24234 Federal Register / Vol. 65, No. 80 / Tuesday, April 25, 2000 / Notices

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b–4.

and (ii) the rate quoted by the Bank to

dealers in the New York federal funds

market for the overnight offering of

Dollars by the Bank, plus 1⁄4 of one

percent (‘‘Prime Rate Loan’’); or (b)

.00625 percent in excess of the rate at

which deposits in U.S. Dollars are

offered to the Bank in the London

interbank market (‘‘LIBOR Rate Loan’’);

provided, however, that if any drawings

under letters of credit supporting

commercial paper issued under the

Credit Agreement are not repaid on the

date of such drawings, those drawings

will automatically be converted into

Prime Rate Loans.

Due to changes in the credit markets

that have occurred since the execution

of the Credit Agreement, Arkansas now

proposes to consent to River Fuel

agreeing to make certain adjustments to

terms and conditions that may be

required in connection with any

extensions of the Credit Agreement or

any new credit agreements to be entered

into by River Fuel replacing the Credit

Agreement.

In particular, Arkansas proposes to

consent to River Fuel agreeing to pay:

(1) Commitment fees not exceeding a

specified maximum rate greater than

two percent per annum on the daily

difference between the maximum

commitment under the Credit

Agreement and the amount of

commercial paper and revolving credit

borrowings outstanding; (2) a letter of

credit fee not exceeding a specified

maximum rate greater than five percent

per annum on the average aggregate

amount of commercial paper

outstanding during each calendar

quarter; and (3) an administrative fee

not exceeding $100,000.

Arkansas further proposes to consent

to River Fuel obtaining Prime Rate

Loans and LIBOR Rate Loans bearing

interest at rates not in excess of those

rates generally obtainable at the time for

loans having the same or reasonably

similar maturities, obtained by

companies of the same or reasonably

comparable credit quality and having

reasonably similar terms, conditions

and features.

System Energy Resources, Inc. (70–

7604)

System Energy Resources, Inc.

(‘‘SERI’’), 1340 Echelon Parkway,

Jackson, Mississippi 39213, a wholly

owned electric utility subsidiary

company of Entergy Corporation, a

registered holding company, has filed a

post-effective amendment to its

application-declaration under sections

6(a), 7, 9(a) and 10 of the Act and rule

54 under the Act.

By prior Commission orders dated

January 24, 1996, July 7, 1989, February

23, 1989 and February 21, 1989 (HCAR

Nos. 26459, 24919, 24827 and 24825,

respectively) (collectively, ‘‘Orders’’),

SERI was authorized to enter into and

amend a Fuel Lease originally dated

February 24, 1989 (‘‘Lease’’), with River

Fuel Funding Company #3, Inc. (‘‘River

Fuel’’), under which SERI leases nuclear

fuel required for use at its Grand Gulf

Nuclear Generating Station. Under the

terms of the Lease, SERI makes periodic

lease payments to River Fuel based on

the nuclear fuel consumption rate and

the unamortized cost of the nuclear fuel,

including financing costs (‘‘Lease

Payments’’).

River Fuel originally financed its

acquisition of nuclear fuel leased to

SERI through, among other things,

borrowings under a credit agreement

dated February 24, 1989 (as amended,

‘‘Credit Agreement’’) with Union Bank

of Switzerland (‘‘Bank’’). In the Orders,

the Commission imposed limits on

certain fees and rates applicable to

borrowings under the Credit Agreement

that were incorporated in the Lease

Payments.

Specifically, under the terms of the

Credit Agreement, River Fuel is

currently required to pay: (1) A

commitment fee of .00375 percent per

annum on the daily difference between

the maximum commitment under the

Credit Agreement and the amount of

commercial paper and revolving credit

borrowings outstanding; (2) a letter of

credit fee of .00775 percent [per annum

on the average aggregate amount of

commercial paper outstanding during

each calendar quarter; and (3) an

administrative fee of $20,000 per year.

In addition, at the election of River

Fuel, each revolving credit borrowing

under the Credit Agreement currently

bears interest at either: (a) The higher of

(i) the rate publicly announced by the

Bank from time to time as its prime rate,

and (ii) the rate quoted by the Bank to

dealers in the New York federal funds

market for the overnight offering of

Dollars by the Bank, plus 1⁄4 of one

percent (‘‘Prime Rate Loan’’); or (b)

.00775 percent in excess of the rate at

which deposits in U.S. Dollars are

offered to the Bank in the London

interbank market (‘‘LIBOR Rate Loan’’);

provided, however, that if any drawings

under letters of credit supporting

commercial paper issued under the

Credit Agreement are not repaid on the

date of such drawings, those drawings

will automatically be converted into

Prime Rate Loans.

Due to changes in the credit markets

that have occurred since the execution

of the Credit Agreement, SERI now

proposes to consent to River Fuel

agreeing to make certain adjustments to

terms and conditions that may be

required in connection with any

extensions of the Credit Agreement or

any new credit agreements to be entered

into by River Fuel replacing the Credit

Agreement.

In particular, SERI proposes to

consent to River Fuel agreeing to pay:

(1) Commitment fees not exceeding a

specified maximum rate greater than

two percent per annum on the daily

difference between the maximum

commitment under the Credit

Agreement and the amount of

commercial paper and revolving credit

borrowings outstanding; (2) a letter of

credit fee not exceeding a specified

maximum rate greater than five percent

per annum on the average aggregate

amount of commercial paper

outstanding during each calendar,

quarter; and (3) an administrative fee

not exceeding $100,000.

SERI further proposes to consent to

River Fuel obtaining Prime Rate Loans

and LIBOR Rate Loans bearing interest

at rates not in excess of those rates

generally obtainable at the time for

loans having the same or reasonably

similar maturities, obtained by

companies of the same or reasonably

comparable credit quality and having

reasonably similar terms, conditions

and features.

For the Commission by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–10226 Filed 4–24–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42697; File No. SR–Amex

00–11]

Self-Regulatory Organizations; Notice

of Filing of Proposed Rule Change by

American Stock Exchange LLC

Relating to Floor Official Rulings

April 18, 2000.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on February

22, 2000, the American Stock Exchange

LLC (‘‘Amex’’ or ‘‘Exchange’’) filed with

the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

the proposed rule change as described

Federal Register / Vol. 65, No. 80 / Tuesday, April 25, 2000 / Notices 24235

3 15 U.S.C. 78f(b).

4 15 U.S.C. 78f(b)(5). 5 17 CFR 200.30–3(a)(12).

in Items I, II, and III below, which Items

have been prepared by the Amex. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The Amex proposes to revise Amex

Rule 22 to require a written record of all

Floor Official rulings. The text of the

proposed rule change follows.

Additions are in italics; deletions are in

[brackets].

Floor Official Rulings

Rule 22 Authority of Floor Officials

(a) through (d) No change

• Commentary

.01 No change.

.02 [If requested by a member on the

Floor, a Floor Official must render his

decision or ruling in writing.] A written

record of all Floor Official decisions or

rulings must be made on a form

provided by the Exchange. The written

record should be prepared as soon as

practicable after the decision or ruling

is made. Floor Officials must submit the

completed rulings forms to the

Exchange at the end of each trading

day. Failure to submit completed rulings

forms may result in the removal of a

Floor Official or a Floor Official

becoming ineligible for reappointment.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

Amex included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. The Amex has

prepared summaries, set forth in

sections A, B, and C below, of the most

significant aspects of such statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

1. Purpose

The Exchange has decided to adopt a

requirement that Floor Officials provide

a written record of all rulings, including

rulings involving complaints of

harassment, intimidation or other

activities in violation of Exchange rules

by either specialists or traders.

Currently, Floor Officials are not

required to make a written record of

their rulings unless specifically

requested to do so by a member. The

Exchange believes, however, that a

written record of Floor Official rulings

will be useful, especially in situations

where the conduct of floor members is

involved. Having a written record of a

complaint and/or a ruling involving a

broad range of activities, including

alleged harassment or intimidation on

the trading floor, can be used in

investigations and other inquiries.

Therefore, the Exchange is now

proposing to amend Rule 22 to require

Floor Officials to make a written record

of all rulings on a form provided by the

Exchange. The form will be designed to

be completed quickly and efficiently as

soon as possible after the incident

occurs or the ruling is made. The

Exchange believes that a properly

designed form will help alleviate

concerns that Floor Officials will object

to the time it takes to make a written

record of their rulings. The rule will

require Floor Officials to submit the

form to the Exchange at the end of the

trading day.

2. Basis

The Exchange believes that the

proposed rule change is consistent with

Section 6(b) 3 of the Act, in general, and

furthers the objectives of Section

6(b)(5),4 in particular, because it is

designed to prevent fraudulent and

manipulative acts and practices, to

promote just and equitable principles of

change, to foster cooperation and

coordination with persons engaged in

facilitating transactions in securities,

and to remove impediments to and

perfect the mechanism of a free and

open market and a national market

system.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments were solicited

or received with respect to the proposed

rule change.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the Exchange consents,

the Commission will:

(A) by order approve such proposed

rule change, or

(B) institute proceedings to determine

whether the proposed rule change

should be disapproved.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington, D.C. 20549–0609. Copies of

the submission, all subsequent

amendments, all written statements

with respect to the proposed rule

change that are filed with the

Commission, and all written

communications relating to the

proposed rule change between the

Commission and any person, other than

those that may be withheld from the

public in accordance with the

provisions of 5 U.S.C. 552, will be

available for inspection and copying in

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the Amex. All

submissions should refer to File No.

SR–Amex–00–11 and should be

submitted by May 16, 2000.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.5

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–10261 Filed 4–24–00; 8:45 am]

BILLING CODE 8010–01–M