Loading...
HomeMy WebLinkAboutBPMC Meeting Thursday, June 3 2010 1CONSENTING AND APPROVING RESOLUTION OF THE BRADLEY LAKE HYDROELECTRIC PROJECT PROJECT MANAGEMENT COMMITTEE RESOLUTION NO. 2010-01 WHEREAS, pursuant to Section 13 of the Bradley Lake Hydroelectric Project Agreement for the Sale and Purchase of Electric Power (the "Power Sales Agreement") dated as of December 8, 1987, by and among the Chugach Electric Association, Inc., Golden Valley Electric Association, Inc., the Municipality of Anchorage d/b/a Municipal Light and Power, the City of Seward d/b/a Seward Electric System, and Alaska Electric Generation & Transmission Cooperative, Inc., and as Additional Parties Homer Electric Association, Inc. and Matanuska Electric Association, Inc. (as used herein collectively, the "Purchasing Utilities"), and the Alaska Energy Authority (the "Authority" ), the Project Management Committee (the "Committee") has been formed for the purposes and with the responsibilities specified by the Power Sales Agreement; and WHEREAS, the Authority and the Purchasing Utilities have reviewed a proposal prepared by Merrill Lynch, Pierce, Fenner & Smith Incorporated (the "Underwriters") to proceed with a Bond Purchase Agreement for the sale of an additional series of Bonds ("Sixth Series") to refund the outstanding principal amount of the Fifth Series Bonds; and WHEREAS, the Committee has duly considered whether it is in the best interests of the Purchasing Utilities and their respective customers or members to issue the Sixth Series, and whether the Authority and the Purchasing Utilities should proceed with finalizing the necessary documents that will enable the Authority to enter into the Bond Purchase Agreement for the Sixth Series. NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COMMITTEE as follows: 1. Committee Determination. The Committee, has determined that it is in the best interests of the Purchasing Utilities and their respective customers or members to issue the Sixth Series bonds. 2. Consent to Proceed. The Committee hereby consents to the Authority and the Purchasing Utilities’ representatives proceeding with the completion of a Bond Purchase Agreement and the necessary documents in support of a Bond Purchase Agreement for the Sixth Series. The Committee and its designated representatives shall continue with the timely review and completion of such documents. 3. Pricing of Bonds and Closing. So long as the Bond Purchase Agreement and the supporting documents (“Financing Documents") are in a final form such that the Purchasing Utilities will realize lower Annual Project Costs as that term is defined in Section 8(a) of the Power Sales Agreement, Mike Cunningham is authorized on behalf of PAGE 1-- CONSENTING AND APPROVING RESOLUTION OF THE BPMC the Committee to provide final approval of the Financing Documents, compensation and other matters related to the Closing of the Sixth Series. 4. Opinion of Counsel. McDowell, Rackner & Gibson PC as Special Counsel to the Purchasing Utilities, is hereby directed to execute and deliver on behalf of the Purchasing Utilities an opinion regarding the enforceability of the Power Sales agreement. Payment for these services shall be considered a cost of the refunding transaction. BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE nv SBoabla one, Name: Bovey Guans Title: Crrasiwan, Brobhoy Lake Reoheck Whairaiemad Cosson Attachments PAGE 2-- CONSENTING AND APPROVING RESOLUTION OF THE BPMC SECRETARY'S CERTIFICATE I, BRYAN CAREY, Secretary of the Project Management Committee for the Bradley Lake Hydroelectric Project (the "PMC") HEREBY CERTIFY that attached hereto is a true, complete and correct copy of the Resolution of the Board of Directors of the PMC duly adopted at its meeting on June 3, 2010, consenting to the refunding of Fifth Series bonds by the Alaska Energy Authority's Power Revenue Refunding Bonds, Sixth Series (Bradley Lake Hydroelectric Project). IN WITNESS WHEREOF, I have hereunto set my hand this 3 day of June, Z0/? . @ fe CAREY, Secretary ; PAGE 3-- CONSENTING AND APPROVING RESOLUTION OF THE BPMC SADEX [= ALASKA a Alaa Industrial Development Ke Export Authority 10. BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE REGULAR MEETING AGENDA Thursday, June 3, 2010 — 10:00 a.m. (via electronic media at the Alaska Energy Authority’s Board Room — 813 West Northern Lights Boulevard, Anchorage, AK) CALL TO ORDER Evans ROLL CALL (for Committee members) PUBLIC ROLL CALL (for all others present) PUBLIC COMMENT AGENDA COMMENTS / MOTION FOR APPROVAL APPROVAL OF MEETING MINUTES March 30, 2010 NEW BUSINESS A. Series 5 Bond Refunding: Cunningham e Consent & Approving Resolution #2010-01 e Motion to Support Refunding (Motion/Action Item) B. FY10 Budget Report/Approve Amended FY10 Budget (Motion/Action Item) CG: Retain ARECA as property insurance provider (Motion/Action Item) OLD BUSINESS A. Middle Fork Flows Carey B. Battle Creek Project Carey Cc. Soldotna SVC Status Report — tabled from last meeting Jenkin COMMITTEE REPORTS / COMMENTS A. Operators Report Day B. Next Meeting Date Evans ADJOURNMENT 813 West Northern Lights Boulevard * Anchorage, Alaska 99503-2495 www.aidea.org * 907/771-3000 * FAX 907/771-3044 ® Toll Free (Alaska Only) 888/300-8534 * www.akenergyauthority.org Item 7A McDowell Rackner & Gibson PC ulvaa lt ecmnee S6e08eéeeé6 Direct (503) 290-3624 bill@med-law.com Memorandum To: BPMC Members From: Mike Cunningham and Bill Prentice Date: June 3, 2010 Re: Bradley Lake Hydroelectric Project Bonds The Alaska Energy Authority (AEA) is replacing some of the currently outstanding Bradley Lake Hydroelectric Project power revenue bonds to take advantage of the current availability of low interest rates. This memorandum provides an overview of the refunding and addresses the action that BPMC and the individual Purchasing Utilities should take in support of this bond refunding. OVERVIEW The new bonds will be known as the Sixth Series Bonds. The proceeds from this new Sixth Series of bonds will be used to refund $30,640,000 in outstanding bonds known as the Fifth Series, which are due July 1, 2021. The Fifth Series bonds will be redeemed in August of 2010, at a redemption price of 100.5%, plus accrued interest to the redemption date. This refunding transaction is expected to result in cost savings to the project, and, therefore, cost savings to the Bradley Lake Project purchasing utilities. The cost savings are estimated to be in the range of $290,000 per year. The exact amount of the savings will not be finalized until the Sixth Series bonds are sold. ACTION REQUIRED The BPMC is required to take certain actions and each Purchasing Utility is required to take actions individually in order to complete the refunding transaction. Those actions are described below. BPMC Two actions are required from the BPMC to close the financing transaction. These actions provide AEA with the BPMC’s approval of the various elements of the transaction and also provide the BPMC’s consent to the refunding on behalf of all of the Purchasing Utilities. While the BPMC has no authority over the AEA, the BPMC is required by Section 11(a) of the Power Purchase agreement to give its consent to the refunding. Providing these resolutions also will enhance the credit rating of Phone: 503.595.3922 + Fax: 503.595.3928 + www.med-law.com 520 SW Sixth Avenue, Suite 830 - Portland, Oregon 97204 the Sixth Series bonds by making it clear that the Purchasing Utilities, to whom the sale of power provides all of the Bradley Lake Hydroelectric Project revenues, support the transaction. Mike Cunningham of Chugach has been very active in helping to get necessary information and to coordinate all of the actions that the BPMC needs to take. Counsel for BPMC has been working with Mike, the underwriters and bond counsel, and AEA reviewing and drafting the necessary documentation. Attached are the following for the BPMC’s consideration and approval: ¢ Consent and Approving Resolution — This resolution gives the BPMC’s consent to the refunding transaction and to taking actions necessary to the financial closing for the Sixth Series bonds. © Motion to Support Refunding — This motion confirms that each Purchasing Utility will provide the necessary information and take the actions required of it for the issuance and repayment of the Sixth Series bonds. Individual Purchasing Utilities The underwriters of the Sixth Series bonds require that each Purchasing Utility agree to provide yearly disclosures of financial and operational information and, with the financial closing, provide certifications that are listed in the Bond Purchase Agreement. As part of the 1999 refunding transaction, each Purchasing Utility made a very similar agreement to provide this continuing disclosure as well as very similar certifications. Attached are the following for each Purchasing Utility to prepare to execute: © Certificate of Power Purchaser — This certifies that the information in the Official Statement about the individual Purchasing Utility is correct, that the PSA has not been amended and is in full force and effect, that payments on the bonds qualify as Project Costs under the PSA, and that there is no pending litigation threatening the existence of the Purchaser or the authority of its officers or affecting the validity of the Purchasers obligation to make its payments under the PSA. ¢ Continuing Disclosure Agreement — This is an agreement to provide yearly financial and operation data to the bond trustee so they can perform their regular due diligence on the continued ability of the Purchasing Utilities to operate and meet their obligations. The attached form is the current draft of this document, which is not expected to be changed significantly from this form. CONSENTING AND APPROVING RESOLUTION OF THE BRADLEY LAKE HYDROELECTRIC PROJECT PROJECT MANAGEMENT COMMITTEE Resolution No. 2010-01 WHEREAS, pursuant to Section 13 of the Bradley Lake Hydroelectric Project Agreement for the Sale and Purchase of Electric Power (the "Power Sales Agreement") dated as of December 8, 1987, by and among the Chugach Electric Association, Inc., Golden Valley Electric Association, Inc., the Municipality of Anchorage d/b/a Municipal Light and Power, the City of Seward d/b/a Seward Electric System, and Alaska Electric Generation & Transmission Cooperative, Inc., and as Additional Parties Homer Electric Association, Inc. and Matanuska Electric Association, Inc. (as used herein collectively, the "Purchasing Utilities"), and the Alaska Energy Authority (the "Authority" ), the Project Management Committee (the "Committee") has been formed for the purposes and with the responsibilities specified by the Power Sales Agreement; and WHEREAS, the Authority and the Purchasing Utilities have reviewed a proposal prepared by Merrill Lynch, Pierce, Fenner & Smith Incorporated (the "Underwriters") to proceed with a Bond Purchase Agreement for the sale of an additional series of Bonds ("Sixth Series") to refund the outstanding principal amount of the Fifth Series Bonds; and WHEREAS, the Committee has duly considered whether it is in the best interests of the Purchasing Utilities and their respective customers or members to issue the Sixth Series, and whether the Authority and the Purchasing Utilities should proceed with finalizing the necessary documents that will enable the Authority to enter into the Bond Purchase Agreement for the Sixth Series. NOW, THEREFORE, IT IS HEREBY RESOLVED BY THE COMMITTEE as follows: 1. Committee Determination. The Committee, has determined that it is in the best interests of the Purchasing Utilities and their respective customers or members to issue the Sixth Series bonds. 2. Consent to Proceed. The Committee hereby consents to the Authority and the Purchasing Utilities’ representatives proceeding with the completion of a Bond Purchase Agreement and the necessary documents in support of a Bond Purchase Agreement for the Sixth Series. The Committee and its designated representatives shall continue with the timely review and completion of such documents, 3. Pricing of Bonds and Closing. So long as the Bond Purchase Agreement and the supporting documents (“Financing Documents") are in a final form such that the Purchasing Utilities will realize lower Annual Project Costs as that term is defined in Section 8(a) of the Power Sales Agreement, Mike Cunningham is authorized on behalf of PAGE 1-- CONSENTING AND APPROVING RESOLUTION OF THE BPMC the Committee to provide final approval of the Financing Documents, compensation and other matters related to the Closing of the Sixth Series. 4. Opinion of Counsel. McDowell, Rackner & Gibson PC as Special Counsel to the Purchasing Utilities, is hereby directed to execute and deliver on behalf of the Purchasing Utilities an opinion regarding the enforceability of the Power Sales agreement. Payment for these services shall be considered a cost of the refunding transaction. BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE By: Name: Title: Attachments PAGE 2-- CONSENTING AND APPROVING RESOLUTION OF THE BPMC SECRETARY'S CERTIFICATE I, BRYAN CAREY, Secretary of the Project Management Committee for the Bradley Lake Hydroelectric Project (the "PMC") HEREBY CERTIFY that attached hereto is a true, complete and correct copy of the Resolution of the Board of Directors of the PMC duly adopted at its meeting on June 3, 2000, consenting to the refunding of Fifth Series bonds by the Alaska Energy Authority's Power Revenue Refunding Bonds, Sixth Series (Bradley Lake Hydroelectric Project). IN WITNESS WHEREOF, I have hereunto set my hand this day of June, . BRYAN CAREY, Secretary PAGE 3-- CONSENTING AND APPROVING RESOLUTION OF THE BPMC AGENDA ITEM: 7A MOTION: Move: Second: Move the Bradley Lake Project Management Committee on behalf of the Power Purchasers, hereby determine that it is in the best interests of the Power Purchasers and their customers or members that the proposed refinancing of the Fifth Series bonds be completed by the issuance of the Sixth Series bonds and that the timely furnishing by the Power Purchasers of the certificates and opinions and information relating to the Official Statement required under the Bond Purchase Agreement (BPA), and the annual financial information required under the Disclosure Agreement, as described above, is a reasonable obligation of each Purchasing Utility. BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE MEETING — JUNE 3, 2010 AGENDA ITEM: 7A Over the past several months the Bradley Lake Project Management Committee in concert with the Alaska Energy Authority has been working on a transaction to replace the Fifth Series of Bradley Lake Bonds with a Sixth Series that would be issued at a lower interest rate. Each Bradley Lake Power Purchaser would have the same responsibilities to make payments and to provide yearly financial and operational information as with the Fifth Series bonds, but the project’s yearly debt service costs would be reduced. This motion reaffirms each Power Purchaser PMC member’s commitment to provide information in the same manner as they have been required to for the other series of bonds. Each Power Purchaser will continue to provide, on a timely basis, the certificates, opinions and other information which are required to be delivered under the Sixth Series Bond Purchase Agreement (BPA) and the related Continuing Disclosure Agreement, including but not limited to the following: (A) The information required to prepare an Official Statement for the Sixth Series that is accurate and complete and not misleading, and, upon the reasonable request of the Underwriter or the Authority, to enable the preparation of an Updated Official Statement; (B) At the time of Closing, the certificates and opinions required under Sections 10(b)(17) through and including 10(b)(21) of the BPA; and (C) On the Closing Date, such certificates and opinions as may be required under Section 10(b)(25) of the BPA. (D) Inkeeping with the requirements of the Continuing Disclosure Agreement, (Appendix D-2 to the Official Statement) each Power Purchaser shall continue to provide the required information and reports in a timely manner. i MOTION: Move the Bradley Lake Project Management Committee on behalf of the Power Purchasers, hereby determine that it is in the best interests of the Power Purchasers and their customers or members that the proposed refinancing of the Fifth Series bonds be completed by the issuance of the Sixth Series bonds and that the timely furnishing by the Power Purchasers of the certificates and opinions and information relating to the Official Statement required under the Bond Purchase Agreement (BPA), and the annual financial information required under the Disclosure Agreement, as described above, is a reasonable obligation of each Purchasing Utility. Move: Second: PAGE 1—MOTION TO SUPPORT REFUNDING SECRETARY'S CERTIFICATE I, BRYAN CAREY, Secretary of the Project Management Committee for the Bradley Lake Hydroelectric Project (the "PMC") HEREBY CERTIFY that attached hereto is a true, complete and correct copy of the Motion of the meeting of the Board of Directors of the PMC duly called and held on June 3, 2000, pertaining to the Committee’s support for the issuance of the Alaska Energy Authority's Power Revenue Refunding Bonds, Sixth Series (Bradley Lake Hydroelectric Project). IN WITNESS WHEREOF, I have hereunto set my hand this day of June, , BRYAN CAREY, Secretary PAGE 2—MOTION TO SUPPORT REFUNDING We, CERTIFICATE OF POWER PURCHASER REQUIRED BY SECTION 10(b)(17) OF THE BOND PURCHASE AGREEMENT and , General Manager and Chief Financial Officer, respectively, of (the “Power Purchaser’), hereby certify that: 1, This certificate has been executed in connection with the Closing under (and as defined in) the Bond Purchase Agreement (the “Purchase Agreement”) dated , 2010 between the Alaska Energy Authority (the “Authority”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated relating to the issuance and sale by the Authority of its $ Power Revenue Refunding Bonds, Sixth Series (Bradley Lake Hydroelectric Project), (the “Refunding Bonds”), as more fully described in the Official Statement of the Authority dated relating to the Refunding Bonds (the “Official Statement”). Any capitalized term used and not otherwise defined in this certificate has the meaning given such term in the Purchase Agreement. The description of the business and properties of the power system of the Power Purchaser included in the Official Statement under the caption “THE POWER PURCHASERS” - ____————_[enter name of utility], including the financial information and operating and statistical data of the Power Purchaser included under such caption, and the description of the Bradley Lake Hydroelectric Project included therein as of the date of the Official Statement and at all times subsequent thereto up to and including the date hereof, was and is true and accurate. The Power Sales Agreement has not been amended, altered or repealed and is in full force and effect. The Project Management Committee Approval given by the Project Management Committee pursuant to the Power Sales Agreement has not been amended, altered or repealed and is in full force and effect, and all payment obligations incurred by the Authority in respect of the Purchase Agreement, and the Refunding Bonds are included in the Power Purchaser’s Percentage Share of Annual Project Costs for all purposes and within the meaning of the Power Sales Agreement and the Bond Resolution. Dated: To our actual knowledge after reasonable inquiry, no litigation is pending or threatened in any court in any way affecting the corporate existence of the Power Purchaser, or the titles of its officers to their respective offices, or in any way contesting or affecting the validity or enforceability of the Power Sales Agreement, including the right or authority and obligation of the Power Purchaser to pay its Percentage Share of Annual Project Costs under and as defined by the Power Sales Agreement, or to our actual knowledge without investigation seeking to prohibit, restrain or enjoin the sale, issuance or delivery of the Refunding Bonds or in any way contesting or affecting the validity of enforceability of the Refunding Bonds the Bond Resolution, the Purchase Agreement, or the pledge of Revenues pursuant to the Bond Resolution, or the Project Management Committee Approval, or contesting in any way the completeness or accuracy of the Official Statement. We have read the statements contained in the Official Statement under the caption “SECURITIES AND SOURCES OF PAYMENT FOR THE SIXTH SERIES BONDS,” the section titles “Power Sales Agreement,” under the caption “THE BRADLEY LAKE HYDROELECTRIC PROJECT,” under the caption “THE POWER PURCHASERS?” the sections titled “Introduction,” “Rate Regulation,” “Power Requirements,” “Generation Resources and Utilization of the Project,” and to the extent that a section involves the Purchaser, under the caption “STATE AND FEDERAL INITIATIVES REGARDING COMPETITION IN THE ELECTRIC UTILITY INDUSTRY,” and under the caption “PENDING DISPUTES,” to the extent that a section involves the Purchaser, and to our actual knowledge such statements under such captions in the Official Statement, do not, as of its date and does not, as of the date hereof, contain any untrue statement of a material fact, nor did they omit to state a material fact required to be stated therein or necessary to make the statements contained therein, in the light of the circumstances under which they were made, not misleading. During the period from to date, has been appointed to represent the Power Purchaser as a voting member of the Project Management Committee. By: Title: By: Title: APPENDIX D-2 FORM OF CONTINUING DISCLOSURE AGREEMENT CONTINUING DISCLOSURE AGREEMENT This Continuing Disclosure Agreement (the “Agreement”) is executed and delivered by Chugach Electric Association, Inc. (“Chugach”), Golden Valley Electric Association, Inc. (“Golden Valley”), Alaska Electric Generation & Transmission Cooperative, Inc. (“AEG&T”) (acting on behalf of Matanuska Electric Association, Inc. (“MEA”)), Alaska Electric and Energy Cooperative, Inc. (““AEEC”) (acting on behalf of Homer Electric Association, Inc. (“HEA”)), the Municipality of Anchorage d/b/a Municipal Light & Power (“ML&P”) and the City of Seward d/b/a Seward Electric System (“Seward”) (each a “Power Purchaser,” and collectively the “Power Purchasers”) under the Agreement for the Sale and Purchase of Electric Power, dated and entered into on December 8, 1987 by and among the Power Purchasers and the Alaska Energy Authority (the “Authority”) and U.S. Bank National Association (the “Dissemination Agent”) in connection with the issuance of $ aggregate principal amount of the Authority’s Power Revenue Refunding Bonds, Sixth Series (Bradley Lake Hydroelectric Project) (the “Bonds”). The Bonds are being issued pursuant to the Power Revenue Bond Resolution adopted by the Authority on September 7, 1989, and a Fifth Supplemental Resolution adopted by the Authority on June 8, 2010 (together, the “Bond Resolution”). U.S. Bank National Association has been appointed to serve as trustee for the Bonds (the “Trustee”) under the Bond Resolution. Pursuant to Section 302(B) of the Fifth Supplemental Resolution the Power Purchasers, the Trustee and the Dissemination Agent covenant and agree as follows: SECTION 1. Purpose of the Agreement. This Agreement is being executed and delivered by the Power Purchasers, the Trustee and the Dissemination Agent for the benefit of the Holders and Beneficial Owners of the Bonds and in order to assist the Participating Underwriter in complying with S.E.C. Rule 15¢2-12(b)(5). SECTION 2. Definitions. In addition to the definitions set forth in the Bond Resolution, which apply to any capitalized term used in this Agreement unless otherwise defined in this Section, the following capitalized terms shall have the following meanings: "Annual Report" shall mean any Annual Report provided by a Power Purchaser pursuant to, and as described in, Sections 3 and 4 of this Agreement. “Audited Financial Statements” shall mean, with respect to a Power Purchaser, the audited financial statements for the most recent fiscal year, prepared (except as otherwise noted herein) in accordance with generally accepted accounting principles (or such other accounting principles as may be applicable in the future pursuant to applicable law or accounting standards board). “Beneficial Owner” shall mean any person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes. “Disclosure Representative” shall mean the Chair of the Project Management Committee, or his or her designee, or such other person as the Project Management Committee designates in writing to the Trustee, the Authority and the Dissemination Agent from time to time. “Dissemination Agent” shall mean U.S. Bank National Association, acting in its capacity as Dissemination Agent hereunder, or any successor Dissemination Agent designated in writing by the Power Purchasers and which has filed with the Trustee a written acceptance of such designation. "Fiscal Year" shall mean any twelve-month period ending on June 30 or on such other date as a Power Purchasers may designate from time to time. “Holders” shall mean the registered holders of the Bonds, as recorded in the registration books of the Trustee. D-2-1 "Listed Events" shall mean any of the events listed in Section 5 of this Agreement. “MSRB” shall mean the Municipal Securities Rulemaking Board established pursuant to Section 15B(b)(1) of the Securities Exchange Act of 1934, or any successor thereto or to the functions of the MSRB contemplated by this Agreement. "Official Statement" shall mean the Authority's final Official Statement with respect to the Bonds, dated , 2010. “Participating Underwriter” shall mean Merrill Lynch, Pierce, Fenner & Smith Incorporated. “Power Purchaser” shall mean each Purchaser or Additional Party under the Power Sales Agreement that has purchased 10% or more of the capacity (and associated energy) of the Project or is otherwise deemed to be an “obligated person” for purposes of the Rule (collectively, the “Power Purchasers”). “Power Sales Agreement” shall mean the Bradley Lake Hydroelectric Project Agreement for the Sale and Purchase of Electric Power dated as of December 8, 1987, by and among the Authority as Seller, Chugach Electric Association, Inc., Golden Valley Electric Association, Inc., the Municipality of Anchorage d/b/a Municipal Light & Power, the City of Seward d/b/a Seward Electric System, and the Alaska Electric Generation & Transmission Cooperative, Inc., as Purchasers, and Homer Electric Association, Inc. and Matanuska Electric Association, Inc. as Additional Parties. “Project” shall have the meaning assigned to such term in the Bond Resolution. “Project Management Committee” shall mean the Project Management Committee established under the Power Sales Agreement. "Rule" shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. “State” shall mean the State of Alaska. “Trustee” shall mean U.S. Bank National Association. SECTION 3. Provision of Annual Reports. (a) Each Power Purchaser shall, or, by written direction, shall cause the Dissemination Agent to, provide to the MSRB, not later than 15 days before September 30 of each year (the “Submission Date”), commencing September 30, 2010, each Power Purchaser’s Annual Report for the preceding Fiscal Year which is consistent with the requirements of Section 4 of this Agreement. The Annual Report may be submitted as a single document or as separate documents comprising a package, and may cross-reference other information as provided in Section 4 of this Agreement; provided that the Audited Financial Statements of each Power Purchaser may be submitted separately from the balance of the Annual Report and later than the date required for the filing of the Annual Report if not available by that date. (b) If not provided as part of the Annual Report provided under subsection (a), the Disclosure Representative shall, or by written direction, shall cause the Dissemination Agent to, provide to the MSRB the Audited Financial Statements of the Power Purchaser when available. (c) If by 15 days prior to the Submission Date, the Dissemination Agent has not received a copy of the Annual Report of a Power Purchaser, the Dissemination Agent shall contact the Disclosure Representative, and the Trustee (if the Trustee is not the Dissemination Agent) to determine if the Power Purchaser is in compliance with subsection (a). D-2-2 (d) If the Dissemination Agent is unable to verify that an Annual Report has been provided to the MSRB by the Submission Date, the Dissemination Agent shall send a notice to the MSRB in substantially the form attached as Exhibit A. (e) The Dissemination Agent shall file a report with the Disclosure Representative certifying that the Annual Report has been provided pursuant to this Agreement, stating the date it was provided. SECTION 4. Content of Annual Reports. The Annual Report of each Power Purchaser shall contain or include by reference the following: (a) Audited Financial Statements of the Power Purchaser or, if the Audited Financial Statements of a Power Purchaser are not available on the Submission Date, the unaudited financial statements for the most recent Fiscal Year in a format similar to the Audited Financial Statements most recently prepared for that Power Purchaser; and (b) Financial information and operating data regarding the Project and the Power Purchaser of the type contained in the final Official Statement under the caption “THE POWER PURCHASERS?” in the following tables: (i) Selected Statistics for Calendar Year 2009; (ii) Power Purchasers’ Power Requirements; (iii) Energy Loads and Resources; and (iv) Historical Operating Results. SECTION 5. Reporting of Significant Events. (a) This Section 5 shall govern the giving of notices of the occurrence of any of the following events: () Principal and interest payment delinquencies; (2) Non-payment related defaults under the Bond Resolution; (3) Unscheduled draws on debt service reserves reflecting financial difficulties; (4) Unscheduled draws on credit enhancements reflecting financial difficulties; (5) Substitution of credit or liquidity providers, or their failure to perform; (6) Adverse tax opinions or events affecting the tax-exempt status of the Bonds; (7) Modifications to rights of Bondholders; (8) Unscheduled Bond calls; (9) Defeasance of the Bonds; (10) Release, substitution or sale of property securing repayment of the Bonds; and (1) Rating changes for the Bonds. (b) Whenever the Power Purchasers obtain knowledge of the occurrence of a Listed Event that is material, the Power Purchasers shall promptly notify the Dissemination Agent in writing. Such notice shall instruct the Dissemination Agent to file a notice of such occurrence with the MSRB. Each notice of a Listed Event D-2-3 hereunder shall indicate that it is a notice of a Listed Event. Notwithstanding the foregoing, notice of Listed Events described in subsections (8) and (9) need not be given under this Section any earlier than the notice (if any) of the underlying event is given to the owners of affected Bonds pursuant to the Bond Resolution. SECTION 6. Termination of Reporting Obligation. The Power Purchasers' obligations under this Agreement shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the bonds, the Power Purchasers shall give notice of such termination in the same manner as for a Listed Event under Section 5 above. SECTION 7. Dissemination Agent. The Power Purchasers may from time to time designate an agent to act on its behalf in providing or filing notices, documents and information as required of the Power Purchasers under this Agreement, and revoke or modify any such designation. The Dissemination Agent shall not be responsible in any manner for the content of any notice or report prepared by the Power Purchasers pursuant to this Agreement. SECTION 8. Amendment; Waiver. Notwithstanding any other provision of this Agreement, the Power Purchasers may amend this Agreement , and any provision of this Agreement may be waived, if the following conditions are met: (a) The amendment or waiver is made in connection with a change in circumstances that arises from a change in legal (including regulatory) requirements, a change in law (including rules or regulations) or in interpretations thereof or a change in the identity, nature or status of the Power Purchasers or the type of business conducted thereby; (b) The Agreement, as amended or taking into account such waiver would, in the opinion of nationally recognized bond counsel, have complied with the requirements of the Rule at the time of the issuance of the Bonds, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances; and (c) The amendment or waiver either (i) is approved by the Holders of the Bonds in the same manner as provided in the Bond Resolution for amendments to the Resolution with the consent of Holders, or (ii) does not, in the opinion of nationally recognized bond counsel, materially impair the interests of the Holders or Beneficial Owners of the Bonds. In the event of any amendment or waiver of a provision of this Agreement, each Power Purchaser shall describe such amendment in its next Annual Report, and shall include, as applicable, a narrative explanation of the reason for the amendment or waiver and its impact on the type (or in the case of a change of accounting principles, on the presentation) of financial information or operating data being presented by the Power Purchaser. In addition, if the amendment relates to the accounting principles to be followed in preparing financial statements, (i) notice of such change shall be given in the same manner as for a Listed Event under Section 5, and (ii) the Annual Report for the year in which the change is made should present a comparison (in narrative form and also, if feasible, in quantitative form) between the financial statements as prepared on the basis of the new accounting principles and those prepared on the basis of the former accounting principles. SECTION 9. Transmission of Information and Notices. Unless otherwise required by law all notices, documents and information provided to the MSRB shall be provided in an electronic format as prescribed by the MSRB and shall be accompanied by identifying information as prescribed by the MSRB. SECTION 10. Default. In the event of a failure of the Power Purchaser to comply with any provision of this Agreement any Holder of Beneficial Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Power Purchaser to comply with its obligations under this Agreement. A default under this Agreement shall not be deemed an Event of Default under the Bond Resolution, and the sole remedy under this Agreement in the event of any failure of the Power Purchaser to comply with this Agreement shall be an action to compel performance. SECTION 11. Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of Alaska, and any suits and actions arising out of this Agreement shall be instituted in a court of D-2-4 competent jurisdiction in the State, provided that, to the extent this Agreement addresses matters of federal securities laws, including the Rule, this Agreement shall be construed in accordance with such federal securities laws and official interpretations thereof. SECTION 12. Beneficiaries. This Agreement shall inure solely to the benefit of the Power Purchasers, the Dissemination Agent, the Participating Underwriter and Holders and Beneficial Owners from time to time of the Bonds, and shall create no rights in any other person or entity. Date: July, 2010. CHUGACH ELECTRIC ASSOCIATION, INC. By. Name: Title: MUNICIPALITY OF ANCHORAGE dba MUNICIPAL LIGHT & POWER Name: Title: ALASKA ELECTRIC GENERATION & TRANSMISSION COOPERATIVE, INC. (acting on behalf of Matanuska Electric Association, Inc.) By. Name: Title: ALASKA ELECTRIC AND ENERGY COOPERATIVE, INC. (acting on behalf of Homer Electric Association, Inc.) Name: Title: D-2-5 GOLDEN VALLEY ELECTRIC ASSOCIATION, INC. By. Name: Title: CITY OF SEWARD dba SEWARD ELECTRIC SYSTEM Name: Title: U.S. BANK NATIONAL ASSOCIATION, as Dissemination Agent and Trustee By. Authorized Officer D-2-6 EXHIBIT A NOTICE OF FAILURE TO FILE ANNUAL REPORT Name of Issuer: Alaska Energy Authority Name of Bond Issue: $ Power Revenue Refunding Bonds, Sixth Series (Bradley Lake Hydroelectric Project) Date of Issuance: July__, 2010 NOTICE IS HEREBY GIVEN that ; a Power Purchaser, has not provided an Annual Report with respect to the above-named Bonds as required by the agreement of said Power Purchaser. Dated: Power Purchaser D-2-7 Agenda Item: 7B MOTION: Approve attached amended FY10 Budget and refund the $375,000 reduction in budget to the utilities by June 30, 2010. Move: Second: BUDGET SURPLUS AMOUNT BY UTILITY EST PERCENT REFUND POWER PURCHASER SHARE TOTAL CHUGACH ELECTRIC 30.4% 114,000 MUNICIPALITY OF ANCHORAGE 25.9% 97,125 AEG&T-HEA 12.0% 45,000 AEG&T-MEA 13.8% 51,750 GOLDEN VALLEY ELECTRIC 16.9% 63,375 CITY OF SEWARD 1.0% 3,750 100.0% 375,000 375,000 BRADLEY LAKE HYDROELECTRIC PROJECT Schedule A Original Revised REVISED FY07 FY2009 FY2010 FY2010 BUDGET ACTUALS BUDGET BUDGET BUDGET INC(DEC) REVENUES, EXPENSES & CHANGES IN SURPLUS REVENUES UTILITY CONTRIBUTIONS 15,567,526 16,881,542 17,645,106 17,270,106} (375,000) INTEREST INCOME 1,875,539 1,559,024 1,652,616 1,852,616 200,000 Revised based on interest OTHER MISC INCOME 5,656 0 0 0 0 received as of 03/31/10 0 0 0 0 0 17,448,721 18,440,566 19,297,722 19,122,722 (175,000) EXPENSES OPERATIONS 2,928,813 3,697,149 4,024,112 4,024,112 0 RENEWALS/REPLACEMENTS (R&C FUND REPAYMENTS) 1,774,558 1,974,468 1,912,265 1,742,265 (170,000) Due to FY09 R&C amount less NON R&C FUND CAPITAL PURCHASES-SEE A1 187,843 220,000 675,196 675,196 0 than original estimate TRANSFER TO (FROM) OPERATING RESERVE 25,002 5,000 66,000 66,000 0 DEBT SERVICE (net of Capital Reserve Reductions) 12,273,950 12,268,950 12,270,150 12,395,150 125,000 See note 1 below ARBITRAGE TRANSFER 258,555 275,000 350,000 220,000} (130,000) Adjust to actual amount 0 0 0 0 0 17,448,721 18,440,567 19,297,723 19,122,722] (175,000) CURRENT YEAR SUI 0 1 1 BE( 0 0 0 ENI 0 1 1 OTHER INFORMATION Note 1: Estimate of interest on debt for the period between July 1, 2010, issuance of the new bonds and August 2, 2010, call date of series 5 bonds. 6/2/201010:22 AMC:\Documents and Settings\Imacmillan\Local Settings\Temporary Internet Files\Content.Outlook\lY 1P419V\2010BradleyBdgt-revised-send.xlsSchedule A- Budget Summary ALASKA ENERGY AUTHORITY BRADLEY LAKE HYDROELECTRIC PROJECT Schedule A-1 FY07 FY2008 FY2009 FY10 ACTUALS ACTUALS BUDGET BUDGET CAPITAL PURCHASES NOT FUNDED BY R&C FUND CULVERT REPAIRS 22,309) ___940) HELICOPTER PAD REPAIRS OB a ee eae eae: 2 a eM AMBULANCE TRUCK, MOWER ATTACH, MILLING 110,000 FIRE:WATER CONTROL VALVE REPLACEMENT. f= Ofk OFS: 30 000. OR CATHODIC PROTECTION REPLACEMENT RR Ss a a ene | HALCON FIRE SYSTEM REPLACEMENT irre Re So MAN-LIFT, TRUCK & PLOW ATTACHMENT ce ae Ce Purchase FW relief valve RV-8*** Current valve is leaking by because of problems the control which will be replaced shortly. ZTE gl The set point has been raised from the original 135psi to 170psi as a work around due to “Icontrol valve. Operation of a firewater system at these pressures is outside current code 4 uirements Grating in Transformer pits PT 40,000] Safety implications during Nitrogen addition to the transformers icomponent database Procure spare facilities transformer Two transformers have failed leading to a fire and loss of power to the non-power house Se 30,000}facilities. Since the cause of the failures is really unknown, we could be at risk for a repeat failure. Last failure cost >100K O&D says buy it. Purchase small forklift w/ outside capability SOTA ee [A need based on the movement of smaller items into and out of the warehouse and Power i House which cannot be performed with the big loader. Modify Camp Residencies--add efficiency apartments STH ee This will effectively modify the two duplexes from a 2 dwelling unit to a 4 dwelling unit; this will g help support space availability for an apprentice position. rico i Ge ee ee eee ¥ other areas Vehicle Lift pee Se tee Current lift original design and placement does not-allows vehicles to be serviced unles ~ 18,000 ri cal iipeos roll up door is open--this is a problem in winter and fowl weather 187,843 117,728 220,000 675,196 BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B SUMMARY (A) HEA Annual Operations & Maintenance (B) CEA Dispatch and Substation/SVC Maintenance (C) Other O&M and Maintenance Projects (D) Insurance Costs (E) Regulatory Costs (H) Contingencies (F) Administrative Costs (G) BUDGET ADJUST ESTIMATE 31-Dec-08 FY2008 FY2008 FY2009 FY2009 FY2010 BUDGET ACTUAL VARIANCE BUDGET ACTUAL BUDGET 1,750,709 1,696,285 54,424 1,932,339 971,917 1,968,817 103,356 74,517 28,839 70,500 80,257 80,000 453,740 443,707 10,033 437,540 218,070 735,242 648,481 545,268 103,213 642,270 569,770 644,203 340,000 244,001 95,999 355,000 27,381 329,900 100,000 250 99,750 0 0 0 3,396,286 3,004,028 392,258 3,437,649 1,867,395 3,758,162 274,500 255,299 19,201 259,500 228,187 265,950 3,670,786 3,259,327 411,459 3,697,149 2,095,582 4,024,112 0 0 0 0 0 ) 3,670,786 3,259,327 | 411,459 3,697,149 2,095,582 4,024,112 6/2/2010 10:22 AM C:\Documents and Settings\Imacmillan\Local Settings\Temporary Internet Files\Content.Outlook\lY1P419V\201 0BradleyBdgt-revised-send.xisSchedule B-Budget Page 1 of 4 Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B FERC 535 - Operation Supervision & Engineering (A) HEA O&M Contract (C) HEA Perform Exciter Stability Study (C) HEA Digitize & Control Project Drawings FERC 537 - Hydraulic Expenses (A) HEA O&M Contract FERC 538 - Electric Expenses (A) HEA O&M Contract (C) HEA Clean Generators #1 & #2 (A) HEA O&M Contract (C) Replace Two Way Radios (C) HEA Circuits and Radio - To Bernice Lake (C) CEA Circuits -Bernice Lake to Anchorage FERC 539 - Misc. Hydraulic Power Generation Expenses FERC 540 - Rents (C) Bradley Lake FERC land use fees (5% increase bi FERC 541 - Maintenance Supervision & Engineering (A) HEA O&M Contract FERC 542 - Maintenance of Structures (A) HEA O&M Contract (C) Architect Review of Buildings (C) Replace Haylon w/ FM-200 in Oil Separator RM (A) HEA O&M Contract oe Cleaning & Inspections Documents and Settings\lmacmillan\Local Settings\Temporary Internet Files\Content.Outlook\lY1P41 Page 2 of 4 FERC 543 - Maintenance of Reservoirs, Dams & Waterways 9V\2010BradleyBdgt-revised-send.x 31-Dec-08 FY2008 FY2008 FY2009 FY2009 FY2010 BUDGET ACTUAL VARIANCE BUDGET ACTUAL BUDGET 140,357 196,966 (56,609) 226,274 111,965 237,941 0 0 0 40,000 0 0 0 140,357 196,966 (66,609) 226,274 111,965 277,941 54,037 73,827 (19,790) 71,159 33,269 75,698 54,037 73,827 (19,790) 74,159 33,269 75,698 235,672 184,265 51,407 191,122 87,587 193,733 0 0 0 0 0 50,000 235,672 184,265 51,407 191, 122 87,587 243,733 393,785 339,946 53,839 382,016 175,916 420,059 0 0 0 0 0 90,000 90,000 0 0 45,000 90,000 28,740 28,746 (6) 0 14,373 30,000 512,525 458,692 53,833 382,016 235,289 540,059 65,000 62,623 2,377 65,000 0 65,000 65,000 62,623 2,377 65,000 0 65,000 63,204 112,317 (49,113) 125,283 72,840 120,000 63,204 112,317 (49.113)] [725.265 72,840 120,000 93,347 46,308 47,039 45,809 15,601 113,641 0 0 0 30,000 1,669 0 0 0 0 0 0 30,000 93,347 46,308 47,039 75,809 17,270, 143,641 14,202 6,523 7,679 29,023 91,618 27,095 0 0 0 30,000 48,960 | p/2/201Q4%88 AM isSchedule B-Budget Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B (C) (C) (C) (C) FERC 544 - Maintenance of Electric Plant (A) HEA O&M Contract (C) Long Range Maintenance Study FERC 545 - Maintenance of Misc. Hydraulic Plant (A) HEA O&M Contract (C) Fish Water Design & Middle Fork Equip Shack Im FERC 556 - System Control & Load Dispatching (A) HEA O&M Contract (A) HEA-Power House PCs & Develop Electronic Ops (C) SCS Snow Measurement (C) UAA Seismic monitoring and reporting (C) USGS Streamguaging (C) State of Alaska Permits FERC 562 - Station Expenses (B) CEA SVC/Substation Maintenance Contract (Cc) FERC 571 - Maintenance of Overhead Lines (A) HEA Overhead Line Maintenance (H) Contingencies FERC 920 - Administrative Expense (F) AEA Admin Fee 31-Dec-08 FY2008 FY2008 FY2009 FY2009 FY2010 BUDGET ACTUAL VARIANCE BUDGET ACTUAL BUDGET 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14,202 6,523 7,679 59,023 140,578 117,095 247,020 349,854 (102,834) 285,004 265,341 296,763 0 0 0 40,000 0 0 247,020 349,854 (102,834) 325,004 265,341 296,763 184,455 103,403 81,052 178,019 44,408 110,000 0 0 0 0 0 55,000 184,455 103,403 81,052 178,019 44,408 165,000 21,896 41,699 (19,803) 49,195 42,765 51,237 0 0 0 0 0 20,000 10,000 18,990 (8,990) 9,000 5,761 9,000 60,000 51,057 8,943 56,500 0 56,500 200,000 192,191 7,809 207,040 102,207 219,642 0 100 (100) 0 100 100 291,896 304,037 (12,141) 321,735 150,833 356,479 103,356 74,517 28,839 70,500 80,257 80,000 0 0 0 0 0 0 103,356 74,517 28,839 70,500 80,257 S000 302,734 241,177 61,557 349,435 30,607 302,650 302,734 241,177 | 61,557 349,435 30,607 302,650 100,000 250 99,750 0 0 0 200,000 200,000 0 200,000 200,000 | f/2/20tod%88 AM C:\Documents and Settings\Imacmillan\Local Settings\Temporary Internet Files\Content.Outlook\lY 1P419V\2010BradleyBdgt-revised-send.xlsSchedule B-Budget Page 3 of 4 Detail BRADLEY LAKE OPERATIONS & MAINTENANCE SCHEDULE B 31-Dec-08 FY2008 FY2008 FY2009 FY2009 FY2010 BUDGET ACTUAL VARIANCE BUDGET ACTUAL BUDGET AEA Administrative Costs 200,000 200,000 0 200,000 200,000 200,000 PMC Costs (F) Bradley Lake Audit fees 8,500 8,601 (101) 9,500 12,750 15,950 (F) Bradley Lake PMC Legal 40,000 24,629 15,371 25,000 1,465 25,000 (F) Bradley Lake Arbitrage Report 6,000 4,475 1,525 5,000 53175 5,000 (F) Bradley Lake Trustee fees 20,000 17,594 2,406 20,000 8,797 20,000 (F) PMC Costs 74,500 55,299 19,201 59,500 28,187 65,950 Bond Refunding Costs Reimburseable costs Refunding Costs r 0 0 0 0 0 0 TOTAL FERC 920 274,500 255,299 19,201 259,500 228,187 265,950 FERC Insurance Premiums 578,500 494,347 84,153 578,000 545,300 572,565 (D) Homer Electric Insurance 54,981 49,035 5,946 49,270 24,470 56,638 (D) Risk Assessment 15,000 1,886 13,114 15,000 0 15,000 648,481 545,268 103,213 642,270 569,770 644,203 FERC FERC administrative fees 200,000 208,732 (8,732) 200,000 0 229,900 (E) FERC 5 Year Inspection 0 0 0 0 0 0 (E) 0 0 0 (E) Contractual Engineer - FERC license issues 140,000 35,269 104,731 155,000 27,381 100,000 340,000 244,001 95,999 355,000 27,381 329,900 3,670,786 3,259,327 411,459 3,697,149 2,095,582 4,024,112 TOTAL BRADLEY LAKE BUDGET 6/2/2010 10:22 AM C:\Documents and Settings\Imacmillan\Local Settings\Temporary Internet Files\Content.Outlook\lY1P419V\201 0BradleyBdgt-revised-send.xlsSchedule B-Budget Page 4 of 4 Detail BRADLEY LAKE MONTHLY UTILITY CONTRIBUTION SCHEDULE C REVISED BUDGET ORIGINAL REVISED PERCENT FY2009 FY2010 FY2010 FY2010 POWER PURCHASER SHARE TOTAL TOTAL TOTAL DECREASE CHUGACH ELECTRIC 30.4% 5,131,992 5,131,992 5,364,108 232,116 MUNICIPALITY OF ANCHORAGE 25.9% 4,372,320 4,372,320 4,570,080 197,760 AEG&T-HEA 12.0% 2,025,780 2,025,780 2,117,412 91,632 AEG&T-MEA 13.8% 2,329,656 2,329,656 2,435,028 105,372 GOLDEN VALLEY ELECTRIC 16.9% 2,852,976 2,852,976 2,982,024 129,048 CITY OF SEWARD 1.0% 168,816 168,816 176,448 7,632 Rounding 2 2 2 100.0% 16,881,542 16,881,542 17,645,102 763,560 BUDGET ORIGINAL FY2009 FY2010 PERCENT MONTHLY MONTHLY FY2010 FY2010 POWER PURCHASER SHARE AVERAGE AVERAGE MONTHLY INCREASE CHUGACH ELECTRIC 30.4% 427,666 427,666 447,009 19,343 MUNICIPALITY OF ANCHORAGE 25.9% 364,360 364,360 380,840 16,480 AEG&T-HEA 12.0% 168,815 168,815 176,451 7,636 AEG&T-MEA 13.8% 194,138 194,138 202,919 8,781 GOLDEN VALLEY ELECTRIC 16.9% 237,748 237,748 248,502 10,754 CITY OF SEWARD 1.0% 14,068 14,068 14,704 636 100.0% 1,406,795 1,406,795 1,470,425 63,630 6/2/201010:23 AM C:\Documents and Settings\lmacmillan\Local Settings\Temporary Internet Files\Content.Outlook\lY 1P419V\2010BradleyBdgt-revised-send.xlsSchedule C Utility Contrib BRADLEY LAKE R&C FUND DISBURSEMENTS AND REPAYMENTS SCHEDULE D A Actual Actual Projected Actual TO REPAY TO REPAY TO REPAY TO REPAY Description at 06/30/07 Disburse at 06/30/08 Disburse at 06/30/09 at 06/30/10 R&C FUND PROJECTS Governor 2,569,028.83 46,563.90 2,615,592.73 0.00 2,615,592.73 i 2,615,592.73 Replace RFLS 22,957.82 228,134.87 251,092.69 0.00 251,092.69 i 251,092.69 Replace Runners 1,464,626.17 324,898.82 1,789,524.99 157,208.00 1,946,732.99 1,946,732.99 Replace cable from dam to power house 1,727,727.96 621,664.60 2,349,392.56 10,887.92 2,360,280.48 2,360,280.48 Replace power system stabilizer 0.00 0.00 11,311.49 11,311.49 150,000.00 161,311.49 Replace two RTUs 5,146.54 40,986.30 46,132.84 24,364.95 70,497.79 50,000.00 120,497.79 Culvert Repairs 0.00 0.00 34,833.79 34,833.79 300,000.00 334,833.79 Other to equal FYO9 Budget 0.00 0.00 0.00 0.00 0.00 0.00 Trans Towers Frost Jacking Repairs 0.00 0.00 0.00} 1,200,000.00 1,200,000.00 0.00 A 0.00 5,789,487.32 1,262,248.49 7,051,735.81 7,290,341.96 [__1,700,000.00 8,990,341.96 Current Year R&C Repayment (1,762,933.96) (1,822,585.49) Adjust for Current Year Budget 0.00 0.00 Less Interest in Fund Applied to Repayment 134,015.39 521,125.67 Net Transfer from Revenue Fund B : , (Cumulative Prior Years R&C Repayments (1,859,791.27)| (4,621 ,412.37)| R&C Cumulative Interest (Retained) Applied As Part of Repayment 355,168.35 401,268.66 NET DUE TO R&C FUND ; : 3,027,933.68 R&C FUND CASH FLOW PROJECTION Beginning Investment Balance 1,734,273.63 1,081,805.67 2,331,070.41 Disbursements-current year (1,262,248.49) (197,525.93) (1,700,000.00)| Disbursements-prior year accrued (971,606.75) 0.00 0.00 Utilities' R&C Repayment 1,447,371.89 1,322,357.35 1,822,585.49 Current year interest earnings 134,015.39 124,433.32 90,000.00 Accrued R&C Payable at year end 0.00 7 0.00 Ending Investment Balance PROJECTED NET DUE + ENDING INVESTMENT BALANCE 5,000,000.00 5,000,000.00 5,571,589.58 REPAYMENT AMOUNT $1,649,677 X 25% 412,419.38 412,419.38 |Done-FY09 0.00 $4,139,810 X 25% 1,034,952.45 1,034,952.45 [4th yr 1,034,952.45 $1,262,248.49 X 25% 315,562.12 315,562.12 [3rd yr 315,562.12 $1,286,134 X 25% 59,651.54 [2nd yr 59,651.54 "$1,320,865 X 25% 1st yr 425,000.00 1,762,933.96 6/2/201010:23 AM C:\Documents and Settings\Imacmillan\Local Settings\Temporary Internet Files\Content.Outlook\lY 1P419V\2010BradleyBdgt-revised-send.xisSchedule D R&C Disb & Repay AGENDA ITEM: 7C MOTION: Move the Project Management Committee authorize the retention of the ARECA Insurance Exchange to procure property and related insurance coverages, as necessary, for the Bradley Lake Hydroelectric project effective 7/1/2010. Move: Second: Bradley Lake Project Management Committee Meeting Page | of 1 Home Go Back ° : . Public Notices Online Public Notice Bradley Lake Project Management State of Alaska Committee Meeting Submitted by: smhowell/08 Date Submitted: 05/12/2010 11:35 AM Date Modified: Ak Admin Journal: [not printed] Attachments: No files attached Bradley Lake Project Management Committee Meeting Category: Public Notices Department: Commerce Community & Economic Development Publish Date: 05/12/2010 Location: Anchorage Coastal District: N/A Body of Notice: ALASKA ENERGY AUTHORITY Regular Meeting Public Notice Bradley Lake Project Management Committee Notice is hereby given that the Bradley Lake Project Management Committee will hold a regular meeting on Thursday, June 3, 2010 at 10:00 a.m. For additional information contact Brad Evans, Chairman. This meeting will be conducted by electronic media pursuant to AS 44.88.050(a) and AS 44.62.310 at the following location: Alaska Energy Authority Boardroom, 813 West Northern Lights Boulevard, Anchorage, Alaska; The public is invited to attend. The State of Alaska (AEA) complies with Title II of the Americans with Disabilities Act of 1990. Disabled persons requiring special modifications to participate should contact AEA staff at (907) 771- 3000 to make arrangements. Revision History: 05/12/2010 11:35:50 AM by smhowell/08/State/Alaska/US $$WebClient [Anon] Home Page Notices by: Department | Category | Publish Date http://notes4.state.ak.us/pn/pubnotic.nsf/cc52605f7c 1 56e7a8925672a0060a9 1 b/07809c7d0... 5/12/2010 TELECONFERENCE INSTRUCTIONS Thursday, June 3, 2010 — 10:00 a.m. To join the meeting, please do the following: Dial 1-800-315-6338 Enter 3074#