FMPA Weekly
A weekly e-newsletter for FMPA members
June 15, 2015
LAST WEEK
Moody’s Rates ARP Bonds A2, Outlook Stable
Moody’s Investors Service announced last Monday that it assigned a credit rating of A2 to the planned offering of approximately $110.6 million of FMPA All-Requirements Power Supply Project Revenue Bonds, Series 2015B and approximately $167.1 million of All-Requirements Power Supply Project Refunding Revenue Bonds, Series 2015C. Concurrently, Moody’s affirmed the A2 rating for FMPA’s parity All-Requirements Project (ARP) Revenue Bonds and affirmed that the project’s rating outlook is stable. Contact: Mark Larson
Taylor Swaps
FMPA’s Finance Department terminated one of the four remaining Taylor swaps with Bank of New York (BONY) last Thursday at a cost of $13,070,000. The termination amount was net of concessions given by BONY of approximately $310,000. Contact: Mark Larson
THIS WEEK
All-Requirements Project Bonds
FMPA’s Finance Department on Tuesday will price and sell approximately $110,610,000 All-Requirements Power Supply Project (ARP) revenue bonds series 2015B and approximately $167,135,000 ARP refunding revenue bonds series 2015C. The series 2015B bonds will provide funds to repay draws under a credit agreement used to fund termination of the Taylor interest rate swaps. The series 2015C bonds will advance refund all or a portion of the ARP Series 2008A and Series 2009A bonds for level-interest cost savings. Contact: Mark Larson
Board of Directors
FMPA’s Board of Directors meets Thursday at 9:30 a.m. in the Board room to discuss: 1) approval of FMPA-Electric Cities of Georgia service confirmation and fiscal 2016 budget, 2) approval of new credit card policy and procedures, and 3) approval of questioned expenditures relating to Auditor General finding No. 8. The full agenda package is available on the Member Portal. Contact: Nick Guarriello
ARP Executive Committee
The ARP Executive Committee meets Thursday in the Board room at 10 a.m. or immediately following the Board of Directors. The Committee will discuss: 1) approval of the Agency budget for fiscal 2016, 2) approval of new credit card policy and procedures, and 3) approval of questioned expenditures relating to Auditor General finding No. 8. The full agenda package is available on the Member Portal. Contact: Nick Guarriello
All-Requirements Project Weekly Load Statistics
The weekly update of the All-Requirements Project historical load graph has been posted on the Member Portal. The graph is updated through June 14. Contact: Jim Atz
Special Dates
Congratulations to Richard Montgomery, who celebrates eight years with FMPA on Thursday, June 18.
COMING UP
FMEA Annual Conference
June 21 is the hotel registration deadline for the FMEA Annual Conference scheduled for July 21 through July 24 at The Breakers in Palm Beach, Fla. The conference kicks off July 21 with preconference seminars and a welcome reception. The following days feature general sessions and breakout sessions on a variety of industry topics, including: how to handle public records requests, controlling the impact on rates, examining inteal processes, and more. Visit FMEA’s http://insite.fmpa.local/index.php/news/182-2015-newsletters/4178-fmpa-weekly-may-11-2015-staff-edition#registration>
Policy Makers Liaisons Committee
FMPA’s Policy Makers Liaisons Committee will meet July 23 at 3 p.m. during the Florida Municipal Electric Association’s (FMEA) Annual Conference in Palm Beach, Fla. A quorum is required for this meeting to conduct annual election of officers. FMEA has a Policy-Maker Scholarship program for first-time conference attendees. FMEA will award complimentary conference registration for one policy maker per FMEA member to attend the Annual Conference, which is schedule for July 21 through July 24 at The Breakers. Recipients of the Policy-Maker Scholarship must be a first-time conference attendee and be accompanied by a senior-level city or utility employee who is registered for the conference. Visit http://publicpower.com/annual-conference/” target=_blank>FMEA’s website for conference and hotel registration information. Contact: Mark McCain
INDUSTRY NEWS
NRC Approves Transfer of CR3 Operating License to Duke
The U.S. Nuclear Regulatory Commission (NRC) approved the transfer and amendment of the operating license for Crystal River Unit 3 (CR3) to Duke Energy Florida. Pursuant to a settlement agreement between Duke and eight of the nine minority CR3 joint owners, Duke has agreed to buy back 6.52% interest from the minority joint owners. Once the transaction is complete, Duke will own 98.3% of the plant and Seminole Electric Cooperative will own 1.7%. The settlement agreement resolves outstanding issues related to CR3’s extended outage and ultimate retirement caused by damage to the plant’s containment building. The NRC will issue the license amendment effective upon the date of the settlement closing. According to the NRC order, Duke did not propose any operational changes or physical changes to the plant in the application. After completion of the proposed transfer, Duke will remain the operator.
Court of Appeals Rejects Challenge to Clean Power Plan
The U.S. Court of Appeals for the District of Columbia Circuit threw out three consolidated lawsuits by a group of states and coal producers that asked for an extraordinary writ to block the Environmental Protection Agency (EPA) from finalizing its proposed rules to regulate carbon dioxide emissions from existing fossil fuel-fired power plants under Section 111(d) of the Clean Air Act. Circuit Judge Brett Kavanaugh said the court has the authority to review the legality of final agency rules, but has no authority to review proposed agency rules. EPA has said it will issue its final Clean Power Plan rule this summer. The court did not address the question of whether regulation under Section 112 of the Clean Air Act precludes regulation under Section 111.
APPA Announces Individual and Utility Awards
Florida utilities were recognized with national awards last Tuesday at the American Public Power Association’s national conference. Bushnell City Manager Bruce Hickle received the Larry Hobart Seven Hats Award and Kissimmee Utility Authority Board Chairman Reginald Hardee received the Spence Vanderlinden Public Official Award.
FMPA Weekly is published by FMPA for employees and goveing boards of FMPA member utilities. Questions or comments about this newsletter may be directed to Ryan Dumas or Nathalia Romano in FMPA’s Public Relations Department.
Want more background on the names and terms used in this newsletter? Check out FMPA’s Glossary, which features some of the most frequently mentioned committees, companies, places and terms, or contact the person named in each FMPA story to lea more. (Click here for the Staff Directory.)
Have a question, comment or story idea for the newsletter? FMPA welcomes your feedback at any time. Contact: Ryan Dumas or Nathalia Romano
Florida Municipal Power Agency
8553 Commodity Circle
Orlando, FL 32819-9002
Tel 407 355-7767
Fax 407 355-5794
http://www.fmpa.com
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