Federal Register / Vol. 66, No. 87 / Friday, May 4, 2001 / Notices 22623

employees who had at least one month

of rail service before October 1981 and

were awarded regular annuities after

June 1966. Further, if an employee’s

65th birthday was prior to September 2,

1981, he or she must not have worked

in rail service after certain closing dates

(generally the last day of the month

following the month in which age 65 is

attained).

The supplemental annuities paid by

the RRB are financed entirely by the

railroad employers under 26 USC of

3221 of the Internal Revenue Code.

Under 26 USC 3221(c) every employer

must pay a ‘‘work hour’’ tax at such a

rate as to make available certain funds

for the RRB to pay supplemental

annuities at the level provided under

section 3(e) of the RRA, unless the

exception in 26 USC 3221(d) applies.

Also, under 26 U.S.C. 3221(c) a

Supplemental Annuity tax credit is due

to the railroad for any month for which

an employee’s RRB Supplemental

Annuity is reduced under Section

2(h)(2) of the RRA for an employer

private pension approved by the RRB’s

Bureau of Law, when either the

employer pension was not established

pursuant to a collective bargaining

agreement; or, if the employer pension

was established pursuant to a

supplemental annuity tax credit allowed

is equal (dollar for dollar) to the amount

of the reduction in the employee’s

supplemental annuity for the private

pension.

Section 26 USC 3221(d) of the

Internal Revenue Code exempts certain

employers from the ‘‘work hour tax’’

when the private pension plan,

approved by the RRB’s Bureau of Law,

that was established pursuant to a

collective bargaining (union) agreement

and the employee was a member of the

collective bargaining unit. Instead a

supplemental annuity tax liability is

billed to the employer as a ‘‘special

supplemental tax’’ under any month for

which the employee is paid a RRB

supplemental annuity. The ‘‘special

supplemental tax’’ is equal to the

amount of the supplemental annuity

being paid, plus a percentage added to

reimburse the RRB for administrative

cost.

The RRB currently requires the

following information from railroad

employers to calculate supplemental

annuities. (a) The current status of

railroad employer pension plans and

whether such an employer pension plan

causes a reduction to the supplemental

annuity; (b) the amount of the employer

private pension being paid to the

employee; (c) whether or not the

railroad employer pension is based on a

collective bargaining agreement, (d)

whether or not the employee made

contributions to the pension; and (e)

whether the employer pension plan

continues when the employer status

under the RRA changes. The

requirements for eligibility to a

supplemental annuity and a description

of an employer pension are prescribed

in 20 CFR 216.40–216.42. The

computation of the supplemental

annuity is prescribed in 20 CFR 227.

Evidence requirements for a deemed

current connection for a supplemental

annuity are prescribed in 20 CFR

216.15.

The RRB currently utilizes Form(s) G–

88p (Employer’s Supplemental Pension

Report), G–88r (Request for Information

About New or Revised Pension Plan),

and G–88r.1 (Request for Additional

Information about Employer Pension

Plan in Case of Change of Employer

Status or Termination of Pension Plan),

to obtain the necessary information from

railroad employers. (OMB approved

3220–0089).

In order to ensure that the

supplemental annuity is correctly

adjusted and the supplemental annuity

tax credits or supplemental annuity tax

liabilities are correct, the RRB proposes

the implementation of a new

information collection consisting of two

new forms, Form G–88p.1, Request for

Verification of Employer Pension

Information, and Form G–88p.2,

Verification of Employer Collective

Bargaining Pension Information.

The completion time for proposed

Form G–88p.1 and G–88p.2 is estimated

at between 10 to 120 minutes. The RRB

estimates that about 75 G–88p.1’s and

15 G–88p.2’s will be completed

annually. One response is requested of

each respondent. Completion is

mandatory.

FOR FURTHER INFORMATION CONTACT: To

request more information or to obtain a

copy of the information collection

justification, forms, and/or supporting

material, please call the RRB Clearance

Officer at (312) 751–3363. Comments

regarding the information collection

should be addressed to Ronald J.

Hodapp. Railroad Retirement Board, 844

N. Rush Street, Chicago, Illinois 60611–

2092. Written comments should be

received within 60 days of this notice.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 01–11285 Filed 5–3–01; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–27387]

Filings Under the Public Utility Holding

Company, Act of 1935, as Amended

(‘‘Act’’)

April 27, 2001.

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

May 22, 2001, 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 May 22, 2001, the

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

filed or as amended, may be granted

and/or permitted to become effective.

WGL Holdings, Inc., et al. (70–9653)

WGL Holdings, Inc. (‘‘WGL

Holdings’’), a registered holding

company, its gas utility subsidiary,

Washington Gas Light Company, and

WGL Holdings’ nonutility subsidiary

companies, Hampshire Gas Company,

Crab Run Gas Company, Washington

Gas Resources Corp., and Primary

Investors LLC (collectively,

‘‘Applicants’’), all located at 1100 H

Street, NW., Washington, DC 20080,

have filed a post-effective amendment to

an application-declaration filed under

sections 6(a), 7, 9(a), 10, 11, 12(b), 12(c),

12, 32, and 33 of the Act and rules 45,

46, 47, 54, and 80–92 under the Act.

By orders dated October 13, 2000, and

November 13, 2000 (Holding Co. Act

Release Nos. 27253 and 27276,

respectively) (‘‘Prior Orders’’), the

Commission, through March 31, 2004

(‘‘Authorization Period’’), authorized

22624 Federal Register / Vol. 66, No. 87 / Friday, May 4, 2001 / Notices

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

2 17 CFR 240.19b–4.

3 17 CFR 240.19b–4(f)(6).

4See Letter to Alden S. Adkins, Senior Vice

President and General Counsel, NASD Regulation,

Inc. from Belinda Blaine, Associate Director,

Division of Market Regulation, SEC, dated July 24,

2000.

certain financing activities related to

WGL Holdings and its subsidiaries,

including the establishment of a system

money pool (the ‘‘Money Pool’’). The

Prior Orders permitted the addition of

new subsidiaries as lenders to the

Money Pool; however, Commission

approval was required for the addition

of new borrowers. In addition, the Prior

Orders authorized WGL Holdings to

invest not more than $100 million

(‘‘Investment Limit’’) in existing or

newly formed, direct or indirect

nonutility subsidiaries that are engaged

in the business of providing financing

for purchases of energy-related

equipment, goods, or services

(‘‘Consumer Finance Subsidiaries’’).

In accordance with the Prior Orders,

WGL Holdings formed a new Consumer

Finance Subsidiary, Washington Gas

Credit Corp. (‘‘WGCC’’). Applicants now

request that the Commission authorize

WGCC’s participation in the Money

Pool as a borrower. Applicants state that

all the borrowings of WGCC will count

against the Investment Limit. Further,

Applicants state that the addition of

WGCC to the Money Pool requires no

changes to the terms and conditions of

the System Money Pool Agreement filed

as an exhibit to the applicationdeclaration in this matter.

Cascade Investment, L.L.C., and

William H. Gates III (70–9865)

Cascade Investment, L.L.C.

(‘‘Cascade’’), a limited liability company

formed under the laws of the State of

Washington, 2365 Carillon Point,

Kirkland, Washington 98033, and its

sole member, William H. Gates III, One

Microsoft Way, Redmond, Washington,

98033 (‘‘Mr. Gates,’’ and together with

Cascade, ‘‘Applicants’’), have filed an

application under sections 9(a)(2) and

10 of the Act.

Applicants request approval of their

acquisition of 5% or more, but less than

10%, of the outstanding voting

securities of Avista Corporation

(‘‘Avista’’), Otter Tail Power Company

(‘‘Otter Tail’’). and Public Service

Company of New Mexico (‘‘PSNM’’),

each of which is a ‘‘public-utility

company’’ as defined in section 2(a)(5)

of the Act. Applicants state that neither

is an ‘‘affiliate,’’ as defined in section

2(a)(11)(A) of the Act, of any other

public-utility company.

Mr. Gates is Chairman of the Board,

Chief Software Architect, and a major

shareholder of Microsoft Corporation,

which develops, manufactures, licenses

and supports software products for

business and person applications.

Applicants state that Cascade was

formed in 1995 to make and hold

certain investments for Mr. Gates, that

Cascade invests in and holds the

securities of numerous publicly and

privately held companies, and that

Cascade does not have any active

business operations of its own.

Cascade currently holds 2,887,500

shares (or approximately 6.12%) of the

outstanding common stock of Avista,

1,399,500 shares (or approximately

5.87%) of the outstanding common

stock of Otter Tail, and 2,344,500 shares

(or approximately 5.99%) of the

outstanding common stock of PSNM.

Applicants state that these shares were

purchased on the open market solely for

the purpose of investment, that they

have filed joint statements on Schedule

13G under the Securities Exchange Act

of 1934 with respect to each of these

three investments, and that neither

Cascade nor Gates has any management

arrangement with any of these

companies.

Avista, a Washington corporation,

provides electricity and natural gas

distribution and transmission services

in a 26,000 square mile area in eastern

Washington and northern Idaho with a

population of approximately 835,000

and natural gas distribution service in a

4,000 square mile area in northeast and

southwest Oregon and in the South Lake

Tahoe region of California with a

population of approximately 500,000.

At December 31, 1999, Avista provided

retail electric service to approximately

309,000 customers and retail natural gas

service to approximately 269,000

customers. Avista is subject to

regulation as to retail rates by the public

utilities commissions of Washington,

Idaho, Oregon, and California and as to

wholesale electric rates by the Federal

Energy Regulatory Commission

(‘‘FERC’’).

Otter Tail, a Minnesota corporation,

produces, transmits, distributes and

sells electric energy in a predominantly

agricultural area in western Minnesota,

eastern North Dakota and northeastern

South Dakota. The population in this

service area is approximately 230,000.

Otter Tail is subject to regulation as to

retail rates by the public utilities

commissions in Minnesota, North

Dakota and South Dakota and as to

wholesale electric rates by the FERC.

PSNM, a New Mexico corporation,

generates, transmits, distributes and

sells electricity and transmits,

distributes and sells natural gas in parts

of New Mexico, including the cities of

Albuquerque and Santa Fe. As of

December 31, 1999, PSNM provided

public utility service to approximately

361,000 retail electric customers and

426,000 retail gas customers. PSNM is

subject to regulation as to retail rates by

the New Mexico Public Regulation

Commission and as to wholesale electric

rates by the FERC.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–11207 Filed 5–3–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–44228; File No. SR–NASD–

2001–26]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

National Association of Securities

Dealers, Inc. Relating to a Qualification

Examination for a New Limited

Registration Category: Limited

Representative-Private Securities

Offerings (Series 82)

April 27, 2001.

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 April 3,

2001, the National Association of

Securities Dealers, Inc. (‘‘NASD’’ or

‘‘Association’’), through its whollyowned subsidiary, NASD Regulation,

Inc. (‘‘NASD Regulation’’), 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 NASD Regulation. NASD

Regulation has designated the proposed

rule change as constituting a ‘‘noncontroversial’’ rule change under

paragraph (f)(6) of Rule 19b–4 under the

Act,3 which renders the proposal

effective upon receipt of this filing by

the Commission.4 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

NASD Regulation is filing with the

Commission the examination

specifications and study outline for the

Limited Representative-Private

Securities Offerings (Series 82)

examination program. The Series 82