EX-99.1 2 tm2233022d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

SEMI-ANNUAL SERVICER’S CERTIFICATE

 

Pursuant to Section 4.01(c)(ii) of the Environmental Control Property Servicing Agreement, dated as of May 12, 2021 (the “Servicing Agreement”), by and between WISCONSIN ELECTRIC POWER COMPANY, as servicer (the “Servicer”), and WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC, the Servicer does hereby certify, for the December 15th, 2022 Payment Date (the “Current Payment Date”), as follows:

 

Billing Periods: May 2022 to October 2022 (June 2022 to November 2022 Collection Period)

 

Payment Date: December 15, 2022

 

1.             Collections Allocable and Aggregate Amounts Available for the Current Payment Date:

 

i. Remittances for the May 2022 Billing Period  $888,856.47 
ii. Remittances for the June 2022  Billing Period  $879,459.84 
iii. Remittances for the July 2022 Billing Period  $1,060,546.98 
iv. Remittances for the August 2022 Billing Period  $958,189.22 
v. Remittances for the September 2022 Billing Period  $885,025.44 
vi. Remittances for the October 2022 Billing Period  $753,943.13 
vii. Investment Earnings on Capital Subaccount  $29.96 
viii. Investment Earnings on Excess Funds Subaccount  $102.34 
ix. Investment Earnings on General Subaccount  $170.20 
x. General Subaccount Balance (sum of i through ix above)  $5,426,323.58 
xi. Excess Funds Subaccount Balance as of prior Payment Date  $2,199,787.92 
xii. Capital Subaccount Balance as of prior Payment Date  $594,070.00 
xiii. Collection Account Balance (sum of x through xii above)  $8,220,181.50 

 

2.             Outstanding Amounts of as of prior Payment Date:

 

Aggregate Outstanding Amount of all Environmental Trust Bonds  $110,327,728.00 

 

3.             Required Funding/Payments as of Current Payment Date:

 

Principal  Principal Due 
Environmental Trust Bonds  $4,393,619.00 

 

Interest  Interest Rate   Days in Interest
Period(1)		   Principal
Balance		   Interest Due 
Environmental Trust Bonds   1.578%   180   $110,327,728.00   $870,485.77 

 

     Required Level   Funding
Required		 
xiii. Capital Subaccount  $594,070.00   $— 

 

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4.             Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture:

 

i. Trustee Fees and Expenses; Indemnity Amounts  $ — 
ii. Servicing Fee  $29,703.48 
iii. Administration Fee  $37,500.00 
iv. Operating Expenses  $9,701.00 

 

Environmental Trust Bonds  Aggregate   Per $1,000 of Original
Principal Amount		 
v. Semi-Annual Interest (including any past-due for prior periods)      $— 
  Interest Payment  $870,485.77   $7.33 
             
vi. Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date          
  Principal Payment  $—   $— 
             
vii. Semi-Annual Principal          
  Principal Payment  $4,393,619.00   $36.98 

  

 

(1)  On 30/360 day basis for initial payment date; otherwise use one-half of annual rate.

 

viii. Other Unpaid Operating Expenses  $36,567.50 
ix. Funding of Capital Subaccount (to required level)  $— 
x. Capital Subaccount Return to Wisconsin Electric Power Company  $6,442.08 
xi. Deposit to Excess Funds Subaccount  $78,872.25 
xii. Released to Issuer upon Retirement of all Environmental Trust Bonds  $— 
xiii. Aggregate Remittances as of Current Payment Date  $5,426,021.08 

 

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. Aggregate Outstanding Amount of all Environmental Trust Bonds  $105,934,109.00 
ii. Excess Funds Subaccount Balance  $2,278,660.17 
iii. Capital Subaccount Balance  $594,070.00 
iv. Aggregate Collection Account Balance  $— 

 

6.             Subaccount Withdrawals as of Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture):

 

i. Excess Funds Subaccount  $— 
ii. Capital Subaccount  $— 
iii. Total Withdrawals  $— 

 

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7.             Shortfalls in Interest and Principal Payments as of Current Payment Date:

 

i. Semi-annual Interest    
  Interest Payment  $— 
        
ii. Semi-annual Principal     
  Principal Payment  $— 

 

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  $— 

 

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.

 

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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate this 8th day of December, 2022.

 

    WEPCO ENVIRONMENTAL TRUST FINANCE I, LLC, As Issuing Entity
     
    By:  WISCONSIN ELECTRIC POWER COMPANY, as Servicer
     
Date: December 8, 2022 /s/ Anthony L. Reese
    Anthony L. Reese
    Vice President and Treasurer

 

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