[Federal Register Volume 65, Number 198 (Thursday, October 12, 2000)]
[Notices]
[Page 60697]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-26109]



[[Page 60697]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27240]


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

October 4, 2000.
    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 applicant(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 October 30, 2000, to the Secretary, Securities and Exchange 
Commission, Washington, D.C. 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 October 30, 2000, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

System Energy Resources, Inc., 70-9753

    Entergy Corporation (``Entergy''), 639 Loyola Avenue, New Orleans, 
Louisiana 70113, a registered holding company, Entergy's electric 
generating subsidiary company, System Energy Resources, Inc. (``System 
Energy''), 1340 Echelon Parkway, Jackson, Mississippi 39213, and 
Entergy's operating subsidiary companies (``Operating Subsidiaries''), 
Entergy Arkansas, Inc., 425 West Capitol, Little Rock, Arkansas 72201, 
Entergy Louisiana, Inc., 4809 Jefferson Highway, Jefferson, Louisiana 
70121, Entergy Mississippi, Inc., 308 East Pearl Street, Jackson, 
Mississippi 39201, Entergy New Orleans, Inc., 1600 Perido Building, New 
Orleans, LA 70112, have filed an application-declaration under sections 
6(a), 7, 9(a), 10, 12(b) and 12(d) of the Public Utility Holding 
Company Act of 1935 (``Act''), as amended, and rules 44, 45 and 54 
under the Act.
    System Energy proposes, from time to time through December 31, 2005 
to issue and sell one or more series of its First Mortgage Bonds 
(``Bonds''), and/or one or more series of its Debentures 
(``Debentures'') in a combined aggregate principal amount of Bonds and 
Debentures not to exceed $350 million. Each series of Bonds and 
Debentures will have such interest rate, maturity date, redemption, and 
sinking fund provisions, as shall be determined at the time of sale. No 
series of Bonds or Debentures will be sold if the fixed interest rate 
or adjustable interest rate would exceed 15% per annum and mature not 
later than fifty years from the date of issuance.
    In order to provide security for its obligations with respect to 
each series of the Bonds, System Energy may determine to enter into one 
or more assignments for the benefit of the holders of such Bonds, of 
its rights under the Availability Agreement, dated as of June 21, 1974, 
as amended. The Operating Companies, each of which is a party to the 
Availability Agreement, will be required to consent to and join in any 
such Assignment. In addition, System Energy may determine to enter into 
an assignment for the benefit of the holders of the Bonds of its rights 
under the Capital Funds Agreement, dated as of June 21, 1974. In such 
event, Entergy, which is a party to the Capital Funds Agreement, will 
be required to consent to and join in the assignment. Lastly, System 
Energy may determine to provide an insurance policy for the payment of 
the principal of and/or interest and/or premium on one or more series 
of Bonds or Debentures.
    System Energy proposes to use the net proceeds from the issuance 
and sale of the Bonds and Debentures for general corporate purposes, 
including the repayment of outstanding securities when due and/or the 
possible redemption or the acquisition of outstanding First Mortgage 
Bonds and/or Debentures, the payment of construction costs and nuclear 
fuel costs, the repayment of borrowings and for other working capital 
needs.
    System Energy also proposes to enter into arrangements for the 
issuance of tax-exempt bonds under which System Energy proposes from 
time to time through December 31,2005, to enter into one or more 
installment purchases, refunding or other facilities agreements or one 
or more supplements thereto (``Facilities Agreement'') with one or more 
issuing governmental authorities (``Issuer'') which will contemplate 
the issuance and sale by the Issuer of one or more series of tax-exempt 
bonds in an aggregate principal amount not to exceed $500 million 
(``Tax-Exempt Bonds'') under one or more trust indentures between the 
Issuer and one or more trustees (``Trustee''). Each series of Tax-
Exempt Bonds will have such interest rate, maturity date, redemption, 
and sinking fund provisions, be secured by such means, as shall be 
determined at the time of sale. In no event will the Tax-Exempt Bonds 
mature earlier than five years nor later than fifty years from the date 
of issuance and no series of Tax-Exempt Bonds will be sold if the fixed 
interest rate or initial adjustable interest rate thereon will exceed 
13% per annum.
    In order to obtain a more favorable rating on any series of Tax-
Exempt Bonds, and improve the marketability thereof, System Energy may 
arrange for one or more irrevocable letters of credit from one or more 
banks in favor of the Trustee. As an alternative, System Energy may 
provide an insurance policy for the payment of the Tax-Exempt Bonds or 
pledge one or more new series of First Mortgage Bonds up to an 
aggregate amount not to exceed $565 million (``Collateral Bonds''). The 
terms of the Collateral Bonds relating to maturity, interest payment 
dates, redemption provisions and acceleration will correspond to the 
terms of the related Tax-Exempt Bonds.
    System Energy also proposes from time to time through December 31, 
2005 to enter into arrangements for the issuance of municipal 
securities in an aggregate principal amount not to exceed $100 million 
(``Municipal Securities'') to be issued in one or more series through a 
state or local municipal entity on behalf of System Energy.
    System Energy proposes to use the net proceeds from the issuance 
and sale of the bonds and Debentures to acquire and retire at any time 
or from time to time prior to December 31, 2005, by means of tender 
offer, open market, negotiated or other purchases, or redemption, in 
whole or in part, prior to their respective maturities, one or more 
series of outstanding Tax-Exempt Bonds.

    For the Commission by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-26109 Filed 10-11-00; 8:45 am]
BILLING CODE 8010-01-M