DOCSLIB.ORG

Southern California Public Power Authority

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Southern California Public Power Authority PRELIMINARY OFFICIAL STATEMENT DATED APRIL 29, 2016 NEW ISSUES – FULL BOOK-ENTRY ONLY Ratings: Standard & Poor’s: “AA-” Moody’s: “Aa2” (See “RATINGS” herein.) In the opinion of Co-Bond Counsel, under existing law, interest on the 2016 Bonds is exempt from personal income taxes of the State of California and, assuming compliance with the tax covenants described herein, interest on the 2016 Bonds will be excludable from the gross income of the owners thereof for federal income tax purposes and will not be treated as an item of tax preference for purposes of the federal alternative minimum tax. See “TAX MATTERS” herein. $49,710,000* SoutHern California Public Power AutHority (a public entity organized under the laws of the State of California) $27,440,000* $22,270,000* Mead-Adelanto Project, Authority Interest (LADWP), Mead-Phoenix Project, Authority Interest (LADWP), Revenue Bonds, 2016 Series A Revenue Bonds, 2016 Series A Dated: Date of Delivery Due: July 1, as shown on inside cover This cover page contains certain information for general reference only. It is not intended to be a summary of the security or terms of these issues. Investors are advised to read the entire Official Statement to obtain information essential to making an informed investment decision. Capitalized terms used on this cover page not otherwise defined shall have the meanings set forth herein. The Mead-Adelanto Project, Authority Interest (LADWP), Revenue Bonds, 2016 Series A (the “2016 Mead-Adelanto Bonds”) are being issued by Southern California Public Power Authority (the “Authority”) pursuant to an Indenture of Trust, dated as of May 1, 2016, from the Authority to U.S. Bank National Association, as trustee (the “Trustee”), as supplemented and amended (the “Mead-Adelanto Indenture”), to provide funds to (i) pay the costs of acquisition of an additional ownership interest (and associated participation share and related rights and interests) in the Mead-Adelanto Project, a 202-mile, 500-kV, alternating current transmission line extending between southern Nevada and southern California, and related facilities, as more fully described herein, and (ii) pay the costs of issuance of the 2016 Mead-Adelanto Bonds. The Mead-Phoenix Project, Authority Interest (LADWP), Revenue Bonds, 2016 Series A (the “2016 Mead-Phoenix Bonds” and, together with the 2016 Mead-Adelanto Bonds, the “2016 Bonds”) are being issued by the Authority pursuant to a separate Indenture of Trust, dated as of May 1, 2016, from the Authority to the Trustee, as supplemented and amended (the “Mead-Phoenix Indenture,” and together with the Mead-Adelanto Indenture, the “Indentures”), to provide funds to (i) pay the costs of acquisition of an additional ownership interest (and associated participation share and related rights and interests) in the Mead-Phoenix Project, a 256-mile, 500-kV, alternating current transmission line extending between central Arizona and southern Nevada, and related facilities, as more fully described herein, and (ii) pay the costs of issuance of the 2016 Mead-Phoenix Bonds. The additional ownership interests in the Mead- Adelanto Project and Mead-Phoenix Project being acquired by the Authority (each referred to herein as the “Authority Interest (LADWP)” in the respective project) are being acquired by the Authority in order to, among other things, assist the Department of Water and Power of The City of Los Angeles (the “Department” or the “Project Participant”) in meeting its future power needs and provide it with additional transmission capability for transactions with others, including particularly, to assist it in bringing additional renewable power into its electric system and meet its future renewable portfolio standard goals. Pursuant to separate transmission service contracts, each dated as of March 17, 2016 (the “Mead-Adelanto Transmission Service Contract (LADWP)” and the “Mead-Phoenix Transmission Service Contract (LADWP),” respectively, and together, the “Transmission Service Contracts (LADWP)”), the Authority will sell to the Department an entitlement to use of 100% of the capability of the Authority Interest (LADWP) in the respective projects. See “THE MEAD-ADELANTO PROJECT” and “THE MEAD-PHOENIX PROJECT” herein. The 2016 Bonds are being issued as fully registered bonds and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository of the 2016 Bonds. Individual purchases of the 2016 Bonds will be made in book-entry form only. Purchasers of the 2016 Bonds will not receive securities certificates representing their interest in the 2016 Bonds purchased. Principal of and premium, if any, and interest on the 2016 Bonds are payable directly to DTC by the Trustee. Upon receipt of payments of such principal, premium, if any, and interest, DTC is obligated to remit such payments to its DTC participants for subsequent disbursement to the beneficial owners of the 2016 Bonds. See “BOOK- ENTRY ONLY SYSTEM” herein. The 2016 Bonds will be issued in denominations of $5,000 and any integral multiple thereof. The 2016 Bonds will be dated their date of delivery and will bear interest at the respective rates set forth on the inside cover hereof. Interest on the 2016 Bonds will be payable semiannually on January 1 and July 1 of each year, commencing January 1, 2017, and will be calculated on the basis of a 360-day year comprised of twelve 30-day months. The 2016 Bonds will mature on the dates and in the respective principal amounts set forth on the inside cover hereof. The 2016 Bonds are subject to redemption prior to maturity as described herein. The 2016 Bonds are special, limited obligations of the Authority payable solely from and secured, as to payment of the principal or redemption price thereof, and interest thereon, solely by a pledge and assignment of the related Revenues and certain other moneys described herein. Revenues under the Mead-Adelanto Indenture and Mead-Phoenix Indenture consist primarily of payments to be made to the Authority by the Department, as Project Participant, pursuant to the related Mead-Adelanto Transmission Service Contract (LADWP) or Mead-Phoenix Transmission Service Contract (LADWP), as applicable, as more fully described herein. Pursuant to the Transmission Service Contracts (LADWP), such payments to be made by the Project Participant will constitute operating expenses of the Department’s electric system. The payment obligations of the Project Participant under the Transmission Service Contracts (LADWP) are not contingent upon the operation of the Mead-Adelanto Project or the Mead-Phoenix Project, as applicable, or the performance or nonperformance by any party of any agreement for any cause whatsoever. See “SECURITY AND SOURCES OF PAYMENT FOR THE 2016 MEAD-ADELANTO BONDS” and “SECURITY AND SOURCES OF PAYMENT FOR THE 2016 MEAD-PHOENIX BONDS” herein. The Authority has reserved its right under each of the Indentures to issue additional parity bonds thereunder and to enter into parity swaps on the terms and conditions provided for therein. The 2016 Bonds are not obligations of the State of California, any public agency thereof (other than the Authority), the Project Participant or any other member of the Authority, and neither the faith and credit nor the taxing power of any of the foregoing (including the Authority) is pledged for the payment of the 2016 Bonds. The 2016 Bonds shall not constitute a debt or indebtedness of the Authority within the meaning of any provision or limitation of the Constitution or statutes of the State of California and shall not constitute nor give rise to a pecuniary liability of the Authority or a charge against its general credit. The Authority has no taxing power. Maturity Schedules (see inside cover) The 2016 Bonds are offered when, as and if issued and received by the Underwriters, and subject to the approval of legality by Norton Rose Fulbright US LLP, Los Angeles, California, and Curls Bartling P.C., Oakland, California, Co-Bond Counsel, and certain other conditions. Certain legal matters will be passed on for the Authority by its General Counsel, Richard J. Morillo, Esq., and for the Underwriters by their counsel, Sidley Austin LLP, San Francisco, California. Public Financial Management, Inc. is serving as Financial Advisor to the Authority in connection with the issuance of the 2016 Bonds. It is expected that the 2016 Bonds will be available for delivery through the facilities of DTC in New York, New York, by Fast Automated Securities Transfer (FAST) on or about May 25, 2016. RBC Capital Markets Ramirez & Co., Inc. Dated: May __, 2016 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or a solicitation of an offer to buy, buy, to Under no circumstances shall this Preliminary to sell or a solicitation of an offer This Preliminary Official Statement constitute an offer contained herein are subject to completion or amendment. Official Statement and the information prior of such jurisdiction. or qualification under the securities to registration be unlawful laws solicitation or sale would sale of these securities jurisdictionnor shall there be any in any in which such offer, * Preliminary, subject to change. Maturity Schedules* $27,440,000* Mead-Adelanto Project, Authority Interest (LADWP), Revenue Bonds, 2016 Series A Due Principal Interest Price or July 1* Amount Rate Yield CUSIP† 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 $22,270,000* Mead-Phoenix Project, Authority Interest (LADWP), Revenue Bonds, 2016 Series A Due Principal Interest Price or July 1* Amount Rate Yield CUSIP† 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 * Preliminary, subject to change. † CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein are provided by CUSIP Global Services, managed by S&P Capital IQ on behalf of the American Bankers Association.
Load more

Recommended publications
  • U.S. Department of the Interior Bureau of Land Management
    U.S. Department of the Interior Bureau of Land Management Final Environmental Assessment DOI-BLM-NV0S010-2009-1014-EA May 2016 Eastern Nevada Transmission Project APPLICANT Silver State Energy Association GENERAL LOCATION Clark County, Nevada BLM CASE FILE SERIAL NUMBER N-086357 PREPARING OFFICE U.S. Department of the Interior Bureau of Land Management Las Vegas Field Office 4701 N. Torrey Pines Drive Las Vegas, NV 89130 Phone: (702) 515-5172 Fax: (702) 515-5010 This page intentionally left blank. Table of Contents Chapter 1 - Purpose and Need ...................................................................................................1 1.1 Introduction ....................................................................................................................1 1.2 Project Background ........................................................................................................1 1.3 Purpose and Need for Action .........................................................................................2 1.4 Decisions to be Made .....................................................................................................7 1.5 BLM Policies, Plans, Authorizing Actions, and Permit Requirements .........................7 Chapter 2 - Proposed Action and Alternatives ........................................................................9 2.1 Introduction ....................................................................................................................9 2.1.1 Regulatory Framework for Alternatives
    [Show full text]
  • 5.0 Cumulative Impacts
    TransWest Express EIS Chapter 5.0 – Cumulative Impacts 5-1 5.0 Cumulative Impacts NEPA requires an assessment of potential cumulative impacts. Federal regulations (40 CFR 1500-1508) define cumulative impacts as: “…the impact on the environment which results from the incremental impact of the action when added to other past, present, and reasonably foreseeable future actions regardless of what agency (federal or non-federal) or person undertakes such other actions. Cumulative impacts can result from individually minor but collectively significant actions taking place over a period of time.” The same resources evaluated for Project effects (Chapter 3.0) are evaluated for cumulative effects. The cumulative impact discussion assumes that all environmental mitigation measures discussed in Chapter 3.0 would be applied to the Project and that similar measures would be applied to other reasonably foreseeable transmission lines proposed on federal lands in the same alternative corridors. It also is assumed that these and any other projects on federal lands would comply with the applicable BLM Land Use Plans and Forest Service Forest Plans, as well as applicable federal, state, and local regulations and permit requirements. The structure and content of the cumulative impacts analysis in this EIS follows the guidance contained in the BLM NEPA handbook (BLM 2008) and the CEQ Guidance on Considering Cumulative Effects Under the National Policy Act (CEQ 1997). 5.1 Physical and Temporal Boundaries of Cumulative Impacts In general, physical boundaries for cumulative impacts analysis varied by resource and were identical to those analysis areas used in Chapter 3.0 to determine the context of Project impacts.
    [Show full text]
  • Revised Draft 2014-2015 Transmission Plan This Revised Draft Transmission Plan Reflects a Number of Changes from the Draft Plan Released on February 2, 2015
    Forward to the Revised Draft 2014-2015 Transmission Plan This revised draft transmission plan reflects a number of changes from the draft plan released on February 2, 2015. To assist our stakeholders following the transmission plan cycle, we have summarized a number of those changes: The model estimating the impact of the transmission plan on the ISO’s High Voltage TAC has been updated and the results added to the model. The ISO has confirmed with Duke American Transmission Company that DATC’s request window submission for the San Luis Transmission Project was sent, but not received on the original request window submission timeline. It has subsequently been resent and received by the ISO. Accordingly, the plan has been revised to incorporate the review of the to the request window submission. A number of clarifications and edits have been added throughout the plan to address other stakeholder comments. 2014-2015 ISO Transmission Plan March 19, 2015 Table of Contents Executive Summary ..................................................................................................... 1 Introduction ...................................................................................................... 1 The Transmission Planning Process ................................................................ 3 Collaborative Planning Efforts .......................................................................... 4 Advancing Preferred Resources ....................................................................... 6 Reliability Assessment
    [Show full text]
  • Tenth Biennial Electric Transmission Final Assessment Report
    FINAL DRAFT Tenth Biennial Transmission Assessment 2018-2027 Staff Report Docket No. E-00000D-17-0001 December 31, 2018 Prepared by Arizona Corporation Commission Staff And ESTA International, LLC 2214 Rock Hill Road, Suite 180 Herndon, Virginia, 20170-4234 Decision No. 76975 [This page intentionally blank for formatting purposes] Biennial Transmission Assessment for 2018-2027 Docket No. E-00000D-17-0001 December 31, 2018 Decision No. 76975 Foreword The Arizona Corporation Commission (“ACC” or “Commission”) performs a biennial review of the ten-year transmission plans filed by parties who are responsible for transmission facilities in Arizona and issues a written decision regarding the adequacy of the existing and planned transmission facilities to reliably meet the present and future transmission system needs of Arizona.1 This report by the Staff of the Commission’s Utilities Division (“ACC Staff” or “Staff”) is the Tenth Biennial Transmission Assessment (“BTA” or “Tenth BTA”) and has been prepared in accordance with a contract agreement between ESTA International, LLC (“ESTA”) and the Commission. It is considered a public document. Use of the report by other parties shall be at their own risk. Neither ESTA nor the Commission accept any duty of care to such third parties. Arizona’s Tenth BTA is based upon the Ten-Year Plans filed with the Commission by parties in January 2018. It also incorporates information and comments provided by participants and attendees in the BTA workshops and report review process. ACC Staff and ESTA appreciate the contributions, cooperation, and support of industry participants throughout the Tenth BTA process. 1 Arizona Revised Statute §40-360.02 Biennial Transmission Assessment for 2018-2027 Docket No.
    [Show full text]
  • U.S. Department of the Interior Bureau of Land Management
    U.S. Department of the Interior Bureau of Land Management Final Environmental Assessment DOI-BLM-NV-S010-2010-0091-EA November 2014 Southern Nevada Intertie Project APPLICANT Great Basin Transmission, LLC GENERAL LOCATION Clark County, Nevada BLM CASE FILE SERIAL NUMBER N-086359 PREPARING OFFICE U.S. Department of the Interior Bureau of Land Management Las Vegas Field Office 4701 N. Torrey Pines Drive Las Vegas, Nevada 89130 Phone: (702) 515-5172 Fax: (702) 515-5010 This page intentionally left blank. TABLE OF CONTENTS Chapter 1. Introduction .......................................................................................................... 1-1 1.1. Identifying Information ...................................................................................... 1-2 1.1.1. Title, EA Number, and Type of Project .............................................. 1-2 1.1.2. Location of Proposed Action ............................................................... 1-2 1.1.3. Name and Location of Preparing Office ............................................. 1-2 1.1.4. Identify the Case File Number ............................................................ 1-2 1.1.5. Applicant Name ................................................................................... 1-2 1.2. Purpose and Need for Action ............................................................................. 1-2 1.2.1. Background ......................................................................................... 1-2 1.2.2. BLM Purpose and Need .....................................................................
    [Show full text]
  • Integrated Resource Plan
    2019 Integrated Resource Plan Adopted by Burbank City Council at its December 11, 2018 Meeting Table of Contents Chapter 1 6 1.1 Introduction 7 1.2 Assumptions and Implications 7 1.3 Major Changes Since 2015 IRP 9 1.4 Proposed Policy Guidelines 9 1.5 Action Items 10 Chapter 2 11 2.1 Introduction 12 2.1.1 About the IRP 12 2.1.2 Key Policy Drivers 13 2.1.3 Major Challenges 13 2.1.4 IRP Overview 14 2.2 Starting with Customers 15 2.2.1 Public Input 15 2.2.2 Demand and Energy Forecast 16 2.3 Customer-Side Resources 17 2.3.1 Energy Efficiency 17 2.3.2 Demand Response 18 2.3.3 Electric Vehicles 20 2.3.4 Customer-Owned Generation 21 2.3.5 Results of Customer-Side Impacts 21 2.4 Supply-Side Resources: The SB350 Future 22 2.4.1 Retirement of IPP coal in 2025 23 2.4.2 IPP Coal Replacement Options 23 2.4.3 Results: Replacing IPP Coal 25 2.5 Supply-Side Resources: The SB100 Future 27 2.5.1 Retirement of IPP Coal in 2025 27 2.5.2 Same IPP Coal Replacement Options as in SB350 27 2.5.3 Results: Replacing IPP Coal 28 2.6 Over-Generation at High RPS Levels 30 2.7 STS Transmission Utilization 31 2.8 Greenhouse Gas Emissions 32 Burbank Water and Power - 2019 Integrated Resource Plan Page | 2 2.9 Transmission 33 2.10 Distribution 33 2.11 Customer Rate Impacts 33 2.12 EIM Participation 34 2.13 Proposed Policy Guidelines 34 2.14 Action Items 35 2.12 Conclusion 35 Chapter 3 36 3.1 About BWP 37 3.2 Load 38 3.2.1 BWP is a Fully-Resourced Utility 40 3.2.2 Load Patterns 41 3.2.3 Annual Energy Requirements 41 3.2.4 The Duck Curve 43 3.2.5 Over-Generation 47 3.3 Generation
    [Show full text]
  • 14-0191 So CA Pub Power Authority OS.Xps
    . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Maturity Schedules $151,880,000 Apex Power Project, Revenue Bonds, 2014 Series A (Tax-Exempt) Due Principal Interest July 1 Amount Rate Yield CUSIP 2030 $10,015,000 5.000% 3.510%(1) 84247PHF1 2031 14,855,000 5.000 3.630(1) 84247PHG9 2032 15,600,000 5.000 3.720(1) 84247PHH7 2033 16,380,000 5.000 3.790(1) 84247PHJ3 2034 17,200,000 5.000 3.850(1) 84247PHK0 2035 18,055,000 5.000 3.890(1) 84247PHL8 2036 18,960,000 5.000 3.920(1) 84247PHM6 2037 19,910,000 5.000 3.940(1) 84247PHN4 2038 20,905,000 5.000
    [Show full text]
  • May 1, 2013 Boulder Solar Power, LLC Project Transmission Line
    U.S. Department of the Interior Bureau of Land Management Environmental Assessment DOI-BLM-NV-S010-2013-0053-EA May 1, 2013 Boulder Solar Power, LLC Project Transmission Line, Access Road, and Waterline PREPARING OFFICE U.S. Department of the Interior Bureau of Land Management Southern Nevada District Office Las Vegas Field Office 4701 N Torrey Pines Drive Las Vegas, Nevada 702-515-5000 Office 702-515-5010 Fax Environmental Assessment for the Boulder Solar Power, LLC Project DOI-BLM-NV-S010-2013-0053-EA N-91253 Prepared For: U.S. Department of the Interior Bureau of Land Management Southern Nevada District Office Las Vegas Field Office 4701 N. Torrey Pines Drive Las Vegas, NV Prepared by: 8250 West Charleston Bouldevard, Suite 100 Las Vegas, NV 89117 May 2013 Boulder Solar Power Project Environmental Assessment Contents Contents Contents ......................................................................................................................................................... i Tables ............................................................................................................................................................ ii Figures ......................................................................................................................................................... iii Acronyms and Abbreviations ...................................................................................................................... iv 1 Purpose and Need ..................................................................................................................................
    [Show full text]
  • The West's Renewable Energy Future: a Contribution by National Grid
    The West’s Renewable Energy Future: A Contribution by National Grid July 2008 The West’s Renewable Energy Future A Contribution by National Grid July 2008 THE WEST’S RENEWABLE ENERGY FUTURE A CONTRIBUTION BY NATIONAL GRID TABLE OF CONTENTS List of Acronyms ...................................................................................................................... 2 1 Executive Summary ............................................................................................... 3 2 Introduction ............................................................................................................. 5 3 Regional Environmental Goals and Needs ............................................................ 6 3.1 Western US Population Growth ............................................................................. 6 3.2 Electricity Sales Growth and Energy Efficiency ...................................................... 7 3.3 Western States RPS Based Renewable Energy Demand ..................................... 8 3.4 2020 GHG Emission Reduction Targets .............................................................. 10 3.5 Range of Renewable Energy Needs .................................................................... 12 3.6 Potential GHG Emission Costs ............................................................................ 13 3.7 Section Summary and Conclusions ..................................................................... 15 4 Potential Renewable Resource Solutions ...........................................................
    [Show full text]
  • Townsite Solar Project Transmission Line Project, DOE/EA-1960
    U.S. Department of the Interior Bureau of Land Management Environmental Assessment DOI-BLM-NV-S010-2013-0052-EA DOE/EA-1960 June 28, 2013 Townsite Solar Project Transmission Line PREPARING OFFICE U.S. Department of the Interior Bureau of Land Management Southern Nevada District Office Las Vegas Field Office 4701 N. Torrey Pines Drive Las Vegas, Nevada 702-515-5000 Office 702-515-5010 Fax Environmental Assessment for the Townsite Solar Project DOE/EA-1960 DOI-BLM-NV-S010-2013-0052 EA N-91290 Prepared For U.S. Department of the Interior Bureau of Land Management Southern Nevada District Office Las Vegas Field Office 4701 N. Torrey Pines Drive Las Vegas, NV Prepared by: 8250 West Charleston Boulevard, Suite 100 Las Vegas, NV 89117 June 28, 2013 Townsite Solar Project Environmental Assessment Contents Contents 1 Introduction ........................................................................................................................................... 1 1.1 Background ................................................................................................................................... 1 1.1.1 Scope of Analysis.................................................................................................................. 1 1.1.2 BLM’s Purpose and Need for the Action .............................................................................. 1 1.1.3 BLM Decisions to be Made .................................................................................................. 2 1.1.4 Western’s Purpose and Need ...............................................................................................
    [Show full text]
  • Eleventh Biennial Transmission Assessment 2020-2029
    ELEVENTH BIENNIAL TRANSMISSION ASSESSMENT 2020-2029 Staff Report Docket No. E-00000D-19-0007 March 9, 2021 Prepared by Arizona Corporation Commission Staff And ESTA International, LLC 22525 Ridgetop Circle Suite 200 Herndon, Virginia, 20166-6510 Decision No. ________ [This page intentionally blank for formatting purposes] Biennial Transmission Assessment for 2020-2029 Docket No. E-00000D-19-0007 March 9, 2021 Decision No. ________ FOREWORD The Arizona Corporation Commission (“ACC” or “Commission”) performs a biennial review of the ten-year transmission plans filed by parties who are responsible for transmission facilities in Arizona and issues a written decision regarding the adequacy of the existing and planned transmission facilities to reliably meet the present and future transmission system needs of Arizona.1 This report by the Staff of the Commission’s Utilities Division (“ACC Staff” or “Staff”) is the Eleventh Biennial Transmission Assessment (“BTA” or “Eleventh BTA”) and has been prepared in accordance with a contract agreement between ESTA International, LLC (“ESTA”) and the Commission. This is a public document. Use of the report by other parties shall be at their own risk. Neither ESTA nor the Commission accepts any duty of care to such third parties. Arizona’s Eleventh BTA is based upon the Ten-Year Plans filed with the Commission by parties in January 2020. It also incorporates information and comments provided by interested stakeholders in the docket, at the BTA workshops, and during the report review process. The ACC Staff and ESTA appreciate the contributions, cooperation, and support of industry participants throughout the Eleventh BTA process. 1 Arizona Revised Statute §40-360.02 Biennial Transmission Assessment for 2020-2029 Docket No.
    [Show full text]