Middle Fork Project Finance Authority
What is it?
The Middle Fork Project (MFP) is a multi-purpose water supply and hydro-generation project designed to conserve and control waters of the Middle Fork American River, the Rubicon River, and several associated tributary streams. The MFP stores water from rain and snow during the fall and winter months and releases water all year to meet consumptive (municipal, industrial, and agricultural) demands within western Placer County, provides recreational experiences, contributes to the natural resource preservation and enhancement of the river and to generate power for the California electrical grid. The MFP is located within the Middle Fork American River Watershed (Watershed) (MAP PDF) within Placer County at elevations ranging from approximately 1,100 feet to 5,300 feet. +more
The MFP diverts, stores, and transports water through a series of stream diversions, reservoirs, canals, and powerhouses before it is released back into the Middle Fork American River below Oxbow Powerhouse (where river rafting takes place), approximately 29 miles upstream of Folsom Reservoir. All electricity generated by the MFP is delivered to Pacific Gas and Electric’s (PG&E’s) transmission system. The backbone of the MFP is its two principal water storage reservoirs, French Meadows and Hell Hole. These reservoirs are located on the Middle Fork American River and the Rubicon River.
Get more detailed description of the project.
Purpose of the Authority
On January 10, 2006, the Placer County Water Agency (PCWA) and the County of Placer entered in to a Joint Powers Agreement (JPA) that called for the formation of the “Middle Fork Project Finance Authority” (MFPFA or MFP Finance Authority or Authority).
The purpose of the Authority is to serve the mutual interests of the County and PCWA exclusively, to provide for the financing of studies, programs, procedures, projects, services, improvements, modifications, and other costs that may be required to obtain a new Federal Energy Regulatory Commission (FERC) license or which may be completed under the current or subsequent FERC license of the Middle Fork Hydroelectric Project by PCWA, to approve Future Electrical Energy Sales, fund the necessary operational costs and to distribute revenues from Future Electrical Energy Sales. The Authority distributes the net revenues to both PCWA and Placer County.
Powers of the Authority
The MFP Finance Authority has the power to:
- Issue bonds to finance MFP relicensing, improvements and operations
- Review and approve the annual MFP operating budget
- Review and approve contracts for the sale of electrical energy
- Distribute the net revenues from the sale of electrical energy
Board and Officers of the Finance Authority
The MFP Finance Authority Board of Directors consists of 4 members: 2 members from the Placer County Board of Supervisors and 2 members from the PCWA Board of Directors.
Board of Directors:
- Jim Holmes, Placer County Board of Supervisors Member
- Mike Lee, PCWA Board of Director Member
- Robert Weygandt, Placer County Board of Supervisors Member
- Primo Santini, PCWA Board of Director Member
- Executive Director: David Breninger, PCWA General Manager
- Secretary: David Boesch, Placer County Executive Officer
- Treasurer: Joseph Parker, PCWA Director of Financial Services
- Legal Advisor: Janet Goldsmith, PCWA Legal Counsel
Policies & Protocol
General Financial Policies
These General Financial Policies provide a framework to guide the Middle Fork Project Finance Authority's decision-making with respect to financial activities and financial planning. They address budget, capital planning, reserves, net revenue distribution and other related financial policies for the Authority.
General Administrative Policies
The purpose of the General Administrative Policies is to establish basic administrative policies for Authority operations, providing guidance for the effective discharge of its responsibilities. The policies address three operational areas: Administrative Procedures, Grants and Loans, and Public Reporting.
Project Operations Protection Policies
The purpose of the Project Operations Protection Policies is to assist the Middle Fork Project Finance Authority Board of Directors, and management by establishing basic equipment and operating protection policies for the Authority operation, thus providing guidance for the effective discharge of its responsibilities generally to Placer County Water Agency. Two activities; physical asset management and project emergency operations are critical obligations of PCWA and as such should well-defined and reviewed annually.
Energy Transaction Working Group Protocol
The following Scheduling and Oversight Actions and Protocols authorize: (1) the Authority to approve power sales power scheduling and oversight; and (2) PCWA to begin scheduling the MFP on May 1, 2013 subject to the CPUC’s approval of the PG&E Power Purchase Agreement (PG&E PPA). The Board directs that staff use these interim measures to begin developing more formal marketing and risk management policies for ongoing operations of the MFP, and that it bring such proposed policies or a statement of progress toward them to each Board meeting until such policies are adopted. Energy Transaction Working Group Protocol
Date and Time:
July 17, 2014; 10:00 a.m.
Third Thursdays of January, April, July and October
PCWA – American River Room,
Placer County Water Agency
144 Ferguson Road, Auburn, California
Past Agendas and Minutes
The MFP budget is based upon a calendar year as its fiscal year. Therefore the MFPFA Board takes action to approve the budget at their October meeting for the next year. Because the budget is based upon estimates of the upcoming years hydrology, energy markets, expenses and other factors, a mid-year budget (at the July meeting) can be submitted to reconcile the changing conditions and the Board would asked to approve changes, if warranted.
One of the responsibilities of the MFPFA Board is an annual financial statement audit. The Authority Treasurer is required to submit the audit within 180 days after the close of each fiscal year.
The MFP has other documents and reports that are required by policy, law or license conditions. Any such document or report will be posted to this web page.
Nothing is currently available for review.
Placer County Contact
Beverly Roberts, Executive Secretary
Placer County Water Agency Contact
Cheri Sprunk, Agency Secretary/Clerk of the Board