Federal Register / Vol. 66, No. 33 / Friday, February 16, 2001 / Notices 10763

input to, and understanding of, riskinformed regulation?

Preliminary Agenda

1:30–2

Introduction—purpose, agenda: NRC

2–3

Presentations summarizing comments

on RIRIP: Various Stakeholders

3–3:15

Break

3:15–4:15

Open discussion: All

4:15–4:30

Closing Remarks/Adjourn: NRC

Dated at Rockville, Maryland, this 7th day

of February 2001.

For the Nuclear Regulatory Commission.

Cynthia A. Carpenter,

Chief, Generic Issues, Environmental,

Financial and Rulemaking Branch, Division

of Regulatory Improvement Programs, Office

of Nuclear Reactor Regulation.

[FR Doc. 01–3825 Filed 2–15–01; 8:45 am]

BILLING CODE 7590–01–P

RAILROAD RETIREMENT BOARD

Agency Forms Submitted for OMB

Review

SUMMARY: In accordance with the

Paperwork Reduction Act of 1995 (44

U.S.C. chapter 35), the Railroad

Retirement Board (RRB) has submitted

the following proposal(s) for the

collection of information to the Office of

Management and Budget for review and

approval.

Summary of Proposal(s)

(1) Collection title: Public Service

Pension Questionnaires.

(2) Form(s) submitted: G–208, G–212.

(3) OMB Number: 3220–0136.

(4) Expiration date of current OMB

clearance: 3/30/2001.

(5) Type of request: Revision of a

currently approved collection.

(6) Respondents: Individuals or

Households.

(7) Estimated annual number of

respondents: 2,700.

(8) Total annual responses: 2,700.

(9) Total annual reporting hours: 475.

(10) Collection description: A spouse

or survivor annuity under the Railroad

Retirement Act may be subjected to a

reduction for a public service pension.

The questionnaires obtain information

needed to determine if the reduction

applies and the amount of such

reduction.

ADDITIONAL INFORMATION OR COMMENTS:

Copies of the forms and supporting

documents can be obtained from Chuck

Mierzwa, the agency clearance officer

(312–751–3363). Comments regarding

the information collection should be

addressed to Ronald J. Hodapp, Railroad

Retirement Board, 844 North Rush

Street, Chicago, Illinois, 60611–2092

and the OMB reviewer, Joe Lackey (202–

395–7316), Office of Management and

Budget, Room 10230, New Executive

Office Building, Washington, DC 20503.

Chuck Mierzwa,

Clearance Officer.

[FR Doc. 01–3974 Filed 2–15–01; 8:45 am]

BILLING CODE 7905–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–27343]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

February 9, 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

March 6, 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 March 6, 2001, the

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

filed or as amended, may be granted

and/or permitted to become effective.

CMS Energy Corporation (70–9843)

CMS Energy Corporation (‘‘CMS

Energy’’), Fairlane Plaza South, 330

Town Center Drive, Suite 1100,

Dearborn, Michigan 48126, a Michigan

public-utility holding company

claiming exemption under section

3(a)(1) of the Act by rule 2, has filed an

application under sections 9(a)(2) and

10 of the Act.

CMS Energy proposed to acquire

indirectly, through Consumers Energy

Company (‘‘Consumers Energy’’), its

public utility subsidiary, all of the

voting securities of Michigan Electric

Transmission Company (‘‘Michigan

Transco’’), a currently inactive Michigan

corporation. In exchange for these

voting securities, Consumers Energy

intends to transfer its ownership interest

in certain transmission facilities

(‘‘Transmission Assets’’) to Michigan

Transco (‘‘Transfer’’). The Transmission

Assets, which will be transferred at their

actual depreciated value, consist of:

transmission lines (including towers,

poles, and conductors); transformers

with voltage ratings of 120kV and above;

generation tie lines from the

transmission grid to the point of

connection to the generator step-up

transformers; associated voltage control

devices and power flow control devices;

associated transmission substations; and

spare transmission equipment. Upon

acquiring the Transmission Assets,

Michigan Transco will become a publicutility company within the meaning of

the Act.

CMS Energy states that the Transfer is

designed to allow Consumers Energy, in

the future, either to sell its transmission

system to an unaffiliated third-party or

transfer control of it to a regional

transmission organization. It is stated

that the formation of Michigan Transco

is expected to create synergies that

result in better regional transmission

service. Consumers Energy states that it

intends to continue to provide electric

generation and distribution services to

retail customers.

After the Transfer, Consumers Energy

will claim, and CMS Energy will

continue to claim, exemption from

registration by rule 2, under sections

3(a)(2) and 3(a)(1) of the Act,

respectively.

Ameren Corporation, et al. (70–9805)

Ameren Corporation (‘‘Ameren’’), a

registered holding company, and its two

wholly owned combination gas and

electric utility subsidiaries, Union

Electric Company (‘‘UE’’), both located

at 1901 Chouteau Avenue, St. Louis,

Missouri 63103, and Central Illinois

Public Service Company (‘‘CIPS’’), 607

East Adams Street, Springfield, Illinois

62739 (collectively, ‘‘Applicants’’), have

filed an application-declaration under

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

12(d) and 12(f) of the Act and rules 43,

44, 45, 46 and 54 under the Act.

Ameren owns all of the issued and

outstanding common stock of UE and

10764 Federal Register / Vol. 66, No. 33 / Friday, February 16, 2001 / Notices

1The estimated net book value of the Transferred

Assets is approximately $51 million.

2The estimated net book value of the Dividend

Assets is approximately $51 million.

3UE would also assign all related obligations to

CIPS, including the certificates of public

convenience and necessity granted by the Illinois

Commerce Commission, environmental permits and

obligations, all municipal and county franchises,

labor agreements (as applicable), and any other

relevant agreements that exist as of the transfer

date.

CIPS. Together, UE and CIPS provide

retail and wholesale electric service to

approximately 1.5 million customers

and retail natural gas service to

approximately 300,000 customers in

Missouri and Illinois. UE owns and

operates certain utility assets and

provides electric service and natural gas

service in both Missouri and Illinois.

Authorization is sought for certain

transactions (‘‘Asset Transfer’’) that

would result in the acquisition by CIPS

of UE’s electric transmission assets in

Illinois other than those associated with

UE’s Venice, Illinois generating plant

and UE’s electric distribution assets in

Illinois (‘‘T&D Assets’’), and UE’s retail

gas distribution facilities in Illinois

(‘‘Gas Facilities’’ and together with T&D

Assets, ‘‘Acquired Assets’’). In

connection with the Asset Transfer,

CIPS would assume certain obligations

of UE that are associated with the

Acquired Assets.

Applicants propose to transfer

approximately one-half of the Acquired

Assets (‘‘Transferred Assets’’) from UE

directly to CIPS in return for a

promissory note to be issued by CIPS in

an amount equal to approximately onehalf of the total net book value of the

Acquired Assets, net of liabilities.1 The

promissory note would have a market

rate of interest based on interest rates

charged for generally comparable

unsecured five-year notes issued by

companies whose credit quality and

bond ratings are comparable to those of

CIPS. Applicants state that the initial

term of the promissory note would be

five years.

The remaining balance

(approximately one-half) of the

Acquired Assets (‘‘Dividend Assets’’)

and associated liabilities would be

transferred by a dividend from UE to

Ameren and the subsequent

contribution of those assets and

associated liabilities by Ameren to

CIPS.2 Upon the Asset Transfer, CIPS

would assume responsibility for serving

electric and gas customers in Illinois

that are currently served by UE, and UE

would no longer provide regulated

utility services in Illinois. The result of

the Asset Transfer would be to

consolidate the utility operations of

Ameren in Illinois in a single entity.

Specifically, Applicants request

authorization for: (1) UE to transfer the

Transferred Assets directly to CIPS; (2)

UE to transfer the Dividend Assets to

Ameren through an in-kind dividend on

its common stock; (3) Ameren to

contribute the Dividend Assets to CIPS

by making a capital contributions to

CIPS; (4) CIPS to acquire the Acquired

Assets; (5) CIPS to assume certain

liabilities of UE that are associated with

the Acquired Assets,3 and to issue a

subordinated promissory note in an

amount equal to the book value of the

Transferred Assets to UE as payment for

the Transferred Assets; and (6) UE to

acquire and hold the promissory note to

be issued by CIPS.

Applicants note that separate filings

have been made with the Illinois

Commerce Commission relating to

transfer of the T&D Assets and to

transfer of the Gas Facilities. As a result,

it is possible that the transfer may not

coincide. If this is the case, Applicants

contemplate the Asset Transfer would

take place in two stages with the

exchange of two separate promissory

notes. The promissory note associated

with transfer of the T&D Assets only

would be approximately $46 million

and the dividend would be

approximately $46 million. Conversely,

the promissory note associated with

transfer of the Gas Facilities only would

be approximately $5 million and the

related dividend would approximately

$5 million.

Applicants state that the Asset

Transfer would simply regulation of UE

by eliminating regulatory jurisdiction of

the Illinois Commerce Commission over

its activities. Applicants further state

that by transferring responsibility for

serving certain retail electric service

customers in Illinois from UE to CIPS,

the Asset Transfer also would enable UE

to meet its obligations to provide

electric service in the next few years

without acquiring additional generation

facilities and alleviate UE’s projected

electric generation capacity deficit in a

manner beneficial to its Missouri retail

electric service customers. Applicants

state that the combination of the utility

assets of UE in Illinois with the utility

assets of CIPS would result in

efficiencies and economies through

elimination of duplicative regulatory

burdens, and would produce savings for

the benefit of the public, consumers and

investors of CIPS.

The Southern Company (70–8789)

The Southern Company (‘‘Southern’’),

270 Peachtree Street, N.W., Atlanta,

Georgia 30303, a registered holding

company, has filed a post-effective

amendment under sections 6(a) and 7 of

the Act and rules 53 and 54 under the

Act, to a previously filed applicationdeclaration.

By order dated March 13, 1996 (HCAR

No. 26489), Southern was authorized to

issue and sell, from time to time through

April 1, 2001, short-term and/or termloan notes (together, ‘‘Notes’’) and/or

commercial paper (‘‘Commercial

Paper’’) in an aggregate principal

amount not to exceed $2 billion

outstanding at any time. At December

31, 2000, Southern had Commercial

Paper and Notes evidencing bank

borrowings in an aggregate principal

amount of $558,000,000. Southern now

proposes to extend its authority to issue

the Notes and/or Commercial Paper to

April 1, 2008 (‘‘Authorization Period’’).

The aggregate principal amount of Notes

and Commercial Paper, including the

amount presently outstanding, will not

exceed $2 billion at any time during the

Authorization Period. All Notes and

Commercial Paper are unsecured.

Southern proposes to effect short-term

and term-loan borrowings from one or

more lending institutions (‘‘Banks’’).

These borrowings will be evidenced by

either Notes, dated as of the date of the

borrowings, and maturing not more than

seven years after the date of issue, or

‘‘grid’’ Notes, evidencing all outstanding

borrowings from each lender, dated as

of the date of the initial borrowings, and

maturing in not more than seven years

after the date of issue. Southern

proposes that it may provide that Notes

may not be prepayable, or that it may be

prepaid with payment of a premium

that is not in excess of the stated interest

rate on the Note to be prepaid.

Borrowings from Banks will be at: (1)

The prevailing rate offered to corporate

borrowers of similar quality, which will

not exceed the prime rate, (2) the

London Interbank Offered Rate plus up

to three percent or (3) a rate not to

exceed the prime rate to be established

by bids obtained from lenders prior to

a proposed borrowing.

Southern may pay a commitment fee

based upon the unused portion of each

Bank’s commitment. The total fee is

determined by multiplying the unused

portion of the Bank’s commitment by up

to one-half of one percent.

Compensating balances may be used in

lieu of fees to compensate certain Banks.

Southern proposes to issue

Commercial Paper in the form of

promissory notes with varying

maturities not to exceed one year. These

maturities may be subject to extension

to a final maturity not to exceed 390

days. Actual maturities will be

determined by market conditions, the

Federal Register / Vol. 66, No. 33 / Friday, February 16, 2001 / Notices 10765

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

2The Commission has modified the text of the

summaries prepared by DTC.

3Under NSCC Rule 39, QSR members are able to

submit trade data on behalf of other NSCC

members. Securities Exchange Act Release No.

23792 (Nov. 12, 1986), 51 FR 41880 (Nov. 19, 1986).

4NSCC Procedures II(B)(1) and II(C)(1)(e).

5 15 U.S.C. 78s(b)(3)(iii).

6 17 CFR 240.19b–4(f)(4).

effective interest costs and Southern’s

anticipated cash flow, including the

proceeds of other borrowings, at the

time of issuance. Commercial paper will

be issued in denominations of not less

than $50,000 and, by their terms, will

not be prepayable prior to maturity.

Southern proposes to sell the

Commercial Paper directly or through a

dealer or dealers. The discount rate (or

the interest rate), including any

commissions, will not be in excess of

the discount rate per annum (or

equivalent interest rate) prevailing at the

date of issuance for Commercial Paper

of comparable quality and maturity sold

to Commercial Paper dealers.

No commission or fee will be payable

in connection with the issuance and

sale of Commercial Paper, except for a

commission, payable to the dealer, not

to exceed one-eighth of one percent per

annum in respect of Commercial Paper

sold through the dealer as principal.

The dealer will reoffer this Commercial

Paper at a discount rate up to one-eighth

of one percent per annum less than the

prevailing discount rate to the issuer or

at an equivalent cost if sold on an

interest-bearing basis.

Southern proposes to use the

proceeds of the Notes and Commercial

Paper to (1) acquire the securities of

companies in transactions either

authorized in separate proceedings or

exempt from the Act, (2) fund additional

investments, directly or indirectly, in

one or more exempt wholesale

generators (‘‘EWGs’’), as defined in

section 32 of the Act, foreign utility

companies (‘‘FUCOs’’), as defined in

section 33 of the Act, or exempt

telecommunications companies, as

defined in section 34 of the Act, (3)

provide bridge financing for other

equity investments in Southern’s

wholesale generation subsidiary or (4) to

pay for environmental and other

contingencies.

Any short-term borrowings

outstanding after March 31, 2008 will be

retired from internal sources of cash or

the proceeds of financings approved in

separate filings, refinancings of EWG

and FUCO indebtedness on a nonrecourse basis and other distributions

from EWGs and FUCOs.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 01–3916 Filed 2–15–01; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–43949; File No. SR–NSCC–

00–13]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing and

immediate Effectiveness of a Proposed

Rule Change Revising NSCC

Procedures

February 9, 2001.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

November 22, 2000, the National

Securities Clearing Corporation

(‘‘NSCC’’) filed with the Securities and

Exchange Commission (‘‘Commission’’)

and on December 15, 2000, amended the

proposed rule change as described in

Items I, II, and III below, which Items

have been prepared by NSCC. 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

The proposed rule change revises

NSCC’s Procedures to provide that

locked-in trade data for fixed income

securities will be reflected on Bond

Contract Lists and Bond Supplemental

Contract Lists.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission,

NSCC included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. NSCC has prepared

summaries, set forth in sections A, B,

and C below, of the most significant

aspects of such statements.2

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

filing is to make a technical correction

to NSCC’s Procedures to provide that

locked-in trade data for fixed income

securities, as reported by qualified

special representatives (‘‘QSRs’’) 3 and

service bureaus, will be reflected on

Bond Contract Lists.

NSCC Rule 39 provides that NSCC

members have the ability to submit

equity and fixed income trade data on

a locked-in basis on behalf of others

through NSCC’s Special Representative/

QSR input mechanism. Currently, NSCC

only receives such locked-in trade data

for over-the-counter (‘‘OTC’’) equity

securities, and such trades are reported

on T Contracts Lists and T + 1 LockedIn Contract Lists.4

Because NSCC now expects to receive

QSR locked-in data for fixed income

transactions, NSCC is proposing to add

subparagraph (i) to its Procedure

II(D)(1). This new paragraph will state

that licked-in trade data reported by

QSR and service bureaus will be

reflected on Bond Contract Lists, which

are available on the morning of T + 1,

and on Bond Supplemental Contract

Lists, which are available on the

morning of T + 2.

NSCC believes that the proposed rule

change is consistent with the

requirements of the Act and rules and

regulations thereunder because it will

help NSCC promote the prompt and

accurate clearance and settlement of

securities transactions.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

NSCC does not believe that the

proposed rule change will impact or

impose a burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received from

Members, Participants, or Others

No written comments have been

solicited or received. NSCC will notify

the Commission of any written

comments received by NSCC.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective pursuant to Section 19(b)(3)(iii)

of the Act 5 and Rule 19b–4(f)(4) 6

thereunder because the proposed rule

change effects a change in an NSCC’s

existing service that (i) does not

adversely affect the safeguarding of

securities or funds in NSCC’s custody or

control for which NSCC is responsible

and (ii) does not significantly affect the

respective rights or obligations of NSCC

or persons using the service. At any

time within sixty days of the filing of