Federal Register / Vol. 62, No. 31 / Friday, February 14, 1997 / Notices 7079

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–26661]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

February 7, 1997.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated thereunder. All interested

persons are referred to the application(s)

and/or declaration(s) for complete

statements of the proposed

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendments thereto is/are available

for public inspection through the

Commission’s Office of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

March 3, 1997, to the Secretary,

Securities and Exchange Commission,

Washington, D.C. 20549, and serve a

copy on the relevant applicant(s) and/or

declarant(s) at the address(es) specified

below. Proof of service (by affidavit or,

in case of an attorney at law, by

certificate) should be filed with the

request. Any request for hearing shall

identify specifically the issues of fact or

law that are disputed. A person who so

requests will be notified of any hearing,

if ordered, and will receive a copy of

any notice or order issued in the matter.

After said date, the application(s) and/

or declaration(s), as filed or as amended,

may be granted and/or permitted to

become effective.

Entergy Corporation (70–8839)

Entergy Corporation (‘‘Entergy’’ or the

‘‘Company’’), 639 Loyola Avenue, New

Orleans, Louisiana, 70113, a registered

holding company, has filed a posteffective amendment to its declaration

under sections 6(a) and 7 of the Act and

rule 54 thereunder.

By order dated June 6, 1996 (HCAR

No. 26541), Entergy was authorized to

issue and sell through December 31,

2000, up to ten million shares of its

authorized but unissued common stock,

par value $0.01 per share, pursuant to

its new Dividend Reinvestment and

Stock Purchase Plan (the ‘‘Plan’’).

The Plan provides that participants

may elect to: (1) automatically reinvest

dividends received on all of their shares

of common stock; or (2) automatically

reinvest dividends received on less than

all of their shares of common stock and

continue to receive cash dividends on

their remaining shares; and/or (3) invest

in additional shares of common stock of

making optional cash investments.

Entergy now proposes to issue and

sell up to an additional twenty million

shares of its authorized but unissued

common stock, par value $0.01 per

share (‘‘Common Stock’’), pursuant to

the Plan. All other provisions of the

Plan will remain as previously

authorized by the Commission

The Common Stock purchased on

behalf of the participants will be either

previously issued shares purchased on

the open market or in privately

negotiated transactions or newly issued

shares purchased directly from the

Company. The purchase price of the

newly issued shares will be the

weighted average of the daily high and

low sales prices of the common stock on

the New York Stock Exchange (‘‘NYSE’’)

during the pricing period, which will

consist of the twelve trading days

immediately preceding the investment

date. The purchase price for shares

purchased on the open market will be

the weighted average price paid by the

Plan including brokerage fees and

commissions.

Optional cash investments in excess

of $3,000 per month may be made

pursuant to a waiver granted at the sole

discretion of the Company based on the

Company’s consideration of relevant

factors as defined in the Plan. The Plan

also provides that in connection with

requests for waiver, the Company may,

in its discretion, establish a minimum

price applicable to the relevant pricing

period, as well as discount. The

discount may be between 0% and 3%

and may vary each month, but once

established will apply uniformly to all

optional cash investments made for that

month pursuant to a waiver.

The Plan will continue to be

administered by Chase Mellon

Shareholder Services (successor to

Mellon Bank, N.A.) or such successor

administrator as Entergy may designate.

Allegheny Power System, Inc. 70–8973

Allegheny Power System, Inc.

(‘‘APS’’), a registered holding company,

and its wholly owned nonutility

subsidiary company, AYP Capital, Inc.

(‘‘AYP’’), both located at 10435

Downsville Pike, Hagerstown, Maryland

21720, have filed an application under

sections 9(a) and 10 of the Act.

By order dated July 14, 1994 (HCAR

No. 26085), APS was authorized to

organize and finance AYP to invest in:

(i) companies engaged in new

technologies related to the core utility

business of APS; and (ii) companies

acquiring and owning exempt wholesale

generators (‘‘EWGs’’).

By order dated February 3, 1995

(HCAR No. 26229), AYP was authorized

to engage in the development,

acquisition, construction, ownership

and operation of EWGs and in

development activities with respect to:

(i) qualifying cogeneration facilities and

small power production facilities

(‘‘SPPs’’); (ii) non-qualifying

cogeneration facilities, non-qualifying

SPPs, and independent power

production facilities located within the

service territories of APS public utility

subsidiary companies; (iii) EWGs; (iv)

companies involved in new

technologies related to the core business

of APS; and (v) foreign utility

companies (‘‘FUCOS’’). AYP was also

authorized to consult for non-affiliate

companies. APS was authorized to

increase its investment in AYP from

$500,000 to $3 million.

By order dated October 27, 1995

(HCAR No. 26401), the Commission

authorized: (i) AYP or a special-purpose

subsidiary (‘‘NEWCO’’) to provide

certain enumerated energy management

services (‘‘EM’’) and demand-side

management services (‘‘DSM’’) to

nonassociated customers at market

prices and to associated companies at

cost; (ii) AYP to engage in activities

relating to the development, acquisition,

ownership, construction and operation

of FUCOS; and to invest in FUCOs

through various types of investment

vehicles, including limited partnerships

or other types of funds, the sole

objective of which is to make

investments in one or more FUCOs; (iii)

APS and AYP to acquire the securities

of NEWCOS that own FUCOs or EWGs

(‘‘Project NEWCOs’’); (iv) AYP or a

NEWCO to factor the accounts

receivable of associate companies and of

nonassociate companies whose primary

revenues are derived from the sale of

electric power; and (v) AYP or a

NEWCO, as agent for APS system

companies, to manage the real estate

portfolio of APS and its associate

companies, to market excess or

unwanted real estate and to facilitate the

exploitation of resources contained on

or in real estate.

By further order dated October 27,

1995, APS was authorized to invest in

AYP and AYP was authorized to invest

in NEWCOS up to an aggregate of $100

million through December 31, 1999

through loans to finance activities

related to EM and DSM services,

accounts receivable, real estate, FUCOs

and EWGs. AYP, the NEWCOs, and the

Project NEWCOs were authorized to

obtain loans from banks or issue other

recourse obligations which could be

guaranteed by APS or AYP. APS and

AYP were authorized to guarantee or act
7080 Federal Register / Vol. 62, No. 31 / Friday, February 14, 1997 / Notices

1The consulting services may include, but are not

limited to: preventative maintenance inspections of

customers’ energy facilities and energy-consuming

equipment, grounding of electrical systems, and

lightning protection. AYP or MARKETCO may also

provide diagnostic services and recommend and

perform power quality solutions.

2Such devices would include uninterruptible

power supplies, power monitoring equipment,

surge protection equipment designed to protect

electrical components, communication equipment,

satellite dishes and other electrical equipment from

damage due to transient overvoltage/undervoltage

conditions in their electric supply.

as surety on bonds, indebtedness and

performance and other obligations

issued or undertaken by AYP, the

NEWCOs or the Project NEWCOs

subject to the $100 million investment

authority.

By order dated October 9, 1996

(HCAR No. 26590) APS and AYP were

allowed to increase the limit on loans

and guarantees from $100 million to

$300 million for all authorized

activities.

The applicants now request

Commission authorization, through

December 31, 1999 unless further

Commission approval is no longer

required, or the Commission has

approved the continuation of the

activities pursuant to a new application,

for AYP to acquire one or more

subsidiaries (‘‘MARKETCOS’’).

Applicants further propose AYP be

authorized, directly or indirectly

through MARKETCOS, to market and

sell to industrial, commercial and

residential customers located within the

United States, appliance and equipment

repair warranties, service plans, or other

maintenance agreements, covering

heating and air conditioning systems

and other major appliances.

The applicants state that AYP or the

MARKETCO may contract with a third

party or parties to provide some support

services such as underwriting, handling

service claims, marketing, billing and/or

cash processing.

The applicants state that they expect

the appliance service operation to be

largely self-supporting, and estimate

that the program will result in gross

sales revenue of about $700,000 in the

first year which will rise steadily to

approximately $2.5 million at the end of

the fifth year.

Applicants also propose that AYP

and/or MARKETCOS, through

December 31, 1999, unless further

Commission approval is no longer

required, or the Commission has

approved the continuation of the

activities pursuant to a new application,

engage in consulting for,1 marketing,

selling, leasing, financing, and

acquisition and installation of power

quality devices to customers within the

United States.2

AYP or MARKETCO would sell or

lease the power quality equipment/

services to customers and may make

loans to customers to finance the

purchase. Loans would be evidenced by

promissory notes, the term of which

shall not exceed the expected useful life

of the equipment. Such secured and

unsecured loans would be at market

interest rates and on market terms and

conditions. The aggregate amount of

equipment financing outstanding at any

one time under Applicants’ power

quality program will not exceed $4

million.

Applicants estimate that the program

will result in gross sales revenue of

about $560,000 in the first year and this

will rise steadily to about $2.6 million

at the end of the fifth year.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–3702 Filed 2–13–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38261; File No. SR–CBOE–

97–06]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Chicago Board Options Exchange,

Inc., Relating to Enhancements to the

CBOE’s Order Routing System

February 10, 1997.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on February 5, 1997,

the Chicago Board Options Exchange,

Inc. (‘‘CBOE’’ or ‘‘Exchange’’) filed with

the Securities and Exchange

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

the proposed rule change as described

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

have been prepared by the selfregulatory organization. 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 CBOE is adopting certain

enhancements to the Exchange’s

electronic Order Routing System

(‘‘ORS’’) on a pilot basis until May 30,

1997, while the Exchange evaluates the

changes and determines whether to

implement them on a permanent basis.

The enhancements, which will be

described in an Information Circular to

CBOE members, include the following:

(1) Allowing the electronic routing and

processing of contingency and

discretionary orders; (2) allowing ORS

to recognize firm and broker-dealer

orders; (3) allowing the routing of firm

and broker-dealer orders to the Public

Automated Routing (‘‘PAR’’) System

workstations in the Standard & Poor’s

100 Index (‘‘OEX’’) crowd; and (4)

allowing the execution of certain

contingency orders on the CBOE’s Retail

Automated Execution System (‘‘RAES’’).

The text of the proposed rule change

is available at the Office of the

Secretary, CBOE, and at the

Commission.

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

self-regulatory organization 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 self-regulatory organization 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

The CBOE is adopting an Information

Circular that describes certain

enhancements to ORS. These changes

will be implemented on a pilot basis

while the Exchange evaluates the

changes and determines whether to

implement them on a permanent basis.

The pilot will expire on May 30, 1997.

In the meantime, the Exchange will

decide whether to seek permanent

approval for the changes.

The information circular that will be

distributed to the membership of the

Exchange will describe certain

enhancements to ORS and certain

limitations that will continue to apply

to the use of ORS. Specifically, the

changes will allow the electronic

routing and processing of contingency

and discretionary orders, the

recognition by ORS of firm and brokerdealer orders, the routing of firm and

broker-dealer orders to the PAR System

workstations in the OEX crowd, and the

execution of certain contingency orders

on RAES, as further explained below.

ORS provides member and

correspondent firms with a method of

efficiently delivering orders to and

reports from the CBOE trading floor.