Federal Register / Vol. 62, No. 59 / Thursday, March 27, 1997 / Notices 14713

exemption is appropriate in the public

interest and consistent with the

protection of investors and purposes

fairly intended by the policies and

provisions of the Act.

Applicant’s Conditions

Applicant agrees that the order

granting the requested relief shall be

subject to the following conditions:

1. Any investment company owning

voting stock of any Trust in excess of

the limits imposed by section 12(d)(1) of

the Act will be required by the Trust’s

charter document to vote its Trust

shares in proportion to the vote of all

other Holders.

2. The trustees of each Trust,

including a majority of the trustees who

are not interested persons of the Trust,

(a) will adopt procedures that are

reasonably designed to provide that the

conditions set forth below have been

complied with; (b) will make and

approve such changes as deemed

necessary; and (c) will determine that

the transactions made pursuant to the

order were effected in compliance with

such procedures.

3. The Trusts (a) will maintain and

preserve in an easily accessible place a

written copy of the procedures (and any

modifications thereto), and (b) will

maintain and preserve for the longer of

(x) the life of the Trusts and (y) six years

following the purchase of any

Treasuries, the first two years in an

easily accessible place, a written record

of all Treasuries purchased, whether or

not from applicant, setting forth a

description of the Treasuries purchased,

the identify of the seller, the terms of

the purchase, and the information or

materials upon which the

determinations described below were

made.

4. The Treasuries to be purchased by

each Trust will be sufficient to provide

payments to Securities Holders that are

consistent with the investment

objectives and policies of the Trust as

recited in the Trust’s registration

statement and will be consistent with

the interests of the Trust and the

Holders of its Securities.

5. The terms of the transactions will

be reasonable and fair to the Holders of

the Securities issued by each Trust and

will not involve overreaching of the

Trust or the Holders of Securities threrof

on the part of any person concerned.

6. The fee, spread, or other

remuneration to be received by

Goldman Sachs will be reasonable and

fair compared to the fee, spread, or other

remuneration received by dealers in

connection with comparable

transactions at such time, and will

comply with section 17(e)(2)(C) of the

Act.

7. Before any Treasuries are

purchased by the Trust, the Trust must

obtain such available market

information as it deems necessary to

determine that the price to be paid for,

and the terms of, the transaction is at

least as favorable as that available from

other sources. This shall include the

Trust obtaining and documenting the

competitive indications with respect to

the specific proposed transaction from

two other independent government

securities dealers. Competitive

quotation information must include

price and settlement terms. These

dealers must be those who, in the

experience of the Trust’s trustees, have

demonstrated the consistent ability to

provide professional execution of

Treasury transactions at competitive

market prices. They also must be those

who are in a position to quote favorable

prices.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7785 Filed 3–26–97; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

22577; 811–3774]

Insured Tax-Exempt Lease Trust

Series 1; Notice of Application

March 21, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: Insured Tax-Exempt Lease

Trust Series 1.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

request an order declaring that it has

ceased to be an investment company.

FILING DATES: The application was filed

on November 19, 1996, and amended on

February 24, 1997.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing by writing to the SEC’s

Secretary and serving applicant with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

April 15, 1997, and should be

accompanied by proof of service on the

applicant, 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 may request notification of a

hearing by writing to the SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, NW., Washington, DC 20549.

Applicant, One North Jefferson, St.

Louis, Missouri 63103.

FOR FURTHER INFORMATION CONTACT:

Diane L. Titus, Paralegal Specialist, at

(202) 942–0584 (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 from the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is a registered unit

investment trust under the Act. On June

1, 1983, applicant filed a notification of

registration on Form N–8A under the

Act and filed a registration statement on

Form S–6 under the Securities Act of

1933. Its sponsor was A.G. Edwards &

Sons, Inc.

2. Applicant’s registration statement

was never declared effective, and its

legal existence was never created under

the laws of any State. Accordingly,

applicant has not sold any securities of

which it is the issuer. Nor does

applicant have any securityholders,

debts, liabilities or assets. Applicant is

not a party to any litigation or

administrative proceeding.

3. Applicant is not now engaged, nor

does it propose to engage, in any

business activities other than those

necessary to wind up its affairs.

For the SEC, by the Division of Investment

Management, under delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–7786 Filed 3–26–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–26689]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

March 21, 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