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HomeMy WebLinkAbout2022.11.21 BPMC.ExecutedMinutes ___________________________________________________________________________ BPMC Minutes 11/21/2022 Page 1 of 3 BRADLEY LAKE PROJECT MANAGEMENT COMMITTEE (BPMC) SPECIAL MEETING AGENDA November 21, 2022 1. CALL TO ORDER Vice Chair Burns called the meeting of the Bradley Lake Hydroelectric Project Management Committee to order at 9:30 a.m. A quorum was established. 2. ROLL CALL (for Committee members) Curtis Thayer (Alaska Energy Authority [AEA]); Arthur Miller (Chugach Electric Association [CEA]); Rob Montgomery (City of Seward); John Burns (Golden Valley Electric Association [GVEA]); and Tony Izzo (Matanuska Electric Association [MEA]). 3. PUBLIC ROLL CALL (for all others present) Jennifer Bertolini, Bryan Carey, Dona Keppers, Mark Ziesmer (AEA); Joel Paisner (Ascent Law Partners); Brian Hickey (BPMC); Andrew Laughlin, Matt Clarkson (CEA); Dan Bishop, Pete Sarauer, Sarah Lambe (GVEA); Sarah Villalon (GVEA); Larry Jorgenson (HEA), Andrew Patrick (HEA); David Pease, Matt Reisterer, Tony Zellers (MEA). 4. AGENDA APPROVAL Chair Janorschke asked if there are any additions or comments regarding the Agenda. There were no comments. Mr. Janorschke said the agenda is approved. 5. PUBLIC COMMENTS - None. MOTION: A motion was made by Mr. Miller to enter into Executive Session to discuss confidential financial matters regarding Required Project Work and financing, the immediate knowledge of which may have an adverse effect on the Authority or the Project. Motion seconded by Mr. .Burns. The motion to enter into Executive Session passed unanimously. 6. EXECUTIVE SESSION: 9:11 a.m. (Bylaws Section 5.11.4) – To discuss confidential financial matters regarding Required Project Work and financing, the immediate knowledge of which may have an adverse effect on the Authority or Project. The Committee reconvened its regular meeting at 10:11 a.m. Chair Janorschke advised that no action was taken during Executive Session. ___________________________________________________________________________ BPMC Minutes 11/21/2022 Page 2 of 3 7. NEW BUSINESS a. FY23 Budget Amendment # 5 Dona Keppers called the Committee’s attention to the FY23 Budget Amendment package, page 3, for the Bradley Lake Budget Summary page. She called attention to yellow columns in upper right corner, there is an expense line for O&M for $249,375 and $49,875, which is the 20% transfer that has to happen to cover the increase. The total increase is $299,250 includes $249,375 to facilitate applications with the Department of Energy (DOE) Gr id Resiliency Innovation Partnership’s Funding Opportunity Announcement (FOA), and $49,875 for the required 20% Transfer into the Operating Reserves to cover the increase in operating expenses. Ms. Keppers called attention to Schedule C on page 14, regarding the monthly contributions page for Bradley Lake, which increases from $1,862,765 to $1,905,515. It is an increase of $42,750. The revised monthly increase will start on December 1, 2022. Chair Janorschke asked if there were any questions from the committee. There were no questions. MOTION: A motion was made by Mr. Burns that the Bradley Lake Project Management Committee approve the fifth amendment of the Fiscal Year 2023 Bradley Lake Hydroelectric Project budget as presented making the following changes:  The total increase to the FY23 Bradley Lake Budget is $299,250 reflected in the Budget Summary.  The total increase consists of the following items: o $249,375 to facilitate applications with the Department of Energy (DOE) Grid Resiliency Innovation Partnership’s Funding Opportunity Announcement (FOA), and o $49,875 for the required 20% Transfer into the Operating Reserves to cover the increase in operating expenses.  Revised contributions for Bradley Lake only are reflected on Schedule C. The total monthly contributions increases from $1,862,765 to $1,905,515, and increase of $42,750.  Revise monthly contributions will start December 1, 2022. Motion seconded by Mr. Montgomery. The motion passed unanimously. 8. OLD BUSINESS a. AEA’s Bradley Lake Hydroelectric Power Revenue Bonds, Eleventh Series – Update Dona Keppers said the working group including AEA, Bond Counsel, Financial advisor, lender, trustee, Department of Law has met weekly for several weeks in a row. The closing documents are in order and anticipate receiving final documents today. BPMC Counsel is working on securing signatures from the utilities. The loan agreement is being updated with changes on the amortization. AEA was able to ___________________________________________________________________________ BPMC Minutes 11/21/2022 Page 3 of 3 obtain an interest rate of 6.06% rate on the financing package, including a 10 year note which can be re-financed at the end of the ten year period. We are expecting a closing memo with all wiring instructions and the closing is anticipated for November 30, 2022. There will be a pre-closing meeting on November 28, 2002, with all signatures gathered by close of business on November 29, 2022, and the closing meeting on November 30, 2022 confirming the wire transfer on that date. Mr. Paisner appreciated the summary. He confirmed that the Certificates for each utility to sign have been distributed and each utility board has authorized the CEO of the utility to sign on behalf of the utility. He said Mr. Janorschke would have would more documents to sign as chair of the BPMC. 9.MEMBERS COMMENTS – None Mr. Hickey thanked the BPMC and said he is looking forward to finalizing the concept letters. Mr. Paisner said the BESS financing and allocations needs more work and definition so the Committee is able to make decisions. He said he will be focusing attention then. 10.NEXT MEETING DATE – December 9, 2022 Chair Janorschke noted the next meeting is December 9, 2022. He commented there may be a special meeting before that date. He suggested that the BESS allocation be on the December 9, 2022 agenda. 11.ADJOURNMENT There being no further business for the committee, the meeting adjourned at 10:21 a.m. _____________________________ Brad Janorschke, Chair _____________________________ Curtis Thayer, Secretary