, SEPTEMBER 30, 1973 ADDITIONS DELETIONS 1974 Eloctric Extensions $38,994.60 $ 6,836.51 $ $ 45,831.11 Electric Meters 3,081.98 142.88 3,224.86 Transformer and Platforms 7,288.50 7,288.50 Bucket Truck and Darrick 16,207.12 16,207.12 i E lec t r ica l Construction 9,127.23 29,951.27 39,078.50 Ycrd Lights 202.22 202.22 TOTA LS $74,901.65 $36,930.66 $ -- $ 111,8 3 2. 31 I i
EXHIBIT E-4 i CITY OF BUSHNELL FLORIDA
. ELECTRIC UTILITY FUND STATEMENT OF REVENUE AND EXPENSES -
ESTIMATED COMPARED WITH ACTUA L FOR THE YEAR ENDED SEPTEMBER 30, 1974 A CTUA L OVER (UNDER) ESTIMATED A CTUA L ESTIMATED OPERATING REVENUE:- Electric Sales $198,067.00 $134,288.05 $(63,778.95) Fuel Adjustment 50,066.39 50,066.39 Miscellaneous Revenue 2,100.00 1,753.74 (346.26) Total Operating Revenue 200,167.00 186,103.18 (14,058.82)
's LESS: OPERATING EXPENSES -
EXHIBIT E-5 1_90,449.00 177,507.66 12,941.34 NET INCOME - EXHIBIT E-2 $ 9,718.00 S 8.600.52 S (1,117.48) q '
EXHIBIT E-5 CITY OF BUSHNELL, FLORIDA-ELECTRIC UTILITY FUND SCHEDULE OF OPERATING EXPENSES - ESTIMATED C011 PARED WITH ACTUA L FOR THE YEAR ENDED SEPTEMBER 30, 1974 o ACTUAL (OVER) UNDER ESTIMATED ACTUAL E S TIiLA TE D Sciories $ 16,100.00 $ 11,338.40 $ 4,761.60 Pcwor Purchased 139,122.00 139,131.56 (9.56) Materials 20,600.00 15,556.79 5,043.21 . Supplies 1,250.00 1,265.10 (15.10)
- Utility Tax 830.00 829.75 .25 Vehic le Expense 950.00 1,113.92 (163.92)
Capital Out lay 6,405.00 6,405.00 Equipment Repairs 75.00 76.75 (1.75) Miscellaneous 300.00 321.09 (21.09)
, ass and Subscriptions -
2,200.00 2,120.00 80.00
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ocntract Labor . 2,957.71 (2,957.71) Travel 207.00 260.98 (53.98) Advertising and Promotion 335.00 334.17 .83 Trao Trimming Expense 480.00 480.00 Payroll Taxes 1,595.00 1,721.44 (126.44) l TOTA LS $190,449.00 $177,507.66 $12.941.34 l i l l 4 k 6
EXHIBIT E-6 [' _ CITY OF BUSHNELL. FLORIDA ELECTRIC UTILITY FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUNDS WERE PROVIDED BY: Not Income, Exhibit E-3 $ 8,600.52 Contribution From General Fixed Assets 29,951.27 Transfer of Restricted Assets From General Fund 14,462.94 Total Funds Provided $53,014.73 FUNDS WERE APPLIED TO: Purchase of Fixed Assets 6,979.39 Acquisition of Fixed Assets From General Fixed Assets 29,951.27 Increase in Restricted Assets 14,462.94 Total Funds Applied 51,393.60 ANCREASE IN WORKINO CAPITAL $ 1,621.13 ANALYSIS OF CHANGES IN COMPONENTS OF UORKING CAPITAL OCTOBEP. 1, SEPTEMBER 30, INCREASE 1973 1974 (DECREASE) CURRENT ASSETS: Cash in Bank $10,748.93 S12,868.31 S 2,119.38 Total Current Assets 10,748.93 12,868.51 2,119.38 CURRENT LIABILITIES: Payroll Deductions Payable 197.61 288.80 91.19 Sales Tax Payable 258.28 338.91 80.63 Due to General Fund 876.46 1,202.89 326.43 Total Current Liabilities 1,332.35 1,830.60 498.25 Total Working Capital $ 9,416.58 $11,037.71 INCREASE IN WORKING CAPITAL . $ 1,621.13 v. p -- ~ __m , _
EXHIBIT F
.' CITY OF BUSHNELL. FLORIDA WATER UTILITY FUND BALANCE SHEET SEPTEMBER 30, 1974 ASSETS CURRENT ASSETS:
Cash in Bank $3,486.29 Total Current Assets $ 3,486.29 UTILITY PLANT IN SERVICE (AT COST) - EXHIBIT F-2 (NOTE 1) 173,262.11 TOTAL . ASSETS $176,748.40 ( LIABILITIES, CONTRIBUTIONS AND RETAINED EARNINGS I CURRENT LIABILITIES (PAYABLE FROM CURRENT AS SETS) : Peyroll Deductions Payable $ 136.90 Due to General Fund 329.00 Total Current Liabilities S 465.90 Total Liabilities 465.90 CONTRIBUTION FROM GENERAL FUND 166,429.25 RETAINED EARNINGS - EXHIBIT F- 1 9,853.25
. TOTAL LIABILITIES, CONTRIBUTIONS ;
AND RETAINED EARNINGS $176,748.40 i l NOTE 1: No depreciation has been provided for by the city. s 4 s- ~ -. e , ,-
EXHIBIT F-1 CITY OF BUSHNELL, FLORIDn WATER UTILITY FUND STATEMENT OF' CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED SEPTEMBER 30, 1974 e BA LA NC E , OCTOBER 1, 1973 $3,605.67 4 ADD Not Income - Exhibit F-3 8,247.58 LESS: Net Transfers to General Fund 2,000.00 4 i i RETAINED EARNINGS, SEPTEMBER 30,.1974, EXHIBIT F $9,853.25 4 m 1 4 4 9
EXHIBIT F-2 CITY OF BUSHNELL, FLORIDA WATER UTILITY FUND SCHEDULE OF UTILITY PLANT IN SERVICE FOR THE YEAR ENDED SEPTEMBER 30, 1974 B A LA NCE B A LAN C E OCTOBER 1, SEPTEMBER 30, 1973 ADDITIONS DELETIONS 1974 Wotor Plant and Distribution $ 78,409.95 $ $ $ 78,409.95 Walls. 7,173.50 7,173.50 Maters 3,218.65 3,218.65 Chicrinator ' (Obsolete) 991.50 991.50 Sewsr Extensions 25,907.16 25,907.16
\ .ater Meters 5,695.99 1,103.96 6,999.95 Secrm Sewer 10,768.74 10,768.74 Water Analysis 1,058.01 1,058.01 Casing Under State Road 48 1,330.32 1,330.32 Wcter Main Extensions 31,933.00 31,933.00 l Nsw Water Main Under-Adem Street 210.00 210.00 Wotor Lines and couplings 1,082.42 1,082.42 Utility Truck 4,178.91 4,178.91 TOTALS ?167,979.24 $5,282.87 $ -- $173,262.11
EXHIBIT F-3 R l CITY OF BUSHNELL, FLORIDA WATER UTILITY FUND STATEMENT OF REVENUE AND EXPENSES - ESTIMATED COMPARED WITH ACTUAL FOR THE YEAR ENDED SEPTEMBER 30, 1974 ACTUAL OVER (UNDER) ESTIMATED ACTUAL ESTIMATED OPERATING REVENUE: Water Sales $18,500.00 $18,378.90 S (121.10) Wcter Connections 800.00 790.00 (10.00) Penalties 1,250.00 1,287.89 37.89 Total Operating Revenue 20,550.00 20,456.79 (93.21)
's LESS, OPERATING EXPENSES -
EXHIBIT F-4 18,550.00 12,209.21 6,340.79 NET INCOME - EXHIBIT F-1 . . , $ 2,000.00 $ S,247.58_ $6,247.58 tL -
EXHIBIT F-4 t* CITY OF BUSHNELL, FLORIDA WATER UTILITY FUND SCHEDULE OF OPERATING EXPENSES - ESTIMATED COMPARED WITH ACTUAL
, FOR THE YEAR ENDED SEPTEMBER 30, 1974 ACTUAL (OVER)
EXPENDITURES UNDER ESTIMATED ACTUAL ESTIMATED
. Salaries $ 9,500.00 $ 7,207.60 $ 2,292.40 Materials 1,643.00 1,577.13 65.87 S upp lie s 50.00 83.12 (33. 12)
Chamicals 750.00 740.60 9.40 Vehicle Expense 400.00 421.17 (21.17) Capital Outlay 5,300.00 5,300.00 Equipment Repaits 150.00 139.62 10.38 Contract Labor 1,243.55 (1,243.55) esvel 58.00 (58.00) Miscellaneous 75.00 75.00 Psyroll Tax Expense 682.00 738.42 (56.42) TOTA LS $18,550.00 $12,209.21 $ 6,340.79 l
EXHIBIT F-5
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, CITY OF BUSHNELL. FLORIDA WATER UTILITY FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 1974 FUNDS WERE PROVIDED BY:
Nat Income - Exhibit F-3 S8,247.58 Total Funds Provided 8,247.58 FUNDS WERE APPLIED TO: Purchase of Fixed Assets $5,282.87 Transfers to General Fund 2,000.00 Total Funds Applied 7,282.87 INCREASE IN WORKING CAPITAL $ 964.71 ANALYSIS OF CHANGES IN COMPONENTS OF WORKING CAPITAL i SEPTEMBER 30, INCREASE 1973 1974 (DECREASE) CURRENT ASSETS: Cash in Bank $2,325.02 $3,486.29 S1,161.27 Total Current Assets 2,325.02 3,486.29 1,161.27 CURRENT LIABILITIES : Payroll Deductions Payable 129.71 136.90 7.19 Due to General Fund 139.63 329.00 189.37 Total Current Liabi li t ie s 269.34 465.90 196.56 Total Working Capital $2,055.68 $3,020.39 INCREASE IN WORKING CAP ITA L $ 964.71 'k
EXHIBIT G l I CITY OF BUSHNELL, FLORIDA STATEMENT OF LONG-TERM' DEBT ! SEPTEMBER 30, 1974
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i FUNDS TO BE PROVIDED: For Notes Payable to Florida Bank at.Bushnell $106,277.52 TOTAL FUNDS TO BE PROVIDED $106,277.52 l
, OTES PAYABLE:
Florida Bank at Bushnell $ 14,286.16 Florida Bank at Bushnell 91,991.36 , i TOTAL LONG-TERM DEBT $106,277.53 e e g
. EKHIBIT H CJTY OF BUSHNELL. FLORIDA STATEMENT OF GENERAL FIXED ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 1974 FIXED ASSETS - EXHIBIT H-1 $271,503.61 INVESTMENT IN FIXED ASSETS:
3alance, October 1, 1973 $260,825.10 Add:
)
Purchases From General Fund $ 857.45 Purchases From Improvement Fund 33,076.27 Purchases From Cigarette Tax and State Revenue Sharing Fund 5,125.75 Purchases From Federal Reven ue s Sharing Fund 6,063.06 Purchases From Parks and Recreation Fund 425.00 45,547.53 ! l Total Balance and Additions 306,372.63 ) i
.Ldss:
Contributions to Electric Utility Fund 29,951.27 Cost of Assets Traded In 4,917.75 34,869.02 BA LA NC E , SEPTEMBER 30, 1974 $271,503.61 l l L.
CITY OF BUSHNELL, FLORIDA * -
' SCHEDULE OF GENERAL FIXED ASSETS FOR THE YEAR ENDED SEPTEMBER 30, 1974 e
B A LA NC E 10-1-73
. City Real Estate $ 8,640.97 City Hall 74,774.80 Warehouse and. Garage 9,091.36 Fonce Around Barns 1,011.89-Recreation Buildings 10,501.85 Shuffle Board Court 760.85 .Cepy Machine Ccsh Register Motor 175.00 Chcin Saw 320.00 Police Car and Radio 4,917.75 Police Riot Gun 61.53 Fire Truck 10,000.00 Fire Department Pickup Truck 1,350.00 her Fire Department Equipment 2,092.66 nadio and Antenna and Base Station 4,561.19 Street Improvements 62,211.40 Street Signs and Traffic Signals 3,435.95 Garbare Truck 13,180.10 Pcwor dowers 1,337.46 Nsw Pcwer Mower 440.00 Chain Saws (2) 435.64 Other Street Equipment 449.15 1963 Chevrolet Truck and Body 2,096.56 1965 International Pickup Truck 1,839.48 Office Furniture and Equipment 5,250.24 Radios 2,144.16 l Storege Bins 161.00 l Siren and Lights 85.50 L Choirs and Tables Chain Saw 171.50 Tractor 3,194.51 Edgar 74.99 File Cabinets 73.25 Calculator 445.50 Censra 74.96 Fork Lift 301.55 Torch -
201.86 T.and for Garbage Dump 9,320.00 , ' (. t -
EXHIBIT H-1 Page 1 B A LA NCE ADDITIONS DELETIONS 9-30-74
$ 5,125.75 $ $ 13,766.72 74,774.80 9,091.36 1,011.89 10,501.85 760.85 462.00 462.00 3,125.00 3,125.00 175.00 320.00 3,583.50 4,917.75 3,583.50 61.53 10,000.00 1,350.00
\ 2,092.66 4,561.19 2,017.56 64,228.96 383.00 3,818.95 13,180.10 1,337.46 440.00 435.64 449.15 2,096.56 1,839.48 5,250.24 2,144.16 161.00 170.00 255.50 425.00 425.00 171.50 3,194.51 74.99 82.45 155.70 445.50 74.96 301.55 201.86
, 9,320.00
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d l 4 l l l CITY OF BUSHNELL, FLORIDA SCHEDULE OF GFNERAL FIXED ASSETS . FOR THE YEAR E:'CED SEPTEMBER 30, 1974 B A LANC E ; 10-1-73 Sidawalk and Driveway Entrances S 5,650.20 , Land Clearing 5,440.50 ' Bathroom at Warehouse 975.00 Typewritter 405.00 Dock 206.00 Sholving 130.04 Edgar 99.95 Electric Typewriter 347.00 Sanitary Landfill Improvements 881.68 File Cabinet 65.85 . Typewriter 179.50 Flag and Stand 172.42 nitary Truck 4,315.00 Rscreation Building (Snack Bar) 6,445.35 Fence - Recreation Building 327.00 Gcs Tank and Pump ,
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Electrical Cons truction TOTA LS $260,825.10 e 6 e
- EXHIBIT H-1
.' Page 2 1
e l i i B A LA NCE ADDITIONS DELETIONS 9-30-74
$ S. $ 5,650.20 5,440.50
- 975.00 l
405.00 206.00 130.04 99.95
- 347.00 881.6'8 65.85 179.50 172.42 4,315.00 6,445.35 327.00 222.00 222.00 29,951.27 29,951.27 _
$45,547.53 $34,869.02 S271,503.61 D
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CITY HALL l J 1 1 FINANCIAL REPORT FISCAL YEAR 1973-1974 CITY OF GAINESVILLE, FLORIDA t , be me ofIbe reiversn*ly of cri a e
. MOORE, COBB & COMPANY CERTIFIED PUBLIC ACCOUNTANTS - 1300 N.W. 6th STR EET P.O. BOX 1616 GAINESVILLE, FLORIDA 32602
. PMoNE 378-1331 MEMBERS AMERICAN INSTITUTE OF December 16, 1974' CERTIFIED PUBLIC ACCOUNTANTS FLORIDA INSTITUTE OF
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CERTIFIED PUBLIC ACCOUNTANTS The Honorable Neil A. Butler, Mayor Members of the City Comreission City of Gainesville Gainesville, Florida We have examined the balance sheets of the various funds and account groupe >f the City of Gainesville, Florida, for the year ended September 30, 1974, listed in the foregoing table of contents. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we con-sidered necessary in the circumstances. In our opinion, the aforementioned financial statements present fairly the financial position of the various funds and account groups of the City of Gainesville, Florida, at September 30, 1974, and the results of operations of such funds and -the changes in financial position of the enterprise funds for the year then ended, in conformity with generally accepted accounting principles, applied on a basis consistent with that of the pre-ceding year. In compliance with the requirements of the City's bond ordinance,
. we report that we find no areas in violation of the overall debt service' requirements of the City's bond issues.
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CITY OF GAINESVILLE, FLORIDA COMBINED FINANCIAL SECTION l ENTERPRISE FUNDS l l MOORE, COBB & COMPANY. e CERTIFIED PUBLIC ACCOUNTANTS
CITY OF GAINESVILLE, FLORIDA
~ COMBINED BALANCE SHEET - ENTERPRISE FUNDS '
SEPTEMBER 30, 1974 ASSETS AND DEBITS - Electric Utility " Fund A cats and debits-Cash $ 105,813 Investments Grants receivable Accounts receivable (net) 2,516,157 Special assessments recel.=ble Due-from other funds (net. Inventories 1,857,613 Other 13,211 Restricted assets 809,709 ] Utility plant in service (net; 62,437,144 L Amount to be provided by El'ectric, Water and Cewer Utility Funds for retirement of bonds ; Total Assets and debits $ 67,739,647 l LIABILITIES, RESERVES AND RETAINED EARNINGS / FUND BALANCES - Liabilities Accounts payable $ 1,820,842 } Due to other funds 944,340 ; Customer deposits 716,959 Accrued liabilities 834,728 t Revenue bonds .and certificates payable 52,523,133 " Contracts payable Total Liabilities $ 56,840,002 , i Res?rves, retained earnings / fund balances J Reserve for uncollectible accounts RIserve for Disaster Reserve Fund 108,000 7-R serve for reserve ~and special interest account ). R: serve for renewal and replaceme.nt account R: serve for encumbrances 46,805 Contributions Rstained ' earnings / fund balances 10,744,840 Total Liabilities, Reserves and Retained ! Earnings / Fund Balances S 67,739,647 , d r, _ 'l -
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MOORE, COB 8 & COMPANY. e _ CERTIFIED PUBLIC' ACCOUNTANTS
SCHEDULE J-1 Sanitary Utility Utility Utility Water Sewer Debt Plant Construction Utility Utility Service Improvement Trust Fund Fund Funds Fund Fund .
$ 50,117 $ 27,611 $ 12,584 $ 11,287 $ 96,104 9,707,084 11,510,000 137,210 5,860 , 12,916 3,971 23,683 11,356 181,685 352,736 280,393 1,506,433 21.127,433 14,837,157 14,000,000
$ 21,094,766 $ 15,083,252 S 9,719,668 $ 1,874,427 $ 26,023,707
$ 24,445 $ 83,401 $ 324,222 68,303 9,600. 1,606
. 148,818 96,675 i 17,017,800 8,103,600 $ 14,000,000 85,554 i
S 17,259,366 S 8,378,830 S 325,828 S 14,000,000 32,156 ' 27,025
$ 6,095,440 100,000 21,730 33,603 276,702 9,966,858 4,283,1'96
, 3,781,514 2,360,598 3,524,228 1,271,897 2,056,849
$ 21,094,766 S 15,083,252 $ 9,719,668 $ 1,874,427 $ 26,023,707 f
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MOORE, COBB & COMPANY e CERTIFIED PUBLIC ACCOUNTANTS
O SCHEDULE J-2 CITY OF GAINESVILLE, FLORIDA
- COMBINED STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS - ENTERPRISE FUNDS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1974 Cash Balances Cash Balances -
10/1/73 Receipts Disbursements 9/30/74
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Pntrrprice Funds Electric Utility Fund $ 185,231 $ 28,739,062 $ 28,783,771 $ 140,522 Watcr Utility Fund 60,453 3. 19,397 3,629,733 50,117 Sanitary Sewer Utility Fund 95,173 3, 17,066 3,624,628 27,611 ' Wst;r end Electric Debt Sirvice Fund 9,274 6,112,'i98 6,112,640 9,432 Canitary Sewer Debt Service Fund 533 1,711,642 1,709,023 3,152 . Electric, Water and Sewer g Debt Service Fund 3 9,562,773 9,562,776 Utility Plant Improvement Fund 73,702 5,158,701 5,221,116 11,287 Utility Construction Trust .i Fund of 1972 302,256 302,256 .I Utility Construction Trust Fund of 1973 220,000 17,352,199 17,572,199 - Utility Construction Trust , Fund of 1974 15,212,077 15,115,973 96,104 [otr- Enterprise Funds S 946,625 $ 91,025,715 $ 91,634,115 $ 338,225
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6 a h MOORE, COBB & COMPANY e gCERTIFIED PUBLIC ACCOUNTANTS
SCHEDULE J-3 CITY OF GAINESVILLE, FLORIDA
- STATEMENT OF' CASH ON HAND AND ON DEPOSIT - ENTERPRISE FUNDS I
SEPTEMBER 30, 1974 Electric Utility Fund l Florida National Bank, Gainesville - l operating account $ 70,888 Charter Bank, Gainesville - utility deposit account 34,709 First National Bank, Gainesville - , disaster reserve account - j Petty cash 24,925 ' Florida National Bank, Gainesville - return check account 10,000 $ 140,522 Water Utility Fund First National Bank, Gainesville. 50,117 Sanitary Sewer Utility Fund University City Bank, Gainesville 27,611 Water and Electric Debt Service Fund ! First National Bank, Gainesville 9,432 O Sanitary Sewer Lebt Service Fund First National Bank, Gainesville 3,152 i Eleccric Water and Sewer Debt Service Fund l Manufacturers Hanover Trust Company i of New York, Fiscal' Agent:
-Principal and interest t i
Utility Plant Improvement Fund First National Bank, Gainesville $ 11,287 Utility C.ostruction Trust Fund of 1972 Sun Bank, Gainesville Utility Construction Trust Fund of 1973 Sun Bank, Gainesville , Utility Construction Trust Fund of 1974 Sun Bank, Gainesville 96,104 Total Cash on Hand and on Deposit - Enterprise Funds, September 30, 1974 $ 338,225 l l (. ; I MOORE, COBE & COMPANY e CERTIFIED PUBLIC ACCOUNTANTS no
SCHEDULE J-4
- CITY OF GAINESVILLE, FLORIDA ,
SCHEDULE OF ACCOUNTS RECEIVABLE (NET) - ENTERPRISE FUNDS SEPTEMBER 30, 1974 , Electric' Utility. Fund' Inact.ve customers' accounts: September 30,1972 $ 81,354 September 30, 1973 120,117 September 30, 1974 168,057 $ 369,528 Active customers' accounts 2,311,675 Miscellaneous 78,283 Total S 2,759,486 Less: Allowance for doubtful accounts 243,329
. Total Electric Utility Fund S 2,516,157 Water Utility Fund Miscellaneous - net 5,860 Sanitary Sewer Utility Fund Miscellaneous $ 12,916 Connections and assessments 23,683 Total Sanitary Sewer Utility Fund 36,599 Utility Plant Improvement Fund Miscellaneous 3,971 !
i 1 Total Accounts Receivable (Net) - Enterprise Funds S 2,562,587 l l I l 1 .i . f
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1 i MOORE, COBS & COMPANY e
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CITY OF GAINES'.ILLE, FLORIDA-ENTERPRISE FUNDS -
, COMBINED SCHEDULE OF LONG-TERM DEBT i
- SEPTEMBER 30, 1974 .
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t Interest Interest Rates Dates Enterprise Funds
- Elic+.ric and Water Utility Funds Wctcr-and electric revenue certificates, Series 1948 2.9% 1/1; 7/1 Wntcr and electric revenue certificates, SIries 1953-
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2.25', 2.5, 2.7% 1/1; 7/1 W:t:r and electric revenue certificates, Series 1955 2.9, 3.0, 2.0% 1/1; 7/1 Watcr and electric revenue certificates, ~ S: ries 1957 3.0, 3.25, 3.4% 1/1; 7/1 Watcr and electric revenue certificates, Scries 1960 4.5, 3.9, 2.75% 1/1; 7/1 <
-Watcr and electric revenue certificates, Stries 1963 4.5, 3.4, .1% 1/1; 7/1 '
Elsctric, water and sewer revenue bonds, "' Ssries 1966 6, 3.75, 3.9, 4, 3% 1/1; 7/1 E12ctric, water and sewer revenue bo.ss, i Ssries 1969 A 7.5, 6, 6.2, 6.25, 6.3, 5.0% 1/1; 7/1 Elsctric, water and sewer revenue bonds, 1 hries 1969 B 7.5, 5.5, 5.4, 5.3, 5.2, 5.1, j' 5.0, 4.9, 4.7% 1/1; 7/1 Elsctric, water and sewer revenue bonds, Ssries 1972 7.5, 7.0, 4.2, 4.3, 4.4, 4.5, 4.6, 4.7, 4.8, 4.9, 5.0, 5.1, 5.2, 5.3, 5.4% 1/1; 7/1 Elsctric, water and sewer revenue bonds,
-Ssries 1973 7.35, 7.5, 5.25, 5.3, 5.4, 5.5, _
5.6, 4.0% 1/1; 7/1 fctal Elsctric and Water Utility Funds B1ccated to: E12ctric Utility Fund } Wstcr Utility Fund _ J Sew:r Utility Fund
'etel Allocation '
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2 Pnitcry Sewer Utility Fund S w r revenue certificates 3.5, 3.6, 3.7, 3.9% 6/1; 12/1 ] Itility Construction Trust Fund lElcctric,waterandsewer-revenuebonds,
.Serica 1974 7.5, 6.6, 6.5, 6.6, 6.7, 6.75, 6.8, 6.9, 7.1, 7.2% 1/1; 7/1 "
ktal Enterprise Funds . !Noto - See Note:2 on page 68 for information pertaining to an Electric Revenue- ! Certificate payable not included here.. ' MOORE, CO88 & COMPANY e- '(!!RTIFIED PU8LIC ACCOUNTANTS t e
SCHEDULE J-5 s-Authorized Retired Retired Issue Maturity and Year Ending Date In Outstanding Date Issued Prior Years 9/30/74 9/30/74 7/1/48 1/1/76 $ 850,000 $ 715,000 $ 44,000 $ 91,000 7/1/53 1/1/76 1,300,000 1,059,000 79,000 162,000 7/1/55 1/1/80 1,800,000 1,074,000 81,000 645,000 1/1/57 1/1/84 3,100,000 1,407,000 129,000 1,564,000 1/1/60 1/1/87- 5,000,000 1,575,000 185,000 3,240,000 1/1/63 1/1/98 7,000,000 1,005,000 145,000 5,850,000 1/1/67 1/1/97 12,800,000 790,000 215,000 11,795,000 1/1/70 1/1/98 19,000,000 470,000 175,000 18,355,000 1/1/~1 1/1/99 5,000,000 85,000 50,000 4,865,000 6/20/72 1/1/00 18,000,000 -200,000 17,800,000 7/1/73 1/1/95 11,000,000 11,000,000
$ 84,850,000 $ 8,180,000 $ 1,303,000 $ 75,367,000
$ 51,990,600-17,017,800 6,358,600
$ 75,367,000 6/1/62 12/1/91 $ 3,800,000 $ 1,980,000 75,000 $ 1,745,000 7/1/74 1/1/96 $ 14,000,000- $ 14,000,000
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$102,650,000 $ 10,160,000 $ .1,378,000 $ 91,112,000 MOORE, COB 8 & COMPANY e CERTIFIED PUBLIC ACCOUNTANTS no
CITY OF GAINESVILLE, FLORIDA ENTERPRISE FUNDS COMBINED SCHEDULE OF INVESTMENTS - SEPTEMBER 30, 1974 i
~ Elnctric Utility Fund - Disaster Reserve Fund First National Bank of Gainesville, certificate of deposit Gainesville Mutual Savings and Loan Association, savings certificate Guaranty' Federal Savings and Loan Association, savings certificate s, First Federal Savings and Loan Association, savings certificate Tctc1 Electric Utility Fund - Disaster Reserve Fund Elcetric Utility Fund - Meter Deposit Fund Florida First National Bank of Jacksonville, certificate of deposit Sun Bank of Gainesville, certificate of deposit ..
First National Bank of Gainesville, certificate of deposit Tatc1 Electric Utility Fund - Meter Deposit Fund
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W".tcr and Electric Revenue Cer.Aficate Sinking Fund Firat National Bank of Gainesville, certificate of deposit First National Bank of Gainesville, certificate of deposit Florida First National Bank of Jacksonville, certificate of deposit - Sun Bank and Trust Company of St. Petersburg, certificate of deposit Totc1 Water and Electric Revenue Certificate Sinking Fund ) Snwar System Revenue Certificate Ginking Fund I First National Bank of Gainesville, certificate of deposit .i l First National Bank of Gainesville, certificate of deposit First National Bank of Gainesville, certificate of deposit T CL Sewer System Revenue Certificate Sinking Fund
. Elactric, Water and Sewer Revenue Bonds Sinking Fund .
Minufacturers Hanover Trust Company, certificate of deposit Mtnufacturers Hanover Trust Company, certificate of deposit - M;nufacturers Hanover Trust Company, certificate of deposit Chtmical Bank of New York City, certificate of deposit Tctal Electric, Water and Sewer Revenue Bonds Sinking Fund . Utility Construction Trust Fund of 1974 First National Bank of St. Petersburg, certificate of deposit ~ Chemical Bank .of New York City, certificate of deposit Ch mical Bank of New York City, certificate of deposit , Jacksonville National Bank, certificate of deposit Chtrter Bank of Gainesville, certificate of deposit
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Sun Bank and Trust Company of St. Petersburg, certificate of deposit Stata Bank of Jacksonville, certificate of deposit Chsmical Bank of New York City, certificate of deposit Total Utility Construction Trust Fund of 1974 Tctel Investments - Enterprise Funds t k : l
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! MOORE, COBB & COMPANY e CERTIFIED PUBLIC ACCOUNTANTS rw -_
SCHEDULE J-6 s
-Interest Date Maturity
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Rate Acquired - Date Par Value Cost
, )
9.21 9/26/74 1/30/74 $ 63,000 $ 63,000 5.25 11/28/66 15,000 15,000 5.25 11/27/67 15,000 15,000 5.25 10/25/68 15,000 15,000 S 108,000 $ 108,000
.11.011 8/27/74 12/17/74 $ 330,000 $ 330,000 10.591 9/12/74 11/21/74 100,000 100,000 9.21 9/26/74 1/30/75 237,000 237,000
$ 667,000 $ 667,000 9.81 7/18/74 10/24/74 $ 910,000 $ 910,000 9.351 9/26/74 '11/26/74 490,000 490,000 11.011 8/27/74 12/17/74 90,000 90,000 8.891 9/26/74 12/17/74 250,000 250,000
$ 1,740,000 $ 1,740,000 9.81 7/18/74 10/24/74 $ 30,000 $ 30,000 10.02 9/26/74 10/29/74 100,000 100,000 9.156 9/26/74 1/16/75 300,000 300,000
$ 430,000 S 430,000 11.50 9/10/74 12/31/74 $ 302,329 $ 302,329 10.25 9/26/74 12/31/74 1,339.315 1,339,315 10.25 9/26/74 4,715,035 4,715,035 9.25 9/11/74 12/31/74 1,180,405 1,180,405 S 7,537,084 S 7,537,084 10.583 9/11/74 10/17/74 $ 3,000,000 $ 3,000,000 9.40 9/11/74 7/7/74 600,000 600,000 9.40 9/11/74 11/21/74 600,000 600,000 10.252 9/11/74 12/5/74 500,000 500,000 9.922 9/11/74 12/19/74 500,000 500,000 10.915 9/11/74 12/31/74 1,250,000 1,250,000 10.15 9/11/74 1/9/75 1,000,000 1,000,000 "9.25' 9/11/74 1/9/75 4,060,000 ,
4,060,000
$ 11,510,000 1 11,510,000
$ 21,992,084 $ 21,992,084
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MOO 9E, COSS 8: COMPANY e CERTIFIED PUBLIC ACCOUNTANTS 9@
l d CITY OF GAINESVILLE, FLORIDA ELECTRIC UTILITY ETJND 4
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MOORE, COB 8 & COMPANY e CERTIFIED PUBLIC ACCOUNTANTS
i CITY OF GAINESVILLE, FLORIDA 7 ELECTRIC UTILITY FUND ~ BALANCE SHEET SEPTEMBER 30, 1974 -
't ASSETS Curr;nt assets Cn h $ 105,813 Accounts receivable $ 2,759,486 .
Less: Estimated uncollectible accounts 243,329 Nst Accounts receivable 2,516,157 Inysntories at lower of cost (first-in, first-out) or market 1,857,613 Oth r current assets 13,211 Total Current assets S 4,492,794 Restricted assets DicIster Reserve Fund: Investments $ 108,000 Matcr Deposit Fund: - Cash in bank $ 34,709 Investments 667,000 701,709 Total Restricted assets $ 809,709 Utility plant in service Lnnd and land rights $ 3,262,256 Plcnt properties $ 48,867,123 Less: Allowance for depreciation 13,501,064 35,366,059 sistribution and transe'ssion systems $ 28,404,121 Less: Allowance for depreciation 5,219,335 23,184,786
, Op; rations center $ 203,338 Less: Allowance for depreciation 118,698 84,640 Trcnsportation equipment $ 708,048 Less: Allowance for depreciation 321,348 .386,700 Shop and warehouse $ 154,569 Less: Allowance for depreciation 75,002 79,567 Office equipment $ 132,763 l Less: Allowance for depreciation 59,637 73,126 Total Utility plant in service 62,437,144 Total Assets S 67,739,647 J -(-~ ,
MOORE, COB 8 & COMPANY e CERTIFIED PUBLIC ACCOUNTANTS on
SCHEDULE K-1
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LIAE'ILITIES, RESERVES AND RETAINED EARNINGS . Current liabilities Accounts payable- '
$ 1,820,842 Accrued interest payable 609,318 Accrued state taxes 225,410 Due to other funds:
Construction Trust Fund of 1974 $ 280,393 Suspense Fund 5,562 General Fund 93,142 Public Improvement Revenue Certificate' Fund Series 1950 91,745 Sanitary Sewer Utility Fund 178,631 Water Utility Fund 11,356 Utility Plant Improvement Fund 283,397 General Pension Fund . 114 944,340 Total Current liabilities $ 3,599,910 l Other liabilities Customers' deposits $ 716,959 Electric Revenue Certificate payable (Note 2) 532,533 Rsvenue certificates and bonds payable
; (Note 1) 51,990,600
.otti Other liabilities 53,240,092
.1 Tctal Liabilities S 56,840,002 Re:crves R: serve for Disaster Reserve Fund $ 108,000 Riserve for encumbrances 46,805 Total Reserves 154,805 Retained earnings 10,744,940 l
\l Tntal Liabilities, Reserves and Retained Earnings S 67,739,647 d
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TEST TARGET (MT-3) 1.0 lgmtu y @ EE i.i i 'n Ea
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g i.a 1.25 1.4 1.6 MICROCOPY RESOLUTION TEST CHART b*>> %4t///// b+
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$>7 777
M* \ [/b)* IMAGE EVALUATION TEST TARGET (MT-3) k'k NNN\ 1.0 582 BM y ll O!in 1.1 [/* NE I.8 1.25 1.4 1.6 ll 4__ _. 6~ > M!',ROCOPY RESOLUTION TEST CH ART 4% ++4
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4 SCHEDULE K-2' CITY OF GAINESVILLE, FLORIDA "l'
, ELECTRIC UTILITY FUND . al ANALYSIS OF CHANGES IN RETAINED EARNINGS FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 1974 .
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.i Belence of retained earnings, October 1, 1973 $ 9,779,883 Additions ]
Nat income for fiscal year ended September 30, 1974 2,140,804 J Principal retired by Utility Debt Service Funds 943,200 Prior year encumbrances 4,019 1 Interest coupons matured 2,723,029 j C!pital assets acquired from Util.ity Construction Trust Fund of 1973 4,689,754 , Ccpital assets acquired from Utility Plant Improvement Fund 2,378,939 1,000,000 ' Transfer from Construction Trust Fund of 1974 Total Balance and additions S 23,659,628 { l D ductions Contribution to Utility Debt Service Funds $ 3,442,308 " Contribution to Utility Plant Improvement Fund 1,901,436 Cesh transfer to General Fund 2,133,930 Ctsh transfer to Disaster Reserve Account - 12,000 !, Reserve fEr encumbrances 46,114 8 Liability for Electric, Water and Sewer Revenue ', Bonds, Series 1973 5,379,000
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Tatn1 Deductions $ 12,914,788 Balance of Retained Earnings, September 30, 1974 $ 10,744,840 l I l
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- SEE ACCOMPANYING NOTES - i1 t,
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- _ CERTIFIED PUBLIC ACCOUNTANTS , ,
I SCHEDULE K-3
. CITY OF GAINESVILLE, FLORIDA
-ELECTRIC UTILITY FUND COMPARATIVE-STATEMENT OF REVENUES AND EXPENSES f FOR THE FISCAL YEARS ENDED SEPTEMBER 30, 1973 AND 1974 l
Fiscal Year 1973 Fiscal Year 1974 j Operating revenues _ l SSles of electricity ! Residential sales $ 6,449,123 $ 7,629,771 l Commercial and general pm c 6,566,659 7,219,816 ! Fuel adjustment 2,425,507 Street and traffic light 168,074 191,234 Bulk sales 426,354 446,052 Totc1 Sales of electricity $ 13,610,210 $ 17,912,380 l Othnr operating revenues M intenance of traffic and street lighting $ 42,700 $ 46,386 l S:rvice charges 60,174 87,542 l Rental lighting sales 51,779 59,090 ' R:ntal lighting 78,432 76,285 Miscellaneous . 84,544 93,051 Totc1 Other operating revenues 317,629 362,354 Total Operating revenues S 13,927,839 $ 18,274,734 Lesa: Operating exnenses bafore depreciation Power production expense $ 5,280,613 $ 8,586,597 Transmission' expense 159,737 213,577 ( Distribution expense 508,829 528,970
. Electric engineering 148,395 51,551 Customer accounts expense 278,154 284,938 Snles promotion expense 55,269 35,334 System security- 21,010 30,165 Administrative and generail expense 1,407,999 1,32k,692 Total Operating expenses before d:peeciation 7,860,006 11,055,824 Operating income before d:preciation S 6,067,833 S 7,218,910 Le a: Depreciation (straight-line method) 2,867,391 3,132,132 Operating income S 3,200,442 $ 4,086,778 Add: Non-operating income -
Interest on investments 31,315 45,?45
- Leto: Non-operating excense Bond interest. 2,811,260 2,741,319
-Income before extraoMinary item $ 420,497 $ 1,390,804 Extraordinary item S;ttleE nt of lawsuit (Note 2) 750,000 N-t Income S 420,497 $ 2,140,804 MOORE, CO88 & COMPANW e _ CERTIFIED PUBLIC ACCOUNTANT ~.
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I ' i - p . CITY OF GAINESVILLE. FLORIDA FINANCIAL STATEMENTS of f GAINESVILLE - ALAC11UA COUNTY REGIONAL' UTILITIES
,- for - i. EIGHT MONTilS ENDED MAY 31. 1975 N
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Q . . 1 - l I. .- CITY OF CAINESVILLE
, ELECTRIC UTILITY FUND f- BALANCE SHEET MAY 31. 1975 ASSEL
{ Cash - Operating Account 206,624.16
- Cash - Utility Meter Deposit Account 46,856.46 Cash - Returned Check Account 10,000.00 s Cash - Utility Disaster Reserve -
867.91 Petty Cash 34,925.00 299,273.53 y In*ves tments : c Meter Deposit (See Page 74) 656,764.34 ; l Disaster Reserve (See Page 75) 111,000.00 767,764.34 ; l Accounes Receivable-- Cuseamers 3,006,807.09 [ Accounts Receivable - Miscellaneous 123.410.85 3,130,217.94 l l Less: Allowance for Unco 11ectible Accounts 332.593.16 2,797,624.78 Due From:
- P.I.C.F. of 1970 477.28
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Construction Trust Fund of 1974 28,451.48 28,928.76 Inventories . 1,502,394.00 Advance Cost of Bond Issue 14,487.11 l Electric Plant purchased 667,858.00 l Utility Plant-in Service 80.744.715.05 81,412,573.05 Less: Allowance for Depreciation 21.562.495.63 5,9,850,077.42 , Electric Plant Acquisition Adjustment 319.655.00 I
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TOIAL ASSETS 6$,580.204.94 l 1 LIABILITIES. RESERVES AND RETAIMED EARNINGS 1 i LIABILITIES { l h Accrued Wages 145,870.46 Accounts Payable 151,381.19 Accounts Payable - Fuel Bills 1,233,479.63 Accrued Inte' rest Payable 609,317.94 Customer's Utility Deposits 696,688.00 State Utility Taxes Payable 135,725.20 l State Sales Tax Payable 25.693.46 2,998,155.88 ) Ii
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Due to Other Funds: Ceneral Fund 98,022.37
, W:ter Utility Fund 534,696.87.
Sewer Utility Fund 326,866.70
, l' '.ity Plant Improvement Fund 1,031,679.30
.spense Fund 6,099.01 P.I.R.C. of 1950 93.591.57 2,090,955.82 Revenue Certificates Payable (See Footnote - Page 2) 51,990,600.00 Deferred Contracts Payable 471.005.00 52.461.605.00 .
TOTAL LIABILITIES 57,550,716.70 ( ,
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t ELECTRIC tTrILITY FC:D 6 LIABILITIES. RESERVES AND RETAINED EARNINGS (Continued) H RESERVES Reserve for Encu=brances - Prior Year 26,804.51
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Reserve for Encumbrances - Current Year 48,577.52 s Reserve for Disaster Fund 108.000.00 t ' I : TOTAL RESERVES 183,382.03
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m RETAINED EAR! LINGS i j ' Balance, October 1, 1974 10,744,840.22
- Add:
Revenue - Page 3 14,315,190.09 {l , Transfer from Construction Trust Fund of 1974 800,000.00 E Less: g . Expenditures - Page 4-21 15,697,149.25 y; Encumbrances - Page 4-21 48,577.52 Depreciation 2,267,411.52 Over and Under Encu=brances 785.81 Balance, May 31, 1975 7,846,106.21
*t0TAL LIA51LITIES, RESERVES AND RETAINED EARNINGS 65.580.204.94 hJ Footnote:
[ Ihe above amount does not include the Elcetric Utility Fund's share of liability i J. for the $14,000,000.00 Electric, Water and Sewer Revenue Bonds, dated July 1, 1974 j J proceeds'of which were received September 10, 1974, and deposited in Trust Funds. , This liability will be allocated to the respective Utility Revenue Funds proportionate to the expenditures for plant improvements, the cost of which will be transferred from Trust Funds upon completion of the projects for which these retenue bonds were issued. m y b F. _
F CITY OF CAINESVILLE UTILITY PIAST IMPROVEMEhT FUND
- BAIANCE SHEET MAY 31 1975 1 . ASSETS Cash 39,969.70 l ; Accounts Receivable - Misec11aneous 1,627.24
/ Inventory - Materials and Supplies 1,634,758.99 Due from Other Funds:
h ; Electric Utility Fund 1,031,679.30 Water Utility Fund 103,752.13 Sewer Revenue Fund 10,018.69 Federal Revenue Sharing Fund 6.838.40 1.152,288.52 TOTAL ASSETS . 2,828,644.45 LIABILITIES. RESERVES AND WND BAIANCE LIABILITIES Accrued Wages 30,694.34 Accounts Payable 21,741.34 c State Sales Tax Payable 996.10 53,431.78 [L ly Due to General Fund 404.27 _ TOIAL LIABILITIES 53,836.05 , RESERVES Reserve for Encumbrances - Prior Year 175,884.23 Reserve for Encumbrances - Current Year 184.796.44 TOTAL RESERVES 360,680.67 FUND BAIANCE
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.'ealance, October 1, 1974 1,271,896.90
()- Add: Contributions in Aid of Construction-Non-refundable 13,750.24
, Transfer from Utility Construction Trust Funds 2,089,124.00 .; Transfer from Electric Utility Ft.nd 1,398,576.00 Transfer from Water Utility Fund 222,800.00 .
Interest on investments 5,609.85 Salvage Materials 34,880.03 i p< . u. t' . . . . - , FL' l
.i e CITY OF GAI?.'ESVILLE
-! VIILIN PIAfrr IMPROVDTST FtlND (Continued) t LESS:
f . Expenditures - Electric - Pages 39-44 1,603,926.60 Encumbrances - Electric - Pages 39-44 170,425.81 bl
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Expenditures - Water - Pages 45-47
. Encumbrances - Water - Page.: 45-47 833,786.25 14.370.63 Fund Balance, May 31, 1975 2.414.127.73 TOIAL LIABILITIES, RESERVES AND FUND BA1ANCE 2,828,644.45
[ Note: Encumbrances for inventory items in the amount of $346,875.83 are not
. reflected in this statement since the items were on order but not received at this date.
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8 CITY OF CAINESVILLE i CONSTRUCTION TRUST FUND OF 1974 . "L PAIANCE SHEET MAY 31. 1975 ASSETS f~ Cash 300,658.93 Investments 3,030,000.00 h C'. ants, Transfers.and Contributions Receivable (Note 1) 137.210.00 TFEAL CURRFlff ASSETS 3,467,868.93 s L ? Amount to be provided by Elec'tric, Water and Sewer Utility Fund for Retirement of Bonds 14.000,000.00 i total ASSETS AND DEBITS 17,467,868.93 LIABlu1 TIES AND FUND BALANCE h LIABIU TIES Notes Payable 4,000,000.00 Payables, Retainages and Encumbrances 5,247,188.13 Electric, Water and Sewer Revenue Bonds - Series 1974 (Note 2) . 14,000,000.00
. Due to Electric Utility Fund 28.451.48 TOIAL LIABILITIES 23,275,639.61 FUND BAI.g Additions--Prio: Year Proceeds frc,:. Sal'e of Revenue Bonds Series 1974 14,000,000.00 1 Crants, Transfers and Contribution 137,613.88 Interest on Investments 195,673.06 Deductions--Prior Year l; Transfer to Sinking Fund Special Interest Account (Note 3) 1,180,405.42 - Transfer to Electric Utility Fund 1,000,000.00 Work in Progress 129,174.43 ; Reserve for Payables, Retainages and Encumbrances 9.966.858.51 Balance, Octo5er 1, 1974 ,
2,056,848.58
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.f' CI'lY OF GAINESVILLE x CONSTRUCTION TRUST FUND OF 1974 (Continued) h; Additions--Current Year Prior Year Encumbrances Reestablished 9,966,858.51 Interest on Investments 370,834.03 k- .
Deductions--Current Year Transfer to Utility Plant Improvement Fund 2,089,124.00 Transfer to Sever Utility Fund 360,956.00
- f. Work in Progress 10,505,043.67 Reserve for Payables, Retainages m- and Encumbrances 5,247,188.13 Balance, May 31, 1975 (5.807.770.68)
TOTAL LIABILITIES AND FUND BALANCE 17,467,868.93 k- (1) Total Federal Grants have been approved in the amount of $903,910.00 for additions to Wastewater Treatment Plant and Pumping Stations No. I and 10. Funds in the amount of $766,700.00 were received by the Construction Trust Fund of 1969. The balance receivable of $137,210.00 has been transferred
*~
from the Construction Trust Fund of 1969, through the Construction Trust Funds of 1972 and 1973. (2) Upon completion of construction, the liability for these Revenue Bonds will be allocate.2 to the respective Utility Funds. !, h 1i (3) Required deposit from bond proceeds were transferred to the Electric i ! Water and Sewer Revenue Bonds Sinking Fund in accordance with provisions , of the bond ordinance. l i I I i n. I! i 3 ) e w . l - r ( i k j e l
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CITY OF CAINESVILLE ' h,- WATER AND ELECTRIC REVENUE CERTIFICATE SINKING FUND BAIANCE SHEET AND , STATETTP OF CHANCES IN FUND BAIANCE MAY 31 1975 h ASSETS 1 Cash 38,306.55 Investments (See Page 77) 1,683,048.96 TOTAL ASSETS 1,721,355.51 h FUND BAIANCE Balance, October 1, 1974 1,749,432.26 Add: Interest on Investment 88,419.50 Transfers from Electric Utility Fund 759,482.00
' Transfers from Water Utility Fund 1.'~ 563.00 Less:
Redemption of Interest Coupons 338,532.25 Redemption of Revenue Certificates at Maturity 688,000.00 f i. 3 Balance, May 31, 1975 1,721,355.51 i I { J l 4
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CITY OF CAINESVILI.E ELECTRIC. WATER AND SEk'ER REVENUE BONDS
. f.
SINKING RIND . ( BATANCE SHEET AND' STATEMEttr OF OtANGES IN RESERVES AND FUND BATANCE MAY 31, 1975 I ASSETS Cash - Reserve Account .40 Investments - Principal and Interest Account (See Page 78) 1,938,784.79 g ! p-, - ' Inve.stments - leserve Account (See Page 79) 5,197,322.00 Ihvestments - Special Interest Account (See Page 80) 733,423.07 TOTAL ASSETS 7,869,530.26 t RESERVES AND FUND BAIANCE PRINCIPAt, AND I?frEREST ACCOUNT
~
Balance, October 1, 1974 1,641,643.99 Add: Transfer from Electric Utility Fund 1,915,012.00 Transfer from Water Utility Fund 635,969.00 Transfer from Sever Utility Fund 330,962.00 Interest on Investments 69,120.30
'e j
J Less: Redemption of Bonds 910,000.00 1,743,922.50 L Redemption of Interest Coupons g . Balance, May 31, 1975 1!938,784.79 IL RESERVE ACCOUfft 4,715,035.05 Balance, October 1,1974 Add: [- Transfer from Electric Utility Fund 162,500.00 {
} Transfer from Water Utility Fund 7,500.00 i l Transfer from Sewer Utility Fund 80,000.00 Interest on Investments 232,287.35 Balance, May 31, 1975 5,197,322.40 l
J SPECIAL IlfrEREST ACCOUttr Balance, October 1,1974 1,180,405.42 Add:
! Interest on Investments 48,292.65 ,- Less:
Transfer to Coupon Paying Agent 495,275.00 . Balance, May 31, 1975 733,423.07 TOTAL RESERVES AND FUND BALANCE 7,869,530.26 h , [k i .
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UTILITY METER DEPOSIT FUND INVESINENTS NAY 31, 1075 Dats . Type and Place Maturity Maturity Percent of Acquired of Investment Dat Value Cost Interest Apr. 24, 1975 Certificate of Deposit #3624 Sun Bank of Cainesville July 2, 1975 54,546.24 54,000.00. 5.3517. Apr. 25, 1975 U. S. Treasury Bills SK #873950-
.-Federal Reserve Bank - Jax, July 24, 1975 110,000.00 108,465.50 5.587. Yield Apr. 25, 1975 U. S. Treasury Bills SK #873953 Federal Reserve Bank - Jax. July 31, 1975 100,000.00 98.518.06 '5.507. Yield May 15, 1975 ~ U. S. Treasury Bills SK #876598 Federal Reserve Bank - Jax. July 31, 1975 400,000.00 395,780.78 5.07. Yield Total 656,764.34 9 . 6 e yow e o
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UTILITY DISASTER RESERVE FUND
~
INVESTMENIS MAY 31, 1975 Date Type and Place Ma tu rity Maturity Percent of Acquired of Investment Date Value Cost . Interest Apr. 24, 1975 Certificate of Deposit #3624 Sun Bank of Cainesville July 2, 1975 66,667.63 66,000.00 5.351% May 20, 1975 Savings certificate #403389-Int. quarterly First Florida Savings & Loan Assn, May 20, 1976 15,000.00 15,000.00 6.50% May 20, 1975 Savings certificate #3-3973-Int. Quarterly Cuaranty Federal Savings & Loan Assn. Hay 20,' 1976 15,000.00 15,000.00 6.507. May 20, 1975 Savings certificate #3313417-Int, quarterly First Federal Savings & Loan Assn. Hay 20, 1976 15,000.00 15,000.00 6.25% Total 111,000.00
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o m ,~~r C V~m' r* M CONSTRUCTION TRUST FUND OF PRE-1975 INVESTMENTS - MAY 31, 1975
.Date Type and Place Maturity Maturity Percent of Acquired of Investment Date , Value Cost Interest Apr.'30, 1975 Certificate of Deposit First National City Bank of N.Y. June 5, 1975 603,375.00 600,000.00 5.625%
May 22, 1975 Repurchase Agreement First National Bank in St. Pete June 12, 1975 400,950.83 400,000.00 4.75% Apr. 30,1975 Certificate of Deposit First National City Bank of N.Y. June 19, 1975 705,468.75- 700,000.00 5.625% Apr. 30, 1975 Certificate of Deposit First National City Bank of N.Y. July 3, 1975 176,827.78 175,000.00 5.875% Apr. 30, 1975 Certificate of Deposit' First National City Bank of N.Y. July 10, 1975 1,168,382.76 1,155,, 5.875% Total 3,030,000.00 a ,,
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WATER & EI.ECTRIC REVENUE CERTIFICATES SINKINC FUND INVESTMENTS MAY 31, 1975 Date _ Type and Place Maturity Maturity Percent of Acquired of Investment D*: 3 Value Cost Interest Har. 27, 1975 Certificate of Deposit #3129 Charter Bank of Cainesville July 17, 1975 80,433.86 79,000.00- 5.915% Apr. 25, 1975 U. S. Treasury Bills SK #873955 Federal Reserve Bank - Jax. July 17, 1975 75,000.00 74,048.96 5.50% Yield May 22, 1975 Certificate of Deposit #33774 Sun Bank & Trust Co. of St. Pete Sept.'11, 1975 1,432,065.53 1,410,000.00 5.107. May 30, 1975 Time Deposit Agreement #1593 Florida National Bank at Cainesville Sept. 11, 1975 121,718.14 120,000.00 5.0257. Total 1,683,048,96
.i
uiumir aw w L .s Ls - w u ka . . . . . u w ma w w - imens ELECTRIC, WATER & SLVER REVENUE BONDS SINKING FUND ACCOUNI FOR PRINCIPAL AND I!TIEREST REQUIREMDUS INVESTME!TTS MAY 31, 1975 Date Type and Place Maturity Maturity Percent of Acquired of Investment Date Value Cost Interest Ha. 7, 1975 Certificate of Deposit Manufacturers llanover Trust Co. July 1, 1975 367,352.80 360,243.00 6.1257. s Apr. 1, 1975 Certificate of Deposit Manufacturers llanover Trust Co. July 1, 1975 869,714.03 858,055.79 5.3757.
#pr. 18, 1975 Certificate of Deposit Manuf acturers llanover Trust Co. July 1, 1975 364,537.90 360,243.00. 5.807.
Hay 13, 1975 Certificate of Deposit Manuf acturers llanover Trust Co. July 1, 1975 362,694.65 360,243.00 5.07. Total 1,938,784.79
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ELECTRIC, WATER & SEL'ER REVENUE BONDS RESERVE ACCOUNT INVESTMENTS MAY 31, 1975 Type and Place Maturity Maturity Perc.nt of Date Acquired of Investment. Date Value Cost Interest Apr. 1, 1975 Certificate of Deposit Manuf acturers Hanover Trust Co. July 1, 1975 5,141,238.65- 5,072,322.00 5.3757.- Apr. 18, 1975 Certificate of Deposit Manufacturers Hanover Trust Co. July 1, 1975 126,490.28 125,000.00 5.807. Total 5,197,322.00
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1 i ELECTRIC, WATER & SEL'ER REVDRIE BONDS SERIES 1974, SPECIAL INTIREST ACCOUNT INVESTMD!TS
- HAY 31, 1975 ,
Maturity Percent of Maturity Type and Place Value Cost Interest Date Date Acquired of Investment Certificate of Deposit 743,387.95 733,423.07 5.375%
- 7. ,, r . 1, 1975 July 1 1975 Manuf acturers llanover Trust Co.
733,423.07 Total e e e em up..
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CITY OF KISSDDEE ( 9 e
ELECTRIC & WATER UTILITIES FUND 4 Excerpt from City of Kissimmee Annual Financial Report 1973-74 Septentar 30, 1974 s O 9 e O F e 9 A e
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'N LIABILITIES, RESERVES, CONTRIBUTIONS AND P4TAINED EARNINGS CURRENT LIABILITIES (Payable from current assets)
Accounts payable $ 238,339 Taxes withheld or collected 10,214 Accrued utility tax payable 56,964 Line extension agreements payable 2,501 Due to other funds Special Assessments $ 6,800 General Fund 293,517 Sewer Fund 266,805 Utility Tax Fund 89,7,96 Payroll 5,580 662,498 Total currant liabilities $ 970,516 CURRENT LIABILITIES (Payable from restricted assets) Accrued revenue bond interest 268,091 Retainages payable 23,183 Customer deposits 223,120 Revenue bonds payable 280,000 Total current lic.bilities 794,394 REVENUE BONDS PAYABLE (Page 98) Revenue bonds. payable, less $111,195 Unarmortised bond discount (Note A) 16,090,805 Less current m nurities 280,000 15,810,805 TOTAL LIABILITIES 17,575'715 RESERVES l Reserve for revenue bond debt service 517,687 I Reserve for revenue bond retirement 6,871,095 Reserve for revenue bond contingency 172,845 TOTAL RESERVES 7,561,627 1 CONTRIBUTION FROM UTILITY TAX FUND 27,907 CONTRIBUTION IN AID OF CONSTRUCTION 32,700 l RETAINED EARNINGS (D2FICIT) (3,719,619) l TOTAL LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS $21,478,330 s e 50 -
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City of Kissir.mee, Florida l ELECTRIC AND WATER UTILITIES FUND l CHANGES IN RETAINED EARNINGS ' For the Fiscal Year Ended Septemoer 30, 1974 I RETAINED EARNINGS (DEFICIT) - OCTOBER 1,1973 As previously stated $ (4,020,537) Prior Period Adjustment (Note F) Utility revenue reserve $ 39,874 Utility revenue - Discount on investments 22,063 61,937 i RETAINED EARNINGS - OCTOBER 1,1973 As restated (3,958,600) ADD Net income for the fiscal year ended September 30, 1974 616,494 - Contribution in aid of construction - HUD 32,700 649,194 DEDUCT Transfer to General Fund 150,000 Increase in reserve for revenna , Bond Debt service 24,752 Tacrease in reserve for revenue-Bond Retirement 65,693 Increase in reserve for revenue Bond Costingency 137,068 Segregate amount of contribution - in aid of construction - HUD - 32,700 410,213 RETAINED EARNINGS (DEFICIT) - SEPTEMBER 30, 1974 $(3,719,619) 6 The accompanying notes are an integral part of this statement 51
City of Kissimase, Florida ELECTRIC AND WATER UTILITIES FUND STATEMENT OF REVEN'JE AND EXPENSE - ACTUAL AND BUDGETED For the Fiscal Year Ended September 30, 1974 i Actual ! Over (Under) 1 Budget Actual Budget j OPERATING REVENUE Metered electric sales $4,061,500 $4,762,292 $ 700,792 j Other electric operating l revenue 126,000 494,803 368,803 l Metered water sales 242,420 303,625 61,205 i Other water operating revenue 105,868
)
37,051 (68,817) ' 4,535,788 5,597,771 1,061,983 LESS OPERATING EXPENSES 2,920,309 4,010,536 1,090,227 OPERATING INCOME BEFORE DEPRECIATION 1,615,479 1,587,235 (28,244) DEPRECIATION (Note A) - 553,850 553,850 OPERATING INCOME 1,615,479 1,033,385 (582,094) NON-OPERATING INCOME Interest - 365,957 365,957 Miscellaneous 20,500 32,226 11,726 20,500 398,183 377,683 TOTAL INCOME 1,635,979 1,431,568 (204,411) NON-OPERATING EXPENSES Interest 805,992 805,992 - Bond amortization (Note A) - 9,082 9,082 805,992 815,074 9,082 NET INCO!:0 TO RETAINED
-EARNINGS $ 829,987 $ 616,494 $ (213,493)
(. The-accompanying notes are an integral part of this statement 52
-s City of Kissimmee, Florida ELECTRIC AND WATER UTILITIES FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For the Fiscal Year Ended September 30, 1974 SOURCE OF FUNDS From operations Net income $ 616,494 Add items not requiring working capital Depreciation and amortization on bonds payable 562,933 Amortization of discount on investments 22,063 Working capital provided from operations 1,201,490 Contribution in aid of construction 32,700 $1,234,190 APPLICATION OF FUNDS Acquisition of fixed assets, net of deletions 469,305 Transfer to General Fund 150,000 Reduction of revenue bonds payable 280,000 899 305 INCREASE IN WORKING CAPITAL $ 334,885
{ 4 CHANGES IN COMPONENTS OF WORKING CAPITAL Increase (decrease) in current assets Cash $ 57,174 Accounts receivable (net) 332,360
- Inventory 104,246 Prepaid insurance (3,155)
Due from other funds-restated (Note F) (10,326) $ 480,299 increase (decrease) in restricted assets Cash 17,768 Investments 231,979 Accrued interest receivable 11,899 261,646 Total increase in current assets 741,945 Increase (decrease) in current liabilities Accounts payable 58,650 Taxes withheld or collected, restated (Note F) 2,644 Accrued utility tax payable 17,885 Due to other funds, restated (Note F) 292,053 371,232 Increase (decrease) in restricted liabilities Accrued revenue bond interest payable (3,439) Customer deposits 30,267 Revenue bonds payable 9,000 35,828 Total increase in current liabilities , 407,060
- k. INCREASE IN WORKING CAPITAL 334,885 The accompanying notes are an integral part of this statement 53
City of Kissimtee, Florida ELECTRIC AND WATER UTILITIES FUND SCHEDCI.E OF OPERATING EXPENSES - BUDGETED AND ACTUAL-For the Fiscal Year Ended September 30, 1974 Actual Over (Under) Electric Budget Actual Budget OFFICE OF DIRECTOR Salaries and wages $ 26,364 $ 13,715 $ (12,649) Cther contractual 2,600 2,377 (223) Maintenance and repairs 100 348 248 Gas, oil and grease 300 295 ( 5) Utilities 400 (400) Mccerials and supplies 50 281 231 Training and travel 600 377 (223) Total Office of Director 30,414 17,393 (13,021) GENERATION Salaries and wages 238,597 228,907 (9,690) Other contractual 333 1,577 1,244 Maintenance and repairs 81,275 52,208 (29,067) Gaa, oil and grease 1,500,000 1,252,691 (247,309) Purchased power 1,405,068 1,405,068 Utilities 922 10,965 10,043 Materials and supplies 35,957 40,235 4,278 Training and travel 1,500 1,362 (138) Total Generation 1,858,584 2,993,013 1,134,429 POWER DISTRIBUTION Salaries and wages 196,920 183,973 (12,947) Oth~er contractual 832 832 Maintenance and repairs 13,000 15,075 2,075 Gas, oil and grease 5,000 5,037 37 Utilities 900 209 (691) Materials and supplies 3,000 6,171 3,171 Training and travel 350 58 (292) Total Distribution 219,170, 211,355 (7,815) CUSTOMER SERVICE Salaries and wages 150,656 139,050 (11,606) Maintenance and repairs 3,500 6,149 2,649 Gas, oil and grease 3,000 4,615 1,615 Utilities 150 634 484 Materials and supplies 2,800 3,589 789 Training and travel 200 -0 (200) Total Customer Service 160,306 154,037 (6,269) 65
f' City of Kissimmee, Florida ELECTRIC AND WATER UTILITIES FUND SCHEDULE OF CPERATING EXPENSES - BUDGETED AND ACTUAL For the Fiscal , Year Ended September 30, 1974 Actual Over (Under) Electric Budget Actual Budget PLANNING Salaries and wages 4 27,026 $ 26,572 $ (454) Maintenance and repairs 300 523 223 Gas, oil e.d grease 350 206 (144) Utilities 330 (330) Materials and supplies 400 300 (100) Total Planning 28,406 27,601 (805) Water PUMPING AND TREATMENT Salarias and wages 17,874 18,802 928 Other contractual 3,175 24 (3,151) Maintenance and repairs 3,675 3,294 (381) Gas, oil and grease 780 650 (13,0) Utilities 16,500 21,109 4,609 Materials and supplies 3,655 4,309 654 Training and travel 300 109 (191)
' Total Pumping and Treatment 45,959 48_.297 2,338 DISTRIBUTION Salaries and wages 42,300 35,754 (6,546)
Other contractual Maintenance and repairs 9,175 4,214 . (4,961) Gas, oil and grease 1,100 998 (102) Utilities 51 51 Materials and supplies 500 3,051 2,551 Total Distribution 53,075 44,068 (9,007) NON-DEPARTMENTAL EXPENSES Electric EMPLOYEE BENEFITS Workmen's compensation 10,000 .8,821 (1,179) Health insurance- 20,244 11,063 (9,181) Social security 33,673 33,532 (141)
- . General employee's pensica 15,700 15,700 -
Total Employee Benefits 79,617 69,116 (10,501) 86
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f City of Kissimmee, Florida ELECTRIC AND WATER UTILITIES FUND SCHEDULE OF OPERATING EXPENSES - BUDGETED AND ACTUAL For the Fiscal Year Ended September 30, 1974 Actual Over (Under) Electric Budget Actual Budget SERVICES Comp. Auto / Gen. Liab. Ins. $ 10,070 $ 21,839 $ 11,769 Proprety Coverage Ins. 2,500 4,466 1,966 Excess Liability Insurance 1,080 467 (613) Boiler and Machinery ins. 16,509 16,445 ( 64) Public Service Utilities 7,000 9,241 2,241 Audit 5,400 8,100 2,7)O Total Services 42,559 60,558 17,999 OTHER Line construction refunds 2,500 - (2,500) Electric line easement (SCRR) 642 642 Gross receipts tax 63,000 70,828 7,828 Contingency 50,000 8,253 (41,747) Share of overhead 196,234 196,412 178 Inventory 9,795 9,795 Collection expense 3,294 3,294 Miscellaneous debt service 1,054 1,054 Bad debt expense 43,344 43,344 Total Other 312,376 333,622 21,246 TOTAL NON-DEPARTMENTAL (E) 434,552 463,"!9 28,744 Water EMPLOYEE BENEFITS Workmen's compensation 1,700 1,473 (227) Health insurence 2,454 1,356 (1,098) Social Security 3,520 3,099 (421) General Employees Pension 1,900 1,900 Total Employee Benefits 9,574 7,828 (1,746) l SERVICES ! Comp. Auto / Gen. Liab. Ins. 1,400 2,372 972 l Property Coverage 300 738 438 l Excess Liability Insurance 135 (81) (216) Audit 1,200 1,800
- 600 l q Total Services 3,035 4,829 1,794 i 87
- (~ City of Kissimmee, Florida ELECTRIC AND WATER UTILITIES FUND SCHEDULE OF OPERATING EXPENSES - BUDGETED AND ACTUAL For the Fiscal Year Ended September 30, 1974 Actual
^
Over (Under) Water Budget Actual Budget OTHER Line construction $ 1,700 $ $ (1,700) Contingency 20,000 357 (19,643) Share of overhead 55,534 54,161 (1,373) Inventory - (15,699) (15,699) Total Other 77,234 38,819 (38,415) TOTAL NON-DEPARTHENTAL (W) 89,643 51,476 (38,367) TOTAL OPERATING EXPENSES $2,920,309 $4,010,536 $1,090,227 l l e 4 O 88
v
-s ACCUMU*ATED DEPRECIATION Balancs Balance Net Sept. 30, Sept. 30, Asset 1973 Depraciation 1974 Value S 40,169 3 5,416 S 45,585 $ 134,949 21,114 1,358 22,472 22,778 26,963 3,972 32,935 6,787 2,994 403 3,397 10,056 710 96 806 1,109 2,266,059 399,691 2,665,750 5,376,463 2,882 844 3,726 38,454 808,886 92,594 901,480 4,048,757 !
I i l 2,429 4,860 7,289 235,675 3'09,249 34,555 343,804 1,412,810 10,801 4,521 15,322 210,823 250,412 2,528 739 3,267 33,723 358 149 507 2,463 5,300 107,673 S3,497,142 $549,198 S4,046,340 S11,898,232 s 90
.. c EXTRACT'S FROM ---
C FINA NCIAL REPOR T OF THE CITY OF KISSIMMEE, FLORIDA FOR THE SIX MONTH PERIOD ENDED MARCH 3L 1975 PERTAINING TO ELECTRIC AND WATER UTILITIES FUND 1 Prepared by FINA NCE DEPARTMENT
"$$$$S$dNbTfs^
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es (- _ _
(~ . LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS .. CURRENT LIABILITIES (Payable from current assets) Accounts payable S 166,265 Taxes withheld or collected 10,702 Accrued utility tax payable 22,693 Accrued service deposit interest 1,000 Due to other funds General Fund $259,654 .
. Sewer Fund 227,819 Utility Tax Fund 175,084 662,557 Total current liabilities S 863;217 CURRENT LIABILITIES (Payable from restricted assets)
Accrued revenue bond interest 238,827 Retainages payable 23,183
, Customer deposits 267,076 Revenue bonds payable 335,000 Total current liabilities 864,086 REVENUE BONDS PAYABLE' Revenue bonds payable, less $108,980 14,474,020
,' . Unarmortized bond discount Less cu. rent maturities 335,000 14,139,020 TOTAL LIABILITIES 15,866,323 RESERVES Reserve for revenue bond debt service 505,014 Reserve for revenue bond retirement 5,437,219 Reserve.for revenue bond contingency 287,845 TOTAL RESERVES 6,230,078 CONTRIBUTION FROM UTILITY TAX FUND 27,907 CONTRIBUTION IN AID OF OONSTRUCTION 32,700 RETAINED EARNINGS (DEFICIT) (2,376,553)
'IOTAL LIABILITIES, RESERVES, CONTRIBUTIONS AND RETAINED EARNINGS $19,780,455 o
l e , 41
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City of Kissimmee, Florida ( ELECTRIC AND WATER UTILITIES FUND CHANGES IN RETAINED EARNINGS For the Six Month Period Ended March-31, 1975 RETAINED EARNINGS (DEFICIT) - OCTOBER 1, 1974 $(3,719,619) ADD Net income for the six months ended F5::ch 31, 1975 S 152,517 Decrease in reserve for revenue bond debt service 12,673 Decrease in reserve for revenue bond retirement 1,433,876 1,599,066 DEDUCT
- Increase in reserve for revenue bond contingency 115,000 Transfer to General Fund 141,000 256,000 RETAINED EARNINGS (DEFICIT) - MARCH 31, 1975 S(2,376,553) a e
S O e O 5 42 w -
City of Kissim.ee, Florida ( ELECTRIC AND WATER UTILITIES FUND STATEMENT OF REVENUE AND EXPENS'E - ACTUAL AND BUDGETED For the Six Month Period Ended Narch 31, 1975 ACTUAL OVER (UNDER) BUDGET ACTUAL BUDGET OPERATING REVENUE Metered electric sales $6,688,592 $2,467,232 $(4,221,360) Other electric operating revenue 410,254 95,023 ( 315,231) Metered water sales 323,613 144,342 ( 179,271) Other water operating revenue 54,778 11,771 ( '43,007) 7,477,237 2,718,368 (4,758,869) L,ESS OPERATING EXPENSES 5,728,716 2,151,121 (3,577,595) OPERATING INCOME BEFORE DEPRECIATION 1,748,521 567,247 1,181,274 DEPRECIATION 600,000 276,925 ( 323,075) OPERATING INCOME 1,148,521 290,322 ( 858,199) NON-OPERATING INCOME Interest - 93,782 93,782 Miscellaneous 47,200 51,130 3,930 i 47,200 144,912 97,712 TOTAL INCOME 1,195,721 435,234 760,487 ; NON-OPERATING EXPENSES Interest 278,138 278,139 - Bond _ amortization - 4,579 _ 4,579 278,138 282,717 4,579 NET INCOME TO RETAINED EARNINGS S 917,583 $ 152,517 $( 765,066) l l l l i 1
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43
. City of Kissimmec, Florida
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ELECTRIC AND WATER UTILITIES FUND STATEMENT OF CHANGES IN FINANCIAL POSITION For th,e Six Month Period Ended March 31, 1975 SOURCE OF FUNDS
.From operations Net income $ 152,517 Add items not requiring working capital Depreciation and amortization on bonds payable 281,504 Working capital provided form operations S 434,021 APPLICATION OF FUNDS Acquisition of fixed assets, net of deletions 312,739 Transfer to General Fund 141,000 Reduction of revenue bonds payable 335,000 ,,
Retirement of revenue bonds payable 1,339,000 2,127,739 l DECREASE IN WORKING CAPITAL $1,693,718 CHANGES IN COMPONENTS OF WORKING CAPITAL Increase (decrease) in current assets Cash $ (324,409) , Accounts receivable (net) ( 96,785) !
'. Inventory 114,393 Prepaid insurance ( 5,958)
Due from other funds 328 $ (312,431) Increase (decrease) in restricted assets Cash 236,634 Investments (1,647,575) Accrued interest receivable ( 7,953) (1,418,894) Total decrease in current assets 1,731,325 Increase (decrease) in current liabilities l Accounts payable ( 72,074) Taxes withheld or collected 488 Accrued utility tax payable ( 34,271) Due to other funds 59 Service deposit interest payable 1,000 ( 104,798) Increase (decrease) in restricted liabilities Accrued revenue bond interest payable ( 29,264) Customer deposits 43,956 Revenue bonds payable 55,000 LInc extension agreement ( 2,501) 67,191 Total increase in current liabilities 37,607 DECREASE IN WORKING CAPITAL S 1,693,718 44
City of Kissireso, Florida ELECTRIC AND WATER UTILITIES FUND S(.HEDULE OF OPERATING EXPENSES - BUDGETED AND T 2TUAL For the Six Months Ended March 31, 1975 ACTUAL OVER (UNDER) BUDGET ACTUAL BUDGET
, ELECTRIC OFFICE OF DIRECTOR Salaries and wages 40,627 18,978 ( 21,649)
Other contractual 10,000 3,903 ( 6,097) ; Maintenance and repairs 300 144 ( 156) Gas, oil and grease 300 284 ( 16) Materials and supplies 200 50 ( 15'0) Training and travel 500 564 64 Total Office of Director 51,927 23,923 ( 28,004) GENERATION Salaries and wages 285,651 140,643 ( 145,008) Other contractual 420 1,423 1,003 Maintenance and repairs 87,528 4/,477 ( 43,051) Gas, oil and grease 3,893,666 964,093 (2,929,573) 1
\ Purchased power - 381,788 381,788 Utilities 43,390 4,449 ( 38,941) l Materials.and supplies 47,844 21,989 ( 25,855)
Training and travel , 1,800 492 ( 1,308) Total Generation- 4,360,299 1,559,354 (2,800,945) POWER DISTRIBUTION Salaries and wages 222,850 94,400 ( 128,450) Other contractual 1,300 611 ( 689) Maintenance and repairs 12,000 5,745 ( 6,255) Gas, oil and grease 5,000 2,949 ( 2,051) Utilities 900 71 ( 829) Materials and supplies 5,000 3,019 ( 1,981) , l
. Training and travel 250 84 ( 166)
Total Distribution 247,300 106,879 ( 140,421) CUSTOMER SERVICE Salaries and wages 163,981 70,119 ( 93,862) Other contractual- 400 10 ( 390) Maintenance and repairs 3,500 3,245 ( 255) Gas, oil and grease 4,000 2,239 ( 1,761)
-Utilities .700 412 ( 288)
Materials and supplies 3,800 2,654 ( 1,146)
-Training and travel . 400 -
( 400)
= Total'Cutomer Servico 176,781 78,679 ( .98,102) t
.64-
City of Kissimmec, Florida ELECTRIC AND WATER UTILITIES FUND SCHEDULE OF OPERATING EXPENSES - DUDGETED AND ACTUAL For the Six Months Ended March 31, 1975 ACTUAL OVER (UNDER) BUDGET ACTUAL BUDGET
, ELECTRIC PLANNING Salaries and wages 30,736 11,778 (18,958)
Maintenance and repairs 300 401 101 Gas, oil and grease 250 221 ( 29) Utilities 200 - ( 200) Materials and supplies 400 375 ( 25) Training and travel 350 - ( 350) Total Planning 32,236 12,775 (19,461) WATER PUMPING AND TREATMENT Salaries and wages 8,772 5,615 ( 3,157) Other contractual 3,175 2,275 ( 900) Maintenance and_ repairs 3,975 1,782 ( 2,193) Gas, oil and grease 725 509 ( 206) Utilities 15,275 12 368 ( 2,907) Materials and supplies 3,820 2,996 ( 824) Training and travel 375 25 ( 350) Total Pumping and Treatment 36,117 25,570 (10,547) DISTRIBUTION Salaries and wages 42,523 17,564 (24,959) - Maintenance and repairs 9,675 2,684 ( 6,991) Gas, oil and grease 1,125 481 ( 644) Materials and supplies 675 684 9 Total' Distribution 53,998 21,413 (32,585) NON-DEPARTMENTAL EXPENSES ELECTRIC EMPIDYEE BENEFITS Workmen's Compensation 12,148 2,684 ( 9,464) Health Insurance 12,009 6,444 ( 5,565) Social Security 33,338 16,030 (17,308) General Employees's Pension 29,531 14,766 (14,765) State Unemployement Insurance . 6,316 - ( 6,316) Total Employee Benefits 93,342 39,924 (53,418) e 65
City of Kissimm23, Florida i ELECTRIC ANP WATER UTILITIES FUND SCHEDULE OF OPERATIt' XPENSES - BUDGETED AND ACTUAL For the Six Mon 9s Ended March 31, 1975 ACTUAL OVER (UNDER) BUDGET ACTi1AL BUDGET ELECTRIC SERVICES Comp. Auto / Gen. Liab. Ins. 10,845 8,999 ( 1,846) Property Coverage Ins. 3,332 2,513 ( 819) Excess Liability Insurance 1,080 936 ( 144)' Boiler and Machinery Ins. 20,000 16,999 ( 3,001) Public Service Utilities 7,500 219 ( . 7,281) Audit E,400 3,600 ( 1,800) Consulting Engineers 9,000 - ( 9,000) Total Services 57,157 33,266 ( 23,891) OTHER Electric Line Easement (SCRR) 642 - ( 642) Gross Receipts Tax 89,813 39,899 ( 49,914) Contingency 50,000 8,474 ( 41,526)
\ Share of Overhead 248,471 114,316 (134,155)
Miscellaneous 56,000 37,134 ( 18,866) Collection Expense 4,000 1,229 ( 2,771) Miscellaneous Debt Service . 650 2,976 2,326 Bad Debt Expense 55,000 386 ( 54,614) Total Other 504,576 204,414 (300,162) TOTAL NON-DEPARTMENTAL (E) 655,075 277,604 (377,471) WATER EMPLOYEE BENEFITS Workmen's Compensation 2,043 450 ( 1,593) Health Insurance 1,478 793 ( 685) Social Security 3,066 1,176 ( 1,890) General Employees Pension 3,599 1,799 ( 1,800) State Unemployment Insurance 418 - ( 418) Total Employee Benefits 10,604 4,218 ( 6,386) SERVICES Comp. Auto / Gen. Liab. Ins. 1,530 1,282 ( 248) Property Coverage 406 306 ( 100)
- Excess Liability Insurance . 135 .1.17 ( 18)
Audit- 1,200 800 ( 400) Total Services 3,271 2,505 ( 766) 66 ;
City of Kissimmee, Florida ELECTRIC' AND WATER UTILITIES FUND - SCHEDULE OF OPERATING EXPENSES - BUDGETED AND ACTUAL For the Six Months Ended March 31, 1975 ACTUAL OVER (UNDER) BUDGET ACTUAL BUDGET WATER-OTHER Line Construction - - - Contingency 20,000 356 ( 19,644) ] Share of Overhead 71,385 31,507 ( , 39,878) Inventory 9,723 6,338 (
- 3,385)
Total Other 101,108 38,201 ( 62,907) T,OTAL NON-DEPARTMENTAL (W) 114,983 44,924 ( 70,059) TOTAL OPERATING EXPENSES 5,728,716 2,151,121 (3,577,595)
\ .
E .i l S 67 .
i - t ) l 1 I b 5 $ CITY OF LEESBURG t a l l
\
i R t )
. 1 I
r' CI_TY OF LEESBURG, FIDRIDA l l i i l l l i FINANCIAL STATEMENTS ' AND SUPPLEMENTAL SCHEDULES (. FOR THE YEAR ENDED SEPTEMBER 30,197t+ AND OPINION OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS d H AS KINS & SELLS CCRTIFICO Pustic ACCOUNTANTS
CITY _OF TMEgiG _ FL_CPlD.i CITY CO:GISSIOI:ERS AI.~D OEICLUS SEPTE G.:R 30, 197t+ Mayor-Cor.issioner................... Joe H. Sellers Mayor-Cor.issioner Pro-Tem. . . . . . . . . . . Charles C. Strickland C or: mis s ione r . . . . . . . . . . . . . . . . . . . . . . . . . Jack K. Era.iley Commissioner......................... Edwin M. Merrell Commissioner......................... Frank A. Skilbred City Manager......................... Calvin E. Glidewell City Clerk-Auditor................... M. LsVern Ecchtel City Attorney........................ James G. Sharon, Jr. City Attorney Pro-Tem................ R. Dewey Burnsed Municipal Judge...................... John C. Williams, Jr. Municipal Judge Pro-Tem.............. Norman C. Cummins City Prosecutor...................... Robert Cyrus 1 City Prosecutor Pro-Tem.............. . James Keedy l Public Defender...................... James W. Durden ! e he p
H AS KINS & SELLS CERTIFIED PusLic ACCOUNTANTS SulTC a00 200 CAST ROBINSON STACCT ORLANDO. FLORIDA 32802 OPINION OF INDEPDIDDIT CERTIFIED PUPITC ACCOUNTANTS The Honorable City Cecmissioners, City of Ieesburg, Florida. : We have examined the financial statements and supplemental sched-ules for the various funds and account groups, listed in the accom-panying index, of the City of Leesburg, Florida for the year ended September 30, 1974. Our examination was made in accordance with gen-erally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, such financial statements present fairly the
, financial position of the various funds and account groups of the City of Inesburg, Florida at September 30, 1974 and the results of operations of the various funds and the changes in combined financial i position of the Utilities Systeu Funds for the year then ended, in conformity with generally accepted accounting principles applied on a j basis consistent with the preceding period after giving retroactive effect to the electric rate settlement described in Note 1 to the com-bined financial statements, and such supplemental schedules, when considered in relation to the basic financial statements, present fairly in all material respects the information shown therein.
y December 23, 1974 HASKINS & SFT.TS
r s CITY OF LEESBURG. FIORIDA Exhibit Financial Statements: Combined Balance Sheet - All Funds. . . . . . . . . . . . . . . A Gensral Fund - Statement of Revenues, Expenditures, Transfers, and Fund Balance...... B General Capital Projects Fund - Statement of Revenues, Transfers, Expenditures, and Fund Balance................................... C Federal Revenue Sharing Trust Fund - Statement of Revenues, Expenditures, Transfers, and Fund Balance................................... D Improvement Fund - Statement of Revenues, Expenditures, Transfers, and Fund Balance...... E Police Pension Fund - Statement of Revenues, Expenditures, and Fund Balance................. F Potable Water Research and Development Fund .and Special Improvement Fund - Statement of Revenues, Transfers, and Fund Balance.......... G Herlong Park Project Fund - Statement of
, Fund Balance................................... H Statement of General Fixed Assets................ I Utilities System Funds - Combined Balance Sheet.. J Utilities System Funds - Statement of Combined Revenue and Expense and Retained Earnings...... K Utilities System Funds - Statement of Changes in !
Combined Financial Position.................... L Notes to Combined Financial Statements........... M Schedule Supplemental Schedules: General Fund - Schedule of Budgeted and Actual Expenditures and Transfers to Other Funds , by Category.................................... 1 Investments - All Funds.......................... 2 Utilities Revenue Fund Schedule of Budgeted and Actual Operating Revenues.................. 3 Utilities Revenue Fund - Schedule of Eudgeted and Actual Operating Expenses (Exclusive of , Depreciation).................................. 4 l Indices.......................................... 5 t 66 4 -* **'*4 ' * * ' ' Q
.( .
EXI'IBIT A CITY OP LEESH_JRG,_FIDRIIM COM3INED IRIANCE SHEET - AIL FUNn3, SEP'lMIVR 30,197te e PULLIC IMPROVE- POTAILE MEIR WATM FEDDiAL RWDiUE REFARCH - REVmUE C1RTIFI- . AND SPIEIAL. WIAL . GW EAL SHARING CATJ POLICE DEVEIDP- IMPIENE- GENSAL 17FILITIES (MIBORANDUM GENERAL IDMG-TD1H TRUST SINKING 'MSION MENF MHR FIIED SYSTM
-- ASSEr3 -- ONLY) FUND DEBf FUND FUFD FUND FUND FUND ASSIRS FUNIB
- CURRDE ASSEPS:
Cash.................................... 6 213,552 8 38,958 8 48 4 17ie, w s Funds with riscal agent (Note 1) ........ 238,362 238,.72 Investments (Note 1) (Schedule 2) ....... 123,997 123,000 997 Due rmm Federal and Stato governments.. 41,510 10,257 31,253 Receivables: Utility accounts (net of allowance , for uncollectible accounts of
$5,012)............................. 619,469 619,469 Other (net of allowance for uncollectible accounts of
$26,560 - General Fund and
$10,500 - Utilities System Funds).............................. 29,636 16,641 12.995 Inventory (at first-1n, first-out cost - General Funds at average cost - Utilities System Funds)........ 526,679 18,575 . 508,104 Due from other funds.................... 46,723 46,723 1,839,928 131,1% 1w ,301 1,5w ,473 Total current assets . . . . . . . . . . . .
RESTRICFED ASSETS (Notes 2 and 3): Cash.................................... 1,261 $ 1,228 33 2)....... 750,168 $103.833 193,248 $9,504 $112,022 331,561 Investments (Note 1) (Schedule Accrued interest........................ 2,803 1,111 195 1,te97 Sanitary sever assessments.............. 1,134 1,1% Other................................... 33 33 104,944 194,704 9,504 113,519 332,72d Total res tricted assets . . . . . . . . . 755,399 ITfILITY PIAIR IN SDWICE (at cost, net of accumulated depreciation of
$3,389,t+78) (Notes 1 ani 2) . . . . . . . . . . . . . 9,094,751 9,064,751 e
CDIERAL FIXfD ASSETS - At ' cost ( Notes 1, 2 and 3) (Exhibit I) . . . . . . . . . 6,628,873 $6,628,873 AMOUNFS AVAIIAILE FOR GIJiERAL IDNG-TERM DEBF REf1RDG2R . . . . . . . . . . . . . . . . . . . . . . . . 104,94t* $10Le ,%4 AEUNf3 TO BE PIOVIDED FW GENERAL IDMG-. TERM DEfff REFIRDUNF. . . . . . . . . . . . . . . 552, % 2 552,%2 .
- T0FAL . . . . . . . . . . . . . . . . . $18,946,437 $131,1% $657,486 )1 % ,301 $10ie ,9e4 $194,704 $9,504 $113,519 $6,628,8 b .4 39,5 3 g (Continued) - 1 1
i 1 EKHIBIT A - CITY OF TJUSWHO, FIDRIDA COMBINED BAIANCE SKEET - AIL FUNDS, ETC. PUILIC
- IMPDOVE- POTABLE .
MDff , WATDI . FEDERAL REVENUE RESFARCH REVE2JUE CDffIFI- AND SPECIAL LIABILITIES. 'IUfAL GIMDtAL SHARING CATE POLICE DEVEIDP- IMPROVE- GENDtAL 17f1LITIES
. RESDIVES, FUND IRIANCES, (MEMDRANDUM GINDtAL IDMG-THIM TRUST SI! KING PENSION MDff MDff FIXED SYSTM
-- AND RE*fAINED FARNINGS -- ONIX) FUND DDyr FUND FUND FUND FIMD FUND ASSETS FWIB CUHtENT LIABILITIES:
Utilities revenue certificates - current portion (Notes 1 and 2)............... $, 170,000 -
$ 170,0c1 Public improvement revenue
. certificates - current portion (Note 2).............................. 25,000 $ 25,000 Morte%ge notes ard other notes payable - current portion (Note 2).... 36,108 33,108 3,000 Accounts payable........................ 766,650 $ 41,859 $ 18,142 706,0 9 Accrued interest........................ 68,362 60.362 Customers
- deposits..................... 114,000 114,008 Due to other ihnds...................... 46,723 21,091 25,632 Licenses collected in advance........... 10,433 10,433 Other current liab111tica............... 111,386 66,018 . te5.368 Total current liabilities....... 1,3tes 670 118.310 58,108 39,233 1,133,019 DEFDtRED REVH3UE.......................... 1,1:Fe 1. De IDNG-TDtM DEL'r - Anounts due after one year (Notes 1 and 2):
Utilities revenue certificates . . . . . . . . . . 3,268,000 3,260,000 Public improvement revenue certificates. 480,000 400,000 Mortgage notes aryl other notes payable..- 121,378 119,378 2,000 Total long-term debt. . . . . . . . . . . . 3,869,378 599,378 3.270.000 COPHITMDff3 AND CO!TFINGHICIES (Notes 1, "f, 3, and 4) RESEINES, RIND DA1ANCE3, AND REFAINED s EANNINGS: Investment in general fixed assets...... 6,628,873 $6,628,873 Reserve for inventory................... 18,575 18,575 Fund balance (deficit) . . . . . . . . . . . . . . . . . . 532,000 (5,731) 115,068 $10t* ,9+4 $19+ ,704 $9,504 $113,519 Retained earnings....................... 6, % 7,7?9 6, % 7,79_9 Total reserves, Ibnd balances, and retained earnings.........- 13,727,255 12,814 115.068 104,9ete 194,704 9,50Le 113,519 6,628,F1 6, % 7.799
'IUFAL . . . . . . . . . . . . . . . . . $18,946,t 437 $13 M % $657;486 $1%;301 _ $104,9 4 $194,70te $9',504 $113,519 $6,628,873 $10,951,952 See notes to financial statements (Exhibit M).
4 (Concluded) - 2.
. . EXHIBIT B CITY OF'LEESBURG, FLORIDA GENERAL FUND STATEMENT OF REVENUES, EXPENDITURES, TRANSFERS, AND FUND BALANCE YEAR ENDED SEPTEMBER 30, 1974 OVER (UNDER)
_ BUDGET ACTUAL BUDGET REVENUES: ' City and county licenses............ $ 47,750 $ 48,898 $ 1,148 Interest............................ 7,500 1,092 (6,408) Police court fines.................. 90,000 98,582 8,582 Police station revenue.............. 10,000 9,042 (958) Permits............................. 20,350 21,842 1,492 Real and personal property tax...... 330,000 332,566 2,566 Cigarette tax....................... 60,000 59,879 (121) State fuel tax...................... 8,000 8,014 14 County hospital. tax................. 36,000 35,185 (815 Mobile home licenses................ 14,000 12,745 (1,255 Swimming poo1.............'.......... 6,200 5,649 (551 Recreation revenue.................. 1,000 16,633 15,633 Community building . . . . . . . . . . . . . .. . . . . 6,000 7,274 1,274 L1brary............................. > 2,400 3,112 712 Refuse and garbage collection....... 200,000 209,452 9,452 Ambulance service................... 40,000 36,228 (3,772) Telephone franchise................. 12,000 6,585 (5,415) Cable television franchise.......... 6,500 13,000 6,500 Airpor t renta1. . . . . . . . . . . . . . . . . . . . . . 27,480 12,689 (14,791) Other airport revenues . . . . . . . . . . . . . . 14,000 38,914 24,914 ' Insurance rebates................... 10,000 4,330 (5,670)'
- Paving construction................. 8,000 319 (7,681)
Public works j obbing . . . . . . . . . . . . . . . . 650 2,144 1,494 Boathouse and real estate rentals... 2,280 2,240 (40) Emergency employment program........ 12,000 38,985 26,985 < Governor's Highway Safety Comnission 13,522 13,522 , Idbrary grants...................... 6,475 6,475 State revenue sharing (Note 2)...... 400,000 391,766 (8,234) Other revenues from Federal and
. State governments................. 1,279 1,279 Other revenues...................... 5,850 3,380 (2.u70)'
Total revenues.............. 1,377,960 1,441,821 63,S61 TRANSFERS FROM O'DIER FUNDS: Federal Revenue Sharing Trust Fund.. 7,255 39,223 31,968 ! Herlong Park Project Fund........... 23 23 Utilities System Funds.............. 1,407,990 1,024,194 (383,796)
. Total transfers............. 1,415,245 1,063,440 (351,80s)'
Total revenues and transfers - (Forward) 2,793,205 2,505,261 (287,944) (Continued) - 1.
EXHIBIT B j l 1 CITY OF LEESBURG, FIDRIDA , STATEMENT OF REVENUES, EXPENDITURES, TRANSFERS, AND FUND BALAUCE - GHTERAL FUND, ETC.
. OVER (UNDER)
BUDGET ACTUAL BUEGET REVENUES AND TRANSFERS - (Forward) . . . . $2,793,205 $2,505,261 3(287,944} EXPENDITURES (Schedule 1): City commission..................... 16,478 14,449 (2,029 City manager........................ 33,757 26,201 (7,556, Municipal court..................... 15,069 11,713 (3,356; Elections........................... 860 938 78l City clerk and auditor.............. 49,111 47,609 (1,502j City attorney....................... 19,395 16,178 (3,217 Public defender..................... 3,000 2,888 (112; Accounting.......................... 31,488 25,793 (5,695[ Boards and commissions.............. 3,560 5,012 1,452 Public relations.................... 5,775 1,796 (3,979) Engineering......................... 94,433 84,791 (9,642 Municipal bu11 ding . . . . . . . . . . . . . . . . . . 18,570 20,202 1,632 Switchboard......................... 8,567 9,827 1,260 Purchasing department............... 40,721 32,952 (7,769) License inspector................... 3,278 3,470 192 Planning department................. 24,054 17,757 (6,297) Police department................... 424,985 426,658 1,673 City ja11........................... 16,276 14,665 (1,611; Fire department..................... 216,408 215,634 (774) Rescue service...................... 113,888 112,512 (1,376)
. Inspections......................... 24,244 14,050 (10,194:
Traffic control..................... 25,610 16,993 (8,617) Animal contro1...................... 7,7' 7 8,044 291 Street lighting..................... 52,5u s 58,343 5,843 Public health and welfare........... 1,989 1,991 2 Public works office................. 36,937 37,143 206 Street maintenance.................. 90,706 92,904 2,198 Refuse and garbage collection....... 320,535 314,082 (6,453 Street cleaning..................... 25,609 24,312 (1,297
- Parks and canals . . . . . . . . . . . . . . . . . . . . 195,591 173,738 (21,853 Storm drainage maintenance and .
c ons truc tion . . . . . . . . '. . . . . . . . . . . . . . /,700 3,831 (3,8692 Airport............................. 28,512 63,000 34,488' Cemeteries.......................... 3,100 2,944 (156) Public works and other projects..... 167,167 30,845 (136,322' Maintenance - public buildire and fac111 ties.................... 5,975 4,526 (1,4493 i Recreation.......................... 109,976 91,968 (19,008[ Community building.................. 39,940 41,629 1,689; l Swimming pools...................... 55,026 24,732 (20,294[ (Forward).......... 32,338,543 S2,106,120 3(232,423{ l (Continued) - 2
EXHIBIT B
, CITY OF NMURG, FLORIDA STATDIENT OF REVENUES, EXPENDITURES, TRANSFERS,
- AND FUND BALANCE - GEITERAL FUND, ETC.
OVER (UNDER) BU"GET ACTUAL BUDGET REVENUES AND TRANSFERS - (Forward) $2,793,205 $2,505,261 E(287,944) EXPENDITURES - (Forward).............. $2,338,543 $2,106,120 3(232,423) Libraries........................... 119,587 109,121 (10,466) Mental hygiene...................... 5,000 5,000 Support of civic and community organizations..................... 14,768 14,009 (759) Insurance and taxes................. 48,460 53,932 5,472 Motorized equipment and maintenance (net of inter-departmental revenue)............. 3,372 (22,194) (25,566) Debt service and administration (not including transfers to Public Improvement Revenus Certificate Sinking Fund for debt service requirements)........ 27,095 27,210 115 Retirement system and employee benefits.......................... 167,100 186,527 19,427 Other expenditures.................. 10,750 4,923 (5,827) Total expenditures.......... 2,734,675 2,484,648 (250,027) TRANSFERS TO OTHER FUNDS (Schedule 1): Public Improvement Revenue Certificate Sinking Fund.......... 46,530 28,852 (17,678)
- Potable Water Research and Development Fund.................. 12,000 12,000 Total transfers............. 58,530 40,852 (17,678)
Total expenditures and transfers........ $2,793,205 $2,525,500 8(267,705) REVENUES AND TRANSFERS UNDER EXPENDITURES AND TRANSFERS. . . . . . . . . . (20,239) FUND BALANCE, BEGINNING OF EAR. . . . . . . 33,083 FUND BALANCE, END OF EAR: Reserve for inventory $18,575 Other (deficit)...... (5,731) $ 12,844
-See notes to financial statements (Exhibit M).
(. 4 (Concluded) - 3.
~ ~ ~~ ~'
EXHIBIT C CITY OF LEESBURG_. FLORIDA
' GENERAL CAPITAL PROJECTS FUND STATSIEIT OF REVENUES, EXPENDITURES, TRANSFERS, AND FUND PAIAUCE YEAR ENDED SEPTEEER 30, 1974 REVENUES - Issuance of purchase money note payable..................................... $ 59,540 TRANSFER FROM FEDERAL REVENUE SHARING TRUST FUND. . . 143,494 TRANSFER FROM SPECIAL IMPROVEMENT FUND. . . . . . . . . . . . . 24,415 Total revenues and transfers.................. $227,449 EXPENDITURES:
Purchase of 1and................................. 83,955 Purchase of refuse and garbage collection vehicle........................................ 25,942 Tennis court construction........................ 20,949 Purchases of street repair equipment............. 2,006 Construction of fire substation.................. -92,206 Purchase of fire department furniture............ 2,391 Total expenditures............................ 227.449 EXCESS OF REVENUES AND TRANSFERS OVER EXPENDITURES AND FUND BAIANCE.............................. $ None See notes to financial statements (Exhibit M).
~.
4
EXHIBIT D CITY OF IEESBURG. FIDRIDA FEDERAL REVENUE SHARING TRUST FUND STATEMENT OF REVENUES, EXPENDITURES, TRANSFERS AND FUND BAIANCE YEAR ENDED SEPTEMBER 30, 1974 REVENUES: Federal revenue sharing allocations........................ $136,841 Interest................................................... 8.938 To tal reve nue s . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,779 TRANSFERS: To General Capital Projects Fund for capital expenditures as follows: Refuse and garbage collection vehicle purchases $ 25,942 Tennis court construction...................... 20,949 Street repair equipment purchases.............. 2,006 Construction of fire substation................ 92,206 Fire department furniture purchases............ 2,391 Total transfers to Capital Projects Fund............. 143,494 To General Fund for operating expenditures: e Police salaries and wages...................... 26,247 Street repairs................................. 5,900 Recreation and parks........................... 3,225 Fire department................................ 1,930 Traffic signal improvements.................... 1,921 Total transfers to General Fund..... 39,223
. To Utilities System Funds for sewage' treatment research and studies expenses.................. 28,841 To tal trans fe r s . . . . . . . . . . . . . . . . . . . . . . . . . . 211,558 EXPENDITURES - Miscellaneous................................. 704 Total transfers and expenditures.... 212,262 EXCESS OF EXPENDITURES OVER REVENUES......................... (66,483)
FUND PAIANCE, BEGINNING OF YEAR. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181.551 FUND BAIANCE , END OF YEAR . . . . . . . . . . . . . '. . . . . . . . . . . . . . . . . . . . . . . 3115.068 See notes to financial statements (Exhibit M). t
r.mumT E CITY OF LEESBURG. FLORIDA-PUBLIC IMPROVEMENT REVENUE CERTIFICATE SINKING FUND STATEbENT OF REVENUES, EXPENDITURES, TRANSFERS, AND FUND BAIANCE YEAR ENDED SEPTEMBER 30, 1974 REVENUES - Interest................................. $ 5,916 TRANSFERS FROM GENERAL FUND. . . . . . . . . . . . . . . . . . . . . . . . . 28,852 Total revenues and transfers . . . . . . . . . . 34.768 EXPENDITURES: Retirement of public improvement i revenue certificates............................ 25,000 Interest.......................................... 21,018 O t he r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 577 Total expenditures..................... 46.595
, REVENUES AND TRANSFERS (UNDER) EXPENDITURES......... (11,827)
FUND BALANCE, BEGINNING OF YEAR..................... 116.771 FUND BALANCE, END OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . $104.944 See notes to financial statements (Exhibit M) . t t
EKHIBIT F c . t f CITY OF IEESEURG. FIDRIDA POLICE PENSION FUND STATEMENT OF_ REVENUES, EXPENDITunt,S, AND FUND BALANCE YEAR ENDED SEPTEMBER 30. 1974 (NOTE 1) _ REVENUES: Contributions by t;he State of Florida. . . . . . . . . . . . . $ 11,065 Contributions by policemen........................ 16,640 Interest.......................................... 11.220 Total revenues................... . 38.925_ EXPENDITURES: Pensions paid..................................... 6,535 Refund of contributions to policemen. . . . . . . . . . . . . . 10,033 0 t he r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 858 Total expenditures............... 17.4?6 REVENUES OVER W ENDITURES.......................... 21,499
. FUND BALANCE, EEGINNING OF YEAR . . . . . . . . . . . . . . . . . . . . . 173.205 FUND BALANCE, END OF YEAR........................... $194.704 See notes to financial statements (Exhibit M).
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EXWTRTT G ( . CI'IY OF LEESBURG. FLORIDA POTABLE WATER RESEARCH AND DEVEIOPFENT FUND AND SPECIAL IMPROVELENT FUND STATEMENT OF REVENUES, TRANSFERS, AND FUND BALANCE YEAR ENDED SEPTEMBER 30. 1974 (NOTE 3) POTABLE WATER s RESEARCH SPECIAL
. AND IMPROVE =
EVELOPbENT FENT FUND FUND REVENUES - Interest.........;...................... $ 1,212 $ 9,713 ' TRANSFERS FROM GENERAL FUND........................ 12.000 Total revenues and transfers . . . . . . . . 13.212 9.713 TRANSFERS TO OTHER FUNDS: i Utilities System Funds (for water and ; sewage research and studies)................... 23,516 General Capital Projects Fund (for purchase of 1and).............................. 24.415 Total transfers to other funds. . . . . . 23.516 24.415 REVENUES AND TRANSFERS (UNDER) TRANSFERS........... (10,304) (14,702) FUND BALANCE, BEGINNING OF YEAR.................... 19,808 128.221 FUND BALANCE, END OF E AR.......................... 8 9.504 $113.519
.See notes to financial statements (Exhibit M).
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EDEBIT H
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( . t CITY OF LEESBURG. FLORIDA HERIDNG PARK PROJECT FUND STATEMENT OF TRANSFERS AND FUND BALANCE YEAR ENDED SEPTEMBER 30, 1974 (NOTE 1) FUND BALANCE, BEGINNING OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . $ 23
'lRANSFER TO GENERAL FUND. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 FUND BALANCE, END OF YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $None See notes to financial statements (Exhibit M).
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EXHIBIT I CITY OF IEESEURG FIDRIIM STATEE?TP OF GE! SAL FIXED ASSETS, SEPTE4EER 30. 1974 BAIANCE BAIANCE SEPTE4BE1 30, SEPTE4EER 30, 1973 AIDITIONS DISPOSAIS 1974 GENERAL FIXED ASSETS: Airport......................................... $ 29,319 $ 29,319 Bu11 dings....................................... 886,092 $ 92,206 978,298 IAnd............................................ 889,537 104,905 994,442 General hospital (Note 3): . IAnd.......................................... 31,430 31,430 Bu ll 1ng . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,142,774 2,142,774 Administrative equipment........................ 14,686 3,427 $ 1,440 16,673 Comunity building, library, and recreation Gqu1pment..................................... 60,658 7,022 696 66,984 Engineering equipment........................... 1,235 1,233 r ' ire department................................. 227,787 14,536 242,323 sffice equipment................................ 49,803 900 50,703l Parks department................................ 307,287 14,079 3,310 318,05@ Police department equipment . . . . . . . . . . . . . . . . . . . . . 106,882 16,333 8,038 115,17F Storm severa.................................... 226,267 6,470 232,737 Shop equ i pue nt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,715 610 3,329 Streets and sidewalks........................... 1,009,764 2,4 18 1,012,188 Streets and sanitary department................. 340,241 61,924 12,815 389,35@ 0ther........................................... 765 3 . 100 3,86% T0rAL. . . . . . . . . . . . . . . . . . . . . . . . . $ 6,327 . 2'
- 2 S327.930 $26,299 $6.628.879l INVESTMENT IN GENERAL FIXED ASSETS. . . . . . . . . . . . . . . . $6.327,242 3327,930 $26.299 36.628.87 See notes to financial statements (Exhibit M).
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' EXIIIBIT J -
CITY OF_IFFRBURG,_FII)RIQ UTILITIES SYSTH4 FUNDS COMBINED BAIANCE SHEe.T SEPTDEER 30, 1974 - - WILITIES WILITIES ' UFILITIES REVUJUE REVALUE REVHiUE WILITIES UFILITIES CHlTIFICATE CDlTIFICATE RBIEWAL AND SYSTD4 REVHiUE SINKING RESERVE REPIACDENT
-- ASSETS -- . TOPAL FUND FUND FUND FUND CURRENT ASSETS:
Cath....................................................... $ 174,546 $ 174,546 . Funds with fiscal agent (Note 1) . . . . . . . . . . . . . . . . . . . . . . . . . . . 238,362 $238,362 Ir. vestments (Note 1) (Schedule 2).......................... 997 997 R ceivables: Utility accounts (not of allowance for uncollectible accounts of $5,012).................................... 619,469 619,469 Other (net of allowance for uncollectible accounts 12,995 " d of $10,500)...........................'................. Inventory ( at average cos t) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 508,104 S g .e e , Total curren t asse ts . . . . . . . . . . . . . . . . . . . . . . . . . . 1,554,473 1,316dll 238,362 RESTRICTED ASSETS (Note 2): , C.th....................................................... 33 $ 10 $- 23 331,561 28,962 302,599 Investments (Note 1) (Schedule 2).......................... 1,134 1,134 Sanitary sewer assessments................................. Total restricted assets....................... 332,728 28,962 303,743 23 UfILITY PIANP IN SERVICE (at cost, net of accumulated depreciation of $3,389,478) (Notes 1 and 2)................ 9,064,751 9,064,751 TOTAL............................... $10,951,952 $10,380,862 $267,324 $303,743 $ 23
.(Continued) - 1.
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rXIIIBIT J CITY OF TREDURG, FIDRIDA COMBINED BATANCE LIEET - ITfILITIE SYSLi FUNDB. ETC. UTILITIES ITTILITIES ITTILITIES REVHfUE REVUiUE REVHiUE ITflLITIES IfflLITIES CERTIFICATE CH1TIFICATE- RENEWAL AND. LIABILITIES, SYSTH4 REVENUE SINKING RESERVE REPIACDENT
-- FUND BAIANCE, AND RETAINED EARNINGS -- TOTAL FUND- FUND FUNP FUND I
CURRD(f IJADILITIES: Utilities revenue certificates - current portion (Notes 1 and 2).......................................... $ 170,000 $ 170,000 , Mortcago notes payable - current portion (Note 2).......... . 3,000 $ 3,000 A counts payable........................................... 706,G49 706,G49 Accrued interest........................................... 68,362 68,362 Cu',tomers' deposits........................................ 114,008 lit 4,008 Due to other 1bnds......................................... 25,632 19,197 $6,435 Other current 11 abilities.................................. 4 5,3f S 45,368 Total current liabilities..................... 1,133,0L 888,222 238,362 's,435 DEFERRED R EVDIUE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,134 $ 1,13t. IDNG-TDlM DEUf - Amounts due after one year (Notes 1 a id 2): Utilities revenue certificates............................. 3,268,000 3,268,000 Mortgage notes payable...........,......................... 2,000 2,000 Total long-term debt.......................... 3,270,000 2,000 3,268,000 COFNITMDffS AND COfffINr1ENCIES (Notes 1, 2, 3, and 4) RETAINED FARNINGS (DEFICIT ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,547,799 9,t4 90,640 (3,239,038) 302,609 (6,412) TCTAL............................... $10,951,952_ jl0;300,862 $ 267,~324 $303,.743 $ 23 See notes to financial statements (Exhibit M). t _ . _ _ _ _ _ . _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ______ _ _ _ ______ _ _ _ _ _ (Concluded)-2.l
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i . EXHIBIT K CITLOP IMimG,_ FIDHITA 17f1LITIES SYSTD4 FUNIB STATDENT OP (X)MBINED REVDEJE AND EKFENSE AND REFAINED EfLRNINGS YEAR INDED SEPfH4BER 30,197te
. . . . . . . . . . . . . . . .(7FILITIES REVENUE PUND . . . . . . . . . . . . . . . . .
................ DEPARTMENTS................
SANITAIN IffILITIES 17FILITIE3 17f1LITIES SEWER, REVDiUE REVEhvE REVENUE (7fILITIES AND CERTIFICATE CERTIFICATE RENEWAL AND SYSTEM WASTE-WATER SINKING RESERVE REPLACEMBrf 1T7FAL 10TAL ELECTRIC GAS WATER TRFA1 MENT FUND PUND PUND - OPERATING REVDIUES (Note 2): . , Energy sales...................................... $5,094,926 $5,094,926 $4,lteo,865 $9%,061 Fuel adjus tment charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,2 % ,350 1,2 % ,350 1,2 % ,350 Water sales.. .................................... % 5,933 % 5,933 $257,956 $287,977 Industrial vaste treatment charges................ 57,983 57,983 57,983 O ther opera ting revenues . . . . . . . . . . . . . . . . . . . . . . . . . . 92,074 92,074 81.688 786 9,600 Total operating revenues . . . . . . . . . . . . . 7.0t4 5,266 7,045,266 5.476,903 9 % ,847 267,556 345,960 OFERATING EXPHISE3 (Exclusive of degreciation): Purchased energy ( Hote 1) . . . . . . . . . . . . . . . . . . . . . . . . . 4,136,720 4,136,720 2,018,3t9].567,78te 4 . Fuel adjustment charge............................ 1,550,587) Pumr1ng........................................... lie 3,759 143,759 47,8te 5 95,91t* Source o f aupply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,711 17,711 17,711 Wa ter guri ficat ion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . % ,197 W ,197 % ,197 Sevate treatment.................................. 90,066 90,066 90,066 Distribution operation............................ llel,651 1t1,651 4 37,262 62,356 42,033 Distribution maintenance.......................... 266,139 266,139 173,269 21,833 45,063 25.974 Customer account 1nd............................... 178,560 178,560 93,781 42,232 42, % 7 General and administrative . . . . . . . . . . . . . . . . . . . . . . . . 2 914,756 293,014 208,971 27,291 20,60Le 36,088 $ 1,092 $ 650 O ther operat ing expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 110,99te llo,93te 35,358 11,029 10,216 % ,391 Total operating expenses (exclusive of depreciation) . . . . . . . . 5 , 4 314,553 5,432,811 4,117,577 732,525 280,276 302,433 1,092 650 OPERATING INCOME (IDSS) BEFORE DEPRE:IATION......... 1,610,713 1,612,455 1,3S9,326 222,322 (12,720) 43,527 (1,092) (650) Less depreciation (Note 1).......................... 322,317 322,317 175,514 tes,102 56,022 45,679 OPERATING INCOME ( LD33) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,288,396 1,290,138 1,183,812 177,220 ( 68,7te 2 ) (2,152) OfHER INCOME (EXPENSE): Interest 1ncome................................... 48,817 23,620 23,620 9,te 28 15.769 O ther income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,867 31,186 16,782 3,174 10,89te 336 681 Interest expense.................................. (137,135L (410) (te10? J136,725? Other income (expense) - net. . . . . . . . . ( 56,te S1? % ,396 40.te02 3,174 10,894 ( 7te? L127,297? 16,450 NEP INCOME (IDSS) - (Forward) . . . . . . . . . . . . . . . . . . . . . . . $1,231,945 $1,3te4,53te {1,224,214 $180,39te $( 57,8te8) $ (2,226) $ (128,389) $ 15,800 (Continued) - 10
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'- .g RENT K CITY OF LEESEURG, FIDRIIA .
SEATMENF OF COMBINED REVENUE AND EKPENSE AE REFAINED EARNINGS - 17PILITIES SYSTEM P'MB
. . . . . . . . . . . . . . . .Iff1LITIES REVmUE PUND. . . . . . . . . . . . . . . . .
................ DEPARTMENTS................
SANITARY IffILITIES Iff1LITIES (frILITIES SEWER, REVmUE REV WUE REVENUE (ffILITIES AND CETIFICATE CERFIFICATE RENEMAI, AND SYSTEM WASTE-WATER SINKING RESERVE REPIACDENF TOTAL TOTAL ELECTRIC GAS WATER TREh19G2ff MJND MJND FUND NET IN(X)ME (IDSS) - (Forward) . . . . . . . . . . . . . . . . . . . . . . . $1,231,945 $1,3 tete ,53te $1,22te.214 $180,39+ $(57,848) $(2.226)) (128,389) $ 15,800 RETAINED EARNINGS, BEINNING OF YEAR: A3 prev iously reported . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,128,t+04 9,2t+1,773 (3,401,090) 287,709 8 12 Adjust.mont (Note 1)............................... 159,287 159,287 AI) re s ta ted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.287,691 9,L01,060 4 ( 3,te 01,090) 287.709 12 INTERFUND TRANSFERS: . From Federal Revenue Sharing Fund................. 28,8tel 28,8t41 From (To) Utilities System Funds - net. . . . . . . . . . . . (283,117) 290,tet4 1 (900) ( 6,te 2te) From Potable Water Research and Development Fund.. 23,516 23,516 To Genera l Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,02L+ ,194) l 1,02t* ,19* ) Total 11aterfbnd trans fers . . . . . . . . . . . . . . . '971,837) L 1,294,994 ) , 290.441 (900) (6.524) 4 REPAINED EARHINGS, MD OF YFAR . . . . . . . . . . . . . . . . . . . . . $6,9e7,799 $9,84 90,640 ((3.239.038) $302.609 $(6,412) See notes to financial statements (Exhibit M). e (Cancluded) - 2.
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EXHIBIT L l rs CITY OF LEESBURG, FIORIDA 1 I 1 UTIIlTIES SYSTEM FUNDS ! STATEMENT OF CHANGES IN COMBINED FINANCIAL POSITION YEAR ENDED SEPTEvdiER 30, 1974 , 1 l FUNDS PROVIDED BY: Net income.............................................. $1,231,945 Expense not requiring the outlay of working capital - Depreciation................................ 322.317 Total from operations . . . . . . . . . . . . . . . . . . . . . . 1,554,262 Decrease in restricted assets........................... 3,966 Transfers from other funds.............................. 52,357 l Decrease in working capital............................. 277,133 0ther................................................... 7,625 T0IAL............................ $1,895,343 FUNDS APPLTFD TO: Additions to utility plant (net of minor disposals)..... $ 687,220 Reduction of long-term debt............................. 173,000 Transfers to other funds................................ 1,024,194 Decrease in deferred revenue............................ 10,929 T0IAL............................ $1,895,343 INCREASE (DECREASE) IN WORKING' CAPITAL:
. Current assets:
Cash.................................................. $ 103,271 Funds with fiscal agent............................... 1,653 Investments........................................... (55,162) Receivables........................................... 286,864 Inventory............................................. (22,299) Other current assets.................................. (3,467) Current liabilities: Current portion of utilities revenue certificates and mortgage notes payable.......................... (4,000)
- - A c c o un t s payab le . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (582,404)
Accrued interest...................................... 3,347 Customers' deposits................................... (16,927) Due to other funds.................................... (9,270) Other current 11 abilities............................. 21.261 T0TA L. . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (277.133) 1 ( See notes to financial statements (Exhibit M).
EXHIBIT M CITY OF IEESBURG. FLORIDA ( NOTES TO COMBINED FINANCIAL STATEMENTS SEPTEMBER 30, 197t+
- 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The accrual basis of accounting is followed for the
, Utilities System Funds. All other funds generally follow the modi-fled accrual basis. Real and personal property tax revenues and state revenue sharing revenues are recorded in the General Fund on the cash basis.
Financial Reporting
.The accounts of the Potable Water Research and Development Fund are recorded in the General Fund under the City's accounting system. In addition, certain long-term debt and the related amounts to be provided are recorded in part in the General Fund and in part in the Public Improvement Sinking Fund. For financial statement purposes, in order to conform to generally accepted accounting prin-ciples, the Potable Water Research and Development Fund is reported
( as a separate fund, and all long-term debt (other than that relating to the Utilities System Funds) and related accounts are reported in the General Long-term Debt group of accounts. Investments
. Investments consist primarily of time deposits, savings accounts, and U. S. Government obligations, and are generally carried at cost, adjusted for amortization of premiums and accretion of discounts.
Funds with Fiscal Agent A portion of utility revenue certificates mature annually on October 1. In addition, an interest payment is due on that date. The City normally transfers funds to its paying agent to meet these requirements prior to the date due. Such transfered funds are re-corded as funds with fiscal agents as of September 30, and the related utilities revenue certificates outstanding and accrued interest payable are not recorded as being paid until October 1 following. Utility Plant in Service It is the policy of the City to amortize the cost of depreciable utility plant in service .over the estimated service (Continued) - 1.
EXHIBIT M CITY OF LEESBURG, FLORIDA NOTES TO COMBINED FINANCIAL STATEMENTS. ETC. A. lives on the straight-line method. The cost of the major classes of utility plant and the depreciation rates used are as follows: Cost Rate Land............................ 8 71,369 Bu11 dings....................... 115,303 2% to 5% Electric distribution system.... 4,868,984 3%
-Gas distribution system......... 1,402,095 2-1/2% to 3%
. Waterworks improvements......... 1,390,913 2%
Street mains.................... 1,389,755 1% Wells, pumps, and tanks......... 164,743 2% Sanitary sewers................. 1,369,270 2% Sewage-disposal expansion plant. 950,319 2% Vehicles and equipment.......... 687,582 5% to 20% 0ther........................... 43.896 0% to 50% Total.............. 812.454.229
-General Fixed Assets Depreciation is not recorded on the General Fixed Assets Group of accounts.
7 Pension Plans The City has a pension plan covering all of its employees (including policemen, who are also covered by the Police Pension Fund)l who are over age eighteen and have in excess of one year of continu-ous employment. The City's policy is to fund pension cost of annuity
. contracts, which for the year ended September 30, 1974 was $130,721 (including employee contributions of $42,671 and State contributions of $10,257) . The expense, including normal cost and amortization of i
prior service cost over a period of 25 years, for the plan is charged to the General Fund ($56,550) and the Utilities Revenue Fund ($21,243). Effective October 1,1974, the pension plan was amended and employee _ contributions are no longer required.
- The Police Pension Fund was established to invest the con-tributions for the pension plan covering all full-time policemen employed by the City. At the date of the last valuation (December 31,1973), the assets in the fund exceeded the actuarially computed value of the vested benefits.
l Herlonn Park Project Fund This fund was closed during the year ended September 30, 1974 and all remaining assets were transferred to the General Fund. (Continued) - 2. i . . ;; . . ._ . '
' - i EXHIBIT M CITT OF LEESBURG, FIDRIDA l NOTES TO COMBINED FINANCIAL STATEMENTS: ETC. !
c. Prior Period Adjustment Since October 25, 1972, the City had been expensing and paying Florida Power Corporation an approximate 330% electric rate increase although the increase had not been approved by regulatory authorities. On August 30, 1974, the Federal Power Commission approved a settlement at a rate less than that which had been expensed and paid by the City. As a result, during October 1974, the City was allowed a $317,693 credit representing excess payments for the period from October 25, 1972 to August 30, 1974. -An addi-tional credit of approximately $17,500 is anticipated for excess payments during the month of September 1974. These credits have been accrued as of September 30, 1974 and the amount of the credits i applicable to periods prior to September 30, 1973, $159,287 (including $136,079 applicable to the nine months ended September 30, 1973)s have been treated as a prior period adjustment in the accom-panying financial statements.
- 2. 10NG-TERM DEBT Under the terms of the public improvemnt revenue certifi-cate and utilities revenue certificate debt agreements, the City is required to transfer amounts to reserve accounts based upon subsequent debt service requirements. Such reserve accounts are restricted until the related debt is retired. At September 30, 1974, the reserve accounts were fully funded.
In addition, the utilities debt agreements provide that
, amounts equal to 5% of the annual gross revenues of the utilities system shall be used for the purpose of paying the cost of extensions, improvements, additions to, or replacement of capital assets of the utilities system.
Long-term debt bears interest and is collateralized as follows: , (See following page.) L (Continued) - 3.
- EXHIBIT M CITY OF IEESBURG, FLORIDA NOTES TO COMBIUED FINANCIAL STATEMEITTS. ETC.
- c. .
,' Interest Collateral Rate Pledged Utilities revenue certifi-
cates (final maturity 2.75% to Utilities System 1991)..................... 6% Revenues. Approximately 68% of Public improvements revenue certificates (final 3.75% to State revenue maturity 1989)............ 4.2% sharing allocations. i- Mortgage notes and other
- notes payable - General Certain real estate Long-Term Debt (final recorded in general maturity 2002)............ 3% to 6% fixed assets.
Mortgage notes and other notes payable - Utilities System Funds (final Land with a cost of maturity 1977)............ 4% to 5% $44,500 Maturities are as follows: (See following page.) a 1 l l 1 l 1 (Continued) - 4. i
i s EXHIBIT M _ CITY OF LEESBURG, FIDRII1 - letyfES To COMBINED FINANCIAL STATDtENTS, EPC.
. . . General Long-term Debt. . . .
Public Improve- .... Utilities System Funds.... ment Mortgage General Utilities MortE; age Fiscal Year Revenue Notes and Long-term Revenue Notes and Utilities Ending Certifi- Notes Debt Certifi- Notes System September 30 cates Payable Total cates Payable Total Total 1975.................. $ 25,000 $ 33,108 $ 58,108 $ 170,000 $3,000 $ 173,000 $ 231,108 1976.................. 25,000 28,109 53,109 170,000 1,000 171,000 224,109 1977.................. 25,000 28,108 33,108 175,000 1,000 176,000 *229,108 1978.................. 30,000 26,253 56,253 185,000 185,000 241,253 1979.................. 30,000 12,908 42,908 185,000 165,000 227,908 Thereafter................ 370.000 24,000 394,000 2.553.000 2,553,000 2.947.000 Total........... $505 'j00 $152,486 $657,486 $3,438,000 $5,000 $3,443,000 $4,100,486 (Continued) - 5. 4 4 % . 4
EXHIBIT M CITY .0F LEESBURG, FIDRIDA NOTES TO COMBINED FINANCIAL STATEMENTS. ETC.
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L 3. COMMIDIENTS AND CONTINGENCIES Assets of the Potable Water Research and Development Fund and Special Improvement Fund have been restricted by the City Commission for water research and certain recreational purposes, respectively. Under various pollution standards, the City is required to develop certain pollution control facilities. At September 30, 1974, studies were being made for construction of a second sewage disposal plant and other pollution control facilities.. General hospital assets recorded in the general fixed assets group of accounts are leased to Leesburg General Hospital at a nond.nal rental.
- 4. SUBSEQUENT EVENT Subsequent to September 30, 1974, the City Commission approved an ordinance authorizing the issuance of an additional
$2,000,0.00 of utilities revenue certificates. , ,( .
(Concluded) - 6.
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SCIEIRE2 1~ CITY OF JWJURG,_FIDRITA GDS.RAL IUND SCIGDULE OF IUDGETED AND ACIUAL EXPENDITURES AND TfwCFERS TO Or!DR FUNDS N CATIDOM YEAR mDED SEPTFMBm 30, 1974
. . . . . . . . . . . . .T0TAL . . . . . . . . . . . . . . . .. . .SAIARLE3 AND WAGES. . . . . . . 0TIGR NONCAPITAL OUTIM3. . . . . . . . CAPITAL OUTIMS. . . . . .
OVm OVE OVG OVm (UNDER) . (UNDER) (UNDER) . (UNDER)~ HJDGW ACTUAL EUDGET IUDGl?F ACNAL IUDGPP IUIMF ACTUAL' IUDGer IUDGW ACTUAL WDGiff EKPENDITURES: C i ty comi s s i on . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,478 $ 14.449 $ (2,029) $ 6,150 $ 6.185 $ 35 $ 10,328 $ 8,264 $(2,00. City sanager............................ 33,757 26,201 (7,556) 26,182 20,680 (5,502) 6,975 5,521 (1,45te $ 600 $- (600) Municipal court......................... 15,069 11,713 (3,356) 14,519 11,te96 (3,023) 550 217 (333 Elections............................... 860 938 78 570 570 290 368 78 City clerk and auditor.................. 49,111 .47,609 (1,502 40,07ie . 40,iel3 339 7,937 7,196 (741) 1,100 '(1,100). City attorney........................... 19,395 16,178 (3,217 16,320 13,909 ( 2,te11[ 2,175 2,269 94 900' (900) Public de fender . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 2,888 (112 3,000 2,888 (112 l Accounting.............................. 31.488 25,793 (5,695 26,663 22,690 (3,973l l 2,950 2,203 (747) 1,875 $ 900 (975) Boards and com1ssions . . . . . . . . . . . . . . . . . . 3,560 5,012 1,4 52 2,000 54 0 (1,460j 1.560 4,8724 2,912' Public re la t ions . . . . . . . . . . . . . . . . . . . . . . . . 5,775 1.796 (3,979) 5,775 1,796 (3,979) Ergineering............................. 9te ,te 33 8te,791 (9,692) 09,059 80,161 (8,898) 5,065 4,630 (435) 309 * (309) Municipal tu11 ding. . . . . . . . . . . . . . . . . . . . . . 18,570 20,202 1,632 7, 570 8,150 580 11,000 12,052 1,052 Switchboard.............. .............. 8,567 9,827 1.260 4,067 te,121 5 54 4,500 5,706 1,206 Purchasing degurtment................... 40,721 32,952 (7,769) 35,552 28,917 (6,635) 5,169 te,035 (1,13ie) License inspector....................... 3,278 3,470 192 2,628 2,963 160 se 50 te82 32 Planning department..................... 2te ,05te 17,757 (6,297) 15,te49 15.523 74 8,520 2,2 34 (6,286 85 .(851' Police depar tment . . . . . . . . . . . . . . . . . . . . . . . 42te,985 426,658 1,673 323,310 Jtel,878 18,568 71,275 69,985 Ll.290 30,400 14,795 (15.605h City ja11............................... 16,276 14,665 (1,611 6,626 9,219 2,593 9,150 5,163 (3,987 500 203 f217h Fire dernrtment......................... 214.408 215,63te (774 178,310 173,863 (4,447? .74,073 38,126 4,053 4,025 3,045 (380h Rescue se rv 1ce . . . . . . . . . . . . . . . . . . . . . . . . . . IL.,uda 112.512 (1,376 88,05te 82,951 (5,103J 17,lteo 21,061 3,921 8,69e 8,500 (194J I m pec t 1ons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2te ,2 tete Ite ,050 (10,194 16,380 8,467 (7,913J 4,te36 2,155 (2,281) 3,428 3,428 Tr fric contro1......................... 25,610 16,993 (8,617) 10,950 9,686 L1,26tell 13,460 6,052 (7,408 l 1,200 1.255 55 An imal cont ro1. . . . . . . . . . . . . . . . . . . . . . . . . . 7,753 8,04te 291 5,953 6,405 452 1,800 1,633 (161) Street 11ghting......................... 52,500 58,3t+ 3 5,8te3 52,500 58,343 5,8te3 Public health and welfare . . . . . . . . . . . . . . . 1,989 1,991 2 1,989 1,991 2 Public works orrice..................... 36,937 37,lte3 296 30,118 31,086 968 6,669 6,057 (612) 150 (150)~ 'k Street unintenance . . . . . . . . . . . . . . . . . . . . . . 90,706 92,90F 2.198 30,000 29,432 (5681 60,706 63,472 2,766 Renase and garbage collec tion . . . . . . . . . . . 320,535 31te,082 (6.453) 22te,673 200,Le88 ( 2te ,185) 78,132 79,617 1,485 17,730 33,977 '16,247 S treet cleaning . . . . . . . . . . . . . . . . . . . . . . . . . 25,609 254 ,312 (1,297,1 13,14 e 12,232 (912p 12,465 12,080 (365) Parks arvi canals . . . . . . . . . . . . . . . . . . . . . . . . 195,591 173,738 (21,853) 131,371 11t*,560 (16,811J 51,390 te r ,472 (3,968) 12,830 11,756 (1,074) Stora drainage maintenance and construction.......................... 7,700 3,H31 (3,869) 3,000 3,268 268 4,700 563 (te ,137) A1rport................................. 28,512 63.000 3i4 488 16,689 15,118 (1,571) 11,823 47,882 36,059 Cemeteries.............................. 3,100 2,944 (156) 3,100 2,9 tete (156) Public works and other projecta......... 167,167 30.845 (136,322) 16,290 16,290 167,167 154,555 (152,612) (PORWARD)..................... $2,127,626 $1,933,265' $(195e,361) $1,368,581 $1,297,88te $(70,697) $5G8,052 $ *Ste2,287 $34,235 $250,993 $ 93,094 $(157,899) (Continued) - 1.
Y F
)
SCHEUIR 1 CITY OF LEElf0RG, F1DRIIA SCHHU12 OF LUDGE.TED AND ACWAL EXPHeDIWRES AND TRANSFERS 10 OrrHER FUNDS IV CATIUORY - CDlIRAL PUND
. . . . . . . . . . . . . TOTAL . . . . . . . . . . . . . . . . . .SAIARIES AND WAGES . . . . . . . .OTIER NONCAPITAL GJTIAYS. . . . . . . . CAPITAL OLITIAYS. . . . . .
OVER OVER . OVER OVER (UNDER) (UNDER) (UNDER) (UNDHI) BKCET ACWAL IUDGET IUDGET ACWAL TUDGET EUDGET ACTUAL IUDGET IUDGET ACTUAL EUDGET EEPE21DIWRES - (Forward) . . . . . . . . . . . . . . . . . . $2,127,626 $1,933,265 $(19e,361) $1,368,581 $1,297,884 $(70,697) 4508.652 $ 542,287 $34,235 $250,993 $ 93,0% $(151,899) Maintenance - public building ani
. facilities............................ 5,975 4,526 (1,449) 1,875 2,711 836 4,100 1,815 (2,285)
Recreation.............................. 109,976 91,968 (18,000) 47,688 42,059 (5,629 57,504 49,909 (7,595) 4,78t4 -(4,784) Conmunity building...................... 39,940 41,629 1,689 20,703 17,232 (3,471p] .18,956 19,955 999 281 4,442 4.161-Swlaming p001s.......................... 55,026 'Pe ,732 (20,29e) 20,950 14,937 L6,013 1 30,076 19,795 (10.281) ae ,000 (4,000) Libraries............................... 119,587 109,121 (10,te66) 68,787 71,32te 2,537 46,325 35,218 (11,107) 4,475 2,579 (1,8%) Mental hygiene.......... ............... 5,000 5,000 5,000 5,000 Support of civic an1 consnunity organizations......................... Ite ,768 lie,009 (759) 14,768 14,009 (759) Insurance arkt taxes . . . . . . . . . . . . . . . . . . . . . 48,460 53,932 5,te 72 48,460 53,932 5,472 Motorized equipment and mintenance..... 121,469 137,371 15,902 54,853 48,986 (5,867) 62,43te 88,020 25,586 4,182 365 (3,817) ' Debt service and administration (not , including transfers to Public . Improvement Revenue Certificate Sinking Funi for debt service requirements)......................... 27,095 27,210 115 27,095 27,210 115 Ritirement system and employee benefits. 167,100 186,527 19,8274 167,100 186,527 19,427 Othe r expendi tures . . . . . . . . . . . . . . . . . . . . . . 10,750 4,923 (5,827) 5,250 (5,2501 5,500 te,923 (577) Tota 1........................... 2,852,772 2,6Ye,213 (208,559) 1,588,687 1,495,133 (93,554? 995,370 1,048,600 53,230 268,715 100,480 (168,235) I C O expenditures charged to other departments - motorized equipment and maintenance....................... 118,097 159,565 (41,468 118,097 159,565 (tel,t+68) Total expenditures . . . . . . . . . 2,734,675 2,48te ,648 (250,027 - 1,588,687 1,495,133 ( 93,55ie ) 877.273 889,035 11,762 268,715 100,480 (168,235)s TRANSPERS TO OrlER PUNIX3: 4 Public Improvement Revenue certificate 0 Sinking Fund.......................... 46,530 28,852 (17,678) te6,530 28,852 (17,678) 1 Potable Water Research an! Development Fund.................................. 12,000 12,000 12,000 12,000 - Total transrers............ 58,530 40,852 (17,678) 58,530 40,852 0 7,678) 5 1
'ITTIAL EXPENDIWRES AND i TRANSFERS...........
$2,793,205 $2,525,500 $(267,705) $1,588,687 $1,495,133 $(93,55te) $935,803 $ 929,887$(5,916)$268,715$100,t+80_8(168,23 Q
r (Concluded) - 2. [ 6
/,
em 7) SCIE.IllE 2 CITY OF IEESBURG, FIDRIDA INVES'INENTS - AIL FUNDS, SEPTD(BMt 30, 1974 FISCAL YEAR MATURITY MARKET IfffEREST VAIRE RATE MATURING BASIS VAIDE
-- IESCRIPTION OF INVmlT4ENTS --
1975 $123,000 $123,000 $123,000 FEIIRAL REVENUE-SIIARING TRUST FUND - Time deposits.. ... .... 9.50% PUBLIC IMPROVD4Efff REVENUE CERTIFICATE SINKING FUND: 1975 $ 84,158 8 84,158 8 84,158 Time deposits............................................ 6% to 10.875% 9,832 10,000 9,832-8.05% 1975 U. 3. Treasury bil1s..................................... 9,843 10,000 9,843 8.17% 1975
' U. S . Tre as u ry b 111s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total public improvement revenue $103,833 $104,158 $103,833 certificate sinking fund..................................................... POLICE PENSION FUND: 1975 $165,107 $165,107 $165,107 Time deposits............................................ 6% to 11.25% 14 1 141 5.25% 1975 14 1 Savings deposits......................................... 1978 8,000 8,000 7,580 U. S. Treasury notes..................................... 6.25% 16,000 15,855 5.75% 1975 16,000 U. S. Treasury notes..................................... 4,000 4,000 3,722 6.25% 1979 U. 3. Treasury notes.....................................
$193,248 $193,248 $192,405 Total police pension fund......................................................
1975 $112,022 $112,022 $112,022-SPECIAL IMPROVEMETTP FUND - Time deposits. . . . . . . . . . . . . . . . . . . 10% to 10.875% P0frA31E WATER RESFARCil AND IEVEiDPMENT FUND: 1975 $ 8,290 $ 8,290 $ 8,290 Savings deposits......................................... 10.875% 1,214 1,214-1975 1,214 Time deposits............................................ 5.25% Total potable water.research and ' $ 9,504 $ 9,504 $ 9,504 development fund............................................................. 1975 $ 997 $ 997 $ 997 UFILITIE3 REVHIUE FUIID - Savings deposits . . . . . . . . . . . . . . . . . . 5.25% 1975 28,96.? 28,962 28,962 UTILITIES REVENUE CHlTIFICATE SINKING FUND - Time deposits. 10.875% IF;ILITIES REVHIUE CERTIFICATE RESERVE FUND: 178,534 178,534 1975 178,534 T ime de pos its . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. 5% to 10 . 8 7 5% 1975 188 188 188 Savings deposits......................................... 5.25% 19,891 1975 19,891 20,000 U . S . T rea sury bi11 s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.74% 39,050' 1978/1983 53,200 55,000 U. S. Trear2ry bonds..................................... 3.25% 17,851 1975 17,998 18,000 U . S . Treusary bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.875% 28,920 1985 32,708 40,000 U. S. Treasury bonds..................................... 4.25% 302,599- 311,722 284,434 Total utilities revenue certificate reserve fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$332,558 $341,681 $314,393 Total utilitie s system funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
SCHEDDIE 3 t . A CITY OF IEESBURG, FLORIDA UTILITIES REVENUE FUND SCHEDUIE OF BUDGETED AND ACTUAL OPERATING REVENUES YEAR ENDED SEPTEMBER 30. 1974 OVER
. (UNDER)
BUDGET ACTUAL BUDGET EIECTRIC DEPARTMENT: Energy sales: D-1 rates...................... $2,186,000 $1,921,742 $(264,258) C-1 rates..................... 1,524,000 1,306,649 (217,351) P-1 rates..................... 202,000 246,187 44,187 P-2 rates..................... 455,000 348,669 (106,331} Area lighting rates........... 104,000 101,746 (2,254) G-1 rates..................... 172,000 196,002 24,002 Penalties..................... 16,000 19.870 3.870 Total energy sales.......... 4,659,000 4.140, S ti5 ( S18.135) Fuel adj ustment charge. . . . . . . . . . 1,254,350 1.254.350 Other operating revenues: Pole rental................... 20,000 25,747 5,747 Transformer rental............ 25,000 27,068 2,068 Service charge................ 12,000 8,449 (3,551)
. Miscellaneous................. 35,000 20,424 (14,576)
Total other operating revenues.................. 92,000 81,688 ( 10,3 12) Total electric department........... 4,751,000 5,476,903 725.903 GAS DEPARTMENT: Energy sales: Residential................... 519,245 403,456 (115,789) Commercial.................... 106,993 63,984 (43,009) Interruptible: Coca Cola Company........... 725,140 444,602 (280,538) Others...................... 36,528 33,245 (3,283) Penalties..................... 6.000 8.774 2.774 Total energy sales. . . . . . . . . . 1..nu 1ou my. col ( o " u% ) Other operating revenues - service charges............... 1,000 786 (214)
~ Total gas department... '1,394.906 954.847 ( 440 . 0 ',9 )
(Continued) - 1.
O SCHEDU E 3 CITY OF EESBURG, FIORIDA t SCHEDUE OF BUDGETED AND ACTUAL OPERATING - REVENUES - UTILITIES REVENUE FUUD, ETC. OVER
. . (UNDER)
BUDGET ACTUAL BUDGET WATER DEPART:EIT: Water sales: Residential................... $ 404,100 $ 335,283 $ (68,817) Commercial and industrial..... 236,000 159,345 (76,655) Municipal water sales......... 36,900 39,545 2,645 Penalties..................... 7,787 8,774 987. Sprinkler. service............. . 3,900 2,986 (914) Tota 1....................... 688,687 545,933 (142,754) Iess revenues transferred to vaste-water treatment and sanitary sewer departments.. 289,674 287,977 (1,697) Total water sales........... 399,013 257,956 (141,057) Other operating revenues - fire. hydrant rental................ 13,600 9,600 (4,000) Total water department. 412,613 267,556 (145,057) WASTE-WATER TREATMENT AND SANITARY ' SEWER DEPARTIENTS: Revenues transferred from water department.............. 289,674 287,977 (1,697) Industrial waste treatment charges: Coca Cola Company............. 40,800 56,683 15,883 City of W11dwood.............. 1,200 1,300 100 ) Total industrial vaste treatment charges......... 42,000 57,983 15,983 Total waste-water treat-ment and sanitary sewer lepartments.... 331.674 345,960 14.286 TOTAL. . . . . . . . . . . . . S6,890,193 57,045,266 3 155.073 (. (Concluded) - 2.
t, .
) '
SCHEINIE 4 CITY OP IFFSRRO, FIDRIDA 17PILITIES REVENUE FUND SCHEDUIE OF BUDGETED AND ACWAL OE1 RATING MPI2423 (EXCIDSIVE OF EPRECIATION) YEAR EfED SEPTENffR 3n,1974 WASTE-WATER 1REA1ME2ff - SANITARY SWER
. . . . . . . . . . 70rA L. . . . . . . . . . . . . .EIECTRIC IEPAR1 MENT. . . . . . . . GAS EPARTMENT. . . . . . . . . WATER EPAR1 MENT. . . . . . . . . . EPAR1MEfff. . . . . . . . . . EPAR1ME2tT. . . . .
DVER 'OVER OVER . OVm OVm 008 (unam) (urus) (unIra) (uwIma) .(untra) (unma) BUDGET ACIUAL BUDGET WDGET ACWAL BUDGET BUIEET AC1UAL BUDGET BUDGET AC1UAL WDGET - BUIEET AC1UAL BUDGET BUTET AC1UAL KJIGT Purchased energy: Normal rate charge... $3118969 2586133 (532836) 2200000 2018349 (181651) 918969 567784 (351185) ' Puel adjust-sent charge... 1550587 1550587 '1550587 1550587 Pumping...... IlE944 ' 143759
- 24915 46210 47845 1635 26644 23138 (3506)45990 '72776 26786 Source of tupply..... 1/357 17711 354 17357 17711 354 s Witer purifi- .
cation..... 52316 54197 1881
- 52316 54197 1881 Sevage treatment.. 101039 90066 (10973) 101039 90066(10973)
Distribution operation.. 165172 191651 (23521) 63100 37262 (25838) 54082 62356 8274 47990 42033 (5957) Distribution i maintenance 369360 266139 (103221) 240000 173269 (66731) 33020 21833 (11187) 69083 45063 (24020) 27257 25974 (1283) Cuxtomer Eccounting. 196876 178560 (18316) 105854 93781 (12073) 45512 42232 (3280) 45510 42547 (2963) General and adminta-trative.... 333029 293014 -(40015) 261625 200971 (52654) 22745 27291 4546 21190 20664 (526) 14471 20484 6013 12998 15604 2(46 Other opera-ting
.6xpenses... 52720 110994 58274 41000 35350 (5642) 11720 11029 (691) 10216 10216 54391 54391 117FAL..... $4525682 5432811 907129 2911579 4117577 1205998 1086048 732525 (353523) 299656 280276 (19380) 142154 188}}