HomeMy WebLinkAbout1998-06-08 City Council (31)TO:
City of Palo Alto
City Manager’s Report
HONORABLE CITY COUNCIL 9
FROM:CITY MANAGER DEPARTMENT:UTILITIES
AGENDA DATE:JUNE 8, 1998 CMR:265:98
AMENDMENT TO AN AGREEMENT BETWEEN THE CITY
OF PALO ALTO AND THE CITY OF ROSEVILLE TO
EQUALIZE SAVINGS DUE TO THE RESTRUCTURING OF
THE CALAVERAS HYDROELECTRIC PROJECT
REPORT IN BRIEF
In June 1991, the City of Palo Alto laid off a portion of its entitlement in the Calaveras
project to the City of Roseville until the year 2005. The price of the lay-offwas based on
the project’s current debt service obligation. In June 1998, the Northern California Power
Agency (NCPA), the Calaveras project owner, is planning to refinance approximately
$370 million of the project bonds to take advantage of the current lower interest rates.
The refinancing will upset the balance of burden and benefits of the lay-off agreement
between Palo Alto and Roseville. This amendment is to ensure that that balance is
maintained without reducing the benefit of refinancing the project bonds.
CMR:265:98 Page 1 of 3
RECOMMENDATIONS
Staff recommends that the City Council approve an Amendment to the Agreement
between the Cities of Palo Alto and Roseville for the Assignment of Capacity in the
North Fork Stanislaus River Hydroelectric Development Project and other Electric
Resources subject to nonsubstantive changes that may be added upon fmal rexdew by
Roseville.
BACKGROUND
In September 1982, Palo Alto and other members of NCPA agreed to construct the
Calaveras Hydroelectric Project (Project). At that time, Palo Alto’s entitlement share in
the Project was 22.92 percent. On June 14, 1991, Palo Alto laid off6.52 percent of the
Project to Roseville through the year 2004, thereby reducing its entitlement share to 16.4
percent for that period (CMR: 155:91). In mid 1997, NCPA members began discussing the
possibility of refmancing up to $370 million of the project debt to take advantage of the
lower prevailing interest rates. NCPA members are leaning towards refmancing options
that will reduce the debt service payment in the near term and increase it in later years to
improve the members’ competitive positions in the new deregulated energy markets.
DISCUSSION
The June 1991 lay-off agreement between Palo Alto and Roseville specified that
Roseville would pay Palo Alto for 100 percent of the operating and maintenance costs
and a fraction of the debt service associated with the transferred share. That fraction
increased from 50 percent in 1991, by 5 percent increments per year until 2001, when the
percentage reaches 100 percent. For 2001 and until the contract expires at the end of
2004, the percentage remains at 100 percent.
Since some of the bonds used to finance the Project, approximately $370 million worth,
are now callable, NCPA proposes to refmance these bonds. The proposed restructuring
will result in savings in net debt service for Palo Alto of approximately $17.2 million in
present value terms.
The restrucatfing of the debt will lower the Project debt service until the end of 2004, but
slightly increase it after 2004. This temporal restructuring results in a "windfall" to
Roseville since the period of the lay-off is coincident with the period of lowered Project
debt service. The recommended amendment to the lay-off agreement between Roseville
and Palo Alto returns the "windfall" that Roseville receives due to the proposed
restructuring to Palo Alto. The "windfall" due to the restructuring is approximately $2.7
million.
CMR:265:98 Page 2 of 3
RESOURCE IMPACT
IfNCPA proceeds with refmancing the Calaveras bonds approval of the proposed
amendment will provide Palo Alto with its fair share of the savings from the refmancing
by collecting approximately $2.7 million from the City of Roseville during the next 7
years.
POLICY IMPLICATIONS
Staff recommendations are consistent with existing City policies. On May 28, 1998, the
NCPA Commission approved the refmancing that NCPA proposed.
TIME LINE
The Calaveras hydroelectric debt restructuring is scheduled for July or August of 1998.
This Amendment must be in place prior to the day refinancing is executed.
ENVIRONMENTAL REVIEW
This program does not constitute a project for the purposes of the California
Environmental Quality Act.
ATTACHMENTS
Attachment 1:Amendment No. One to Agreement between the Cities of Palo Alto
and Roseville
PREPARED BY:Jane Ratchye, Senior Resource Planner
Tom Habashi, Assistant Director of Utilities
DEPARTMENT HEAD APPROVAL:
Dire~ of Utilities
CITY MANAGER APPROVAL:
HARRISON
Assistant City Manager
CMR:265:98 Page 3 of 3
AMENDMENT NO. ONE TO AGREEMENT
BETWEEN THE CITIES OF PALO ALTO AND ROSEVILLE
This Amendment No. One toAgreement (~Amendment") is
entered into , by and between the CITY OF PALO
ALTO, a chartered city and a municipal corporation of the State of
California (~Palo Alto"), and the CITY OF ROSEVILLE, a chartered
city and a municipal corporation of the State of California
.("Roseville") (collectively, the ~Parties").
R E C I T A L S:+
WHEREAS, the parties, who are members of the Northern
California Power Agency ("NCPA")~, entered into a contract entitled
~AGREEMENT FOR CONSTRUCTION, OPERATIONAND FINANCING OF THE NORTH
FORK STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT PROJECT, DATED AS
OF SEPTEMBER i, 1982, BY AND AMONG THE NORTHERN CALIFORNIA POWER
AGENCY AND THE CITIES OF ALAMEDA, BIGGS, GRIDLEY, HEALDSBURG, LODI,
LOMPOC, PALO ALTO, REDDING, ROSEVILLE, SANTA CLARA, UKIA!£, AND THE
PLUMAS-SIERRA RURAL ELECTRIC COOPERATIVE" (~Third Phase Calaveras
Agreement"), whereby NCPA agreed to construct with tax-exempt
financing the Northern Fork Stanislaus River Hydroelectric
Development Project ("Project");
WHEREAS, the parties entered into acontract entitled
~AGREEMENT FOR SALE OF SURPLUS CAPACITY AND ENERGY OF THE NORTH
FORK STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT PROJECT, DATED AS
OF FEBRUARY i, 1985, BY AND AMONG THE NORTHERN CALIFORNIA POWER
AGENCY AND THE CITIES OF ALAMEDA, BIGGS, GRIDLEY, HEALDSBURG, LODI,
LOMPOC, PALO ALTO, ROSEVILLE, SANTA CLARA, UKIAH, AND THE PLUMAS-
SIERRA RURAL ELECTRIC COOPERATIVE" (~Surplus Capacity Agreement"),
whereby the Parties and other parties agreedto the sale of surplus
capacity and energy of the Project;
WHEREAS, on or about June 14, 1991, the Parties entered
into a contract entitled ~AGREEMENT BETWEEN THE CITIES OF PALo ALTO
AND ROSEVILLE FOR THE ASSIGNMENT OF CAPACITY IN THE NORTH FORK
STANISLAUS RIVER HYDROELECTRIC DEVELOPMENT PROJECT AND OTHER
ELECTRIC RESOURCES" (~Agreement"), whereby Palo Alto assigned to
Roseville, and Roseville accepted from Palo Alto, a portion of Palo
Alto’s Project Entitlement~Percentage in the Project;
WHEREAS, NCPA proposes to restructure the debt service
schedules for its bonds which financed the construction of two
construction projects, including the Project, with its Northern
California Power Agency Hydroelectric Project Number One Revenue
bonds, 1998 Refunding Series A bond~and the Northern California
Power Agency Geothermal Project Number 3 Revenue Bonds, 1998
Refunding Series B ("1998 Bonds"); and
980602 syn 0071429
WHEREAS, Roseville and Palo Alto have agreed to share the
savings due from the debt refunding and modify the repayment
schedule as originally contemplated in the Agreement;
NOW, THEREFORE, in consideration of the recitals,
covenants, terms, conditions, and provisions of this /hmendment, the
Parties hereby agree:
SECTION I. Section 2 of the Agreement is hereby amended
in its entirety to read as follows:
~2. Calaveras Assignment. Palo Alto hereby assigns to
Roseville six and fifty-two hundredths per cent (6.52%) of the
total Project capacity and energy, including six and fifty-two
hundredths per cent (6.52%) of all enhancements included as
part of the NCPA Hydroelectric Project No. i. This assignment
is subject to all terms and conditions of the Third Phase
Calaveras Agreement, except as expressly provided herein.
a. Term. The assignment shall commence January I, 1991
and end December 31, 2004.
b. Operation, Maintenance and Other Non-Capital Costs.
Roseville will be responsible for all Operation and
Maintenance, and other Non-Capital Costs, excluding debt
service associated with six and fifty-two hundredths per cent
(6.52%) of the plant and associated enhancements.
c. Debt Service Payment Schedule. Roseville will pay
Palo Alto a portion of the net debt service obligation
associated with the Assigned Project Share of the Existing
Calaveras Plant in accordance with the payment schedule
attached to this Agreement as Exhibit A. Payment increases
will be effective on January 1 of each year, commencing
January i, 1992. Roseville will pay Palo Alto one hundred per
cent (100%) of the debt service obligation associated with
project enhancements not already financed and included as part
of the Project as of January i, 1991.
d. Voting Rights. With respect to the Assigned Project
Share, Roseville shall have the right to use Palo Alto’s
voting rights under the Third Phase Agreement on Operation and.
Maintenance decisions up to and including December 31, 1997.
Palo Alto shall retain voting rights pertaining to capital
improvement projects, including enhancements.
e. Capital Improvement Cost Payments. Capital
Improvement Costs will be prorated between Roseville and Palo
Alto according to the formula set forth in this paragraph.
Roseville will pay the amount determined by multiplying the
cost of the Assigned Project Share of the capital improvement
980602 syn 0071429
2
project by the fraction created by dividing the remaining term
of this ~greement at the time the capital improvement becomes
operational by the projected life of the capital improvement
project.This proration is represented by the following
formula:
Roseville Capital Improvement Cost = A x B/C
Where "A" equals six and fifty-two hundredths per cent
(6.52%) of the cost of the capital improvement project, "B"
equals the lesser of the remaining term of this Agreement at
the time the capital improvement becomes operational or the
projected life of the capital improvement project, and "C"
equals the projected life of the capital improvement project."
980603 syn 0071429
3
SECTION 2. Except as herein modified, all other
provisions of the Capacity Assignment Agreement, including any
exhibits and subsequent amendments thereto, shall remain in full
force and effect.
IN WITNESS WHEREOF, the Parties have by their duly
authorized representatives executed this Amendment on the date
first above written.
CITY OF PALO ALTO CITY OF ROSEVILLE
Mayor Mayor
ATTEST:ATTEST:
City Clerk
APPROVED AS TO FORM:
City Clerk
APPROVED AS TO FORM:
Senior Asst. City Attorney
APPROVED:
City Attorney
Assistant City Manager
Director of Utilities
Director of Administrative
Services
Attachments:
ATTACHMENT A.I.:
ATTACHMENT A.2.:
LAYOFF ADJUSTMENT CALCULATION -
EXPLANATION OF METHODOLOGY
SPREADSHEET WHICH CALCULATES THE
EQUALIZATION PAYMENTS
980602 syn 0071429
4
CERTIFICATE OF ACKNOWLEDGMENT
(Civil Code § 1189)
STATE OF
COUNTY OF
)
))
On
notary public in and for
, before me, the undersigned, a
said County, personally appeared
personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person(s) whose name(s) is/are
subscribed to the within instrument, and acknowledged to me that
he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
980602 syn 0071429
5
CERTIFICATE OF ACKNOWLEDGMENT
(Civil Code § 1189)
STATE OF
COUNTY OF
))
)
On , before me, the undersigned, a
notary public in and for said County, personally appeared
personally known to me (or proved to me on the basis of
satisfactory evidence) to be the person(s) whose name(s) is/are
subscribed to the within instrument, and acknowledged to me that
he/she/they executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which the
person(s) acted, executed the instrument.
WITNESS my hand and official seal.
980602 syn 0071429
ATTACHMENT A.1.
EXPLANATION OF METHODOLOGY
General Description of Layoff Adjustment Calculation
(Applicable to Layoff Participant X, for either Hydroelectric or Geothermal restructuring)
Some NCPA Members have exchanged, or "laid off," all or a portion of their original entitlements
(in both the Hydroelectric and Geothermal projects), together with their corresponding shares of
project debt service, with other NCPA Members pursuant to "layoff agreements." Moreover, some
of these agreements extend for only a certain number of years, meaning that a project participant that
has entered into such an agreement has a greater or lesser project entitlement -- and paysa greater
or lesser proportion of project debt service -- in the early years of the project when compared to the
later years. At the time these agreement were entered into, annual debt service on both the Hydro
and Geothermal projects was substantially level. However, NCPA proposes to restructure its project
debt such that Hydro debt service requirements are much lower in the early years of the project than
in later years, and Geothermal debt service requirements are much higher in the early years of the
project than in later years. Although the restructuring is intended to improve the future
competitiveness of both projects, NCPA understands that the shifting of project cashflow
requirements from early years into later years, or vice versa, may be unfair to those Members who
negotiated the exchange of project entitlements over less than the full termof the project debt. In
each such case, for one party to the layoff agreement, the restructuring will produce debt service
savings that are greater than that party’s proper share of the project debt, and for the other party to
the agreement, savings that are lower by an equal amount.
NCPA and its Members have developed a method for (a) calculating the Equalization Payment
amount thus received by each such party, and (b) reimbursing the other party(s). First, each
Member’s time-adjusted share of net debt service is calculated -- i.e., the present value of that party’s
actual net debt service obligations, before restructuring but after all layoff agreements and other
exchanges, as a proportion of the present value of total net debt service due on that project. For thig
calculation, the delivery date of the new bonds is used as the present-value datel and the true interest
cost of the new Hydro and Geo bonds is used as the discount rate. In the case of Palo Alto and
Roseville, where only Hydroelectric debt service is subject to the layoff agreements, the true interest
cost of the Hydroelectric bonds is used. Next, that party’s time-adjusted share of net debt service is
calculated after the restructuring. The f’trst percentage minus the second, multipLied by the present
value of total net debt service after the restructuring, is the amount of that party’s windfall from the
transaction. Under the current proposal, the party realizing the windfall will reimburse the other party
in annual installments over the term of the layoff agreement, in equal amounts the present value of
which, using the same discount rate, is equal to the windfall.
1
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Detailed Description of Layoff Adjustment Calculation
(Applicable to Layoff Participant X, for either Hydroelectric or Geothermal restructuring,)
A =Total project debt service (Hydro or Geo, as applicable), net of assumed income on
current debt service reserves, prior to any debt restructuring
B =Present value of A to delivery date of new bonds, using I as the discount rate
C =Participant X’s share of A, according to all agreements and pricing arrangements
among layoff participants
D =Present value of C to delivery date of new bonds, using I as the discount rate
E =Total project debt service (Hydro or Geo, as applicable), net of income from
defeasance escrows, after debt restructuring
F =Present value of E to delivery date of new bonds, using I as the discount rate
G =Participant X’s share of E, according to all agreements and pricing arrangements ’
among layoff participants
H =Present value of G to delivery date of new bonds, using I as the discount rate
I =True Interest Cost of aggregate restructuring transaction. The True Interest Cost is
the discount rate at which the present value of new debt service (Hydroelectric and
Geothermal) equals the net proceeds of the new issues (par amount, plus or minus any
original issue discount or premium, plus accrued interest) less all costs of issuance.
J =D divided by B
K =J multiplied by F
L =K minus H. This is the Equalization Payment amount to be delivered by Participant
X (or, if negative, reimbursed to Participant X).
M =Annual payment amount, paid July 1 of each year over the remaining term of the
applicable layoff agreement. The present value of all amounts of M to be paid, to the
delivery date of the new bonds, using I as the discount rate, will be equal to L.
I
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ATTACHMENT A.2.
SPREADSHEETWHICH CALCULATES THE
EQUALIZATION PAYMENTS
LayoffAdjustment Calculation
(Palo Alto)
The following uses the layoff agreement between Palo Alto and Roseville to illustrate the layoff
adjustment calculation. The numbers are calculated using Palo Alto’s debt service, but the same
procedure using Roseville’s debt service yields identical annual payments.
The Aggregate Net Hydroelectric Debt Service for NCPA
$1,052,365,421
Present Value of A at the True Interest Cost (NCPA’s Hydro debt in today’s dollars)
$570,760,142
Palo Alto’s share of Aggregate Net Hydroelectric Debt Service, according to all
agreements and pricing arrangements among layoff participants (A multiplied by the
applicable percentages)
$225,663,964 (This is the amount which Palo Alto would have paid under the old debt
structure. It is 21.44% of A.)
D Present Value of C at the True Interest Cost (Palo Alto’s Hydro debt in today’s
dollars)
$117,743,688 (This is 20.63% orB.)
E Total NCPA Hydroelectric debt service, net of income from defeasance escrows, after
debt restructuring. This includes the debt service from the Series 1998 bonds as well
as existing bonds which haven’t been refunded.
$1,078,468,806
F Present Value orE at the True Interest Cost
$487,592,941
G Palo Alto’s share of E, according to the same percentages used to Calculate C
$237,380,579 (This is 22.01% of E.)
H Present Value of G at the True Interest Cost
$103,318,016 (This is 21.19% ofF.)
True Interest Cost (This is demonstrated on a separate page. Please note that the True
Interest Cost is only calculated on the Series 1998 bonds.)
5.33%
Palo Alto’s present value share of the Hydroelectric debt before restructuring
$117,743,688/$570,760,145 = 20.63%
K
L
M
Palo Alto’s share of the restructured Hydroelectric debt service if their present value ¯
percentage remained the same
J x F = 20.63% x $487,592,941 = $100,586,896
Difference between Palo Alto’s debt service calculated using the present value
percentage of NCPA’s debt and that calculated using the annual percentage of debt
service
K- H = $100,586,896 - 103,318,016 - ($2,731,121)
Calculation of six annual payments to be made by Roseville to Palo Alto to
compensate Palo Alto for the percentage increase in NCPA debt service that Palo Alto
pays as a result of the restructuring. This is calculated using the True Interest Cost
$543,712 x 6 = $3,262,273
2
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Net PV @ 5_33%paso Alto P~]o Alto PV @ 533%A~regate Net PV @ 5.33%P~o ~PV @ 5.33%
07/01/98 0 0 17-3780%0 0 0 0 0 0
01;01/99 16’135,246 15.736’142 17.0520%2,734,792 2"~83,327 8,014,869 7,806’945 1’366’695 1~331,240
07;01/99 24.035’303 22,823,394 17.0520%4,101.910 3,891,845 15,380,865 14’593.|87 ,2.622,745 2,488,430
Of;0 f/2000 16,5~2’027 15"324,691 16,7260%2,773,510 2,563,208 14,586,366 13.480’332 2,439,716 2,254,724
07;01/2000 24’347.027 21,917,183 16.7260%4,~3.665.868 26’437,567 23,799,087 4,421~948 3.980,635
01;01/2001 16’340.013 14’327,681 16,4000~2,679,762 2,349.740 14’325’371 12,561~25 2~49,394 2,060,057
07;01120~!24,920;013 2!’284,158 16.4000%4.086’882 3.490,602 26.955,972 23,023,068 4,420,779 3.~75,783
01/0112003 15.799.750 12,471,323 16,40~%2~91,159 2’045’297 8,177,48!6,454.786 1,341,107 1,058~85
07;01/20~3 24,859,7~0 19,113,637 16,4000%4,076’999 3.134,640 8,177,481 6’287,334 1’341,107 1,031,123
07,01/2004 25,373,025 18,509’244 16,4000%4.161.176 3.035,516 8.177,481 5.965,350 1,341,107 978.317
01/01/2005 14,987,28~10,649,376 22.9200%3,435.086 2‘440,837 8,177,481 5,$10,596 1,874,279 t’331,789
07;01/2005 25,932,28~17,962,280 22.9200%5,948,264 4,116,955 7’220,973 4,997,832 1,653,048 1,145,$03
0 I;01/20~6 14,6~6.752 9,860,942 22.9200~3,352"451 2,.260,128 13,327,075 8,984,737 3,034,566 2"059.~2
07;01/2006 26’4~6’732 17,367,1 l0 22.9200%6’061,595 3.980~%2 19,422,075 12’734,130 4,451.540 2,923,247
01;0|/2007 14,234,575 9.105,094 2~9200%3,262,565 2,086,888 13,138,827 8,404,203 3.011,419 1,926,243
07/0|/2007.27~49~’75 17,040,22 !22.9200%6,268,523 3,905,619 19.988,827 12’454,088 4.581,439 2‘854,477
0 I/01/2008 13,7~7,984 8’373,846 22.9200%3,162,498 1,919,286 12,925,466 7,844,324 2,962,317 1,797,919
07/01/2008 27,932,984 |6’512,444 22.9200%6.402,240 3.784.652 20,205’466 11,944,361 4.631,093 2‘737,647
07;0112009 2~53.787 16’016,129 22.9200%6.544.986 3,670.897 20,422’591 11,434,451 4,680,858 2’625~360
01;0112010 12.8Y7,375 7,013’332 22.9200%2,942‘326 1,607,456 12,476’696 6’8!6,285 2.859,659 1,562,272
01/01/2011 12.290.070 6.370,476 22.9200%2,816.884 1,460,113 12~22"I15 6,335,252 2.801.309 1,452,040
07~) 1/2011 30,615,070 15,457,438 22,9200%7,016’974 3.$42‘845 29,552, I 15 14,920,755 6’773.345 3.419,837
01;01/2012 I 1,678~30 5,743,480 22.9200%2,676,719 1,316.406 11.745’32!5.776,328 2,692,028 1,323,934
07/01/2012 31,428,530 15.055,519 22.9200%7,203.419 3,450.725 30,020,321 14’380,930 6,880,658 3,296’109
01;01/2013 11,018,734 5,141,488 22.9200%2,525.498 1,178,429 11.237,809 5,243302 2,575.706 1,201,856
07/01/2013 32323354 14,691~389 22.9200%7,408,604 3.367,266 30.332,809 13,877,390 6’998.120 3,180,698
07/01/2014 32,983.702 14’223,610 22.9200%7,559,864 3,260,051 27,439.462 11,832,760 6,289,125 2,712,069
01/01/2015 9,580,124 4,024,(FT7 22.9~00%2,|95,764 922,318 10,257,960 4,3~8,798 2,351,124 987,577
07/01/2015 33,980,124 13.902,881 22.9200%7,788,244 3.186,540 27,872.960 11.404,151 6’388,482 2,613,831
01;01/2016 8,799,910 3,5~7,057 22.9200%2,016.939 803,817 9,796,25|3,904,t32 2,245,301 894,827
07/01/2016 35,049,910 13,606,179 22.9200%8,033,439 3, I 18,536 28,331,251 t 0,998,033 6,493,523 2,520,749
07/01/2017 34,723,599 12.789,201 22.9200%7,958,649 2’931,285 31,372,779 11 ’355,045 7,190,64 t 2,648,416
01/01/2018 7.050~70 2,529.387 22.9200~1,615,945 579,736 8,679,137 3,113,723 1,989,258 713.665
07;01/2018 35,985~70 12,575.175 2~.9200%8,247,847 2‘882,230 31.999,137 11,182,176 7’334,202 2,562,955
0 I;01/2019 6,067.603 2,065.332 22,9200%I ’390.695 473.374 8,012,664 2,727.405 1,836,503 625~ 121
07;01/2020 38,805,479 12,207,309 22.9200%8,894,216 2,797,915 33,313,839 10,479,765 7,635,532 2,401,962
07;01/2021 40,371,405 12,049,531 22,9200%9,253,126 2,761,753 34.001,001 t0.148,176 7,793.029 2.325,962
0 I;01/2022 2,778.424 807,755 22.9200%636,815 185,137 5,962,039 1,733’308 1,366’499 397,274
07/01/2023 43,065,747 11,570,898 22.9200%9.870,669 2,652.050 33.647,151 9,040,311 7,711,927 2,072,03901/01/2024 139.868 36,605 22.9200%32,058 8.390 4,460,701 1,167,409 1,022,393 267,$70
07;0112025 0 0 22.9200%0 0 |9,539,151 4,723.&46 4,478.373 1,083,164
01/01/2027 0 0 22.9’200%0 0 3.0!3,526 673.601 690,700 154,389
Ot~l;202S 0 0 22.9200%0 0 2,580,276 $47~22~59L399 125.423
07;01/2028 0 0 22.9200%0 0 20,780,276 4,292,728 4,762,839 983.~301/01/2029 0 0 22.9200%0 0 2,125,276 427,644 487,113 98,016
O I;0 I;2030 0 0 22.9200%0 0 1,633,323 311,823 374"358 71.47007;01/20343 0 0 22.9200%0 0 21.723.323 4,039,682 4,978,986 925,89501;01/2031 0 0 22.9200%0 0 1,|16’005 202.149 2~5,788 46,33307;01/2031 0 0 22.9200%0 0 22,24 !,005 3,924,142 5,097,638 899,41301~1/2032 0 0 22.9200%0 0 572.036 98,310 131,111 22~33~;01/2032 0 0 22.9200~0 0 22.787,036 3,816’587 5,222,789 874,303
~.,365,421 570,760,142 225,663.964 ! 17.743.688
21.44%20.63%
($43.712)
($43.7|2)
($43.712)
(543.712)
1,078,468.806 487,592.941 237,380.579 103.318,016 0,262.273)
22,01%21.19%
20.63%
100,586’896
(103,318~016~
(2,731,121)
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~PV @ 5.33%
__ Debt ~Hydro D8
q7~I/9~0 0
01~1~012 1 I.~5~5343’480
0t~t~0t7 7,95~3,0~35
0 I~ I~018 7,0~0 2.$29~
olm1~5 0 0
1,052.365,421 570.760.142
Rosevi~P, asevflle PV @ 5.33%ASg~Ktt~ Net PV @ f 33%RoseviBe
ShL~ of Net Ag~g~/e Net Rmeville Skt~ ’Hydrode~tlk A~egae Net A,~regtte Net
Hydro DS Hydro DS Ne/Hydro DS Debt S,=v~e Hvdm D$Hydro D$
17.$420%0 017.8680~2.886,619 2,811.73417,8680%4.298"2~Z-4,078,084
18.1940%4,429,698 3,987,612
18.~200~3,026,170 2’633’487
1&5200~2.975,991 2.475,851
18,5200~4.$31,671 3,672,281
18.5200~4,604,026 3,539,849
18~200%2’854,492 2.137.768
18.5200~4.699,084 3,427,912
12.0~00~3,114.275 2,155.474
12.0000%3,281,949 2.044.82612.0000%1,655.758 1,004,862
12.00~Ht h600,294 921,465
IZO000%3,426,694 1’921,936
12.0000%3,506.085 1,86~,758
12.00~3.673,808 1.854,893
12.0000%3,771,424 1,~06,662
12.0000%1,236,444 547,394
12.0000%3,958,044 1,706,833
12.000~%955,032 361,120
12.0000%4,166,832 1,334,704
12.0000%846,044 303,526
12,0000%4,318,244 1.$09,~21
12.00~0~4,483,512 1,486.$3712.0000%606,638 195,923
12.0000%4,656.658 1,464,877
12.0000%4,844.$69 1,445,944
12.0000%333,411 96,93 I
t 2,O00~A 5,040A 1 i 1,427.35412,0000~180,~90 49,675
12.00~]%16,784 4,393
12.0000%(980,966)(250.06~)
12.0000%0 0
IZO~0%0 0
12.0000~0 0
12.00~%0 0
12.0000%0 0
12.0~]0~0 0
12.0000~0 0
12,0000%0 0
12.0000~0 0
12.000~%0 0
12.0000%0 0
12.00~%0
12.0000%0 0
~2.0000~0 0
0 0 0 0
8,014,869 7,806,945 t,432,097 I,.394,945
15,380,865 14"593.187 2,748,253 2.607,511
26’437.$67 23,799,087 4.810,03 !4,330,00614.325,571 12~61.325 2,653,096 2,326,35726,935.972 23,023, ~0~8 4,992,246 4,263,8?2
8,177,481 6.626’697 1,514,469 1,227,264
8,177,48!6,124.227 1,514,469 1,134,207
8,177,481 5.965,350 I.$14,469 1,104,783
8,177,481 5.810,596 981,298 697,271
13,327,075 8,9~4,737 I.$99,249 1,078.16819,422’075 L~754,130 2’330.649 1,530.496
13,|38,827 8,404,203 1,576.659 1,008.504
19,988,827 12.454,088 2.398,659 1,494,491
12.925.466 7,844.324 1,551,056 941.319
20.205,466 11.944.361 2’424,656 1,433,323
20,422.591 l 1,454,451 2.450311 1,374,554
12.476,696 6,816,285 1,497,204 817,954
12,222,115 6,335,252 1’466,654 760.230
29.552,115 14,920,755 3.546,254 1390.491
11.745,321 5,776,328 1,409,439 693,159
30.020.32!14,380,930 3,602,439 1.725.712
30,532.809 13,87"/,390 3,663,937 1.665,287
I 0,694,462 4,734,615 1,283,335 568,154
27,439,462 11,832,760 3,292,735 1,419,931
I0,257,960 4,308,798 1~30.955 517,056
28,331.251 10.998,033 3,399350 1,319,764
9.307g}9 3,519,492 1,116,933 422,339
31,372,779 I I,555,045 3,764,733 1,386,605
8,679,137 3,113,723 h041.496 373,647
31,999,137 11,182"176 3,839,896 1,341,861
8,01Z664 2.727,405 961,520 327,289
32,6?2,664 t0,83Z832 3,920,720 1,299.940
7,363.839 2~375,189 883,661 285,383
33,313,839 10.479.765 3,997,661 1,257.572
6’681,001 2,047,166 801,720 245,660
34,001,001 10,148,176 4,080,120 1,217.781
5,962,039 1.733.308 715,445,207,997
34,64~,039 9,S11,4|9 4,157,645
5,207,151 1,436,318 624,858 172,358
33,647,151 9,040,311 4,037,658 1,084,837
4,460,70 [1,167,409 535,284 140,089
29.150,701 7,431,107 3,498,084 891,733
3,8|9,151 948,322 458~298 113,799
19,539,151 4,725.846 2,344,698 567.102
20,343.526 4,429,339 2.441,223 531,521
2,580,276 ¯ ~47~222 309,633 65.667
20,780,276 4,292,728 2,493’633 515,127
2.125~76 427.644 255.033 51,317
21,230,276 4.161.090 2~47.633 499.33
1.633.323 311.823 19~,999 37.419
21.723.323 4.039.682 2.606.799 484.762
1.116.005 202.149 133.921 24,25~
22,241,005 3.924,142 2,668,921 470.897
572,036 , 9~,310 68,644 11,797
Roseville’s Time.Adjutted (PV) Shtn~ of O6~atl Hydroe]a~t~¢ Debt
Gm.~ 35m:
12.91%
1.078,468.806 487"592,941
543,712
$43,712
$43’712
$43.712
$43.712
$43,712
139,220,~S 66,949.439 3.262"2q3
PV 5ha~:
13.73% ]
14.29%
69,680’559
(66~949,439~
2.731,121
page S2