EX-99.1 2 defpf-20180901xexhibit991.htm EXHIBIT 99.1 Exhibit
Exhibit 99.1

SEMI-ANNUAL SERVICER’S CERTIFICATE
Pursuant to Section 4.01(c)(ii) of the Nuclear Asset-Recovery Property Servicing Agreement, dated as of June 22, 2016 (Servicing Agreement), by and between DUKE ENERGY FLORIDA, LLC, as servicer (Servicer), and Duke Energy Florida Project Finance, LLC, the Servicer does hereby certify, for the September 1, 2018, Payment Date (Current Payment Date), as follows:
Capitalized terms used but not defined herein have their respective meanings as set forth in the Servicing Agreement. References herein to certain sections and subsections are references to the respective sections of the Servicing Agreement or the Indenture, as the context indicates.
Collection Periods: March 1, 2018 to August 31, 2018
Payment Date: September 1, 2018
1.
Collections Allocable and Aggregate Amounts Available for the Current Payment Date:
i.
Remittances for the
March 2018
Collection Period
$
6,043,696.26

ii.
Remittances for the
April 2018
Collection Period
5,234,034.16

iii.
Remittances for the
May 2018
Collection Period
6,251,003.38

iv..
Remittances for the
June 2018
Collection Period
6,048,513.57

v.
Remittances for the
July 2018
Collection Period
7,924,852.73

vi.
Remittances for the
August 2018
Collection Period
8,789,824.89

vii.
 

 
 
viii.
 

 
 
ix.
Investment Earnings on Capital Subaccount
48,885.39

x.
Investment Earnings on Excess Funds Subaccount
6,678.76

xi.
Investment Earnings on General Subaccount
139,197.94

xii.
General Subaccount Balance (sum of i through xi above)
$
40,486,687.08

xiii.
Excess Funds Subaccount Balance as of prior Payment Date
512,131.20

xiv.
Capital Subaccount Balance as of prior Payment Date
6,471,450.00

xv.
Collection Account Balance (sum of xii through xiv above)
$
47,470,268.28


2.     Outstanding Amounts of as of prior Payment Date:
i.
Series A
2018
 
Outstanding Amount
$
91,968,362.00

ii.
Series A
2021
 
Outstanding Amount
150,000,000.00

iii.
Series A
2026
 
Outstanding Amount
436,000,000.00

iv.
Series A
2032
 
Outstanding Amount
250,000,000.00

v.
Series A
2035
 
Outstanding Amount
275,290,000.00

vi.
Aggregate Outstanding Amount of all Series A Bonds
$
1,203,258,362.00

3.     Required Funding/Payments as of Current Payment Date:
 
Principal
 
 
 
Principal Due
i.
Series A
2018
 
 
$
25,149,061.00

ii.
Series A
2021
 
 
—

iii.
Series A
2026
 
 
—

iv.
Series A
2032
 
 
—

v.
Series A
2035
 
 
—

vi.
All Series A Bonds
$
25,149,061.00



Exhibit 99.1

 
Interest
 
 
 
 
 
 
 
 
 
 
 
WAL
 
 
 
Interest Rate
 
Days in Interest Period
 
Principal Balance
 
Interest Due
v.
Series A
2018
 
 
1.196
%
 
180

 
$
91,968,362.00

 
$
549,971.00

vi.
Series A
2021
 
 
1.731
%
 
180

 
150,000,000.00

 
1,298,250.00

vii.
Series A
2026
 
 
2.538
%
 
180

 
436,000,000.00

 
5,532,840.00

viii.
Series A
2032
 
 
2.858
%
 
180

 
250,000,000.00

 
3,572,500.00

ix.
Series A
2035
 
 
3.112
%
 
180

 
275,290,000.00

 
4,283,512.40

 
 
 
 
 
 
 
 
 
 
 
 
x.
All Series A Bonds
 
$
15,237,073.40

 
 
 
 
 
 
 
 
 
Required Level
 
Funding Required
xi.
Capital Account
 
 
 
 
 
$
6,471,450.00

 
$
—

4.     Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:
i.
Trustee Fees and Expenses; Indemnity Amounts
$
5,400.00

ii.
Servicing Fee
323,572.50

iii.
Administration Fee
25,000.00

iv.
Operating Expenses
140,420.64

 
 
 
 
 
 
 
 
Series A Bonds
Aggregate
Per $1,000 of Original Principal Amount
 
v.
Semi-Annual Interest (including any past-due for prior periods)
 
$
15,237,073.40

1.
Series A
2018
 
 
$
549,971.00

$
3.01

 
2.
Series A
2021
 
 
1,298,250.00

8.66

 
3.
Series A
2026
 
 
5,532,840.00

12.69

 
4.
Series A
2032
 
 
3,572,500.00

14.29

 
5.
Series A
2035
 
 
4,283,512.40

15.56

 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
vi.
Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date
$
—

1.
Series A
2018
 
 
$
—

$
—

 
2.
Series A
2021
 
 
—

—

 
3.
Series A
2026
 
 
—

—

 
4.
Series A
2032
 
 
—

—

 
5.
Series A
2035
 
 
—

—

 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
vii.
Semi-Annual Principal
$
25,149,061.00

1.
Series A
2018
 
 
$
25,149,061.00

$
137.43

 
2.
Series A
2021
 
 
—

 
 
3.
Series A
2026
 
 
—

 
 
4.
Series A
2032
 
 
—

 
 
5.
Series A
2035
 
 
—

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
viii.
Other unpaid Operating Expenses
$
—

ix.
Funding of Capital Subaccount (to required level)
—

x.
Capital Subaccount Return to Duke Energy Florida
100,696.00

xi.
Withdrawals from Excess Funds Subaccount
(494,536.46
)
xii.
Released to Issuer upon Retirement of all Series Bonds
—

xiii.
Aggregate Remittances as of Current Payment Date
$
40,486,687.08



Exhibit 99.1

5.
Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):
i.
Series A
2018
 
 
$
66,819,301.00

ii.
Series A
2021
 
 
150,000,000.00

iii.
Series A
2026
 
 
436,000,000.00

iv.
Series A
2032
 
 
250,000,000.00

v.
Series A
2035
 
 
275,290,000.00

vi.
Aggregate Outstanding Amount of all Series A Bonds
$
1,178,109,301.00

vii.
Excess Funds Subaccount Balance
17,594.74

viii.
Capital Subaccount Balances
6,471,450.00

ix.
Aggregate Collection Account Balance
$
6,489,044.74

6.    Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):
i.
Excess Funds Subaccount
 
 
$
494,536.46

ii.
Capital Subaccount
 
 
 
iii.
Total Withdrawals
 
 
$
494,536.46

7.    Shortfalls in Interest and Principal Payments as of Current Payment Date:
i.
Semi-annual Interest
 
 
 
Series A
2018
 
 
$
—

 
Series A
2021
 
 
—

 
Series A
2026
 
 
—

 
Series A
2032
 
 
—

 
Series A
2035
 
 
—

 
Total
 
 
 
$
—

ii.
Semi-annual Principal
 
 
Series A
2018
 
 
$
—

 
Series A
2021
 
 
—

 
Series A
2026
 
 
—

 
Series A
2032
 
 
—

 
Series A
2035
 
 
—

 
Total
 
 
 
$
—

8.    Shortfalls in Payment of Return on Invested Capital as of Current Payment Date:
i.
Return on Invested Capital
$
—

9.    Shortfalls in Required Subaccount Levels as of Current Payment Date:
i.
Capital Subaccount
 


Exhibit 99.1

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate.
Date:
August 24, 2018
DUKE ENERGY FLORIDA, LLC,
 
 
as Servicer
 
 
 
 
 
 
 
By:
/s/ David Doss
 
 
David Doss
 
 
Director, Electric Utilities and Infrastructure