HomeMy WebLinkAbout1999-03-10 99-124 RESOLVEItem NO.99 124
Data: 3-10-99
Item/Subject RESOLVE, Appropriating PERC Performance Cmdltto the General Fund
Improvement Reserve Account
Responsible Department: Administration
Commentary: With the completion of the PERC contract restructuring (commonly referred to as the
Parity Deal) limmMng PERC, Bangor Hydro Electric Co. and amending Charter Municipalities, quarterly
pertomnance cred t distributees have now commenced. These distributions are based upon the favorable
operation of the plant and are shared between tine amending communldes, Bangor Hydro and PERC.
They will normally be made an a quarterly basis. The total to be distributed W fourth quarter 1998
performance (ORober-December 31, 1998) is $419,550.56. Bangoes share, based upon a /armula of
50% Guaranteed Annual Tannage (GAT) weighted average and 50% actual tons delivered, Is $70,533.26.
It has been the Drys practice W dedicate this performance credit distribution to the General Fund
Improvement Reserve Account. This account funds future General Fund capital projects and needs which
are typically considered during the annual budget review and adoption process. We recommend that the
quarterly debtlaution be appropriated to this Reserve Account for future capital needs.
Department Head
Managefs Comments: �rarr`r^r'rvrs r"t,y,,,upQpn,rya�.,nuYO./O�9.�i
4L City Manager
Aasltiated InPormation:
Resolve, Municipal Review Committee Letter, Allocation Table
Budget Approval: X
Ae Finance Director
Legal Approval:
,4411- ty Sculdbor
Introduced for
mage
IFirst Reading Page_of
Referral -/7j FhoYlr0,rdtlrAc "r'r"'-q 4i,
Assignee to councilor Blanchette Mmrch 10, 1999
CITY OF BANGOR
(TITLE.) Resolve, Apprawinflating PERC Performance Credit to the General Fund
Improvement Reserve Account
By the Ldy council of the C%tyW Bdngor..
RESOLVED THAT the Penobscot Energy Recovery Company (PERC) Performance
Credit for the period October 1, 1998 to December 31, 1998, representing distributions from
plant operations for the fourth quarter of 1998 totaling $70,533.26 is hereby appropriated to
the City of Bangor General Fund Improvement Reserve Account (100-35724000).
w CITT WMML
March 10. 1999
Pirat Reading
Referred W Plnaoce Committee
IN cin Coo m
March 22. 1999
Notion for Passage Made and
Secomed
Appropriating P Perfotnmce Ctedlt to the
General Paced Ioprovenent Reserve Account
Municipal Review Committee, Inc.
Iff
A) 60, 299 advp M1be N402-25M1901)94."89eWv(W7J 4J548
February 26, 1999
Dear MRC Member Community
We are pleased to provide the first quarterly performance credit distribution return to Amending Charter
Municipalities man the PERC contract restructuring, or Parity Deal. The check represents your payment of
Performance credits for the first quarter of 1999 based on Plant performance in the f urth quarter of 1998.
The MRC Board of Directors voted to distribute $419,550.56 to the Amerefing Charter Municipalities m meet
the s"Wro-o ide under value of 845.00 Per ran, that is tipping fees less perfomrance credits. The tipping fee fm
the fourth quarter was $ 54.82. Therefore, as a group the Amcrrding Chaser Municipalities would have needed
performance credits of $9.82 in order to achieve the $45.N target. The total amount for distribution
($419,550.56 ) is the product of $9.92 per ton and the 42,724 tons of solid waste delivered by all Amending
Charter Municipalities in the farm quarter. Enclosed is Table 2 which breaks down your pro rata share of the
Performance credit distribution consistent with the weighted average of the pro mat share of GAT and actual
deliveries language contained in Article XVIII, Section B, pages 50-51 of the Second Amended, Restated and
Extended Waste Disposal Agreements.
These performance credit funds were drawn from the MRC custody =want established in coordination with
one of MRC's new service providers Barger Savings Bahr. In preparation for implementing the Parity Deab
MRC solicited the assistance of Bangor Savings Bank or develop custody account structure for the holding of
future Parity had cash distributions to MRC. The end product of those discussions was the custody account
service agreement forwarded to you as pan of the Parity Ded consent documents package. We are very pleased
to have Bangor Savings Bank as a new member of the MRC community service team.
The Board of Directors wishes to thank all of you for you continuing contributions support the MRC mission.
Working with you, we look forward to continuing our mission of an environmentally safe, long-term solid
waste disposal solution at a reasonable and affoNable cost.
Sincerely
G
LowderLowderAdm -
Administrator, MRC
99-126
Table 2
Allocation of PelTonnance Dred
Fbst
Quarter of t
Few Me,
x.lma
Performance
50%
GATasot
Acualtons,
CM1arter Munlcl
Omits
Msham
12131/98
Oct to Doc 98
Albion
$
1]1695
0409%
600
_
Alton
$
989.13
_
0.18]%
260
_19761
9421
Atkinson
$
307.94
0073%
144
26.22
B' ills
3 79
0937%
1,200
498.42
7
18.812%
27,000
7,521.91
them Millustary
$
],]27.60
1842%
3,000
013.48
BomM1ba RRDD
$
10,90129
2.598%
4,500
1,0]9.8]
Bmdlq
$
1095.81
0.261%
425
115.42
Brewer
$
21,670.16
5.165%
9,000
2,132.37
Brooks
$
88320
0.158%
258
Kid;
[Innerniue
$
1,73024
0012%
_
840
_
190.18
Bucks ort
$
5,959.80
1421%
2,750
$16.82
Bumbarn
E
1,455.02
0.347%
%0
169.61
Carmel
$
2219.07
1 0.529%
700
274.53
Central Penobscot
$
3.222.590.]88%
11100
37753
China L__
$
3787.16
0.903%
11000
C$flon
$
74326
__
0Me,
300
__51786
]534
COnton
$
6,605.04
1.574%
2.000
83831
Detlham
$
1,020.85
0243%
40010653
Daver+m
$
4,422.%
1.054%
1,700
46885
Eddi ton
$
2,338.03
0.557%
980
232.86
Enfield
$
1,0700]
0446%
700
203.45
FaiRnitl
$
3,73341
0.090%
3,000
Glenbum 1
$
3,84862
0.917%
1,300
454.34
Goultlsbom
$
1,955.590,459%
800
197.50
Gmenbush
$
1.22345
0.292%
$75
154.13
Guilford
$
3,681.]1
0.878%
1.400
39500
Ham en
$
8694.15
2.Mid,
3,200
910.91
Hancock
$
1,995.00
0.478%
1,014
149.31
Hermon
$
6,534.09
1.55]%
1,%5
832.73
Holden
$
2,55500
0.609%
1,050
254.25
_
Jackson
$
308.44
0.0]4%
130
29.87
Lamolne
$
1,12247
0.268%
350.
139.90
Lee
$
1,08580
0.259%
352
131.94
Levant
$
1,932.76
0461%
679
221.54
Litwoln
$
9, 993.80
2.311%
3,000
1,213.94
Luceme
$
473.59
0.113%
1]5
52.10
Manaville
$
M35
0.0%%
106
29.62
Mars Hui
$
1,909.59
_
0455%
500
282.19
McBawemkea
E
1090.8]
0280%
400
120]9
Tablet
Allocation of Performance Cre811s
Flmt
OuaderM1999
mmmw aarawe
Perormance
50%
GATasot
ACWattons,
Charter Munl al
Cred0s
"sham
12I31I90
Odto Dec%
MgcoastS D
$
18,625.10
3963%
5,/00
2.017.32
MOMatne SWD
$
13,227.54
3153%
6.053
1159.83
MIBaM
$
3,172.75
0755%
1,100
367.38
Mlllinameb
$
7,619.48
1.816%
3.000
791.48
MO -7-
3,308.99
0.788%
1,320
338.96
Monson
$
584.4]
0.135%
160
MA1
Mt. DeseN MR
$
27,225.14
648994
10,600
2,858.20
NevvWrg
$
.1338.90
0.319%
500
145.%
OM Torn
$
12.49222
2.970%
5,000
1,27896
Orland
$
1.59596
0.380%
750
iM.95
Orono
$
11,16].]6
2.W294
5,100
WtU
Otis
$
SW.18
0.130%
M.
5760
Palmyra
$
1,378.80
0329%
500
15429
Perkman
$
399.78
i 0.095%
160
38.04
Penobscot Co.
$
2.090.13
0.490%
700
248.27
PleasaM River SWD
$
3,124.47
0.]45%
1,400
28151
P out
$
1,1fi8.11
02]0%
380
146.66
Reed Ph
$
258.34
0062%
100
27.27
RocldaM
$
14,3350]
3.41]%
51100
1.828.94
San rville
$
1,129.21
0.289%
400
128.60
Seamn
$
3,382.08
0.008%
1,500
300.83
$Ideon
$
]05.8.5
0.18]%
220
104.29
Sleuben_L
$
1,110.46
0265%
300
_ 129.85
Stasi tory,
Thomaston G_mp
$
$
1,752.]1
8,533.54
0.418%
2-134%
604
2,940
_ _ 203.88
992.83
Tbomdike'
$
616.90
0147%
200
74.95
T
$
571M
0.136%
250
53.07
Unon RiverSWD
$
780.20
0.188%
300
84.90
Un'
$
1,725.80
0.411%
7W
1]3.58
Vamalbom
$
3,96]48
0.948%
1,450
"0.53
Veabe
$
2,03905
0488%
800
212.52
Verona
$
680.W
0.164%
275
70.61
Waklc x Group
1
7,305.09
1.tw%
3,035
7M67
Wakrvilk
$
30,420.16
9.157%
21,000
2,502.30
WirSbw
$
0,13080
1.940%
3.850
801.75
Wed Gardiner
$
2,654,301
1 ua %
1,005
326.60
WlMbrop
$
7,389.21
1.M1%
3,200
69387
TOTAL
419,550.56
100000%
168,5W
42,72409
Pedomiame Credits
for alloaabonI
S
619,fifi086