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