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ITEM: |
INFORMATIONAL
ITEMS/STAFF REPORTS |
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23. |
SEMI-ANNUAL REPORT ON THE CAWD/PBCSD
WASTEWATER RECLAMATION PROJECT |
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Meeting
Date: |
September 19, 2005 |
Budgeted: |
N/A |
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From: |
David A.
Berger, |
Program/ |
N/A |
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General
Manager |
Line Item No.: |
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Prepared
By: |
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Cost Estimate: |
N/A |
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General Counsel Approval: N/A |
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Committee Recommendation: The Administrative Committee reviewed this item on September 6, 2005 and recommended ______________. |
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CEQA Compliance: N/A |
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This report relates to the
original CAWD/PBCSD Wastewater Reclamation Project (Phase I) only and does not
contain any information related to the CAWD/PBCSD Recycled Water Expansion
Project (Phase II). On December 10,
1992, the Monterey Peninsula Water Management District (MPWMD) sold $33,900,000
worth of variable rate certificates of participation to finance the wastewater
reclamation project in
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Par of 1992 Certificates |
$33,900,000 |
Investments as of June 30, 2005:
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Description |
Institution |
Market Value |
Rate/Yield |
Term
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Interest Fund |
U.S. Bank |
$67 |
2.98% |
Daily |
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Certificate Payment Fund |
U.S. Bank |
$2,190 |
2.56% |
Daily |
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Acquisition/Misc. Funds |
U.S. Bank |
$32 |
0.00% |
Daily |
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O & M Reserve Fund |
Wachovia Securities |
$310,728 |
3.93% |
Various |
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Renewal & Replacement Fund |
Wachovia Securities |
$237,452 |
4.26% |
Various |
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Other Funds: |
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Water Sales Revenue Acct. |
Bank of |
$181,491 |
1.80% |
Daily |
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MPWMD transferred advances in the amount of $469,022 from the Water Sales Revenue Account to the Carmel Area Wastewater District during this reporting period. Advance payments are provided in accordance with the terms and conditions of Section 5.5 (a) of the Operation and Maintenance Agreement.
As provided in the Water Purchase
Agreement, the obligation of the District to make disbursements is a special
obligation of the District, payable solely from net operating revenues of the
project, monies in the Revenue Fund, and other funds described in the Trust
Agreement. In no event, will disbursements be payable out of any funds or
properties of the District other than such sources.
Principal and Interest on Certificates:
The interest rate on the Series 1992 Certificates was set initially at 2.30 percent per annum until December 16, 1992. On that date and weekly thereafter, so long as the certificates are in the variable mode, the Remarketing Agent, Stone & Youngberg, determines the rate of interest. Interest rates for this reporting period have fluctuated between 1.50% and 3.01%.
On June 7, 2000, the Reclamation Management Committee noted that the Capital Interest Fund, used for payment of monthly interest on the outstanding certificates would soon be exhausted. The Committee discussed the use of water sales revenue to make future interest payments. On July 3, 2000, the Reclamation Technical Advisory Committee affirmed the use of water sales revenue for interest payments when excess funds are available. The interest payment shown in the table below was made from the Revenue Account maintained by the MPWMD during this reporting period. The Pebble Beach Company made the other interest payments during this reporting period.
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Month |
Interest
Amt. |
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May 2005 |
$79,707.94 |
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April 2005 |
$64,941.78 |
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March 2005 |
$51,340.68 |
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February 2005 |
$46,136.72 |
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January 2005 |
$47,724.66 |
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