[Federal Register Volume 62, Number 232 (Wednesday, December 3, 1997)]
[Notices]
[Pages 63997-63999]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-31621]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-26784]


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

November 24, 1997.
    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 December 18, 1997, 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.

Central Power and Light Co.

[70-8597]

    Central Power and Light company (``CPL''), 539 North Carancahua 
Street, Corpus Christi, Texas, 78401, a wholly owned electric utility 
subsidiary company of Central and South West Corporation, a registered 
public utility holding company, has filed a post-effective amendment, 
under sections 6(a), 7, 9(a) and 10 of the Act and rule 54 under the 
Act, to an application-declaration filed under sections 6(a), 7, 9(a), 
10, 12(c) and 12(d) of the Act and rules 44 and 51 under the Act.
    By orders dated June 15, 1995 (HCAR No. 26309), July 26, 1995 (HCAR 
No. 26339), and August 28, 1996 (HCAR No. 26565) (``Orders''), CPL was 
authorized to incur obligations, through December 31, 1997, in 
connection with the issuance by the Matagorda County

[[Page 63998]]

Navigation District No. One (``District'') of up to $325 million in 
Pollution Control Revenue Refunding Bonds (``Refund Bonds'') and of up 
to $150 million in Pollution Control Revenue Bonds and/or Solid Waste 
Revenue Bonds (``New Bonds'') (collectively, ``Bonds''). CPL to date 
has issued $160.635 million of Refund Bonds and no New Bonds, leaving 
$164.365 million of Refund Bonds and $150 million of New Bonds to be 
issued.
    CPL now requests an extension of the authorization to issue the 
remaining Refund Bonds and New Bonds, pursuant to the terms and 
conditions set forth in the Orders, through December 31, 2002.
    The Orders stated that the purpose of the Refund Bonds was to re-
acquire all or a portion of five types of previously issued Pollution 
Control Revenue Bonds (``Old Bonds'') and that the purpose of the New 
Bonds was to reimburse CPL for expenditures qualified for tax-exempt 
financing or to provide for current solid waste expenditures.
    The Old Bonds were issued to finance pollution control and solid 
waste disposal facilities for the South Texas Project Electric 
Generating Station (``Plant''). CPL owns a 25.2% undivided interest in 
the Plant. The Old Bonds were issued pursuant to Indentures of Trust 
with NationsBank of Texas, N.A., the Bank of New York, and Texas 
Commerce Bank, N.A.
    CPL had entered into Installment Sale Agreements (``Sale 
Agreements'') to provide for the issuance of the Old Bonds. In 
connection with the issuance of the Bonds, the Orders authorized CPL to 
amend the Sale Agreements, enter into agreements with similar terms, 
and/or enter into new installment sale agreements.
    The Orders provided that the Bonds were to bear a fixed or floating 
interest rate, were authorized to be secured with First Mortgage Bonds, 
and were to mature between one and forty years. The interest rate, 
redemption provisions and other terms and conditions applicable to the 
Bonds were to be determined through negotiation between CPL and one or 
more investment banking firms that were to purchase or underwrite the 
Bond (``Firms'').
    The Orders authorized CPL to issue First Mortgage Bonds, to secure 
the Bonds, subject to applicable indenture restrictions, under a 
Supplemental Indenture to its Mortgage Indenture dated November 1, 1943 
to the First National Bank of Chicago and A.H. Bohm. The optional 
redemption provisions, the sinking-fund provisions, and the limitation 
on dividends relative to the First Mortgage Bonds were authorized to 
deviate from the SEC Statement of Policy Regarding First Mortgage 
Bonds.
    The Orders anticipated that the Bonds would be sold by the District 
pursuant to a Bond Purchase Agreement between the District and one or 
more Firms. The Orders authorized CPL to enter into negotiations with 
the Firms with respect to the interest rate, redemption provisions and 
other terms and conditions applicable to the Bonds.
    Finally, the Orders authorized the use by CPL of interest rate 
swaps and other interest rate risk management devices.

Eastern Utilities Associates, et al.

[70-8609]

    Eastern Utilities Associates, P.O. Box 2333, Boston, Massachusetts, 
02107, a registered holding company; its public utility subsidiaries--
Blackstone Valley Electric Company, Washington Highway, Lincoln, Rhode 
Island, 02865; Newport Electric Corporation, 12 Turner Road, 
Middletown, Rhode Island 02840; Eastern Edision Company, P.O. Box 2333, 
Boston, Massachusetts, 02107; and Montaup Electric Company, P.O. Box 
2333, Boston, Massachusetts, 02107;--and its non-utility subsidiaries--
EUA Service Corporation, P.O. Box 543, West Bridgewater, Massachusetts, 
02379; EUA Cogenex Corporation, P.O. Box 2333, Boston, Massachusetts, 
02107; and TransCapacity Limited Partnership, 83 Pine Street, Suite 
101, West Peabody, Massachusetts, 01961 (``EUA Companies'')--have filed 
a post-effective amendment to an application filed under sections 6(a), 
7, 9(a), 10 and 12(c) of the Act and rule 54 under the Act.
    By order dated June 15, 1995 (HCAR No. 26308), the EUA Companies 
were authorized, through December 15, 1997, to contribute 150,000 
common shares of EUA stock, or to contribute cash to purchase 150,000 
common shares from EUA or on the open market, to an Employees' Savings 
Plan (``Plan''). The Plan, established in 1981, meets the requirements 
of the Employee Retirement Income Security Act of 1974 and is qualified 
and exempt under the Internal Revenue Code.
    The EUA Companies now seek authorization to contribute to the Plan 
up to 200,000 common shares of EUA stock, or to contribute cash to 
purchase up to 200,000 common shares on the open market, through 
December 15, 1999.

Columbia Gas System, Inc.

[70-9127]

    The Columbia Gas System, Inc. (``Columbia''), 12355 Sunrise Valley 
Drive, Suite 300, Reston, Virginia, 20191-3458, a registered holding 
company, has filed an application-declaration under sections 6(a), 7, 
9(a), 10 and 13 of the Act and rule 54 under the Act.
    Columbia seeks authorization to provide consulting services to 
associate and non-associate companies, and to engage in activities 
contemplated by the Gas Related Activities Act of 1990 (``GRAA''), on 
an international basis. In addition, Columbia seeks authorization to 
invest up to $5 million to acquire oil and natural gas leasehold 
interests in southern Ontario, Canada (``Canadian Interests'').
    Columbia would both provide consulting services and engage in GRAA 
activities (``Activities'') through one or more, direct or indirect, 
to-be-formed non-utility subsidiaries (``Foreign Energy 
Subsidiaries''). The Foreign Energy Subsidiaries, in turn, might form 
one or more special-purpose subsidiaries to invest, directly or 
indirectly, in corporations, limited liability companies, partnerships 
or other entities that derive substantially all of their revenues from 
foreign consulting services or activities under the GRAA.
    Columbia seeks authorization for the Foreign Energy Subsidiaries to 
engage in preliminary development activities in connection with foreign 
gas-related activities but asks the Commission to reserve jurisdiction 
over specific gas-related activities apart from the acquisition of the 
Canadian Interests.
    Columbia seeks authorization to invest up to $5 million, through 
the Foreign Energy Subsidiaries, to acquire the Canadian Interests 
offered for sale by Paragon Petroleum Corporation (``Paragon''), a 
Canadian corporation. On October 17, 1997, Columbia Natural Resources, 
Inc. entered into a letter of intent with Paragon to acquire the 
Canadian Interests. This transaction is expected to close by December 
31, 1997.
    Columbia requests that the Commission authorize participation in 
the money pool by those direct and indirect subsidiaries that are 
formed in connection with the specific authorization sought in this 
application-declaration.


[[Page 63999]]


    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 97-31621 Filed 12-2-97; 8:45 am]
BILLING CODE 8010-01-M