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JAN 2 1 1983
it. v y"'
su~·~~· A uvncnr=! I=C!TRIC PROJECT
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)int Venture
1t Number
TASK 11: FINANCING OPTIONS
Prepared by:
Acres American Incorporated
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'----_ALASKA POWER AUTHORi
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' t TABLE OF CONTENTS
1 -OBJECTIVES ---~---------------~------------------
2 ECONOMIC CONTEXT OF THE FINANCING PROPOSALS -----
Page
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3 -BASIC POLICY ISSUES: RISK & TIMING--------------1
4 -THE FINANCING OPTIONS ---------------------------The ·Essential Pre-conditions---------------------
The Financing Options----------------------------
Phases and Forms of Borrowing--------------------
Assessment of Financing Options------------------
The Dedicated Fund Options C & D-----------------
5 -STATEMENT BY THE FIRST BOSTON CORPORATION
JOHN NUVEEN & COMPANY, FIRST SOUTHWEST
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COMPANY --~-------~------------~----------~~-----11
6 -CONCLUSIONS -------------------------------------
TABLES
Tab 1 e 1 -CAPITAL FUNDS AVAILABLE FOR SUSITNA
-30th Percentile Projections
Tab 1 e 2 -CAPITAL FUNDS AVAILABLE FOR SUSITNA
-50th Percentile Projections
Table 3 SUSITNA SUMMARY OF FINANCING REQUIRE-
MENTS IN REAL DOLLARS (1982)
Tab 1 e 4 SUSITNA SUMMARY OF FINANCING REQUIRE-
MENTS IN NOMINAL DOLLARS
EXHIBITS
Exhibit A -System Costs Avoided by Developing Susitna
Exhibit B -Watana Construction Schedule
Exhibit C -World Oil Price Forecasts
Exhibit D U.S. Hydroelectric plant Construction
Cost Indexes
Exhibit E -Energy Cost Comparison with Various
Financing Options
FlNANCIAL ANALYSES
Option A $1.4 Billion Drawn from Uncommitted State
Funds Available for Captial Construction
Option B -$1.8 Billion Drawn from Uncommitted State
Funds Available for Capital Construction
Option C -$1.4 Billiong Dedicated from Permanent Fund
Income
Option D $1.8 Billion Dedicated from Permanent Fund
Income
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ALASKA POWER AUTHORITY
SUSITNA HYDROELECTRIC DEVELOPMENT
FINANCING OPTIONS
1 -OBJECTIVES
1
The object1ve of this report is to set out the currently most
viable finan~ing options for the Watana phase (1985-1993) of
the Susitna Hydroelectric Development together with the com-
ment of the Power Authority•s investment advisors (The First
Boston Corporation, John Nuveen & Company, and First
Southwest Company) on the impact of these options on the
credit rating Df the State of Alaska and on other related
issues.
2 -ECONOMIC CONTEXT OF THE FINANCING PROPOSALS ----~~~~~~~~~~~~~~~~~~~~~
The economics. marketing and financing of Susitna will be the
subject of a final review by Acres American in March of 1983.
The data utilized in this anJlysis however is, with minor
modification, based on the Susitna Task 11 Reference Report.
Some amendment of the data used here will then arise in the
light of the March 1983 review. Our preliminary indications
are however that the probable revisions will not materially
impact the conclusions which may be based on the results
presented in this memorandum.
3 -BASIC POLICY ISSUES: RISK AND TIMING
The Watana phase alone of Susitna will take 10 years (from
the present stage of FERC licence application) to complete.
It is also clearly apparent that it will not be possible to
pro~uce wholly certain forecasts of the underlying energy
economics of the project nor of the availability of State
reven~es or of the competing demands for State resources
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which may arise over this extended period. The requirement
that such forecasts be produced as an initial pre-condition
for authorization of development would therefore effectively
preclude Susitna or indeed, any long term development of
Alaska•s natural resources.
2
It must also be frankly recognized that risks from erroneous
forecasts will arise from proceeding with Watana at its esti-·
mated capital cost of $3.6 billion (1982 dollars). These are
primarily risks associated with load forecasts, interest
r at e s , i n f 1 at i o n , e t c... B u t i t m u s t be r e c o g n i z e d a 1 s o t h at
risks will arise through not proceeding with Susit~a since
this will force Alaska electric power consumers to face the
alternative risks arising from the estimated $1.7 billion
(1982 dollars) of capital cost for fossil fuel plants and the
risk that these plants will also require meeting the ever
increasing operating costs reflected in Exhibit A. Moreover,
these other options also involve risks from forecasting
errors in the load forecasts, interest rates, inflation, etc.
In the Watana investment decision! therefore, the issue is
not between risk and no risk, or investment and no
investment, but only between one set of risks and another and
one set of capital expenditures and another. The financing
options as developed below therefore endeavor to reflect
these risks in a realistic manner &nd provide for
development/financing options which effectively minimize
these risks.
It is an inherent characteristic in the very magnitude of
their financial requirements and the complex political and
economic issues which they pose, that "mega-projef.:tsca such as
Susitna, have a "window of opportunity .. during which they can
proceed. If this 11 Window" is missed the opportunity to pro-
ceed may not recur for many years.
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Ultimate development of the hydroelectric potential of
Susitna must be considered as highly probable given the
authoritive estimates (see Exhibit C) and forecasts of
Alaska's own Department of Revenue of continued significant
long term real increase in alternative energy prices. Hence
the essential issue is whether we proceed in the immediate .
3
future with this window of opportunity or whether the project
is postponed--possibly for a long period. Here, the
following considerations must be taken into account:
(a) On present forecasts, postponement of Susitna
wholly delaying its net benefits, would cost $43
million p.a. in 1982 present value terms.
(b) The possibility, referred to above, that the "window
of opportunity" for Susitna may not recur for a very
long period. This could result in the cost of
postponement being a multiple of that given in (a).
Finally, we would stress that the Susitna Project would also
be re-assessed by the Power Authority in 1984 before any
major outlays were undertaken in 1985. By this date we will
have two more years of economic and financial data with which
to re-evaluate the situation and the uncertainties regarding
the scale of the world economic recovery. The existing
uncertainty of near-term future petroleum prices and revenues
·should be substantially reduced.
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4 -THE FINANCING OPTIONS
The Essential Pre-conditions
The essential pre-conditions for any financing scheme is taken as
the requirement that they meet:
(a) An acceptable cost of energy in the early years of
operation. This is taken as effectively meaning that the
cost of power must be close to or below the cost of ene~gy
that would result from pursuing the best Thermal Option as
shown in Exhibit A.
(b)
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Meeting its debt coverage. All the residual f1nancing
req~irements are assumed to be met (long-term) by borrowing
in the form of tax-exempt bond financing at 10% with a
coverage requirement of 1.1. This requirement must be met
or the borrowing could not be regarded as meeting the basic
requirements of acceptability to investors.
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(c) Acceptable and viable levels of borrowing. The level of
borrowing which the project requires to be met by G.O. bonds
will depend upon the capacity of the State of Alaska to
L raise G.O. Bonds either without effect on its bond rating or
with an effect that is regarded as an acceptable price for
proceeding with the project. The other source of borrowing
will be Revenue Bonds WAich, as discussed below, depend upon
the power contracts which are in place.
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(d) An acceptable level of demands on the funds available to
the State of Alaska. The funds here are taken as the
estimate of the uncommitted funds for capital appropriation
as estimated by John Nuveen & Company and shown in Tables 1
and 2. (These take into account the estimated maximum G.O.
Bonds as a source of funds.)
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5
The Financing Options
A very large number of financing options have been considered.
The four options: A, B, C, and D summarized in Tables 3 and 4
appear those most likely to fulfill the essential criteria stated
above. These options are:
Option A
This option calls for $1.4 billion 1982 dollars in State
appropriations phased over the per;od 1984 to 1989. This option
may also indirectly involve drawing upon G.O. Bonds since these
( s ee T a b 1 e s 1 and · 2 ) are b u i 1 t i n to t h e f i n a l tot a 1 " a v a i 1 a b l e
for Susitna". (The phasing of the appropriations year-to-year
is, of course, arbitrary in that it can be adapted to the flow of
funds represented by the "available for Susitna 11
, providing tre
total remains the same.)
Option B
This option is precisely identical to that of Option A except
that it involves a State appropriation of $1.8 billion in 1982
dollars phased over the period 1984-1989.
Options C and D
These options involve the concept of dedicated funds of the same
magnitude as Option A and B being made available through a
constitutional amendment. Since these options are of a markedly
different character, they are discussed separately below.
Phases and Forms of Borrowing
Before reviewing the characteristics of the schemes proposed, it
is necessary first to deal briefly with the phases and forms
which the borrowing may involve.
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In the Preliminary Phase between 1985 and 1987, the dam itself will not be
under actual construction and only preliminary work will be in progress.
Under these circumstances, it must be accepted that no Revenue Bond
financing could be obtained and that the project at this stage would have
to rely wholly upon State appropriations from the resources shown in
Tables 1 and 2 ..
In the final and major phase of construction between 1989 and 1993 the
objective of any financing or scheme must be to ensure that the financing
at this stage is based upon Revenue Bonds which, although they wi 11
require moral obligation of the State of Alaska, are based on sufficiently
rigorous power contracts that they wholly meet their debt coverage
requirements when Watana comes into operation and do not to any
significant extent rely upon the credit of the State of Alaska~
Whether this objective ~an be attained will depend first on the levels of
State appropriations. This mJ ght be seen as the 11 equity 11 investment in
the project which provides security to the investors and reduces the total
amount of borrowing which the project requires.
The second factor is the precise magnitude and tenns of the power
contracts with the utilities. Since this depends upon detailed
negotiations and organizational considerations it is not possible to
comment definitively on whether or not the objective of 100% Revenue Bond . .
financing would be possible for the final stage of the Watana development,
In what follows, therefore, the Revenue Bond requirement is simply stated
as a total sum which follows from the level of State appropriations A, B,
C and D.
Hence any financing scheme must be seen at this stage as simply
conditional with a key condition being that power contracts providing for
such Revenue Bond financing are obtained and are in place before any major
capital expenditure is undertaken. Since any significant capital
expenditure could not, in any case, take place before the end of 1984 when
the FERC license is expected to be granted, there are at least two years
during which to secure such power contracts and meet this condition.
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Assessment of the Financing Options
Details of the financing options are given in the computer printouts
(attached) and the basic details are surrmarized in Tables 3 and 4 and
Attachment E. In order to make the data conform as far as possible with
the data on State revenues and the sums described in Tables 1 and 2 as
11 Unconmited capital funds 11 , the inflation assumptions in the Acres Task 11
March 1982 report, were revised to conform to those of the State revenue
projections. Other minor revisions were also made.
Subject to maintaining the State's present double A rating, the assessment
of the options given in Ta.b le 3 must be seen as a trade-off between the
criteria of cost of power and State appropriations, (the higher the State
appropriations, the lower the cost of power). Where these objectives are
in conflict, it is left to the political decision-makers to resolve this
conflict by modification of the criteria.
Considering Option A first, it is seen from Table 3 to involve State
appropriations of $1.4 billion over the six year to 1989 and to require
Revenue Bond financing of $2.7 billion (all in 1982 dollars).
Turning first then to the criterion of acceptability in terms of the
percentage of uncommitted capital funds in Tables 1 and 2, this is shown
in Table 4 as an average over the appropriation period 1984 to 1989. It
varies from 57% for the 30th percentile projections to 38% in the 50th
percentile case. It is left, of course, for the political assessment
whether the percentages shown are acceptable in the light of other
p r i or i t i es •
No year-by-year figures of thii percentage is given since in Acres 1
assessment the year-by-year engineering estimates of costs are, in the
early years, subject to very considerable choice and could be changed
significantly with rescheduling if this was thought desirable to reduce
the claims on the funds available.
Turning then to the criterion of the cost of power, it is found that this
option, because of the high level of borrowing (assuming a 10% rate of
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interest), would involve significant deficits during operation in early
years unless the cost of power were increased above the level set by the
Best Thermal Option •
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In these early years the essential problem facing Watana in marketing its
power is tha.t, in the first year or two of its life, it is in competiton
with power sources with the advantage of being based on the cost of
facilities purchased YE~ars earlier at much lower cost than will be
1nvolved either in their replacement or in the additional coal-fired units
which would be requir~l in 1995 and 1996 if Watana power were not
available.
As shown in Tables 3 and 4 and in Exhibit E, the only means of meeting the
deficits without further State appropriations would be to allow the cost
of power to rise above the best Thermal Option in these three transitional
years. Whether this would be regarded as an acceptable option is again an
issue of political judgment. It might reasonably be supposed given that
the only alternative option would be to face the dramatically escalating
cost of the best Thermal Option only a few years later, the increase in
the cost of power above the Best Thermal Option might be acceptable in
turn for the very considerable long-term advantages afforded by a source
of power which would be virtually fixed in cost even in nominal dollars.
It is also possible that appropriate levelizing provisions could be
devised in the rate base to bring about a phased increase in price closer
to the price set by the Best Thermal Option ceiling.
Option B might be seen as defining an alternative to any increase in the
cost of power by increasing the level of State appropriation to $1.8
billion over the period 1984 to 1989. This is seen from Table 2 and the
attached Exhibit E, to produce a cost of power below the Thermal Option
even in the earliest years. It also has the advantage of reducing the
Revenue Bond requirement in the Final Phase of Watana by $0.52 billion (in
1982 dollars). It would, however, mean committing between 50% and 75% of
the uncommitted capital funds to the project over the period 1984-1989 and
thus heavily competing with other priorities in the 30th percentile
revenue forecast case.
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The Dedicated Fund Options C & D
A significant difficulty in the development of any long-term financing
scheme such as would be required for any long term development of Alaskan
resources is the uncertainty of the year-by-year political appropriation
process. This applies generally throughout North America, but is of
particular relevance in the context of Alaska given the constitutional
considerations and the relative importance of appropriations for capital
spending in the State.
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It is of understandable concern to investors in State of Alaska securities
related to long-term developments, that through the political process
these projects could be subject to deferral, limitations of State
contribution, or even cancellation in the course of their development
phase. This may be considered a serious handicap to the long-term
development of Alaska 1 s natural resources.
In the light of this, we have been asked to consider the dedication of 50%
of the Permanent Fund income to a Power Development Fund which would be
designed to provide a relatively more secure ~nd certain source of
appropriations for the major long-term development potential for Alaska
represented by hydroelectric power and which could offer most Alaskans
permanent low-cost power as a basic domestic and industrial resource.
This proposal is regarded as representing an important contribution to
securing long-term appropriations for such major developments in a manner
which would be regarded by investors as offering much greater assurance of
on-going systematic development and hence greater security for borrowing
in the course of construction.
The scheme, as provisionally formulated, involves the principle of $4,500
to $6,000 per capita being the normal contribution from the fund for a
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hydro development serving a particular area. In the context of Susitna
this would involve a total State appropriation from the fund of
approximately $1.4 to $1$8 billion~ Its results are shown as Options C
and D in Tables 3 and 4 and in Exhibit E. Its impact on cost of power and
the leve1 of Revenue Bond financing required is seen to be very close to
that of Options A and B.
A further important characteristic of this particular proposal~ however,
is that such funding would provide the Power Authority with a substantial
financial base that would make it capable of raising finance or providing
guarantees where these were important to secure financing under changing
market conditions or secure funding for developments lacking an adequate
independent credit base.
It is recognized that this proposal would involve a constitutional
amendment, but it is precisely the constitutional nature of such a
dedicated fund that would be most effective in terms of development of
Alaska's resources.
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5 -STATEMENT BY THE FIRST BOSTON CORPORATION,
JOHN NUVEEN & COMPANY, AND FIRST SOUTHWEST COMPANY
The First Boston Corporation and John Nuveen & Company (the Alaska Power
Authbrity•s co-senior managing underwriters) and First Southwest Company
(the Power Authority's financial advisor) have reviewed the financing
options described in this memm'"andum and have made the fo 11 owing
observations regarding the financing of the Susitna Project. Together
these investment firms· are referred to as the Power Authority's
Investment Advisors. Their opinions stated herein are based primarily
upon the State • s projected revenues using the 11 30th Percentile". First
Boston Corporation, John Nuveen & Company and First Southwest Company
have concurred in the following statement:
11 It is our opinion that prior to major State expenditures, of State
appropriations definitive contractual commitments by participating
Railbelt Utilities be in place and that such appropriations should
be funded by the State during the period 1983-1989, a period within
the estimated life of Alaska's oil and gas reserves, ;o that
appropriations provided during this period will provide the crucial
"equity 11 to assure the most economical bond financing of the
remainder of the project.
In view of the magnitude of Susitna and the relatively long
construction period, the Power Authority should not commence
significant borrowing for Susitna before the late 1980's at which
time major risks have been defined and completion and start-up dates
are known with a high degree of reliability.
In our opinion, in order to maintain the financial integrity for the
State of Alaska, prerequisites for issuance of bonds of any type for
the project are:
(a) Definitive contractual commitments by participating Railbelt
utilities;
(b) Up-dated economic and financial analysis of the project; and
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(c) Resolution of the question of tax exemption of such
bonds.
With regard to the utilization of State G.o~ Bonds, it is our
opinion that the issuance of such bonds will be of limited
importance to financin~ Susitna because of the substantial
borrowing required for this projecto If a major portion of
such borrowing were met from State G.O. Bonds, Alaska's
present double A ratings would be endangered. The following
are some major limitations of State G.O. Bonds:
(1) A crucial feature of Alaska's double A rating is the
Rating Agencies' concurrence with the State•s present
debt policy of amortizing G.O. Bonds rapidly (i.e.,
( 2)
within 10 to 15 years (a period within current
esti~ates of oil/gas revenues {the principal source
of State revenues) and we believe this policy should
be continued.
Using the State's December, 1982 Department of
Revenue forecasts, we estimate that the State can
issue a relatively small volume of G.O. Bonds while
maintaining it's double A rating (see Tables 1 and
2). Based on the 11 30th percentile" of the Department
of Revenue projections, the State could "safely 11
issue $565 million (nominal dollars, assuming 8%
inflation) G.O. Bonds during the period fiscal
1983-1990. This amount would rise to $945 million if
the 11 50th percenti ·le" revenue projections were
achieved during this period.
A reduction in the State's rating from double A to
single A could correspondingly lower the rating of
Alaska Power Authority's own revenue bonds backed by
a Capital Reserve Fund with a moral obligation to a
rating as low as Baa by Moody's and BBB by Standard &
Poors. Such a rating would sub5tantially raise the
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Authority's borrowing cost and could impair the
viability of the project. The volume of debt
contemplated under all scenarios would be extremely
difficult to market if rated less than "A".
The Power -Authority, rather than utilizing State G .. O.
Bonds, should utilize, to the fullest extent
possible, revenue bonds secured by the income derived
from participating Railbelt Utilities pursuant to
long-term power sales contracts. Additional security
for the bonds would be provided by the Capital
Reserve Fund provided in the Alaska Power Authority
Act whereby to the extent that revenues from Susitna
were insufficient to service the bonds, the
Legislature may, but is not legally obligated to,
appropriate monies to make up such deficiency in the
Capital Reserve Fund. Alaska Power Authority's
credit perception will be enhanced by a simple and
straightforward debt structure comprised solely of
revenue bonds backed by the State's 11 moral
obligation .. pledge.
r--Any dedicated stream of State appropriations covering
the entire construction and start-up period will
enhance confidence of investors, participating
utilities, and the rating agencies in the completion
of the project. Such an appropriation would,
however~ require a constitutional amendment.
In conclusion, as Investment Advisors to the
Authority, we strongly prefer the financing plan
developed as Option B and D which requires greater
appropriations prior to issuance of Revenue Bonds
because the credit status of the State is least
affected and the credit quality of the Authority's
bonds is enhanced, maintaining project feasibility.
Should oil revenue and projections, however,
dramatically improve we would be in a position to
more favorably consider alte.rnate financial options."
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6 "" CONCLUSIONS
Our conclusions relate primarily to Options A and B since the dedicated
fund proposals C and D can be seen in the present context as primarily a
legislative route to these options.
It may be appropriate in conclusion first to state our own assessment of
the decision issues involved at this stage. First, the decision issue is
not an irrevocable commitment to proceed with Watana. As already noted,
the FERC license will not be available for another two years and no major
expenditures could be undertaken until 1985.
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It would therefore appear that the essential issue is that of maintaining
and planning for the Watana option. The only grounds for not maintaining
this option with its very substantial long-term economic advantages, would
be that we had concluded that no viable and politically acceptable
financing scenario was possible.
Given the very wide range of uncertainties for future State rev~nues, and
hence the levels of State appropriations which might be available at the
first point of major commitment in late 1985, such an adverse conclvsion
certainly cannot be substantiated at this time on the basis of the
preceding an a lysis. If, for example, State revenues were as high or-
higher than the 50th percentile, the State capita 1 fund available for
vJatana would be substantially increased and the $1.4 billion appropriation
(Option A) would represent 38% of the uncommitted capital funds over the
period 1984-1989. Moreover, the circumstances which would bring about
such an increase in State funds--mainly a recovery in world oil
prices--would confirm the economic desirabiiity of advancing with Watana
and obviating dependence on fuels with prices related to that of oil.
We must also note again that the levels of spending in individual years
used in the analysis was constructed on normal engineering criteria
without reference to phasing the engineering expenditures to conform
(without significant additional cost) to year-to-year budget constraints. i
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Subject to political decisions and priorities, therefore, our assessment
is that all the financing options proposed in this memorandum are viable.
In consequence, we recommend that over the two-year decision period to ·
1984, the r·emaining preconditions of financing viability, both political
and contractual (in terms of power contracts and tax exempt bond
financing) are resolved. A reconsideration of the financing options might
then be undertaken in 1984 when, as aleady noted, some of the major
economic uncertainties affecting the economics of generation options and
the revenues of the State of Alaska are also likely to be resolved. It
should also be possible within this time frame to review the time profile
of potential cash d~ands for construction and bring them more closely
into conformity with available appropriations.
If this conclusion were adopted, it might also be considered appropriate,
in order to avoid undue 11 bunching" of demands for Susitna financing, to
establish a level of funding for the project of the order of perhaps $100
million in FY 1984. This, in our view, would be seen as a positive step
which shou1d appreciably assist in the negotiations of power contracts
since it would indicate the State's conditional intent to proceed with the
project. This would give such negotiations the credibility essential to a
successful outcome.
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• TABLES
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Total
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ALASKA POWER AUTHORITY
CAPITAL FUNDS AVAILABLE FOR SUSITNA
30th PERCENTILE PROJECTION
Estimated Comni tted
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APA
Capital
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P 1 an ned
~~,·· ··.a~W!'·i
General Fund ·capital Maximum Total Capital Budget Uncommitted Susitna
Fiscal Unrestricted Spending G.O. Bond Available Grants and Remaining Excluding Capital
Year Revenues ( 1) Limits Issues ( 2) Capital Loans (8%) Capital Susitna Funds
1984 2908.2 969 0 969 475 494 174.2 320
1985 2939.9 980 0 980 513 4.fi7 244.5 222
1986 3472.9 1158 300 1458 554 904 282.3 622
1987 3870.4 1290 90 1380 il98 782 125.8 656
1988 3917.0 1306 125 1431 646 785 0 785
1989 4293.8 1431 0 1431 698 733 0 733
1990 3679.9 1227 50 1277 754 523. 0 523
1991 3295.9 1099 140 1239 814 4.2~ 0 425
1992 3186.4 1062 0 1062 879 163 0 183
1993 2919.4 973 110 1083 950 133 0 133
1994 2779.0 926 0 926 1025 0 0 0
(1) 30th percentile projection of Department of Revenue net of· Debt Service on the State G.O. Debt.
(2j' Maximum General Obligation Debt that can be issued (10 year, equal annual principal amortization
at 7.5%) and keep total G.O. Bonq Debt Service below_5% of General Fund Unrestricted Revenues.
(3) Source: Acres American Incorporated (Converted to June 30 Fiscal Year).
TABLE 1
Expenditures
(nom. $) ( 3)
0
183
405
437
442
639
1121
1270
862
584
0
I
i ., .. ~ .. ---~--·-··~----_,.,.-:--~---...,--· ·---"C'-·.--~---~--:-<'---~~ .............,.-~--r··~,.-,..,..~,-...,,_.,, .... ,?"J:i7.~7~;;t"""'"'PHII''"':''"',..,;.-<>:,o;->lii'19'.Hi'j!~, II"""P~""'-llllllt ~;I$ il$ '!lll'l!'lo1ltti.,IY!l!WP!i!'I:P:I[tl":7
,,·'' . . . . ' ' . . .. ·" ' "
Total
General Fund Capita 1
Fiscal Unrestricted Spending
Year Revenues (1) Limits
1984 3369 1123
1985 3492 1164
1986 4116 1372
1987 4553 1518
1988 4645 1548
1989 5103 1701
1990 4848 1616
1991 4345 1448
1992 4221 1407
1993 4017 1339
1994 3957 1319
i-•. .•
ALASKA POWER AUTHORITY
CAPITAL FUNDS AVAILABLE FOR SUSITNA
50th PERCENTilE PROJECTION
Estimated Comni tted
~1aximum Total Capita 1
G.O. Bond Available Grants and Remaining
Issues ( 2) Capita 1 loans (8%) Capital
0 1123 475 648
350 1514 513 1:001
190 1562 554 1008
95 1613 598 1015
235 1783 646 1137
50 1751 698 1053
25 1641 754 887
160 1608 814 794
35 1442 879 563
170 1509 950 559
0 1319 1025 294
-I
•
ARA
Capital
B:udget Uncommitted
Excluding Capital
Susitna Funds
174.2 474
244.5 757
282.3 726
125.8 889
0 1137
0 1053
0 887
0 794
0 563
0 559
0 294
(1) 50th percentile projection of Department of Revenue net of Debt Service on the State G.O. Debt.
(2) Maximum General Obligation Debt that can be issued (10 year, equal annual principal amortization
at 7.5%) and keep total G.O. Bond Debt Service below 5% of General fund Unrestricted Revenues.
{3) Source: Acres American Incorporated (Converted to June 30 Fiscal Year).
TABLE 2
P 1 an ned
Susitna
Expenditures
(nom. $) ( 3)
0
183
405
437
442
639
1121
1270
862
584
0
~-~~~~-·"';";;o:, .. ~~l t oP'>AII.~N;i!l>< ...... llllllllli$0UJI 1¥!' IOii 40 Uli _ _.wtliU#f!WCII liC it,(*,U!if,U .-·"'·~4,
• .r .-• • < • •• •
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
TOTAL
1993
1994
1995
1996
1998
1999
2000
SUSITNh-SUHHARY OF FJNhNCIHG REOUIREHEHlS
-------------REAL 1982 DOLLARS------------
STATE ~?f"'f.i:Of'IATION TAKEN ASHEE[IE[I [IE[IICAlf.D STATE AF'f'f::Of'II\TION +--------------------------------------+ +----------------------------------+ ----$1.4 &N---------$1.8 &N---------~1.4 &N---------'1•8 &H-----
(REAL} (REAL) (REAL) ( REI\L)
DEBT
SH
409
884
757
505
146
2701
STATE
APPROP. .
$11
81
225
336
317
306
94
1400
====
DEBT
tli
9
847
718
466
146
2186
STATE
APPROP.
tH
81
225
336
317
306
535
1800
:.:a::::-
DEBT
$11
337
878
750
498
H6
2609
~·==:.:
STATE
APPROP.
Sl1
160
222
276
318
345
79
J400
DEBT
tH
770
710
-457
146
2083
STATE
APPROP.
$11
160
222
276
:ua
i345
379
101
1800
COST OF ENEROY TO"HEET 1.1 DEBT SE~VICE COVER AND f'ERCENT IN EXCESS OF &EST THERHAL OPTION
MILLS
74
77
73
72
68
63
60
c\6 ;(
25 X
21 :c:
HILLS
61
64
61
57
54
51
48
17 ;(
5 :c:
1 :c:
tiiL.LS
72
75
70
69
65
61
57
., 1 :c:
22 :c:
17 :c:
HILLS
58
62
58
55
51
48
46
14 X
TABLE 3 --SUSITNA: SUMMARY OF FINANCING \ IPB~
REQUIREMENTS IN REAL TERMS ~Uft{l]
1983
1984
1985
1986
1987
1968
1989
1990
1991
1992
1993
TOTAL
SUSITHA-SUHHARY OF FINANCING RfGUJRfHEHTS
-------------NOHlHAL DOLLARS-------------
STATE APPROPIATION TAKEN AS HEEDED DEDICATFD STATE APPROPJATJON t--------------------------------------t +----------------------------------+ ----·1·4 ~H---------$1,8 DH---------l1.4 BH---------·1.R BH-----
(f<EAL) (REAL) {REAL) {REAL)
STATE
£tE1fT APPROP,
$H
633
1465
1341
958
296
4693
. ===z
Hi
100
276
436
437
447
208
1904
STATE
[tEBT fiF•f•ROf' •
Ht
13
t403
1274
883
296
3869
====-
ll1
100
276
436
437
447
828
2S24
=====
STATE
[tEEcT AF'f'ROP •
tH
522
1454
1329
945
296
4546
==z::=
Ul
175
257
JJB
413
475
115
1773
a a: :1 r.
STATE
DEBT f\f'f'ROP,
IH
1275
1259
868
29b
369'8 •
====
tli
175
257
339
413
475
552
'157
2367
PERCENTAGE OF UNCOtUUTTED
STATE CAPITAL FUNDS 33 to 57 X 50 to 75 %
COST OF ENERGY TO HEET 1.1 DEBT SERVICE COVER AND PERCFHT IH EXCESS OF ~EST THFRHAL OPTION
1993
1994
1995
1996
!998
1999
2000
HILLS
150
168
169
179
180
181
162
..,6 X
25 ;(
21 i.
HILLS
123
140
141
143
144
145
147
\7 i::
5 %
1 r.
HILLS
145
163
164
172
173
175
176
~· i. 22 X
17 ~
tlOTE: PERCEtHAGE OF UNC011MlTTEO FUNDS CALCULATED FROM 30 AND 50 PERCENTILE PROJECTIONS
HilLS
110
13-4
135
137
137
139
140
14 X
~~·.:: ';ilj:;G.
TABLE 4 --SUSITNA: SUHMARY OF FINANCING hi~t\1 \
REQUIREHENTS IN NOMINAL TERt1S. ~UU[ll
... ...
l l~ti
; i
1
' I ..
tt
1 '
I
l_
t.
~
" j,
I
·~,
il
1
l-
'.
l
.. EXHIBITS
I
t .
f;
~ <
I
f
I
I
l I
-.s:::
~ -...
·-:E -"' CD u
'&:
Q.
"0 c
10 ... .... ...
0 u
>-0) ...
CD c
I.U
*~~~
l·~.;.
380
360
340
320
300
280
260
240
220
200
180
160
140
120
100
SYSTEM COSTS AVOIDED BY DEVELOPING SUSITNA l
COMPARED WITH BEST THERMAL OPTION IN MILLS PER UNIT I •
oF susiTNA OoTPUT IN cuRRENT DOLLARS 1
# /~OST SAVINGS FROM SUSITNA INCREASING
OVER WHOLE LIFE OF PROJECT
Dncrensing Thermal Fuel /#/
Costs Avoided _ ··-~·, .. 7 ---~~ ~*
f#;* ~voids Cost of a Further 200 MW Coal Fired Generating Unit
I ~--l Avoids Cost of 2 x 200 MW Coal Fired Ganerating Units
Watana on Stream in 1993 Devil Canyon on Stream in 2002
I/
~··
94 5 6 7 8 9 2000 01 02 03 04 05 06 07 08 09 2010 11 12 13
Years Exhibit A~ SYSTEM COSTS AVOIDED BY DEVELOPING SUSITNA
.1 w~, r::"'"t
~-------------------------------------------------------------------------------------------------------------~
,.,.. --*' .,p"<r.~~)'}.r.:ttt!,.;t;w'•6J(•;:w•Cji,f£1H~~44+fr~~~~*Wi!'•"'4Mif'1Ji~,,~ •. t,1$fe·~'44vJ.~tl tJ ... ~P514F) ........ ~
"'" ;~\ \) ·~~-~·i: 'i~;:~~?~:i~;;,_~~~~~
1982 1983 1984 1985 1986
1. FERC Review
2. Main Access Road
3. Camps and Othar Site Facilities
l 4. Diveision
5. Spillways
6. Construction of Main Dam •••• •
7. Power Facilities
8. Detailed Design
9. Impoundment
10. Operation .
11. Continuous Erwironmental Study and Monitoring II UIUIIIIII IIIIIIIUil IIIIi III III mmun
1987 1988
, .
.... ~--·
1111111111 I 11111111111
-.
1989
., •• 1
,. •..
11111111111
1990
•••••
IIIII IIIII
1991 1992
.. ,.. ~--· I
I
I
I ;
1111111111 111!1111111
-
1993 1994
~-·
I
I
I
I
! ,.
11111111111 1111111111
1995
IIIII IIIII
-~--...., ·'! ~ •• ·1' ·~~·.
!
1996 1997 .
.....
nnnnm 11111111111
EXHIBIT B --NATANA corjsTRUCTION SCHEDULE I AIID
I
·•··4lif'IIJ~/1-"i~·"i't¥!~.~~~~-~·t··~......,..;.liWfAM ·"''¢4'C41t: ............ ; ~11Q!,.,.4:4,f4;;iJ -··;~~~~ ........... _ .... l!~tJ, $fi!bJ!&iiA;~~
. ' .·.·+ ••
. ,:-··-;~.; :.
$/bbl
75
70
65
60
55
50
45
40
35
34
WATANA__.__..
ON STREAM
//
~/
~ ••·····•·· ~~ ······· ..... ,..
~ ······ ...... ~ .. ~ -~· ~ ....... , .... -~ ~ ~· ----~~ ~ --------~ -------.....__....
/
·-I
DOE·
~MID-RANGE
/"/'
~~
~,--(AUG 82)
DOED
--LOW
/ (AUG82)
/ SUSITNA·
?
/ .......... MEDIUM
........... CASE
-~ ..... ........,-
.............. WORLD BANK (July 82)
~
..
..
DOE & World Bank Forecasts
Unchangt!d as at November, 1982
1982 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 2000
Years
Exhibit'C.
WORLD OIL PRICE FORECASTS 1,0[1
(Constant 1982 Dollars) ftUDlO
c
(Constant)
Index
1949 u 100
320
300
280
260
240
220
1971 72 73
Source: ENR Utilities, December 17, 1981 for
nominal costs;
Monthly Labor Review, US Dept. of Labor
November, 1982 for Consumer Price Index
74 75 76 77
.:;;.·. '8~
~~· t
.,__, ... t
(N. Central) -Actual Real
----Actual Real Construction Costs ~Pacific)
... • • • • .. • • • •• (S. Atlantic) -Actual Real
-----(N. Atlantic)-Actuai Real
78 79
Years
EXHIBIT o --us HvoRoELEcTRic PLANT cuNsrRu.cno~ I•Pnml
COST INDEXES ftU0(0
~------------------------------------------------------------------------------------------~----------------
J ·~-#) o·!«'-*•• -~· l ·~·-::-;;
,, ;, < \< • .,.
360
340
320
300
-~
:: 280 ..X -...
:E 260
·;:
a.. 240
'1J r::
~ ... ....
0 220 u
>-CI ...
C) r:: w
....... __ _ --
i
I. • COSJ" SAVINGS FROM SUSITNA lNCREASING
~# !. OVER WHOLE LIFE OF PROJECT
~#
ANNUAL CONTRIBUTION FUNDING . .
WITH 'GO' AND PRIORITY·REV~NUE BONDS
Mill Rate Cost
Best Thermal Qptlon Price
.,..;~, I
# .
# ···'
~~ ,'1/J .. ~
---~ ~--· ........
OPTION B ;~;;.....----=-----~=--OPTION D
TOTAL STATE
FINANCING APPROPRIATION
OPTION {1984 -1989)*
A $ 1.4 bn
B $ 1.8 bn .
c $ 1.4 bn
D $ 1.8 bn
.. ·-~ -
* 1982 dollars
-TOTAL PERCENTAGE
OF AVAILABLE STATE
:FUNDS:(1984~1989)*
38 to 57 %
50 to 75 %
Dedicated
Dedicated
94 5 6 7 8 9 2000 01 02 03 04 05 06 07 08 09. 2010 11 12
EXHIBIT E ·•· .. ~ENERGY. €0ST COf.1PAIHSON IPD[Q' .
. HITH VARIOUS. FINANCING OPTIONS ~ft~
,.
.. FINANCIAL ANALYSES
. . ~.
I
I
l
l
I
l
l
l
I l
J
J·-~·--------. ·---·~----·-·--'-"--~ --~. ____ ,_,., __ _, .. -.. ~
.... I·
t
:• ----·--
* *** * • ** u * * • * ** n ** ** u ** tu H uu *** u ** Hu u. u ** ** * u * **** u u u nu nu u:t.tu •"iiut::.: fh ut·t.•utti * i u~ru *** dT$• ••u n uu DATA10H5.D11 WATANA <ON LINE 1993)-STATE FliNUS TO l9B9 (~1.4 BN>-JHFL~TJON 6%r7X-INTERfST 10X-CAPCOST tJ.647 BN a-J~N-83
****~**********************C*t*&ttttttttttlt*&t*t~~t*lttttttt*tttt********tttttt*ttttttt~$t*ttttttttttt**********t*************
73 ENERGY GWH
521 REAL PRICE-HILLS
466 INFLATION INDEX
520 PRICE-HILLS
-----INCOHE-----------------
516 REVENUE
170 LESS OPERATING COSTS
517 OPERATING IHCOHE
214 ADD INTEREST EARNED ON FUNDS
550 LESS JINTF.REST Ol~ SHORT TERH [IEI!T
391 LESS INTERtST ON LONG TERH DE~T
549 NF.T EARNINGS FROH OPERS
-----CASH SOURCE AND USE----
548 CASH INCOHE FROH OPERS'
446 STATE CONTRIBUTION
143 LONG TERH DEBT DRAWDOWNS
248 WORCAP DEBT DRAWDOWNS
549 TOTAL SOURCES OF FUNDS
320 LESS CAPITAL EXPENDITURE
448 LESS WORCAP AND FUNDS
260 LESS DEBT REPAYMENTS
395 LESS PAYHENT TO STATE
141 CASH SURPLUSCDEFICIT)
249 SHORT TERH DEBT
444 CASH RECOVERED
-----BALANCE SHEET----------
225 RESERVE AND CONT. FUND
371 OTHER WORKING CAPITAL
451 CASH SURPLUS RETAINED
370 CUH. CAPITAL EXPENDITURE
465 CAPITAL EMPLOYED
461 STATE CONTRIBUTION
462 RiTAINED EARNi~GS
555 DEBT OUTSTANDING-SHORT TERH
554 DEBT OUTSTANDING-LONG TERH
542 ANNUAL DE~T DRA~~DO~N 51982
543 CUH. DE~T DRA~UDOUN 51982
519 DEBT SERVICE C00ER
1985
0 o.oo
122.62
o.oo
o.o o.o
o.o o.o
o.o
o.o
o.o
o.o
375.7 o.o
o.o
375.7
375.7 o.o
o.o
o.o
o.o
o.o o.o
o.o
o.o
o.o
375.7
375.7
o.o o.o
o.o
o.o
o.o
o.oo
1986
0 o.oo
129.98
o.oo
o.o o.o
o.o o.o
o.o
o.o
o.o
o.o
-136. 1 o.o
o.o
436.J
436.1 o.o
o.o
o.o
o.o
o.o o.o
o.o
o.o
o.o
811.8
Bll.O
o.o o.o
o.o
o.o
o.o
o.oo
1987 19EIB 1989
CASH Fl.OU SUHHARY
===C UIILLION)=s ... =
0 . 0 0
o.oo o.oo o.oo
137.78 1~6.05 154.81 ·o. oo ·-'0~ oo · ~·o·. oo
1990
0 o.oo
165.65
·--o~ oo
. . .
1991 1992 1994
---o··-·---·· · --o-· · --""33'Br---··33BT.
o.oo o.oo 50.93 ot.6o
177.24 189.65 202.92 217.13 ·-o-;o·o---·o70'0 -··---to3.J4 l"JJ-;n--
.
o.o o.o
· .. o.o
o.o
-·(r;o ---· -cr.o·-·· ·-o-;-o--· -o-;o--~:;;o. o
o.o o.o
o.o
o.o
o.o
o.o
~37.2 o.o
o.o
437.2 o.o
o.o
o.o
o.o
o.o o.o
o.o
o.o
o.o
12 .. 8.9
1248.9
o.o o.o
o.o
o.. 0
o.o
0. 0<5.
-o. 0
o.o
o.o
o.o
o.o
o.o
-447.4 o.o
o.o
447.4 o.o
o.o
o.o
o.o
o.o o.o
o.o
o.o
o.o
16~6.3
1696.3
-o.o o.o
o.o
o.o
o.o
o.oo
o.o o.o o.o o.o 25.1
o ;o -· -·--o~·o----cr.·o·---o-;o··--:~2"4."9----...25";7-
o.o o.o o.o o.o o.o ~.J o.o o.o o.o o.o o.o 20.6
o. o ·o .·o -·-lr:o---.. ·~--'fJ"9. 1 469-;-:J-
o.o
o.o
208.2
632.6
o.o
B4o.a
840.8 o.o
o.o
o.o
o.o
0,) o.o
o.o
o.o o.o
2537. J
190 ... 5 . o.o
o.o
632.6
408.6
409.6
0~00
o.o
o.o
o.o
1464.8
o.o
1464~8 o.o
o.o
o.o
o.o
o.o o.o
o.o
o.o
o.o
4002.0
o.o o.o -114· 7 -59.0 .. ---·---------
o.o o.o -114.7 -59.0 · -o; o ... -· --o .·o----·---o.-cr-~o--·
131j.6 957.8 ~11.1 102.0
OoO OoO 91o4 15t5
·-~---··-·--,.. -· -·· . ---...... -------- ------------------------
IJ.Ii1.6
134i.6 o.o
o.o ·o:o
o.o
. 0.. 0
o.o
o.o
o.o
o.o
5343.:;
957.8 387.8
95,, B . ·-276-.-r-. ""'25-;7·
o.o 91.4 15.5
o.o ~.o 11.3 o·. o · · o ;-o· · o ; ~
o.o 52.6
o.o 38.8 o ;o ---o-;ll·-
6301.3 6597.7
o.o
o;o o.o
57.4
49.4 --o; .. o
662:!.4
1904.5 1904.5 1904.5 1904.5 190~.5 ·· -o~o----· -c;-;o--·--o-;o·-=r~4. 7 -17379
o.o o.o o.o 91.4 106.8
2097.4 3439 .o 43_!~~-~-· --~-07_._9_4_8_9_2·}
894.3 756.9 505.0 202.6 47.0
1292.9 2049oB 2554.9 2757,5 2804.5 o. oo --o·; o-o· ---· ·-o·;-oo----·-'T.7r--u·;s·4 ·· ·
Option A--$1.4 Billion Drawn From Unconmitted State
Funds Available For Capital Construction
Page 1 of 2
~.
-, •. ~<
...":to. • ,
fi11f.
'I' f'
I,
I
I
I
• \ ... _.~ .. _, ...... ..
#""'' ,, .. -
H***************************t.~tuu:utuuuu******HUttuuuuud::ut-hlHhfu·t'U4::tffn·r.n·nn•n·nuu.-n:·.-"nnmnnn-··~
DATA10M5.D11 WATANA <ON LINE 1993)-STATE FUNDS TO 1989 <•1.4 BN>-INFLATION 6Xr7X-INTEREST 10~-CAPCGST $3,647 BN B-JAN-83
***********~***************************************t*C************C**~****~***********$tttttttttttt*******t*******f************
73 ENERGY GUH
521 REAL PRICE-HILLS
466 INFLATION INDEX
520 PRICE-HILLS-
-----IHCOHE-----------------
516 REVEtWE .. .
170 LESS OPERATING COSTS
517 OPERATING INCOH£
214 ADD INTEREST EARNED OH FUNDS
550 LESS INTEREST ON SHORT TERH DE&T
391 LESS INTEREST ON LONG TERH DE&T
548 HET EARNINGS FROH OPERS
-----CASH SOURCE AND USE----
548 CASH INCOME FROH OPERS
446 STATE CONTRI&UTIOH
143 LONG TERH DE&T DRAUDOYHS
248 UORCAP DEBT DRAUDOUHS
549 TOTAL SOURCES OF FUNDS
3::!0 LESS CAPITAL EXPENDITURE
448 LESS UORCAP AND FUNDS
260 LESS DEBT REPAYMENTS
39~ LESS PAYMENT TO STATE
141 CASH SURPLUS(DEFICIT)
249 SHORT TERH DEBT
444 CASH RECOVERED
-----BALANCE SHEET----------
::!25 RESERVE AND CONT. FUND
371 OTHER UOHKING Cflf'ITAL
4~4 CASH SURPLUS RETAINED
370 ~UH. CAPITAl EXPENDITURE
465 CAPITAL EMPLOYED
461 STATE CONTRIBUTION
462 RETAINED EARNINGS
555 DEBT OUTSTANDING-SHORT TERM
554 DEBT OUTSTANDING-LONG TERH
542 ANNUAL DEBT DRAUUDOUN $1992
543 CUM. DEBT DRAUUDOUN $1982
519 D~HT SE~VICE COVER
1995
3387
60.24
232.33
139.96
474.0
29.8
,., ... 2
5.7
32.4
467.6
-50.1
-50.1
o.o
96.6
7.7 --------
54.3
27.5
7.7
19.0
o.o ------·--
o.o
o.o
o.o
62.7
!H .9
o.o
61>:)1.0
===:-.::.:.: -:;..:t
6765.5
==-======
1904.5
-223.8
114.6
-4970.2
41.6
2846.0
0.86
• • ~ -· .. 0& ••• -------· ...... ·--· -·---·---·· ··----·---· ... -
1996
3387
7l.91
249.59
178~84
6os·~ 7
32.6
513';1.
6.3
42.8
-16~~7
70.9
70.9
o;o
o.o
24.6
---------
95.5
29.4
24.6
22.1
o.o ---------
19.3
o.o
o.o
68.4
70.8
19.3
61..8().4
:..::::·===:.""::
l-ff~B.9
========
1904.5
-152.9
J:.\9.2
4948.1
o.o
2B46,0
1.10
1997 1998 1999
CASH FLOW SUHHARY
~==<JMlLLIOH>3~~~
3387 3387 ·--3387
&7.56 63,34 59.~4
265~9~ 284.bJ 304.53
D9~7J ···-~ ao·;2a· ·-uH ;o2
2000 2001 2002 2003 TOTAL
--3387 -"-33ar·· -J3ar-·---:J3a~-:r72u-
55~81 S2.40 ~9.36 46.51 0.00
325.8S 348.66 373.07 399.18 0.00
·--rt:U-;B7 --rll2·~·s7 19'1-;-t~&1Jr.64 o.oo--
. t-o a·; ·6 · bfo·;-,--· · -;;n-;r--6·1 :r.r · -,iu-;:J--0'2~----ol .... a-. 7..----r6 ... 2'o:r.o--
35.6 36.8 42.3 46.2 50.4 55.1 60.1 443.3
::; 73 ;t ·· ··-:S7 t-;a-· "57"G7r ---57 "-;-?--.:s:-.r.6'1:1S,..,'D9--IIi:'s6Z"Bcr-:, 6r---.:sn6t"l:ar,..,7.--...577"'5YfT:'", Jr--
6.8 7.5 8.1 8.9 9.7 10.6 11.6 oo.:s
43.2 42.4 41.9 41.5 41.3 41.7 42.~ 390.1
H J ;"6 . -. 4 6 r.J-··-., SB ;7--4 5'6-, wo--,4nrr-,....,2 , y--.......,.,,.,..,-...y,_,...,:,--., ... .,..,5..-,' a.r--:.""'030"",-.1.---
73.1 75.6 78.2 81.2 84.5 sa.o 92.0 419.7
73.1 75.6 78.2 81.2 B4.:S B8.o 92.0 419.7
o;o .. -o;o · ·-cr.o---~-cr;-o-··----u-;u-· o.o o.o---t·9o4.s
o.o o.o o.o o.o o .. o o.o o;o 5006.6
10.5 11.2 10.2 9·9 13. :s 14.4 15.3 224.2 .... ,_ .. ___ ..... ~_ ... ___ ------.-----------------------------------------------~-------------
83.6 86.8 88.4 91.1 98.0 102.4 107.3 7555.0
;u.s 33.7 -36"':1 38;-6· ····n .J ·.,.-.r;-r -·--;rT;'l·---~ 9 s J -;-o--
10.5 11.2 10.2 9.9 13.5 '"'·" 15.3 224.2
2-\.3 26.8 29.4 32.4 35.6 39.2 43,1 289.2
o.o o.o -o~~ ·o.o --o;o · ~-o·:cr-·· · --o·;o-··-o-;o--· --------...... _______ ------------------------------------------------.
17.3 15.1 12.8 10.2 7.6 4.7 1. 6 88.6
o.o o.o o;o o.o ·-o .o · o;o--·--o-;·o----o-;o-
o.o o.o o.o o.o o.o o.o o.o o.o
7'1.7 9J.5 88.9 9il.1 JO!i,9 115.6 126.2 126.2
75.0 79.4 132.2 83.9 88.6 93.3 98.0 98.0
36.6 51.7 64.5 74.7 82.3 87.0 ·-as ;o-· sa~·!
6711.9 6745.1.! 1.171H,7 M320. a 1.1861.6 6905.7 6953.0 6953.0
:. :.:::-:.•:1.:::::• =:;.:.;.:.::.!:-.. :;.:'. ;;.:.•=z==== ======== =======a :s:::::::x: ;s:;:.a::::azz: z:a::::::::::
6£198.2 69::iB.2 7017.2 707/:.,0 7138.3 7201.6 7265.9'. 7265;8
======== -======"= =a:====:= =-~=z==~= ====:z.::z ::z:::::-~: aca::aaaz ========
1904.rt J904e5 1904.S 190-\.5 1904.5 1904.5 1904.5 1904.5
-79.8 -4.2 74.0 iS5.2 239.7 ··~327. 1 · -·u9·~7-···-·n9•7·
149.7 160.9 171.1 181.0 194.5 208.9 224.2 224.2
4923.8 4997.0 4967.1. 4935.2 4799.6 4760.5 4717.4 4717.~ .,. __ ,.. ··-·---
o ... o o.o o.o o.o o.o o.o o.o 28-46.0
2846.0 2846.0 2A4b,O 2B46o0 2646.0 2846.0 2846.0 2846.0
1.10 1.10 1.10 1.10 1.10 1·:to -·r;n ·-· o;oo·
Option A --Page 2 of ? ... •
~· ...
'·
--,
I -
******'************************t********~***'*********************~**********************************~~****~****f**•*********** DATA10K5.D11 ~ATANA <ON LINE 1993>-STATE FUNDS TO 19B9 (fJ,8 ~H)-INFLATJON 6Xr7Z-INTEREST lOX-CAPCOST t3.647 BN 8-JAH-83 * u u * * i * * * * * u * * * i; * * u u :r. uuut u *** * *** ** * uih u i * u u * **** hu $•ut~:iiii• * h:'4:i HTiiiii""ii.ti"i u u • ** * u nn ***'*·•·n.-n-n n·•·
73 ENERGY GUH
521 REAL PRICE-HILLS
~6i I~FLATI6~ IND~I
520 PRICE-11ILLS
-----INCOHE-----------------
516 REVENUE
170 LESS OPERATIHG COSTS .. "" .....
517 OPERATING INCDHE
214 ADO 1HTERE~T EARNED ~H FUNDS
550 LESS INTE~EST DH SHORT-TERK DE~T
391 LESS INTEREST ON LONG TERH DEBT
548 NET EARNINGS FRill! ·oPERS
-----CASH SOURCE AND USE----
548 CASH lHCOHE FROH.OPERS--
446 STATE CONTRlDUTlDN
143 LONG TERH DEBT DRA~DOUNS
~48 UORCAP·D~BT DRA~Dd~N§.
549 TOTAL SOURCES OF FUNDS
320 LESS CAPITAL EXPENDITURE
448 LESS UORCAP AND FUHDS
260 LESS ti~~T-·REP~YM~~fS
395 LESS PAYMENT TO STATE
141 CASH SURPLUS(DEFICIT)
249 SHORT TERH DEBT
444 CASH RECOVER£~
-----BALANCE SHEET----------
225 RESERUE AND CONT. FUND
371 OTHER WORKING CAPITAL
454 CASH SURPLUS RETAINED
370 CUH. CAPITAL EXPENDITURE
465 CAPITAL EMPLOYED
461 STATE CONTRIBUTION
462 RETAINED EARNINGS
555 ~E&T OUTSTANDING-SHORT TERH
554 DEBT OUTSTANDING-LONG TERH
542 ANNUAL DEST DRAW~DOUN '1982
543 CUH. DEBT DRAWUDO~N $1982
519 DEBT SERVICE COVER
1985 1986
0 0
o.oo o.oo
122:62--i29·; 98 .
o.oo o.oo
o.o o.o
o.o o.o
o.o
o.o ·o.o
o.o
·-o;o
375.7
o.o
o.o
o.o
o.o
o.o o.o
o:o
.1\3[.. J
o.o
·o~o
1987 1988 1989
CASH FLOW SUHHARY
&i'iltHI[liOH>=:&:-· . ------· ·-----
0 0 0 0 0 0 JJ87 JJ07
o.oo o.oo o.oo o.oo o.oo o.oo ~0.93 61.60
'T37·; ?a-· ·-r;n;;o~r ··fr.r.llr -165-;6!1117-..... 2 .... 4--r"'s..,9..-• ...,6"5..---..2 .... o""2,_ ..... ,r-217 .tJ
o.oo o.oo o.oo o.oo c.oo o.oo 103.34 133.76
o.o
o.o
o.o
o.o · o;o
o.o
o.o
o.o
o.o
o.o
o.o
o.o
o.o
o.o
o.o
o.o
J:SO.O 4:SJ.O
25.1 27.3 . ·--·-·---~-------------------------------o.c
o.o . -o-;o·
o.o
o.o o.o o.o o.o 324.9 425.7
o.o o.o o.o o.o 5.3 ·-a. o---·-o ........ o.------·o-;-o---..o. u----.,,..,2.-.ll-
o.o o.o o.o 357.3 306.9
o. o -·o-. o -· · ···o ;·o·----o-;-o-·· -·· -o-;-o-·· ·--w;o-. ox---·-=a2·;:r--....... 31-;·6""-
"':t7.2 447o4 B27o4 0.0 "OoO OoO OoO 0.0
o.o o.o 13.3 1~02.9 127J.s aa2.9 328.1 e.3 ·o:o· .. ·--·~o-;o· ·-·-o;o ----o.·6 .. ·-·--·o.l5-·---o-;-o··-91.'4 1s.s ---------------- -----------------------------~----------------------------------
375.7
375.7
o.o
o.o o.n
436.1
436.1
o.o
o.o o.o
-437.2
o.o o.o.
o.o
447.4
H7o4
o.o o.o o.o
8<\0,B
840.8
o.o
o.o o.o
1402.9
1-102.9
o.o o.o o.o
1273.5
1273.5
o.o o·;·o
o.o
882.9
802.9
o.o .. "":b o.o
387.8 55.4
296.4 25.7
91.4 15.5 ·-·o·;-o··· ·· -r·4~"3-·
o.o o.o -------- ------------------------------------------~-----------------------------o.o o.o
o.o
o.o
o.o o.o
375.7
375.7 o.o
o.o
o.o
o.o
o.o o.oo
o.o o.o
o.o
o.o
o.o o.o
811.8
au.a
811.8 o.o
o.o
o.o
o.o
o,o
o.oo
o.o o.o
o.o
o.o
o.o o.o
1248.9
1248.9
1248.9 o.o
o.o
o.o
o.o
o.o o.oo
o.o o.o
o.o
o.o
o.o o.o
\6.'16. :s
t696 •. 3
"tl.l96.:s o.o
o.o
o.o
o.o o.o o.oo
Option B
o.o o.o
o.o
o.o
o.o o.o
'2537ol
2537.1
2s:,u·;a
o.o
o.o
13.3
8.6
8.6 o.oo
o.o o.o
o.o
o.o
o-;o o.o
3940.0
3940.0
-2523-:-if.
o.o
o.o
Hrt.~J
846.9
955;5 o.oo
o.o o.o
o.o
o.o
0~0 o.o
5213.5
:5213.5
··-·o·.o ....
o.o
o.o
··o ;o ·· ·--o ;o·
o.o o.o
o.o o.o
~---..... ~~
o.o o.·o · o.o
609&.4
6096.4
52.6
. "JB .1)-
o.o
6392.8
6484.1
57.4
--~9;":\·~·
o.o
6418.5 .......... aaxc.r::s:m
6525.3
·:zs23:a·-· ~s·23·;a --~52J;a--··"2s2J·:a
o.o o.o -32.3 -0.7
o.o o.o 91.4 106.8
.2699 ~7 -.. J::i72'; t.. -··3901";3--. "JB9S;''\ ·-·-
718.5
f:.;7~ ;o o.oo
-465.5 162.0 3.8
2'0"l9·;·s · ·-2"2nt-;s---:.!2"0S-;-:;r-o.oo 0.91. 1.04
$1.8 Billion Drawn From Uncommitted State
Funds Available For Capital Construction
Page 1 of 2
~-
·~
~~-
... ~"'!
#~
l
I
I
rr I
-,
' -
.
~··----.-·-..... ____ --
*****************t***********Ctttt*****'~'***************t*C*ttCC*******t'*********$***********************~****f**l*********** DATA10HS.D11 ~ATAHA <ON LINE 1993)-STATE FUNDS TO 1989 <•J.a ~H)-lHfLATJON 6X•7X-INTEREST 10X-CAPCOST t3.647 BH 0-JAH-83 ***'-***************i**'****tuu•h••••uuh•u*iu•i*u*******hui•ntHHi•di:4:iH1:ilii:iii·t-ih•ul•**********"*.Uifnn.nr
73 ENERGY GYH
521 REAL PRICE-HILLS
~61 I~FLAT16~ IND~i
520 PRICE-IiiLLS
-----INCOHE-----------------
516 REVENUE
170 LESS OP~R~TIHG CO~TS
517 OPERATlNG INCOHE
214 ADD l~TERE~T EARNED ON FUNDS
550 LESS tNTE~EST ~~ SHtiRT-TERK DE~T
391 LESS ffNTEREST ON LONG TERH DEBT
54a HET EARNINGS FROH"OPER~·
548
446
143
248
549
-----CASH SOURCE AND USE----
CASH INtOHE FRdH-dPERs·-
STATE CONTRIBUTION
LONG TERH DEBT DRAYDOWNS
WORCAP·D~BT DRA~Dd~N§"
TOTAL SOURCES OF FUNDS
320 LESS CAPITAL EXPENDITURE
448 LESS UORCAP AND FUNDS
260 LESS ~~BT.REP~YHt~fs
39S LESS PAYMENT TO STATE
141 CASH SURPLUS<DEFICIT)
249 SHORT TERH DE~T
~44 CASH RECOVERED
-----BALANCE SHEET----------
225 RESERVE AND CONT. FUND
371 OTHER UORKING CAPITAL
454 CASH SURPLUS RETAINED
370 CUH, CAPITAL EXPENDITURE
465 CAPITAL EMPLOYED
461 STATE CONTRIBUTION
462 RETAINED EARNINGS
555 DEBT OUTSTANDING-SHORT TERH
554 DEBT OUTSTANDING-LONG TERN
542 ANNUAL DEBT DRAWUDOUN 11982
543 CUH. DEBT DRAUUDO~N 11982
519 DEBT SERVICE COVER
1985 1986 1987 1988 1999 199o···
CASH FLOW SUHHARY
i.ili"(tKtt:liOH>=:M:-· .. ------· ·----·-------------
0 0 0 0 0 0 0 0 3387 3397
o.oo o.oo o.oo o.oo o.oo o.oo o.oo o.oo .50.93 61.60
122. <>2-_i29·; 98--"T37·: 7£f--r·a·;o~r · ·rr.r.ar 16'5-=os-· .,.,,-.... 24~__,srra .... 9.-,..,6"5~mr-:zrr.TJ-
o.oo o.oo o.o~ o.oo o.oo o.oo o.oo o.oo aoJ.34 133.76
o.o o.o o.o o.o 3~0.0 o.o
o.o
o.o
o.o
o.o
o.o
o.o
o.o o.o o.o o.o o.o 25.1 ·------·--··-_;_--------,.--~.-,-.,..,.,.....,...-------~ -~------------------------------ -------- --------------------------------o.o
o.o -o.o
o.o
··--o-;o
-o;o
375.7
o.o
o.o
o.o
o..o o.o o.o
o·;o·
43b.J
o.o
·o-: o
o.o o.o
o.o o.o .. o ; o · · -cr;-o ·
o.c o.o
o.o
o.o ··o;o o.o
o.o o.o o.o 425.7
o.o o.o o.o o.o 5.3 ·-a. o----· of'l"',-.or-----·o-;-o.----..o-;·o----.:r·2-;-.. -
o.o o.o o.o 357.3 386.9
o.o o.~ -J2.3 31.6
o. o · --o-. o -· · ···o ;·o·---o·;o-·· -·· -o-;-o---o •. o -·-=:~2·;:r 31 • o--
437.2 447.4 827.4 o.o • o.o o.o o.o o.o
o.o o.o 13.3 1~02.9 1273.5 882.9 328.7 8.3
·o~o ... ·--·~o-;o· · ·· ··-o;o --o-;·o··---·-·o."b--·-cr;~--91.4~ ---------------------------------------------~----------------------------------
375.7
375.7
o.o
o.o o.o
o.o o.o
o.o
o.o
o.o o.o
375.7
375.7
375.7 o.o
o.o
o.o
o.o
o.o o.oo
436.1
o.o o.o o.o
o.o o.o
o.o
o.o
o.o o.o
au.8
811.8
a u.s o.o
o.o
o.o
o.o o.o o.oo
437.2
437.2
o.o o.o o.o
o.o o.o
o.o
o.o
o.o o.o
1248.9
1248.9
12-48.9 o.o
o.o
o.o
o.o
o.o o.oo
447.4
41\7o4
o.o
o.o o.o
o.o o.o
o.o
o.o
o.o o.o
16'16.3
1696.3
t696.:s o.o
o.o
o.o
o.o
o.o o.oo
Option B
840.8
8~0.8
o.o
o.o o.o
o.o o.o
o.o
o.o o.o o.o
'2537.1
2537.1
252J·;a
o.o
o.o
13.3
8.6
Bo6 o.oo
1~02.9
1-402.9
o.o
o.o o.o
o.o o.o
o.o
o.o
0~0 o.o
3940.0
3940.0
1273.5
1273.5
o.o
If~ 0 o.o
o.o o.o
o.o
o.o c:o o.o
5213.5
5213.5
882.9'
892.9
o.o ·· ·o·:·o
o.o
--.. o·. o ....
o.o
o.o
o.o
0~"0'" o.o
6096.4
6096.4
387.8 55.~
296o4 25o7
91.-t 15.5 ·-·o·;o ... ··· -n~""'l-
o.o o.o
··'0 .-o ·· ·--o ~·o·
o.o o.o
o.o o.o
52.6 Jo.e-o.o
6392.8
648~.1
57.~
·n;~ o.o
6~18.5
6525.3
-2523~11' · ··2s2"J~ a·-· 2:r23·;a· "·-·252l;a--·-·2s2J·.·a ·-
o.o o.o o.o -32.3 -0.7
o.o o.o o.o 91.4 106.0
14U.J "2699~·7 -··3:i72·;6·---J90l'";:s-···JB95;·~·-···
81\6.9
ess;s o.oo
718.5
f::;?.( ;o
o.oo
465,5 162.0 J,B
2·o'l9·;·s · ·-22~r;~r---:!2"0S74f-o.oo 0.91· t.o~
$1.8 Billion Drawn From Unco11111itted State
Funds Available For Capital Construction
Page 1 of 2
..,
,.
l
f ,, ,,,
I
f
·-
'·
"'*"-' ---·---.. Jl?'?'d~·;1"ffjJ'!_UL _ )~iiM~frd11!!!18t@t . -
----.. ~··-----~-
---·-------·
*¥*****¢**'************~**'*******'*'******~**************f***f**********'******~··~******~************************************ DATA10H5,D11 ~ATAHA <ON LINE 1993)-STATf FUNDS TO 1989 (f1,8 DN)-INFLATION 6Xt7X-INTEREST 10X-CAPCOST $3.647.BH 8-JAN-83 * U: * * *** ** .U *** U * ** * U * U U *** U U UtUUU UU UU U U UUUt U U t~Ui*ui·* H Ui i idiit -=h •.• U u Ui"iiTh n·nlfl_fill_* U$"TnH * ---
73 ENF.ROY GWH
521 RE~l PRICE-HILLS
·f66 INFLATION -fiioE:x""·
520 PRICE-lULLS
-----lNCOtiE--:.:.:::::.::.::.. _______ _
5.16 REVENUE
170 LESS OPERATING COSTS
1.995
3387
110.'24
232;33
1:s9.91,
474.0
29.8
1996
3387
:)7.33
21a:-59 -
142.51
'"" ·--·-·---.... ---....... -,
1997 1998
CASH vl.OW SliHliARY ;.;.a( Utili t"bHf;; .. ;;;;; ----
3387 3387 3387
54.00 U0.16 47,76
265:'99·-· 2a.t-;6r· 304. 53
143,63 1~4.46 t45.4S
2000
3387
44.98
325.8ti
146.5!)
.. -.. ····-··--·---
4B9.J
38.8
492.6 <t96.3
4?.. J 4& .:2 --------------------------------
3387
42.39
349.66
147.81
500.6
50.4
3J87 JJ87 31257
40.03 37.83 o.oo
373.o~-·~3~9w9-eTlw9----~a~.~orno~
149.34 1~k.08 o.oo
so:s.a
55.1
:su. 7
60.1
:S242.3
H3.3
517 OPERATING INCOME 444.2 4~0.1 4~0.9 450.5 4SO.~ 450.1 450.1 450.7 4~1.6 ~799.0
21~ ADD INTEREST E~RNED ON f'IINDS So7 6.3 6.a 7,5 8.1 8~9 9.7 to.6 11.6 eo.5
550 LESS !fHERESTON sHORT TERM-DEIIT-.. 1477. --rr; 9· -f6;3-· -u·. _..--· "T'6.9----n-:s...----.1 x-e-. 3...------:1n9r ..... ,.-----..2,.1-• ..-5-_,1..,6"8.-..... 6,.-
391 LESS INTERF.Sr ON LONG TERH DEBT Ja5.5 383.9 382.2 380.3 378.2 J7S.9 373.4 370.6 367.~ ~141.5
-----CASH SOURCE AND USE----
548 cAsH zt~coH£ .• F''Roi1 oRr.:s· -·-
446 STATE CONTRI~UTIOH
143 LONG TERM DEBT DRAUDOWNS
248 liORCAf' r•EBr-DRAUiiowiH( ·-
549 TOTAL SOURCES OF FUNDS
320 LESS CAPlT~L EXPENDITURE
448 LESS ~ORCAP AND FUNDS
260 LESS DEBT RE~~YHENTS
395 LESS PAYMENT TO STATE
141 CASH SURPLUS(DEFICIT>
249 SHORT TERH DEBT
444 CASH RECOVERED
-----BALANCE SHEET----------
225 RESERVE AND CONT. FUND
371 OTHER WORKING CAPITAL
454 CASH SURPLUS RETAINED
370 CUH. CAPITAL EXPENDITURE
465 CAPITAL EHPLOYED
461 STATE CONTRIIcUTlOH
462 RETAINED EARNINGS
555 DEBT OUTSTANDING-SHORT TERH
554 DEBT OUTSTANbiNG-LONG TE~M
542 ANNUAL DEBT DRA~UDO~N $1982
543 CUH. DEBT DR~~UDO~N $198i
519 DEBT SERVICE COVER
j';
'49:7
o.o o.o
.,~.7
57.4
27.5
7.7
15.7 o.o
57.6
'57:6
o.o
o.o
-·-24.6
29.4
24.6
17.4 o.o
6.5 l0t7 o.o o.o
o.o o.o
62.7
:a .9
6.5
6446 .o
68.4
70.8
17.2
6475.4
69.8
31.5
10.5
19.2 o.o
e.6 o.o
o.o
74.7
7t..o
25.8
6506.9
61.~---63.3
72.4
J3.7
11.2
21.1
o.o
36.1
10.2
23.2 o.o
6.4 4.1 o.o o.o
o.o o.o
Bi.r.
79.4
32.2
&:i40.6
88.9
ai.2
311.3
6:176.7
68.2 n.o 14.1 569.4
85.4 89.4 7227.0 ·---. .. ·-·--··-·· ·-------
38.6
9.9 2s:·s·
o.o
41.3
13.5
-··2lf:1
o.o
1 • 5 · --· =r; i
o.o o.o
o.o o.o
9".'. 1
9J~9
37.8
6615.3'
JOS.9
" iiii. 6
36.7
6656.6
44.2 47.3 6748.0
14.4 15.3 224.2
Jo·;v---,:t--;-u-···~29-;-r·-
o.b o.o o.o
. ·:.-,.·;o··---,-;r~s-;:r-·-
o.o o.o o.o
o.o o.o o.o
11S.6 126.2 ~26.2
·9j-;3 · ··,-a-:-o-··-9'a-:-o··
32.6 25.5 25.5
6700.8 6749.0 6749.0
===~==== ==:.:===== :::.::::.:::.:::: =•==:.·::~::::: z::.::a::::.: :::z-::::==3:: :. ::==:z::r::: a:.:i:a.Z~J.a .-.;aa·asa· a:W"iii:ZE"i::'"
6567.0
2523.8
49.0
11-1.6
3879;7
o.o
220:;,4
1.08
l-631 •. 8
2523.8
J06.6
J39.2
3862.2
o.o
2205.4
1.10
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J65.9
1-49.7
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2205.4
1.10
6733.9
2:i23. a
227.1
160.9
3a22~·o
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2205.4
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6784.1
2523;6
290,.Q
!71. J
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o.o
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1.10
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· ·25~3-;9 --·-2'523-;8 ··
356.1 424.3
1BJ.o 194.5
37]3-;3-'j745.·2·
o.o
22()"5; 4
1.10
6942oJ 6997.8 6997.8
2523-;'8 --~52:r.a--2!i2'l~ll-·--
495.3 569.4 569.4
208.9 224.2 224.2
"J)i4-;4 --,6ao;-:r~·
Option B --Page 2 of 2
··WKc! ...... ~-..
~;~;~ .
1
-•· --....
**************************ttt~~~*****Cttttttt&$******************~*******'**tCI*ttt~C***************Ctlf***********************
[IATAl0/15,[111 IJATANA <ON LINE 1993)-$1,4 fiN STfiTf: FIHWS (f'F.R 30.X sr;HEfl>-HlFLAllON 6Xt7%-INTEREST 10%-CAPCOST tJ,6'47 8-JAN-83
****U***************************UHHU~:UU:UUU**'~U*UUU*************"****UUt•ii'ilii•hi"*ii"*ii•diiitii"ii~ii*i*-**.*'~iif~*
73 ENERGY GUH
521 REAL PRICE-MILLS
466 INFLATION IHbE~
520 PRir.E-11ILLS
-----INCOHE------------~----
516 REVENUE
170 LESS OPERATING r.OSTS
~ >. ..
517 OPERATING IHC0/1E
214 ADD lNTEREBT EARNED ON FUNDD
550 LESS INTEREST ON SHOR1-TERH DEBT
391 LESS INTEREST ON LONG TERH DEBT
548 NET EARNINGS FRUH DPERS
-----CASH SOURCE AND USE----
548 CASH INCOME FROH OPERS
446 STATE CONTRIBUTION
143 LONG TERH DE9T DRAUD~UNS
~48 UORCAP DEBT DRAWDOUNS
549 TOTAL SOURCES OF FUNDS
320 LESS CAPITAL EXPENDITURE
448 LESS WORCAP AND FUNDS
260 lESS DEBf REPAYHEHTS
395 LESS PAYHENT TO STATE
141 CASH SURPLUS(DEFIClT>
249 SHORT TER/1 DEDT
444 C~SH RECOVERED
:J~t.
371
4::04
370
-----BALANCE SHEET----------
RESERVE AND CONT. FUND
OTHER UORKIHG CAPITAL
CASH SURPLUS RETAINED
CUH. CAPITAL EXPENDITURE
46~ CAf· IT AL EI1P1.0'r'El•
461 STATE CONTRIBUTION
462 RETAINED EARNINGS
555 DEBT OUTSTANDING-SHORT TERM
551 DE&T OUTSTANDING-LONG TERH
S4~ ANNUAL DE~T DRAW~DO~H $198?
543 CUH. DEBT DRAUWDOUN $1982
~19 DEBT SERVICE COVER
1995
0
o.oo
122.-62 o.oo
o.o
o.o
o.o
o.o ·o.o o.o
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806.8
o.o
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806.8
373.3
o.o
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433.5
o.o
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456.6
373.3
1986
()-
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o.o
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22.6' o.o
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479.4
7b3.B
1987 19EIB 1989
C~SH FLOW SUHHARY
zaa ( tHI[l:JOH> a: .. a.-..·-· --.
0 0 0
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i 37. nf o.oo
o.o
o.o
o.oo iu;·ot
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. 1990
0
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l65~6ti o,oo
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o.o
. 1992' ..... 1993 "1994
0 0 3387 3387
o.oo o.oo 50.?3 61.60 ·-r.,, ·;~·-ra·9-;o5-·--,-o--2-z-9 2--~17';TJ
o.oo o.oo 103.34 133.76
o.o
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o.o
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350.0
25.1
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o.o o.o o.o o.o. 5.3 ··-o-;·o ··----o-;o---o-;·o----v.-o----lv'tr-
o.o o.o o.o 424.9 454.6
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1453.8
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944.4 387.8 57.9
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6063.2
296.4
91.4 --o-;cr
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6379.6
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-======== ==· :_.;:~:.: ::: :'":.::.:: ==-':::z== ,:=~t==:.:::: ._ :;:.:.:;.•: ::; ,:; =·~==--~-=r:= ========= .s:::a:.zz:m :.:::;~:::.:==
829.9
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23.1
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1220.1
23.1
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1718.5
1695.4
23.1
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23.1
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23.1
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521.8
337.0
337.0 o.oo
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23.1
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1975.~
877.6
l2J4.6 o.oo
5130.8
1910.8
23.1
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3304.9
750.0
i964.7 o.oo
6083.2
1810,ii''.
23.1
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4249.3
498.0
2462.6 o.oo
6471.0
1810.8
-76.9
91.4
<4645.7
195.3
26sa.o
0.76
6512.1
1810.8
-119.7
tot .. a
4114.2
39.3
• ~697~2
0.87
Option C --$1.4 Billion Dedicated From
Permanent Fund Income
Page 1 of 2
r~ • -..f. ___ .... ,----.--.............. .-.
-1 -
••*·~~·-•**********~**l******************~*****~*j*******~~~'~**l****3***~***~*************~·~································· DATA10H5.D11 WATAHA <ON LINE l993)-tl.4 &N STATE FIINOS C~fR 30% SCHED>-INFLATION 6%t7X-JHTERfSJ 10%-CAPCOST JJ.6f7 S-JAH-63
***u.t.:t.:ruu.u•nlu•tuutu••u~:nuuu•tun*****U***:~~uuu***********u:r•*ntuuid$h••***·ht.uUft.******'({t"ii*'fUttu-
73 ENERGY GlJB
521 REAL PRICE-HILLS
46i iNFLATi6~ I~iEX no f'R.ICE-l'IILLS
-----It-ICOHE---------··-------
516 REVENUE
17D LESS OPERATING COSTS
517 OPERATING INC0/'1~
214 ADD IHTEREST EARNED OH FUNDS
550 LESS INTEREST OH ·sHORT TE-RH ftEBT
391 LESS INTEREST ON LONG TERH DEBT
548 NET EARNINGS FR0/'1 OPERS
-----CASH SOURCE AHD USF.----
548 CASH lHCOI'IE"F'ROH -OPERS-·-·-· .
446 SfATE CONTRIBUTION
143 LOHG TERM DEDT DRAUDOUNS
248 lllJRCAP r•Ern t•RAt.J[IOUNS
549 TOTAL SOURCES OF FUNDS
320 LESS CAP.ITAL EXPENDITURE
448 LESS UORCAP AHD FUNDS
~60 LESS DEBT REPAYMENTS
395 LESS PAYMENT TO STATE
141 CASH SURPLUS<DEFICITl
~49 SHORT TERM DEBT
444 CASII RECOVERE[I
-----BALANCE SHEET---~-----
~25 RESERVE AND COHT. FUNO
371 OTHER IJORKING CAf'IT.AL
454 CASH SURPLUS RETAINED
370 CUH. CAPITAL EXPENDITURE
465 CAP.ITAL EHPLOYED
461 STATE COHTRISUTION
462 RF.T~INE[I EARNINGS
555 DEST OUTSTANDING-SHORT TERH
554 DE~T OUTSTAHDING-LOHA TERH
542 ANNUAL DEST DRAIJIJDOYN S1962
543 CUH. DEBT DRAIJIJDOUN Sl982
519 DEBT SERVI~~ COVER
1995
3387
60.24
232.33
139.96
474.0
29.8
444.2
5.7
29.2
452.9
-32.2"-
o.o
78.2.
53.7
27.5
7.7
18.4 o.o
o.o o.o
o.o
62.7
51.9 o.o
6432.8
1810.8
-151.9
114.6
'1773.9
J99t-
3387
69.32
24R,S'f
:72.33
!j~J.l
16.3
37.8
451.0
6a.s o.o
o.o
24.6
93.1
29.4
24.6
2J.3 o.o
17.9 o.o
o.o
bB.4
70.8
17.8
Ml-2.3
JEIJO,B
-83.4
139.2
'11:52.6
33.6 o.o
2730.9 Z730.9
0.89 1.10
1997 1998 1999 2000
CASH FLOW SUHHARY
::=(SHIL(IbN}=~~~
33B7 33B7 3387 33£17 3387 3387 3387 37257
65.13
2t.5.99
J73.2:.i
586.7
3:i.6
551.2
6.8
36.-4'
4·4!1.0
io:t;· --
o.o
o.o to: 5"'
81 ol
31.5
10.5
23." ·o.o
15.7 o.o
o.o
74.7
75.0
33.5
6493.8
lR10.6
-12.7
149.7
1729.3
o.o
.2730.9
1.10
ld .09
2tH.t;i
173.87
51lB.9
36.8
:550 ol
],:; .. j7-;a
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57.35
364:53
174.6:.0
591.5
42.3
549.2
8.1
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3 ~f~r;o::-~-.. _j ~ ir.-6 6--
175.55 JU.,6G
'
47.69 44.96 o.oo -:r1:r;o r-·-:r9"r.ra,-----:olr" ...... o·o-·-
1?7.92 179.46 o.oo
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598.1
50.4
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60.1
6(130.7
443.3
----~==---=~---~---------------------------~-----~-----~-~----~-~-~-~-=-
540.3 547.6 547.5 547.7 5567.4
6.9 9.7 10.6 11.6 ao.s
-l,"72----,,-;·~-··---,I.'T-~~.,..,so..-...... s--
4~1.6 438.7 435~4 431.8 4871.0
7J:c;----,.s:·r · -·7·a-;r--ar;·s----u~--mr;a--~-
o.o 0.0 0.0 0.0 0,0 0.0 1610.6
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13.5 o.o
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81.5
79.4
47 .t
6527.5
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60.2
160.9
1?03.5
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2730.9
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10.2
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68.9
82.2
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6::i63.5
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2730.9
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93.9
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6602.1
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14.4
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15.3 224.2 ·n ;-.r · · ··-~?lf:-4 ...
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6972.6 7035.2 7035.2
·iato;s --~aio-;8 · ··-1ani:-a taTo.s
29~.8 380.7 469.5 469.5
194.5 209.9 224.2 224.2
4609,8 -4572.1 .. 4530.7. 453o:Y·-
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Option C --Page 2 of 2
-• "' I
• •
****'**********t*t***************t**************************ltltttttttltttltttttttttt$tttttttttttttttttl***********************
OATA10H5.Dl1 ~ATANA (ON LINE 1993>-•1.8 ~N ST~TE FUNOS (PER 30~ SCHED)-INFLATION 6Xt7X-iNTfREST JOX-C~PCOST •J•647 9-JAN-BJ
f*ttltttttUtUtUtttUU:tUtlt.UUtt.UUUUttniU:UtCUUU.Uti.:UttUUt~U:t.U:U*ti:uiititii:•:*i:'ttiieii'h,fffif:UiiTh:iU'ni·t
73 ENERGY GloiH
~21 REAL PRICE-HILLS
46b iNFLAT~fiN lND~i-
520 PRICE-HILLS
-----INCOHE---~~------------
516 REVENUE
170 LE~S OPERAT!~G ~OSTS
517 OPERATING tHCOHE
214 AOD INTEREST EARNED ON FUN~S
550 LESS INTERksi 6N d~ORt· TE~~-DEBT
391 LESS INTEREST ON LONG TERH Df~T
548 NET EARNINGS FROH OPERS
548
446
1'13
2-48
-----CASH SOURCE AND USE----
CASH INCOHE FROM OPERS.
STATE CONTRIBUTION
LONG TERM DEBT DRAioiDOUNS
WORCAP DEBT DRAUDOWNS
549 TOTAL SOURCES OF FUNDS
320 LESS CAPITAL EXPENDITURE
448 LESS UORCAP AND FUNDS
260 LESS DEBT REPAYMENTS
395 LESS PAYMENT TO STATE
141 CASH SURPLUS(DEFICIT>
249 SHORT TERM DEBT
444 CASH RECOVERED
-----BALANCE SHEET----------
225 RESERVE AND CONT. FUND
371 OTHF.R WORKINO CAPITAL
-454 CASII SURPLUS RETAINE[I
370 CUM. CAPITAL EXPENDITURE
465 CAPITAL EMPLOYED
461 STATE CONTRIBUTION
462 RETAINED EARNINGS
555 DEBT OUTSTANOING-SHORT TERM
554 DEBT OUTSTANDING-LONG TfRH
547 ANNUAL DEBT DRAUWDOWN $1982
543 CUH. DEBT DRAUWDOUN J1982
519 DEBT SERVICE COVER
1985
0
o.oo
122 .. 62 o.oo
o.o
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1986
0
o.oo
J 29.98 o.oo
o.o
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1907 1988 1989 '*1990 .1991
CASH FLOW SUHKARY
•=•c•HI(LION)=a•& ---·---·-------------. -
0 0
o.oo
137.?9 o.oo
o.o
o.o
o.oo
14'la. 05 o.oo
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0 0 0 0 3387 3387
o.oo o.oo o.oo o.oo 50.93 61.60
1 s4; a i 1.ru:-~:r ----rn~_.---1~s-·-..-2o .... 2..-.. 9 .... 2.----..2I77f3-· ····-··
o.oo o.oo o.oo o.oo 103.34 133.76
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25.1
.. 53.0
27.3 ----------------------------------------_:~~~--------~-------------------------------------------~-~-~-~-~-~-~-~-~-~--o.o
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806.8
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o.o 1275.1 1259.3 867.3 311.6 o.o
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769.1
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1390.1
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6125.2
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6150.9
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6268.8
2403 • 9 ··2~03; 9 . -2:.(0J';1r ·-·2-40J-;r--:r40J';9'
23~1 2lol 23.1 7.9 se.J
o.o o.o o.o 91.~ 106.8
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769.7
769.7 o.oo
710.5
1480.3 o.oo
457.3
1937.6 o.oo
1:13. & 0. 0
-209'1~--"2"09L 2
0.96 1.10
Option D --$1.8 Billion Dedicated From
Permanent Fund Income
Page 1 of 2
r .. -o··--.
---.-.. ----
***l******************~****~~;fttffCifttttttt*********~tt*t*****************tttttttfttft**************~**~************;********
DATA10HS,D11 UATAHA CON (INE 1993)-$1,8 BN STAT£ FUNnS <PER 30X SCHED)-IHFLA1ION 6X•7X-lNTEREST lOX-CAPCOST t3.6.7 S-~AN-03
-***:U~U:U*U~tU:UU:JUtUt********UtU:UUUUU*tUt.UU:ttnUUUUtU*U"'-t*U:IIUUUtUtttUtti"iut*tjUitt-... "UUUnUt
73 ENERGY GUH
521 REAL PRICE-HILLS
466 INFLATION INDEX
520 f'RICE-IHLLS
-----INCOHE-----------------
516 REVEnUE
!70 LESS OPERATING COSTS
517
2.14
550
391
OPERATING INCOH£
ADD INTEREST EARNED OH FUNDS
LESS INTEREST ON SHORT TERH DE~T
LESS INTEREST ON LONG TERH DE~T
548 NET EARNINGS FROH OPERS
-----CASH SOURCE AND USE----
548 CASH INCOHE FROM OPERS.
446 STATE COHTRibUTIOH
143 LONG TERH OEBT ORAUDOUNS
248 UORCAP DE~T nRAUDOUNS
549 TOTAL SOURCES OF FUNDS
320 LESS CAPtfnL EXPENDITURE
448 LESS UORCAP AND FUNDS
260 LESS DEBT REPAYHENTS
39S LF.SS Pl\YHEHT TO STATE
14t CASH SURPLUSCDEFICIT>
249 SHORT TERH DEBT
444 CASH RECOVERED
-----FHLANCE SHEET----------
225 RESERVE AND CONT. FUND
371 OTHER WORKING CAPITAL
454 CASH SURPLUS RETAINED
370 CUM. CAPITAL EXPENDITURE
46~ CAPITAL EMPLOYED
461 STATE CONTRIBUTION
462 RETAINED E~RNINGS
555 DE&T OUTSTANDING-SHORT TfRH
554 DEBT OUTSTANDING-LONG TERH
542 ANNUAL DEBT 8RAYWDOWN 51982
543 CUH. DEBT DRAW~DOUN $1982
519 nE&l SERVICE COVER
1995
3:587
::S8.oa
2'32.33
1J4o'i'4
1996
J3EI7
54.51
248.59
13S.52
1997 199a 1999 2000
CASH FLOW SIJHH.1R\'
•~z($MI(LION)~xii"
3387 J397 3387 3387
5 t. :19
265.99
136 • .69
48.34
2a4;;n
137.57
Jo4:t3 · --j·2r;.a:r
ua.6t tJ9o71
2001 2002
3387 3387 3381
40,46 38.24 36o19
· · J•ie'76T·-·--a13 ;-o1-·-n"9aa
141.08 142.66 144.46
TOTAL
37257
o.oo · -o;oo -
o.oo
457.0 4~9.0 462.9 465.9
Ja.8
469.5
.1!2.3
477.8
50.4
489.2
60.1
5040.9
H3.3 29.8 32.6 35.6
... 27.2
5.7
H ;,
368.5
53.4 o.o
o.o
7.7
-426 ...
6.3
10.8
367.0
5'1.9
54.9 o.o
o.o
24.6
427.4
6.8
12.4
365.3
56.6-
56.~-
o.o
o.o
10.5
-t27. J
7.5
-12-;7
363.5
58.4 o.o
o.o
1.1.2
.. --------
427.1
El. 1
. 13.4
361.S
· 6o:· ..
o.o
o.o
10;2
--"' -------------------------------------------------------------~-
427.1
8.9
........ 1
359.3
427.4
9.7 ·rs;2-
356.9
.. 28.1 429.2 4597.5
10.6 11.6 80.5 16-;a----,o-;s--,Jr.r-·--
354.2 3St.3 3957.3
67.7 70.6 584.9--.
··62· .-~..-H 65. o --n~,-·--nr;"ll···-s-a·4-;-9·-----
o.o 4.0 o.o o.o 2403.9
~.a o.o o.o o.o 3713.~
. --·s;;-9"" ··-n-;r-----rr.-4 15.3 '"22-=4--;'2--------- ------------------------ ------------------------------------------------
61.1
27.5
15.0 o.o
to.8 o.o
o •. o
62.7
51.9
21.9
617EI.4
29.-t
2<4.6
16.6 o.o
8.9 o.o
o.o
68.4
70.1:l
30.EI
6207.B
67.1
:n.5
to.:;
18.2 o.o
6.9 o.o
o.o
7'1.7
7::i.O
37.7
6239.3
69.6
33.7
1J .2
20.0 o.o
4.6 o.o
o.o
81.:i
79.4
42.3
6273.0
70.6
36.1
10.2
22.1 o.o
2.3 o.o
o.o
8~.9
82.2
44o6
6309.1
38.6
9.9
2"1.3 o.o
-0.2 o.o
o.o
97.1
83.9
H.4
6347.7
78.5 82.1
41.3
1.3. s
26.t o,,o
-2.9 o.o
o.o
105.9
88.6
41 ...
6389.0
..... 2
14.4
2"9";3 o.o
-5.8 o.o
o.o
115.6
93.3
35.6
6"133.2
8.6.0 6926.3
47.3 6480.4
15.3 224.2
·32-;·:r · -· -21s :1
o.o o.o
-8~9 o.o
o.o
126.2
9a.o·
26.7
6480.4
. -•· ''
3.6 o.o
o.o
126.2
9B.O
26.7
6480.4
==x~=~=~ ======== =~=~=~r= ==~==:t:: ~=~=~=a= ==:====: ==:z3::z :::::2aa =~=a=~== =~======
631-\.9
2403.9
111.7
114.6
3694.7
o.o
2091.2
1.10
2403.9
161...6
139.2
366EI,2
o.o
2091.2
1.10
6426.7
2403.9
223.2
1'19.7
3649.9
o.o
2091.2
1.t0
M76.3
2'103.9
2tH.6
160.9
3629.9
o.o
2091.2
1.10
652-4.8
2--103.9
312.0
171.1
36oi.a
o.o
2(192 ,'}
1.10
6:.73.1 6624.9 6677.6 6731.3 6731.3
2•t03.9. -24'03;9 · 21oJ; 9 ---24o3-;9--24o3 :9
404.1.. 469.6 SJ7.3 608.0 608.0
18\oO 294o5 208.9 22~.2 224·2
3!iB3. 6 . Jti5.G9 ~527; .$ -·3uS.!f 3495;3 ·
o.o
2091.2
1.10
o.o o.o o.o
2091~2··---2091:2""'-2091.2
1.10 1.10 1ol0
Option D --Page 2 of 2 [iil
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