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transmission facilities, including the facilities at Antelope
Valley Station (AVS facilities).
The AVS facilities consisted of a two-unit electric generat-
ing station. The first unit was placed in service in two phases
on January 1, 1982, and May 24, 1983. The second unit (AVS unit
II) was placed in service on October 29, 1985. The total cost of
constructing the AVS facilities was approximately $1.9 billion.
The AVS facilities included pollution control facilities,
certain portions of which related solely to the AVS unit II (AVS
unit II pollution control facilities). The construction of the
AVS unit II pollution control facilities was largely financed
through certain tax-exempt bonds issued by Mercer County, North
Dakota (Mercer County). In order to effect that financing,
Mercer County executed a document, effective as of November 1,
1984, entitled “TRUST INDENTURE” (1984 bond indenture agreement).
Pursuant to the 1984 bond indenture agreement, Mercer County
issued the Pollution Control Revenue Bonds, 1984 Series (1984
tax-exempt bonds), in the aggregate amount of $112,750,000. The
1984 tax-exempt bonds had an interest rate of 10.5 percent, were
payable semiannually on June 30 and December 30, and matured on
June 30, 2013. Mercer County had the right to redeem the 1984
tax-exempt bonds prior to maturity but not before December 30,
1994. If Mercer County were to redeem the 1984 tax-exempt bonds
between December 30, 1994, and December 29, 1995, the redemption
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