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ED3 NEWS RELEASES
Pinal County Electric District No. 3, AZ's Series 2011 Bonds Rated "A/Stable"
Publication date: 07-Oct-2011 19:40:21 EST
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SAN FRANCISCO (Standard & Poor's) Oct. 7, 2011--Standard & Poor's Ratings
Services assigned its 'A' long-term rating to Pinal County Electric District No. 3 (ED3), Ariz.'s $115.5 million series 2011 electric system revenue bonds. The outlook is stable.
"The rating reflects our view of the district's good financial performance, relatively low-cost and carbon-free supply portfolio, competitive retail rates, and strong financial policies with regard to reserves," said Standard & Poor's credit analyst Paul Dyson.
We understand that bond proceeds will refund the district's series 2006B and 2007A bonds, as well as fund a debt service reserve fund funded at maximum annual debt service.
The stable outlook reflects our view of ED3's good liquidity, projected good financial margins, strong reserve policies, and power cost adjustment mechanism that serves to stabilize finances through cost recovery.
ED3 BOARD OF DIRECTORS HAS PLANNED NO BASE RATE INCREASES IN 2011 FOR RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL CUSTOMERS . . .
Even with the tough economy and slow growth, ED3 has been proactive by adding the Split Ends customers, reducing capital expenditures, and cutting costs to keep base rates stable in 2010 and for 2011. The ED3 Board of Directors is pleased to announce that there are no Base Rate increases planned for residential, commercial and industrial customers in 2011.
ED3 is a not-for-profit utility and allocates its costs where they are incurred in each rate and customer class. This has required ED3 to make a few small changes in expenses for 2011.
Effective January 1, 2011, the following changes in fee structures will be made:
The facility charge for Time of Use meters will be going up by $1.00 due to the cost of these smart meters which store data every 15 minutes.
The street light fees will increase slightly due to rising material and increases in electricity costs since 2008.
A new minimum bill will be added to capture costs of seasonal customers who are not here full time but should help to pay for the infrastructure that has been installed for their service.
The NSF (non-sufficient funds) fee will be increased to $35.00 to cover the cost of bad checks.
A $5.00 fee for each time a payment arrangement is set up or modified will also go into effect at the beginning of the year.
More detailed information on these changes effective January 1, 2011, can be found on the ED3 website at www.ed3online.org or by calling Customer Service at (520) 424-9021.
Release Date: 11/24/10 |
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