16524 Federal Register / Vol. 60, No. 61 / Thursday, March 30, 1995 / Notices

Series’ (the ‘‘National Series’’) shares

and New York Tax-Free Series’ (the

‘‘New York Series’’) shares on December

26, 1985. Applicant’s Massachusetts

Tax-Free Series never commenced a

public offering of its shares.

2. On June 27, 1990, applicant’s

trustees approved a plan to liquidate

applicant’s assets and distribute the

proceeds in the form of cash to

applicant’s shareholders. Proxy

materials were filed with the SEC and

were distributed, on or about August 16,

1990, to applicant’s shareholders of

record as of July 23, 1990. The

liquidation was approved by applicant’s

shareholders at a meeting held on

November 2, 1990.

3. On November 9, 1990, applicant

liquidated the National Series’ and New

York Series’ assets. The portfolio

securities were disposed of by

competitive bidding from 16 dealers,

with the transactions being

consummated with the highest bidder.

No brokerage commissions were paid

with respect to these transactions. On

November 13, 1990, applicant

distributed all of the National Series’

assets, $11,002,504, to its shareholders

who received distributions equal to

their proportionate shares. Each

National Series’ shareholder received

$15.26 per share. Also on November 13,

1990, applicant distributed all of the

New York Series’ assets, $3,650,797, to

its shareholders who received

distributions equal to their

proportionate shares. Each New York

Series’ shareholder received $14.88 per

share.

4. All expenses incurred in

connection with the liquidation,

consisting of legal, accounting, printing

and other expenses, were borne by

Kidder, Peabody & Co. Incorporated,

applicant’s principal underwriter.

5. As of the date of the application,

applicant had no assets, liabilities or

shareholders. Applicant is not a party to

any litigation or administrative

proceeding.

6. Applicant is neither engaged in, nor

does it propose to engage in, any

business activities other than those

necessary for the winding-up of its

affairs. Applicant intends to terminate

its existence as a Massachusetts

business trust as soon as practicable.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–7843 Filed 3–29–95; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–26258]

Filings Under the Public Utility Holding

Company Act of 1935, as amended

(‘‘Act’’)

March 24, 1995.

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

April 17, 1995, 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.

Northeast Utilities (70–7701)

Northeast Utilities (‘‘Northeast’’), 174

Brush Hill Avenue, West Springfield,

Massachusetts 01089, 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 orders dated May 23, 1990 (HCAR

No. 25093) and July 29, 1994 (HCAR No.

26092, the Commission authorized,

among other things, Northeast to issue

and sell, and/or purchase in the open

market and sell, from time-to-time

through December 31, 1995 up to 10

million common shares under

Northeast’s Dividend Reinvestment Plan

(‘‘DRP’’). As of March 1, 1995, Northeast

has issued and sold 4,470,352

authorized common shares and

4,877,247 shares have been purchased

in the open market by an agent acting

on behalf of Northeast and distributed to

DRP participants pursuant to the DRP.

Northeast now proposes to issue and/

or purchase and sell to DRP

participants, through December 31,

2005, the remaining 652,401 common

shares under the DRP. For the same

period Northeast also proposes to issue

and/or purchase and sell to DRP

participants up to an additional 20

million common shares under the DRP.

In all respects, the terms and conditions

associated with the issuance,

acquisition and sale of the shares to be

issued under the DRP will remain as

previously authorized.

New England Electric System, et al.

(70–8475)

New England Electric System

(‘‘NEES’’), a registered holding

company, and New England Electric

Resources, Inc. (‘‘NEERI’’), its wholly

owned, nonutility subsidiary company,

both of 25 Research Drive, Westborough,

Massachusetts 01582, have filed an

application-declaration under sections

6(a), 7, 9(a), 10 and 12(b) of the Act and

rule 45 thereunder. The Commission

issued a notice of the transaction on

November 18, 1994 (HCAR No. 26163).

Subsequently, applicants-declarants

amended the filing to request additional

authorization, thus necessitating this

supplemental notice.

NEES proposes to provide financing

to NEERI by making capital

contributions up to an additional $12.7

million and/or by lending to NEERI

from time to time additional amounts

not to exceed $12.7 million at any one

time, such loans to be in the form of

non-interest bearing subordinated notes.

NEERI proposes to enter into a joint

arrangement with Separation

Technologies, Inc. (‘‘STI’’), the

developer of a process for separating

unburned carbon from coal ash. As part

of its joint arrangement with STI, NEERI

proposes to enter into a project with STI

and STI Projects, a Florida General

Partnership between STI and Oxbow

Carbon International, Inc. (‘‘STIP’’),

involving the processing of coal ash at

an electric generation facility in the

New England/New York region (‘‘NE/

NY Project’’) owned by a nonaffiliated

electric company (‘‘Owner’’). NEERI

plans to invest up to $700,000 in the

NE/NY Project in return for 15% of

certain project revenues.

In addition, NEERI will provide

consulting services to STI and/or STIP

in connection with the NE/NY Project

for a fee. Such services may include

marketing, sales, higher value product

research and development and

engineering consultation on balance of

plant equipment matters. STIP will be

responsible for processing the ash at the

Owner’s facility.
Federal Register / Vol. 60, No. 61 / Thursday, March 30, 1995 / Notices 16525

NEERI proposes to enter into similar

joint arrangements with STI and STIP at

other locations where STI equipment

will be installed. NEERI’s investment in

these other utility locations is

anticipated to range between $500,000

and $2.0 million per installation, with a

cumulative investment not to exceed

$10 million. NEERI’s investments in

such future projects may take the form

of, without limitation, joint ventures,

general partnerships, limited

partnerships, teaming agreements,

royalties or other revenue sharing,

special purpose entities, loans, and

equity participation. NEERI’s project

investments may involve the acquisition

of voting securities or interests not

exceeding 9.9%

NEERI proposes to perform research

with STI to further refine the carbonrich and low carbon processed waste

stream and to find other applications for

the STI separation process in recycling.

NEERI states that it will not expend

more than $1 million on such research

activities. NEERI also proposes to offer

marketing and engineering advice and

consulting services to STI and STIP.

Furthermore, NEERI proposes to

acquire up to $1 million of STI’s 6%

cumulative convertible preferred stock

at a price of $6.50 per share (‘‘Shares’’).

All or any portion of the Shares shall be

convertible at any time, or from time to

time, at NEERI’s option, into the same

number of shares of STI common stock.

The Shares will automatically convert to

shares of common stock (upon the

closing of an initial public offering of

STI common stock) in which STI’s

aggregate gross proceeds from such

offering exceed $5 million and in which

the share offering price is $6.50 or more.

Dividends ion the Shares will accrue

cumulatively at a rate of 6% per annum

of the price per Share from the date of

payment for the Share to the date of its

conversion, if any, to common. The 6%

cumulative dividend would be paid in

STI common shares upon conversion of

Shares to common.

NEERI will have the right to exercise

one vote per Share on all matters

submitted to a vote of STI common

stock generally. NEERI will also have

the option to appoint one member of the

STI Board of Directors. NEERI will have

protection against dilution of the Shares

for a period of five years after their

purchase. NEERI states that its

investment in the Shares will result in

NEERI’s ownership of not more than 5%

of the voting securities of STI.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–7838 Filed 3–29–95; 8:45 am]

BILLING CODE 8010–01–M

[Investment Company Act Release No.

20966; 811–56211]

TCW High Yield Fund, Inc.; Notice of

Application

March 24, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for

deregistration under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANT: TCW High Yield Fund, Inc.

RELEVANT ACT SECTION: Section 8(f).

SUMMARY OF APPLICATION: Applicant

seeks an order declaring it has ceased to

be an investment company.

FILING DATE: The application was filed

on February 24, 1995.

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 18, 1995, 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 issues contested. Persons

may request notification of a hearing by

writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street NW., Washington, D.C. 20549.

Applicant, 865 South Figueroa Street,

Suite 1800, Los Angeles, California

90017.

FOR FURTHER INFORMATION CONTACT:

Diane L. Titus, Paralegal Specialist, at

(202) 942–0584, or Barry D. Miller,

Senior Special Counsel, 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 from the SEC’s

Public Reference Branch.

Applicant’s Representations

1. Applicant is a closed-end,

diversified management investment

company, organized as a corporation

under the laws of Maryland. On July 22,

1988, Applicant registered under the

Act and filed a registration statement

under the Securities Act of 1933 (the

‘‘1993 Act’’). Applicant’s registration

statement was not declared effective,

and Applicant has made no public

offering of its shares.

2. Under letter dated February 15,

1995, Applicant requested that its

registration statement under the 1933

Act be withdrawn pursuant to Rule 477

thereunder.

3. Applicant has never issued or sold

shares of which it is the issuer.

Applicant has no shareholders,

liabilities, or assets. Applicant is not a

party to any litigation or administrative

proceeding.

4. Applicant is not engaged, and does

not propose to engage, in any business

activities other than those necessary for

the winding-up of its affairs. After the

Commission issues an order declaring

that Applicant has ceased to be an

investment company, Applicant intends

to file Articles of Dissolution with the

Maryland Department of Assessments

and Taxation in Baltimore, Maryland.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–7840 Filed 3–29–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF STATE

[Public Notice 2184]

Notice of Intent To Prepare a

Programmatic Environmental Impact

Statement Concerning the Department

of State’s Permitting Process for

International Bridges Along the Texas/

Mexico Border

LEAD AGENCY: Department of State,

Washington, D.C.

COOPERATING AGENCIES:

Environmental Protection Agency (EPA)

U.S. Fish and Wildlife Service (F&WS)

U.S. Coast Guard

International Boundary and Water

Commission (IBWC), U.S. Section

General Services Administration (GSA)

SUMMARY: Under Executive Order 11423

(August 16, 1968) and the International

Bridge Act of 1972, 33 U.S.C. 535 et

seq., the U.S. Department of State (‘‘the

Department’’) has the authority, inter

alia, to issue permits for the

construction of bridges along the Texas/

Mexico border. (Once such a permit is

granted, other agencies, including the

U.S. Section of the IBWC and the U.S.