SEMI-ANNUAL SERVICER’S CERTIFICATE Dated as of December 27, 2024
Exhibit 99.1
SEMI-ANNUAL SERVICER’S CERTIFICATE
Dated as of December 27, 2024
Pursuant to Section 4.01(c)(ii) of the Securitized Utility Tariff Property Servicing Agreement, dated as of January 30, 2024 (the “Servicing Agreement”), between, THE EMPIRE DISTRICT ELECTRIC COMPANY D/B/A LIBERTY, a Kansas corporation, as Servicer (the “Servicer”), and Empire District Bondco, LLC, as Issuer (the “Issuer”), the Servicer does hereby certify, for the January 1, 2025 Payment Date (the “Current Payment Date”), as follows:
Capitalized terms used herein have their respective meanings as set forth in the Indenture. 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: | January 1, 2024 to December 27, 2024 | |
| Payment Date: | January 1, 2025 | |
| 1. | Collections Allocable and Aggregate Amounts Available for the Current Payment Date: | ||||||||
| Securitized Utility Tariff Charge Remittances | |||||||||
| a. | Estimated Monthly Securitized Utility Tariff Charges Remitted for January 2024 Collection Period1 | $ | - | ||||||
| b. | Estimated Monthly Securitized Utility Tariff Charges Remitted for February 2024 Collection Period | $ | - | ||||||
| c. | Estimated Monthly Securitized Utility Tariff Charges Remitted for March 2024 Collection Period | $ | - | ||||||
| d. | Estimated Monthly Securitized Utility Tariff Charges Remitted for April 2024 Collection Period | $ | 973,246.60 | ||||||
| e. | Estimated Monthly Securitized Utility Tariff Charges Remitted for May 2024 Collection Period | $ | 3,391,054.24 | ||||||
| f. | Estimated Monthly Securitized Utility Tariff Charges Remitted for June 2024 Collection Period | $ | 1,700,049.06 | ||||||
| g. | Estimated Monthly Securitized Utility Tariff Charges Remitted for July 2024 Collection Period | $ | 3,924,658.16 | ||||||
| h. | Estimated Monthly Securitized Utility Tariff Charges Remitted for August 2024 Collection Period | $ | 4,319,243.82 | ||||||
| i. | Estimated Monthly Securitized Utility Tariff Charges Remitted for September 2024 Collection Period | $ | 4,827,537.57 | ||||||
| j. | Estimated Monthly Securitized Utility Tariff Charges Remitted for October 2024 Collection Period | $ | 3,085,286.54 | ||||||
| k. | Estimated Monthly Securitized Utility Tariff Charges Remitted for November 2024 Collection Period | $ | 3,657,905.94 | ||||||
| l. | Estimated Securitized Utility Tariff Charges Remitted through December 27th Collection Period2 | $ | 2,961,307.50 | ||||||
| i. | Total Estimated Securitized Utility Tariff Charge Remittances | $ | 28,840,289.43 | ||||||
1 Includes amounts calculated for the Reconciliation Period for the prior Collection Period, which was settled in January 2024. Based upon Estimated Securitized Utility Tariff Charges remitted during Collection Period (i.e., Estimated Securitized Utility Tariff Charges remitted within two Servicer Business Days of deemed collection date).
2 Does not include reconciliation amounts calculated for the Reconciliation Period for such Collection Period, which will be settled in the month following such Collection Period
Exhibit B
| ii. | Investment Earnings on Collection Account | |||||||||
| iii. | Investment Earnings on Capital Subaccount | $ | - | |||||||
| iv. | Investment Earnings on Excess Funds Subaccount | $ | - | |||||||
| v. | Investment Earnings on General Subaccount | $ | - | |||||||
| vi. | General Subaccount Balance (sum of i through v above) | $ | 28,840,289.43 | |||||||
| vii. | Collection Account Balance as of Issuance | $ | 769,392.42 | |||||||
| viii. | Excess Funds Subaccount Balance as of Prior Payment Date | $ | - | |||||||
| ix. | Capital Subaccount Balance as of Prior Payment Date | $ | 1,527,451.00 | |||||||
| x. | Collection Account Balance (sum of vi through ix above) | $ | 31,137,132.85 | |||||||
| 2. | Outstanding Amounts as of Prior Payment Date: | |||||||||
| i. | Tranche A-1 Outstanding Amount | $ | 180,490,000.00 | |||||||
| ii. | Tranche A-2 Outstanding Amount | $ | 125,000,000.00 | |||||||
| iii. | Aggregate Outstanding Amount of all Tranches of Securitized Utility Tariff Bonds | $ | 305,490,000.00 | |||||||
| 3. | Required Funding/Payments as of Current Payment Date: | $ | 29,993,350.17 | |||||
| Principal Due | ||||||||
| i. | Tranche A-1 | $ | 15,939,301.00 | |||||
| ii. | Tranche A-2 | $ | - | |||||
| iii. | For all Tranches of Securitized Utility Tariff Bonds: | $ | 15,939,301.00 | |||||
| Interest Tranche | Interest Rate | Days
in Interest Period3 | Principal Balance |
Interest Due | ||||||||||||||||
| iv. | Tranche A-1 | 4.943 | % | 330 | $ | 180,490,000 | $ | 8,202,934.59 | ||||||||||||
| v. | Tranche A-2 | 5.091 | % | 330 | $ | 125,000,000 | $ | 5,851,114.58 | ||||||||||||
| vi. | For all Tranches of Securitized Utility Tariff Bonds: | $ | 14,054,049.17 | |||||||||||||||||
| Required Level | Funding Required | |||||||||||
| vii. | Capital Subaccount | $ | 1,527,451.11 | $ | - | |||||||
| 4. | Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture | ||||||||
| i. | Indenture Trustee Fees and Expenses; Indemnity Amounts4 | $ | 10,000.00 | ||||||
| ii. | Servicing Fee | $ | 140,016.25 | ||||||
| iii. | Administration Fee | $ | 45,833.33 | ||||||
| iv. | Other Ongoing Financing Costs Expenses | $ | 852,983.00 | ||||||
| v. | Semi-Annual Interest (including any past-due for prior periods) | $ | 14,054,049.17 | ||||||
| vi. | Return on Liberty Capital Contribution and any remittance of unpaid upfront financing costs | $ | - | ||||||
| Tranche | Aggregate | Per $1000 of Original Principal Amount | |||||||||||
| 1. | Tranche A-1 Interest Payment | $ | 8,202,934.59 | $ | 45.45 | ||||||||
| 2. | Tranche A-2 Interest Payment | $ | 5,851,114.58 | $ | 46.81 | ||||||||
3 On 30/360 day basis for initial payment date; otherwise use one-half of annual rate.
4 Subject to $200,000 cap per annum.
| vii. | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | $ | - |
| Tranche | Aggregate | Per $1000 of Original Principal Amount | |||||||||||||
| 1. | Tranche A-1 Principal Payment | $ | 15,939,301.00 | $ | 88.31 | ||||||||||
| 2. | Tranche A-2 Principal Payment | $ | - | $ | - | ||||||||||
| viii. | Semi-Annual Principal | $ | 15,939,301.00 | |||||
| ix. | Deposit to Excess Funds Subaccount | $ | - | |||||
| x. | Released to Issuer upon Retirement of all Notes | $ | - | |||||
| xi. | Aggregate Remittances as of Current Payment Date | $ | 28,840,289.43 |
| 5. | Subaccount Withdrawals as of Current Payment (if applicable, pursuant to Section 8.02(e) of Indenture): | ||||||
| i. | Excess Funds Subaccount | $ | - | ||||
| ii. | Capital Subaccount | $ | - | ||||
| iii. | Total Withdrawals | $ | - |
| 6. | Outstanding Amount and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date): | ||||||
| i. | Tranche A-1 | $ | 164,550,699.00 | ||||
| ii. | Tranche A-2 | $ | 125,000,000.00 | ||||
| iii. | Aggregate Outstanding Amount of all Tranches of Securitized Utility Tariff Bonds: | $ | 289,550,699.00 | ||||
| iv. | Excess Funds Subaccount Balance | $ | - | ||||
| v. | Capital Subaccount Balance | $ | 94,950.13 | ||||
| vi. | Aggregate Collection Account Balance | $ | |||||
| 7. | Shortfalls in Interest and Principal Payments as of Current Payment Date | |||||||||||
| i. | Semi-annual Interest | |||||||||||
| Tranche A-1 Interest Payment | ||||||||||||
| Tranche A-2 Interest Payment | ||||||||||||
| ii. | Semi-Annual Principal | |||||||||||
| Tranche A-1 Principal Payment | ||||||||||||
| Tranche A-2 Principal Payment | ||||||||||||
| 8. | Shortfalls in Required Subaccount Levels as of Current Payment Date | |||||||||||
| iii. | Capital Subaccount5 | $ | (1,432,500.87 | ) | ||||||||
5 Portion of the Capital Subaccount that will be used for the January 1, 2025 payment of principal and interest due to undercollection in a mild weather year and lower than expected usage. This will be replenished in the next true-up payment in June 2025.
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer’s Certificate as of the date first above written.
| SERVICER: | ||
| THE EMPIRE DISTRICT ELECTRIC COMPANY D/B/A LIBERTY, a Kansas corporation | ||
| By: | /s/ ▇▇▇▇▇ ▇▇▇▇▇▇ | |
| Name: ▇▇▇▇▇ ▇▇▇▇▇▇ | ||
| Title: President | ||
| By: | /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ | |
| Name: ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ | ||
| Title: Treasurer and Secretary | ||