[Federal Register Volume 59, Number 150 (Friday, August 5, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19088]


[[Page Unknown]]

[Federal Register: August 5, 1994]


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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26094]

 

Filings Under the Public Utility Holding Company Act of 1935 
(``Act'')

July 29, 1994.
    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 
proposal 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 August 22, 1994 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 of 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.

Georgia Power Company (70-8443)

    Georgia Power Company (``Georgia Power''), 333 Piedmont Avenue, 
N.E., Atlanta, Georgia 30308, a wholly-owned electric public-utility 
subsidiary company of The Southern Company, 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 thereunder.
    Georgia Power proposes to enter into a loan agreement or 
installment sales agreement (``Agreement'') on or before December 31, 
1997 in connection with the issuance and sale by the Development 
Authority of Burke County, Georgia (``Authority'') of $60 million 
aggregate principal amount of its Pollution Control Revenue Bonds 
(Georgia Power Company Plant Vogtle Project), Sixth Series 1994 
(``Revenue Bonds ''). The Revenue Bonds will be issued to refinance the 
costs of certain pollution control and/or sewage and solid waste 
disposal facilities at Georgia Power's facilities located in Burke 
County.
    The Revenue Bonds will bear an interest rate equal to 6.375% per 
annum, which may be convertible to a rate that fluctuates in accordance 
with a specified prime or base rate or rates or may be determined 
pursuant to certain remarketing or auction procedures. The Authority 
has entered into underwriting arrangements pursuant to which the 
underwriters will purchase the Revenue Bonds from the Authority at a 
purchase price of 100% of the principal amount thereof. Georgia Power 
will pay the underwriting fee, which is equal to 1.498% of the 
aggregate principal amount of the Revenue Bonds. Such arrangements will 
result in a true interest cost to Georgia Power of 6.489% per annum.
    The Revenue Bonds will mature on August 1, 2024 and may, if it is 
deemed advisable for purposes of marketability, be entitled to the 
benefit of a mandatory redemption sinking fund calculated to retire a 
portion of the aggregate principal amount of the Revenue Bonds prior to 
maturity.
    Pursuant to the Agreement, the Authority will lend to Georgia Power 
the proceeds of the sale of the Revenue Bonds. Under the Agreement, 
Georgia Power will pay the Authority amounts at times and in amounts 
which shall correspond to the payments with respect to the principal 
of, premium, if any, and interest on the related Revenue Bonds whenever 
and in whatever manner the same shall become due, whether at stated 
maturity, upon redemption or declaration or otherwise.
    Proceeds from the sale of the Revenue Bonds will be deposited with 
a trustee (``Trustee'') under an indenture to be entered into between 
the Authority and the Trustee, pursuant to which such Revenue Bonds are 
to be issued and secured. Also, the Agreement will provide for the 
assignment to the Trustee of the Authority's interest in, and of the 
monies receivable by the Authority under, the Agreement.
    Georgia Power may be required to purchase any of the Revenue Bonds, 
or any of the Revenue Bonds may be subject to mandatory redemption, at 
any time if the interest thereon is determined to be subject to federal 
income tax. Also in the event of taxability, interest on those Revenue 
Bonds may be effectively converted to a higher rate, and Georgia Power 
also may be required to indemnify the bondholders against any other 
additions to interest, penalties and additions to tax.
    Georgia Power currently has outstanding certain first mortgage 
bonds issued under an indenture dated as of March 1, 1941 between 
Georgia Power and Chemical Bank, as trustee, as supplemented and 
amended (``Mortgage''). In order to obtain the benefit of ratings for 
the Revenue Bonds equivalent to the rating of these mortgage bonds, 
Georgia Power will deliver to the Trustee a series of first mortgage 
bonds, to be issued under the Mortgage, as collateral for its 
obligations to the Authority related to the Revenue Bonds (``Collateral 
Bonds''). The aggregate principal amount of such Collateral Bonds would 
be equal to either: (1) the principal amount of the related Revenue 
Bonds, if the Collateral Bonds are interest-bearing; or (2) the sum of 
such principal amount of those Revenue Bonds plus interest payments 
thereon for a specified period, if the Collateral Bonds are not 
interest-bearing. The Collateral Bonds will mature on the maturity date 
of the Revenue Bonds.
    The proceeds from the sale of the Revenue Bonds will be applied by 
Georgia Power to the redemption of $126.725 million principal amount of 
Development Authority of Burke County (Georgia), 12% Pollution Control 
Revenue Bonds (Georgia Power Company Plant Vogtle Project), Third 
Series 1984.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-19088 Filed 8-4-94; 8:45 am]
BILLING CODE 8010-01-M