77048 Federal Register / Vol. 65, No. 237 / Friday, December 8, 2000 / Notices

It Is Further Ordered that, consistent

with 10 CFR 2.1315(b), license

amendments, as indicated in Enclosure

2 to the cover letter forwarding this

Order, to reflect the subject

restructuring action and conditions of

this Order are approved. The

amendments shall be issued and made

effective at the time the proposed

restructuring action is completed.

This Order is effective upon issuance.

For further details with respect to this

action, see the application dated July 6,

2000, supplemental submittals dated

July 7 and October 3, 2000, and the

safety evaluation dated December 4,

2000, which are available for public

inspection at the Commission’s Public

Document Room located at One White

Flint North, 11555 Rockville Pike (first

floor), Rockville, Maryland, and

accessible electronically through the

ADAMS Public Electronic Reading

Room link on the NRC Web site

(http://www.nrc.gov).

Dated at Rockville, Maryland, this 4th day

of December 2000.

For the Nuclear Regulatory Commission.

Roy P. Zimmerman,

Acting Director, Office of Nuclear Reactor

Regulation.

[FR Doc. 00–31294 Filed 12–7–00; 8:45 am]

BILLING CODE 7590–01–P

NUCLEAR REGULATORY

COMMISSION

[Docket Nos. 72–9 and 72–20]

Department of Energy; Fort St. Vrain

and Three Mile Island, Unit 2,

Independent Spent Fuel Storage

Installations; Notice of Docketing of

Materials Licenses SNM–2504 and

SNM–2508 Amendment Applications

By letter dated August 30, 2000, the

U.S. Department of Energy (DOE)

submitted an application to the Nuclear

Regulatory Commission (NRC or the

Commission), in accordance with 10

CFR Part 72, requesting the amendment

of the Fort St. Vrain (FSV) and Three

Mile Island, Unit 2 (TMI–2)

independent spent fuel storage

installation (ISFSI) licenses, SNM–2504

and SNM–2508, respectively. The FSV

ISFSI is located at Weld County,

Colorado, and the TMI–2 ISFSI is

located at Idaho Falls, Idaho. In

accordance with the requirements of 10

CFR 73.21(h), DOE is seeking

Commission approval to use a new plan

for safeguards information protection for

both ISFSIs. The requested changes do

not appear to affect the design,

operation, maintenance, or surveillance

of the ISFSIs.

These applications were docketed

under 10 CFR Part 72; the ISFSI Docket

No. for FSV is 72–9 and the Docket No.

for TMI–2 is 72–20 and will remain the

same for these actions. The amendment

of both ISFSI licenses are subject to the

Commission’s approval and may take

place under separate actions.

The Director, Office of Nuclear

Material Safety and Safeguards, or his

designee, will determine if the

amendments present a genuine issue as

to whether public health and safety will

be significantly affected and may issue

either a notice of hearing or a notice of

proposed action and opportunity for

hearing in accordance with 10 CFR

72.46(b)(1) or take immediate action on

the amendments in accordance with 10

CFR 72.46(b)(2).

For further details with respect to this

application, see the application dated

August 30, 2000, which is available for

public inspection at the Commission’s

Public Document Room, One White

Flint North Building, 11555 Rockville

Pike, Rockville, MD, or from the

publicly available records component of

NRC’s document system (ADAMS).

ADAMS is accessible from the NRC Web

site at http://www.nrc.gov/NRC/

ADAMS/index.html (the Public

Electronic Reading Room).

Dated at Rockville, Maryland, this 30th day

of November 2000.

For the Nuclear Regulatory Commission.

E. William Brach,

Director, Spent Fuel Project Office, Office of

Nuclear Material Safety and Safeguards.

[FR Doc. 00–31293 Filed 12–7–00; 8:45 am]

BILLING CODE 7590–01–P

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–27288]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

December 1, 2000.

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 under the Act. 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 amendment(s) is/are available for

public inspection through the

Commission’s Branch 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

December 26, 2000, to the Secretary,

Securities and Exchange Commission,

Washington, DC 20549–0609, 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 the case of an attorney at

law, by certificate) should be filed with

the request. Any request for hearing

should identify specifically the issues of

facts 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 December 26, 2000, the

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

filed or as amended, may be granted

and/or permitted to become effective.

National Fuel Gas Company, et al.

(70–9525)

National Fuel Gas Company (‘‘NFG’’),

10 Lafayette Square, Buffalo, New York

14203, a registered holding company

under the Act, and its nonutility

subsidiaries National Fuel Gas Supply

Corporation (‘‘Supply’’), 10 Lafayette

Square, Buffalo, New York 14203;

National Fuel Resources, Inc.

(‘‘Resources’’), 165 Lawrence Bell Drive,

Suite 120, Williamsville, New York

14221; Seneca Resources Corporation

(‘‘Seneca’’); and Upstate Energy, Inc.

(‘‘Upstate Energy,’’ and together with

Supply, Resources and Seneca, the

‘‘Nonutility Subsidiaries’’), both located

at 1201 Louisiana Street, Suite 400,

Houston, Texas 77002, have filed a posteffective amendment, under sections

9(a) and 10 of the Act and rule 54 under

the Act, to a previously filed

application.

By order dated December 16, 1999

(Holding Co. Act Release No. 27144)

(‘‘Prior Order’’), the Commission

authorized NFG through its Nonutility

Subsidiaries, to acquire the equity and

debt securities of one or more

companies that are engaged in, or that

are formed to engage in, certain

categories of nonutility gas-related

operations outside the United States

(‘‘Foreign Energy Affiliates’’) through

December 31, 2003 (‘‘Authorization

Period’’). Specifically, the Commission

authorized NFG and the Nonutility

Subsidiaries to invest up to $300

million (‘‘Investment Limitation’’)

during the Authorization Period in the

securities of Foreign Energy Affiliates.

NFG and the Nonutility Subsidiaries

now request that the Investment

Limitation be increased to $800 million.

In accordance with the Prior Order,

Seneca formed National Fuel

Exploration Corporation

(‘‘Exploration’’), which is NFG’s only

Federal Register / Vol. 65, No. 237 / Friday, December 8, 2000 / Notices 77049

Foreign Energy Affiliate to date. NFG

has invested approximately $231.6

million in the activities of Exploration.

NFG and the Nonutility Subsidiaries

state that they intend to use the

increased investment authority as

needed to enable development of

Exploration’s assets, which include 1.8

million undeveloped acres in Alberta,

Saskatchewan, and Manitoba, Canada.

Allegheny Energy, Inc., et al. (70–9627)

Allegheny Energy, Inc. (‘‘Allegheny’’),

a public utility holding company

registered under the Act, Allegheny

Energy Service Corporation, a service

subsidiary of Allegheny, and the

Potomac Edison Company (‘‘Potomac

Edison’’), a wholly owned public utility

electric subsidiary of Allegheny, all

located at 10435 Downsville Pike,

Hagerstown, Maryland 21740, and

Allegheny Energy Supply Company,

LLC (‘‘Genco’’), a wholly owned

nonutility subsidiary of Allegheny

located at R.R. 12, P.O. Box 1000,

Roseytown, Pennsylvania 15601

(collectively, ‘‘Applicants’’), have filed a

post-effective amendment to an

application-declaration under sections

9(a), 10, and 12(d) and rule 54 of the

Act.

By order dated July 31, 2000 (Holding

Co. Act Release No. 27205) (‘‘Prior

Order’’), Potomac Edison, was

authorized, among other things, to

transfer Genco its undivided ownership

interests in certain jointly held and

certain wholly owned generating

facilities and related fixed assets

(‘‘Generating Assets’’), consisting of: a

25% interest in the Fort Martin Power

station located in Maidsville, West

Virginia; a 33% interest in the Albright

Power Station located in Albright, West

Virginia; a 32.76% interest in the

Harrison Power Station located in

Shinnston, West Virginia; a 20%

interest in the Hatfield’s Ferry Power

Station located in Masontown,

Pennsylvania; a 30% interest in the

Pleasants Power Station, located in

Saint Mary’s, West Virginia; a 100%

interest in the R. Paul Smith Station and

R. Paul Smith Ash Basin both located in

Williamsport, Maryland; and a 100%

interest in the Millville, Dam #4 and

Dam #5 hydro stations located in West

Virginia.

Applicants request authority for

Potomac Edison to lease from Genco all

or a portion of the ownership interests

in the Generating Assets previously sold

by Potomac Edison to Genco in

accordance with the Prior Order.

Applicants state that the lease

agreement will enable Potomac Edison

to minimize certain taxes imposed by

the state of West Virginia in connection

with the distribution of electricity by

Potomac Edison in that state. The

amounts payable to Potomac Edison

under the lease agreement will be

computed at cost.

Madison Gas and Electric Company

(70–9791)

Madison Gas and Electric Company

(‘‘MG&E’’), a Wisconsin electric and gas

utility company, currently not subject to

the Act, 133 South Blair Street, P.O. Box

1231, Madison, Wisconsin 53701–1231,

has filed an application (‘‘Application’’)

under sections 9(a)(2) and 10 of the Act.

MG&E is requesting approval of a

proposed transaction in which: (i)

MG&E will transfer ownership and

control over its transmission assets to

American Transmission Company, LLC,

(‘‘Transco’’), a Wisconsin limited

liability company formed on June 12,

2000, that will be a single-purpose

transmission company; (ii) MG&E will

receive, in exchange, member units of

Transco in proportion to the value of the

transmission assets transferred; (iii)

MG&E will purchase Class A shares of

ATC Management, Inc., (‘‘Corporate

Manager’’), a Wisconsin corporation

formed on June 12, 2000, in proportion

to the value of the transmission assets

transferred; and (iv) MG&E will

purchase one Class B share of the

Corporate Manager.

MG&E is a Wisconsin corporation that

generates, transmits and distributes

electricity in Dane County, Wisconsin,

in an area covering approximately 250

square miles. MG&E also purchases,

transports and distributes natural gas

throughout a 1,325 square mile area in

Dane and six other Wisconsin counties.

MG&E is a ‘‘public utility’’ under

section 2(a)(5) of the Act and is both an

‘‘electric utility’’ and a ‘‘gas utility’’

under sections 2(a)(3) and (4)

respectively.

In 1999, the state of Wisconsin

enacted legislation that facilitates the

formation of Transco, which will be a

single-purpose transmission company.

All Transco participants will ultimately

own direct or indirect interests in the

Transco and the Manager in proportion

to the value of the transmission assets

each participant contributes to the

Transco.

For the purpose of establishing

relative shares of member units that

contributing utilities will receive, the

transferred transmission assets will be

valued at their ‘‘Contribution Value,’’

defined as original cost, less

accumulated depreciation (as adjusted

on a dollar-for-dollar basis for deferred

taxes), excess deferred taxes and

deferred investment tax credits. The

resulting shares will then be adjusted

based on various factors and the level of

participation by transmissiondependent utilities which may acquire

member units in Transco for cash based

upon their 1999 Wisconsin load-ratio

shares. It is expected that MGE’s

Contribution Value at December 31,

2000, exclusive of land rights, will be

approximately $40.1 million, and its

initial interest in the Transco will

approximate 5.31%. These ownership

percentages may fluctuate based on

various factors, including the number of

participants in the Transco. MG&E is

currently not a holding company as

defined in section 2(a)(7) of the Act, and

as MG&E is not expected to own an

interest of 10% or more in either the

Transco or the Corporate Manager, it is

not expected that MG&E will become a

holding company as a result of the

proposed transaction.

It is expected that the participants in

Transco and the Corporate Manager

(‘‘Member Utilities’’) will include, in

addition to MG&E, (i) WPS Resources

Corporation (‘‘WPSC’’), an exempt

public utility holding company; (ii)

Wisconsin Public Service Corporation,

one of WPSC wholly-owned public

utility subsidiaries; (iii) Wisconsin

Power and Light Company (‘‘WPL’’), a

public utility and an exempt public

utility holding company; (iv) South

Beloit Water, Gas and Electric Company

(a wholly owned public utility

subsidiary of WPL); (v) Wisconsin

Energy Corporation (‘‘WEC’’), an exempt

public utility holding company; (vi)

Wisconsin Electric Power Company, a

wholly owned subsidiary of WEC; (vii)

Edison Sault Electric Company, a

wholly owned utility subsidiary of

WEC; and (viii) Wisconsin Public

Power, Inc., a municipal electric utility

company owned by thirty Wisconsin

municipalities. All the Member Utilities

will ultimately own a direct or indirect

interest in Transco and Corporate

Manager in proportion to the value of

the transmission assets each transfers to

Transco. Other transmission-owning

utilities may, in the future, decide to

become Member Utilities. The

Application seeks approval of a

transaction parallel to that described in

applicants filed by Wisconsin Energy

Corporation, et al. (SEC File No. 70–

9741), and WPS Resources Corporation,

et al. (SEC File 70–9767), notices of

which were issued in Holding Co. Act

Release No. 27278 (November 17, 2000);

by Alliant Energy Corporation, et al.

(SEC File No. 70–9735), notice of which

was issued in Holding Co. Act Release

No. 27285 (November 27, 2000).

MG&E and the other Member Utilities

intent to transfer their transmission

assets to Transco on or about January 1,

77050 Federal Register / Vol. 65, No. 237 / Friday, December 8, 2000 / Notices

1The term ‘‘successor’’ is limited to entities that

result from a reorganization into another

jurisdiction or a change in the type of business

organization or other type of restructuring within

the group of entities controlled by Bank of America

Corporation.

2These investments will not include shares of

any registered investment companies that are not in

the same group of investment companies as the

Companies.

3All existing investment companies that

currently intend to rely on the order are named as

applicants. Any registered open-end management

investment company that may rely on the order in

the future will do so only in accordance with the

terms and conditions of the application.

2001 (‘‘Operations Date’’). The

transmission assets that MGE plans to

transfer to Transco comprise (i)

transmission lines (including towers,

poles, and conductors); (ii) transformers

providing transformation within the

bulk transmission system and between

the bulk and area transmission systems;

and (iii) substations that solely provide

a transmission function. For purposes of

establishing relative shares, the

transferred transmission assets will be

valued at their contribution value

(‘‘Contribution Value’’), which is

defined as original cost less

accumulated depreciation, as adjusted

on a dollar-for-dollar basis for deferred

taxes, excess deferred taxes and deferred

investment credits. Transco is expected

to transfer operational control of its

assets to the Midwest Independent

System Operator by November 1, 2001.

Corporate Manager will manage

Transco and will also initially hold a

small portion, less than 1%, of

Transco’s membership interests. It will

employ all personnel necessary to

operate Transco and all of its expenses

will be treated as Transco expenses.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–31272 Filed 12–7–00; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

24781; 812–12150]

Nations Fund Trust, et al.; Notice of

Application

December 1, 2000.

AGENCY: Securities and Exchange

Commission (‘‘Commission’’).

ACTION: Notice of an application under

section 12(d)(1)(J) of the Investment

Company Act of 1940 (the ‘‘Act’’) for an

exemption from section 12(d)(1)(G)(i)(II)

of the Act.

SUMMARY OF APPLICATION: Applicants

request an order to permit funds of

funds relying on section 12(d)(1)(G) of

the Act to invest in certain securities

and other financial instruments.

APPLICANTS: Nations Fund Trust

(‘‘NFT’’), Nations Fund, Inc. (‘‘NFI’’),

Nations Reserves (‘‘NR’’), Nations Funds

Trust (‘‘NFST’’), Nations Annuity Trust

(‘‘NAT’’) and Nations Master Investment

Trust (‘‘NMIT’’) (individually, a

‘‘Company’’ and collectively, the

‘‘Companies’’), and Banc of America

Advisors, Inc. (together with any

successor, ‘‘BAAI’’).1

FILING DATES: The application was filed

on June 27, 2000. Applicants have

agreed to file an amendment during the

notice period, the substance of which is

reflected in this notice.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the

Commission’s Secretary and serving

applicants with a copy of the request,

personally or by mail. Hearing requests

should be received by the Commission

by 5:30 p.m. on December 26, 2000, and

should be accompanied by proof of

service on the applicants, in the form of

an affidavit, or, for lawyers, a certificate

of service. Hearing requests should state

the nature of the writer’s interest, the

reason for the request, and the issues

contested. Persons who wish to be

notified of a hearing may request

notification by writing to the

Commission’s Secretary.

ADDRESSES: Secretary, Commission, 450

Fifth Street, NW., Washington, DC

20549–0609; Applicants, c/o Robert B.

Carroll, Esq., Bank of America

Corporation, One Bank Of America

Plaza, NC1–002–33–31, 101 South

Tryon Street, Charlotte, NC 28255.

FOR FURTHER INFORMATION CONTACT:

Jean. E. Minarick, Senior Counsel, at

(202) 942–0527, or Christine Y.

Greenless, Branch Chief, at (202) 942–

0564 (Division of Investment

Management, Office of Investment

Company Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee at the

Commission’s Public Reference Branch,

450 Fifth Street, NW., Washington, DC

20549–0102 (telephone (202) 942–8090).

Applicant’s Representation

1. The Companies are all members of

the Nations Funds, a family of funds

currently including more than seventy

funds. Each Company is an open-end

management investment company

registered under the Act and is

organized as a Massachusetts or

Delaware business trust, or a Maryland

corporation. BAAI serves as the

investment adviser to each Fund (as

defined below), except the Funds which

are ‘‘feeder’’ funds that invest all of their

assets in the portfolios of NMIT and

have no direct investment advisory

arrangement. Nations Equity Income

Fund is a series of NFI. Nations Equity

Income Fund seeks to provide current

income and growth of capital by

investing in companies with aboveaverage dividend yields. Nations

Convertible Securities Fund is a series

of NR. Nations Convertible Securities

Fund seeks to provide investors with a

total investment return, comprised of

current income and capital

appreciation, consistent with prudent

investment risk.

2. Nations Equity Income Fund will

invest in shares of Nations Convertible

Securities Fund, and will invest directly

in certain debt and equity securities or

other financial instruments (‘‘Other

Securities’’).2 Applicants request that

the relief also apply to (a) any existing

or future registered open-end

management investment company

advised by BAAI, or any entity

controlling, controlled by, or under

common control with BAAI (also a

‘‘Company’’), and (b) any existing of

future series of any Company advised by

BAAI, or any entity controlling,

controlled by, or under common control

with BAAI (individually, a ‘‘Fund’’ and

collectively, the ‘‘Funds’’) that is a

series of, or part of the same ‘‘group of

investment companies’’ (as defined in

Section 12(d)(1)(G)(ii) of the Act) as

NFT, NFI, NR, NFST, NAT and NMIT

(any such Company or Fund that invests

in an Underlying Fund (as defined

below) is an ‘‘Upper Tier Fund’’). Any

registered open-end management

investment company (or series thereof)

or registered unit investment trust

whose shares are purchased by an

Upper Tier Fund and which is part of

the same group of investment

companies, as defined in section

12(d)(1)(G)(ii) of the Act, as the Upper

Tier Fund is an ‘‘Underlying Fund.’’ 3

3. Applicants state that BAAI may,

but is not required to, reduce or waive

advisory fees relating to an Upper Tier

Fund’s investment in shares of an

Underlying Fund. Applicants further

state that Nations Equity Income Fund

intends to invest only in Primary A

Shares of the Nations Convertible

Securities Fund, which are not subject

to front-end or contingent deferred sales