25930 Federal Register / Vol. 61, No. 101 / Thursday, May 23, 1996 / Notices

1The Tier 1 and Tier 2 Utilities include all

member utilities of the Southeastern Electric

Reliability Council, the Entergy Corporation system,

and certain other utility systems to the west and

northwest of the Southern system.

2Southern, through Southern Energy Marketing,

Inc. (‘‘SEMI’’), an ‘‘exempt wholesale generator’’

under section 32 of the Act, engages in wholesale

electric power marketing to unaffiliated third

parties. SEMI also is authorized to engage through

other indirect subsidiaries in electric power

marketing and brokering transactions. HCAR No.

26468 (Feb. 2, 1996). However, SCS and the

Operating Companies may not provide to other

Southern marketing subsidiaries non-public

information on actual or potential wholesale

customers or on prices or other terms of electric

power to such wholesale customers. This

prohibition is part of the ‘‘Codes of Conduct’’ filed

with FERC that are applicable to SCS, the Operating

Companies and other Southern subsidiaries.

Southern Company Services, Inc., 72 FERC ¶ 61,324

(1995), order in reh’g, 74 FERC ¶ 61,141 (1996).

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.

5. Applicant has terminated its legal

existence as a Massachusetts business

trust.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–13025 Filed 5–22–96; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 35–26518]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

May 17, 1996.

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

June 10, 1996, to the Secretary,

Securities and Exchange Commission,

Washington, DC 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.

Southern Company Services, Inc., et al.

(70–8821)

Southern Company Services, Inc.

(‘‘SCS’’), 64 Perimeter Center East,

Atlanta, Georgia 30346, a wholly-owned

subsidiary service company of The

Southern Company (‘‘Southern’’), a

registered holding company, and five

electric utility subsidiary companies of

Southern (‘‘Operating Companies’’)—

Alabama Power Company, 600 North

18th Street, Birmingham, Alabama

35291; Georgia Power Company, 333

Piedmont Avenue, N.E., Atlanta,

Georgia 30308; Gulf Power Company,

500 Bayfront Parkway, Pensacola,

Florida 32501; Mississippi Power

Company, 2992 West Beach, Gulfport,

Mississippi 39501; and Savannah

Electric and Power Company, 600 Bay

Street East, Savannah, Georgia 31401—

have filed an application under sections

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

thereunder for authorization to engage

in brokering and marketing activities

relative to electric power and energy

commodities (‘‘Activities’’).

Through the Operating Companies,

Southern provides retail electric service

in much of Georgia and Alabama and in

parts of Florida and Mississippi.

Southern also provides firm wholesale

service to municipalities and rural

electric cooperatives within the

territories served by the Operating

Companies. The Operating Companies

buy and sell wholesale electric power in

transactions with other electric utility

companies that are directly

interconnected with one or more

Operating Companies (‘‘Tier 1

Utilities’’) or electric utility companies

that are directly interconnected with

Tier 1 Utilities (‘‘Tier 2 Utilities’’)

within a defined region (‘‘Sales

Region’’), which includes the territories

served by the Operating Companies.1

On occasion, the Operating Companies

also engage in wholesale electric power

transactions outside the Sales Region.

When the Operating Companies have

excess electric power generation, SCS,

as agent for the Operating Companies,

attempts to market this surplus to other

customers. SCS, as agent for the

Operating Companies, also seeks out the

most economic sources of electric

power. These transactions often involve

base load capacity purchases and sales.

In the course of these activities, SCS and

the Operating Companies have

developed extensive knowledge about

the loads and resources of other electric

power sources throughout and outside

the Sales Region.

The Activities would include (i)

brokering of electric power by SCS

between third-party sellers and buyers

(‘‘Power Brokering’’); (ii) marketing of

electric power, largely within the Sales

Region, in transactions that do not

involve Southern system generation or

Southern system transmission (‘‘Power

Marketing’’); and (iii) marketing and

brokering of other forms of energy

commodities by SCS or the Operating

Companies (‘‘Commodities

Transactions’’).

With respect to Power Brokering,

there would be no price exposure or

significant financial risk for SCS

because SCS would neither buy nor sell

electric power. Power Brokering would

be incidental to its principal business of

centralized administrative and

management services to Southern

system companies.

Power Brokering would be carried on

by personnel employed by SCS who

engage in the day-to-day power

marketing and system supply activities

on behalf of the Operating Companies.

Revenues derived from Power Brokering

will be credited entirely to reduce the

cost of operation of SCS, which will, in

turn, reduce its cost of service to the

Operating Companies and other system

subsidiaries.

With respect to Power Marketing,

SCS, as agent for one or more of the

Operating Companies, would enter into

separate contracts with prospective

electric power suppliers and customers,

either or both of which usually are

located within the Sales Region.2

With respect to Commodities

Transactions, SCS and the Operating

Companies would, in connection with

the sale of electric power, serve as a

single source of gas, oil or coal as well.

SCS and the Operating Companies

would not broker or market other energy

commodities except in conjunction with

making an electricity sale.

All of the Activities would be carried

on by personnel employed by SCS who

engage in the day-to-day power

marketing and fuel procurement

activities of the Southern system. Except

in the case of Power Brokering, SCS

would act as agent for the account of

those Operating Companies that are

directly related to the customer

involved and will therefore have no

beneficial interest in the revenues from

the Activities. The Operating

Companies would act as principals and
Federal Register / Vol. 61, No. 101 / Thursday, May 23, 1996 / Notices 25931

would hold the beneficial interest in the

electric power subject of the

arrangement. All Power Marketing

opportunities would be associated with

one or more of the Operating

Companies, which would therefore be

credited with all revenues from, and

would bear all costs and risks associated

with, such transactions.

SCS personnel engaged in the

Activities would account for their time

through the regular Southern system

time accounting system and would thus

charge their time to specific ‘‘activity

codes’’ established for the affected

Southern companies. Overheads and

ancillary expenses would be similarly

charged. The Operating Companies may

also engage directly in the Activities for

their own account, individually or in

cooperation with other Operating

Companies, and with or without the

assistance of SCS.

The Operating Companies do not

anticipate the need for financial support

from Southern or independent sources

of capital to engage in the Activities.

SCS would be indemnified by the

Operating Companies for claims or

losses that result from its involvement,

as agent for the Operating Companies, in

the Activities.

It is anticipated that in the ordinary

course of business the Operating

Companies would take appropriate

steps to hedge risk through the purchase

of options, puts, futures and other

similar risk management measures. In

addition, the Operating Companies may

offset price risk exposure under a

purchase or sale contract through an

opposite position to that purchase or

sale. Similarly, in a portfolio of

purchase and sales contracts, risk may

also be limited through an appropriate

mix of long-term and short-term

contracts. SCS, as agent for the

Operating Companies, would negotiate

the terms of such instruments and

manage overall portfolio risk.

General Public Utilities Corporation

(70–8843)

General Public Utilities Corporation

(‘‘GPU’’), 100 Interpace Parkway,

Parsippany, New Jersey 07054, a

registered holding company, has filed a

declaration under sections 6(a), 7, 32

and 33 of the Act and rules 53 and 54

thereunder.

GPU proposes to issue and sell for

cash from time to time through

December 31, 2001 up to $300,000,000

aggregate principal amount of

unsecured debentures (the

‘‘Debentures’’). The debentures will be

issued under an indenture to be entered

into with United States Trust Company

of New York, as trustee, and will have

terms ranging from one year to up to 40

years. In addition, the Debentures may

be subject to optional and/or mandatory

redemption, in whole or in part, by GPU

at par or at various premiums above the

principal amount thereof. The

Debentures may also be entitled to

mandatory or optional sinking fund

provisions.

GPU will utilize the net proceeds

(after deduction of commissions and

expenses) from the sale of the

debentures to (a) fund the acquisition of

interests, and to make investments, in

exempt wholesale generators, foreign

utility companies and qualifying

facilities, (b) make cash capital

contributions to its electric operating

subsidiaries, Jersey Central Power &

Light Company, Metropolitan Edison

Company and Pennsylvania Electric

Company (‘‘Operating Subsidiaries’’), (c)

to repay outstanding GPU indebtedness,

(d) for other GPU corporate purposes,

and (e) reimburse GPU’s treasury for

funds previously expended for such

purposes.

The Operating Subsidiaries will use

proceeds of the proposed issuance of

Debentures contributed to them (a) to

repay outstanding indebtedness, (b) to

redeem outstanding senior securities in

accordance with the optional

redemption provisions thereof or

reacquire such securities in open market

transactions (c) for construction

purposes, (d) for other corporate

purposes, and (e) to reimburse their

treasuries for funds previously

expended for such purposes.

Southwestern Electric Power Company,

(70–8847)

Southwestern Electric power

Company (‘‘SWEPCO’’), 428 Travis

Street, Shreveport, Louisiana 71101, an

electric utility subsidiary company of

Central and South West Corporation, a

registered holding company, has filed

an application-declaration under

sections 6(a), 7, 9(a), 10 and 12(d) of the

Act and rules 44 and 54 promulgated

thereunder.

SWEPCO proposes, through December

31, 1999, to incur obligations in

connection with the issuance by Sabine

River Authority of Texas (‘‘Sabine’’ or

‘‘Issuer’’), in one or more series, of up

to $131.7 million aggregate principal

amount of Pollution Control Revenue

Bonds in connection with the

Southwestern Electric Power Company

Project. Of this amount, up to $81.7

million aggregate principal amount may

be Pollution Control Revenue Refunding

Bonds (‘‘Refunding Bonds’’) and up to

$50 million aggregate principal amount

may be new money Revenue Bonds

(‘‘New Money Bonds’’ and, together

with the Refunding Bonds, the ‘‘New

Bonds’’). The issuance of New Money

Bonds may be combined with the

issuance of Refunding Bonds.

The purpose of the Refunding Bonds

is to reacquire all or a portion of

Sabine’s $81.7 million of outstanding

Series 1986, 8.20% Pollution Control

Revenue Refunding Bonds, maturing on

July 1, 2014 (‘‘Old Bonds’’). The

purpose of the New Money Bonds is to

reimburse SWEPCO for expenditures

that qualify for tax-exempt financing or

to provide for current solid waste

expenditures.

SWEPCO also seeks authorization to

manage interest rate risk or lower its

interest costs through the use of forward

refinancing techniques and the use of

hedging products, including interest

rate swaps, forward swaps, caps, collars

and floors during the life of the Old

Bonds and/or New Bonds. SWEPCO

requests authority to enter into the

foregoing types of transactions from

time-to-time either in connection with

the Old Bonds or New Bonds.

It is anticipated that any interest rate

swap agreement entered into would

provide that redemption, reacquisition

or maturation of the corresponding Old

Bonds and/or New Bonds would

terminate SWEPCO’s obligations to the

counterparty under the swap agreement

for a corresponding notional amount. If

an interest rate swap with automatic

termination is not available or

economically appropriate, SWEPCO

will enter into a swap permitting

termination at SWEPCO’s option and it

would exercise such option for a

corresponding notional amount upon

the redemption, reacquisition or

maturation of the corresponding Old

Bonds and/or New Bonds. SWEPCO

further requests authorization to enter

into reverse (or offsetting) interest rate

swap agreements, or other contractual

arrangements, in order to limit the

impact of anticipated movements in

interest rates or offset the effect of an

existing interest rate swap agreement.

SWEPCO and the Issuer entered into

an installment sale agreement (‘‘Sale

Agreement’’) for the issuance of the Old

Bonds. In connection with the issuance

of the New Bonds, SWEPCO will amend

the Sale Agreement, enter into

agreements with substantially the same

terms as the Sale Agreement and/or

enter into new installment sales

agreements (collectively ‘‘Amended

Sales Agreements’’).

The New Bonds will bear interest at

a fixed or floating rate, may be secured

with first mortgage bonds and will

mature in not more than forty years. The

interest rate, redemption provisions and

other terms and conditions applicable to
25932 Federal Register / Vol. 61, No. 101 / Thursday, May 23, 1996 / Notices

the New Bonds will be determined by

negotiations between SWEPCO and one

or more investment banking firms or

other entities that will purchase or

underwrite the New Bonds

(‘‘Purchasers’’).

SWEPCO anticipates that the New

Bonds will be redeemable at its option

upon the occurrence of various events

specified in the Amended Sales

Agreements and the Indentures, which

may be amended or supplemented

(‘‘Supplemental Indentures’’), or a new

indenture (‘‘New Indenture’’). The New

Bonds will be subject to optional

redemption with premiums to be

determined by negotiations between

SWEPCO and the Purchasers and will

be subject to mandatory redemption if

the interest on the New Bonds become

subject to federal income tax.

SWEPCO may obtain a credit

enhancement for the New Bonds, which

could include bond insurance, a letter of

credit or a liquidity facility. SWEPCO

anticipates it may be required to provide

credit enhancement if it issues floating

rate bonds. A premium or fee would be

paid for the credit enhancement, which

would still result in the net benefit

through a reduced interest rate on the

New Bonds. SWEPCO will not provide

credit enhancement unless it is

economically beneficial.

SWEPCO also seeks authority to issue

first mortgage bonds as security for the

New Bonds, subject to applicable

indenture restrictions under its

Mortgage Indenture dated February 1,

1940 to the Continental Bank, National

Association and M.J. Kruger (‘‘Mortgage

Indenture’’). The First Mortgage Bonds

will be held by the Trustee for the New

Bonds for the benefit of the New Bond

holders and will not be transferable,

except to a successor trustee. The First

Mortgage Bonds will be issued in the

exact amount and have substantially the

same terms as the New Bonds. The

Supplemental Indenture or New

Indenture for the New Bonds may

provide that the New Bonds will cease

to be secured by First Mortgage Bonds

when all other First Mortgage Bonds

have been retired. To the extend

payments in respect of the New Bonds

are made in accordance with their

terms, corresponding payment

obligations under the First Mortgage

Bonds will be deemed satisfied.

The proceeds of the offering of the

New Bonds will be used to redeem the

Old Bonds pursuant to the terms of the

Indentures (‘‘Redemption’’) and

reimburse SWEPCO for expenditures

made that qualify for tax-exempt

financing or to provide for current solid

waste expenditures. The proceeds of

any offering may also be used to

reimburse SWEPCO for Old Bonds

previously acquired. Additional funds

required to pay for the Redemption and

the cost of issuance of the New Bonds

will be provided by SWEPCO from

internally generated funds and shortterm borrowings.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 96–13024 Filed 5–22–96; 8:45 am]

BILLING CODE 8010–01–M

Sunshine Act Meeting; Agency

Meeting

‘‘FEDERAL REGISTER’’ CITATION OF

PREVIOUS ANNOUNCEMENT: [To Be

Published]

STATUS: Open Meeting.

PLACE: 450 Fifth Street, N.W.,

Washington, D.C.

DATE PREVIOUSLY ANNOUNCED: To Be

Published.

CHANGE IN THE MEETING: Time Change.

The time for the open meeting

scheduled for Thursday, May 23, 1996,

at 10:00 a.m., has been changed to 9:30

a.m.

At times, changes in Commission

priorities require alterations in the

scheduling of meeting items. For further

information and to ascertain what, if

any, matters have been added, deleted

or postponed, please contact: The Office

of the Secretary (202) 942–7070.

Dated: May 20, 1996.

Jonathan G. Katz,

Secretary.

[FR Doc. 96–13144 Filed 5–21–96; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Notice of Closure of Receivership and

Surrender of Licensee

Notice is hereby given that Bethela

Capital Corporation (‘‘Bethela’’), has

surrendered its License to operate as a

small business investment company

under the Small Business Investment

Act of 1958, as amended. Bethela was

licensed by the Small Business

Administration on May 9, 1980.

Pursuant to a Final Order dated

October 30, 1995, the receivership was

terminated. The surrender of the license

was accepted on March 20, 1996, and

accordingly, all rights, privileges, and

franchises derived therefrom have been

terminated.

(Catalog of Federal Domestic Assistance

Program No. 59.011, Small Business

Investment Companies)

Dated: May 15, 1996.

Don A. Christensen,

Associate Administrator for Investment.

[FR Doc. 96–13067 Filed 5–22–96; 8:45 am]

BILLING CODE 8025–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Notice of Request for Extension of a

Currently Approved Information

Collection

AGENCY: Office of the Secretary, DOT.

ACTION: Notice and request for

comments.

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995 (44

U.S.C. Chapter 35, as amended) this

notice announces the Department of

Transportation’s (DOT) intention to

request an extension for a currently

approved information collection.

DATES: Comments on this notice must be

received by July 22, 1996.

ADDRESSES: Comments should be sent to

the Executive Secretariat, Office of the

Secretary, U.S. Department of

Transportation, 400 7th Street SW.,

Washington, DC 20590–0002.

FOR FURTHER INFORMATION CONTACT: Mrs.

Roberta Fede, Committee Management

Officer, Executive Secretariat, Office of

the Secretary, Department of

Transportation, at the address listed

above. Telephone: (202) 366–9764.

SUPPLEMENTARY INFORMATION:

Title: Advisory Committee Candidate

Biographical Information Request, DOT

F1120.1.

OMB Control Number: 2105–0009.

Expiration Date: August 31, 1996.

Type of Request: Extension for a

currently approved information

collection.

Abstract: The collection of

information obtained by the Advisory

Committee Candidate Biographical

Information Request form enables

Departmental officials to review the

qualifications of individuals who wish

to serve on Department-sponsored

advisory committees and the

qualifications of persons who have been

recommended to serve. The collection

provides uniform data for each

individual and enables DOT to comply

with the Federal Advisory Committee

Act (Pub. L. 92–463) (5 U.S.C. App.)

which requires that advisory committee

membership be balanced.