EXECUTIVE SUMMARY

Electrical District No. 3 of Pinal County (“ED3” or “District”) is a political subdivision of the State of Arizona formed in 1926 as a Special District by the Pinal County Board of Supervisors. ED3 is a cost-based (not-for-profit) utility with a seven (7) member Board of Directors and its purpose is to: a) provide affordable irrigation pumping to agricultural customers and b) to provide power at the lowest possible cost within sound business principles.

ED3 is organized with the authority, rights, and privileges to distribute electrical power and energy to all within its service area pursuant to what is now Chapter 12 of Title 48 of the Arizona Revised Statutes. ED3 is similar to Salt River Project (SRP) serving both rural and urban electric customer needs in western Pinal County.