[Federal Register Volume 65, Number 205 (Monday, October 23, 2000)]
[Notices]
[Pages 63268-63269]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-27131]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27251]


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

October 13, 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 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 November 7, 2000, 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 November 7, 2000, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

IES Utilities (70-9375)

    IES Utilities (``IES''), Alliant Energy Tower, Cedar Rapids, Iowa 
52401, a wholly owned gas and electric utility subsidiary company of 
Alliant Energy Corporation, a registered holding company, has filed a 
post-effective amendment under sections 6(a) and 7 of the Act and rule 
54 under the Act to a declaration previously filed under the Act.
    By order dated November 25, 1998 (HCAR No. 26945) (``Current 
Financing Order''), the Commission authorized IES to issue and sell 
from time to time, through December 31, 2000, in one or more series, 
any combination of collateral trust bonds (``Trust Bonds''), senior 
unsecured debentures (``Senior Debentures'') and unsecured subordinated 
debentures (``Subordinated Debentures''). The current Financing Order 
also authorized IES to enter into an agreement or agreements for the 
issuance and sale of one or more series of tax-exempt bonds (``Tax-
Exempt Bonds''), maturing not later than 30 years from the first day of 
the month in which they are initially issued, for the financing or 
refinancing and air and water pollution control facilities and sewage 
and solid water disposal facilities (``Facilities''). As security for 
IES's obligations under any agreement relating to the Tax-Exempt Bonds, 
IES was also authorized to: (1) Issue its non-negotiable promissory 
note or notes to evidence loans to IES of the proceeds of the Tax-
Exempt Bonds by the issuer; \1\ (2) convey a subordinated security 
interest in any Facilities that are financed through the issuance of 
Tax-Exempt Bonds; (3) issue and pledge one or more new series of Trust 
Bonds; (4) acquire and deliver letters of credit guaranteeing payment 
of the Tax-Exempt Bonds and enter into related reimbursement 
agreements; (5) acquire insurance policies guaranteeing payment of the 
Tax-Exempt Bonds; and (6) provide a direct guarantee of payment of the 
principal of and premium, if any, and interest on the Tax-Exempt Bonds.
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    \1\ The note will provide for payments to be made by IES at 
times and in amounts, which will correspond to the payments 
regarding the principal of, premium, if any, and interest on the 
related Tax-Exempt Bonds.
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    Under the Current Financing Order, the aggregate principal amount 
of the Trust Bonds, Senior Debentures, Subordinated Debentures, and 
Tax-Exempt Bonds shall not exceed $200 million, excluding the principal 
amount of any Trust Bonds issued as collateral security for Tax-Exempt 
Bond obligations and any other forms of collateral related to the Tax-
Exempt Bonds. Each series of Trust Bonds, Senior Debentures and 
Subordinated Debentures will mature not later than 30 years from the 
day of issuance. The Current Financing Order provides that no series of 
Trust Bonds will be issued at rates in excess of the lower of 15% per 
annum or those rates generally obtainable at the time of pricing for 
the first mortgage bonds having reasonably similar maturities, issued 
by companies of the same or reasonably comparable credit quality and 
having reasonably similar terms, conditions and features (``Ceiling 
Rate''). Further, the Current Financing Order provides that no series 
of Senior Debentures or Subordinated Debentures will be sold if their 
fixed interest rate or initial adjustable interest rate exceeds the 
Ceiling Rate.
    IES now proposes to extend the authorization period under the 
Current Financing Order from December 31,

[[Page 63269]]

2000 to June 30, 2004 (``Extended Authorization Period''). During the 
Extended Authorization Period, IES proposes to issue from time to time 
in one or more transactions Trust Bonds, Senior Debentures, and 
Unsecured Debentures and to enter into agreements with respect to Tax-
Exempt Bonds in an aggregate principal amount not to exceed $200 
million, excluding Trust Bonds and any other form of collateral. IES 
states that all other terms, conditions, and limitations contained in 
the Current Financing Order will continue to apply.

Interstate Power Company (70-9377)

    Interstate Power Company (``IPC''), 1000 Main Street, P.O. Box 769, 
Dubuque, Iowa 52004-07691, a wholly owned gas and electric utility 
subsidiary company of Alliant Energy Corporation, a registered holding 
company, has filed a post-effective amendment under sections 6(a) and 7 
of the Act and rule 54 under the Act to its declaration previously 
filed under the Act.
    By order dated November 25, 1998 (HCAR No. 26946) (``Current 
Financing Order''), the Commission authorized IPC to issue and sell 
from time to time, through December 31, 2000, in one or more series, 
any combination of first mortgage bonds (``First Mortgage Bonds''), 
senior unsecured debentures (``Senior Debentures'') and unsecured 
subordinated debentures (``Subordinated Debentures''). The Current 
Financing Order also authorized IPC to enter into an agreement or 
agreements for the issuance and sale of one or more series of tax-
exempt bonds (``Tax-Exempt Bonds''), maturing no later than 30 years 
from the first day of the month in which they are issued initially, for 
the financing or refinancing of air and water pollution control 
facilities and sewage and solid waste disposal facilities 
(``Facilities''). As security for IPC's obligations under any agreement 
relating to the Tax-Exempt Bonds, IPC was also authorized to: (1) Issue 
its non-negotiable promissory note or notes to evidence loans to IPC by 
the issuer of the proceeds of the Tax-Exempt Bonds; \2\ (2) convey a 
subordinated security interest in any Facilities that are financed 
through the issuance of Tax-Exempt Bonds; (3) issue and pledge one or 
more new series of First Mortgage Bonds; (4) acquire and deliver 
letters of credit guaranteeing payment of the Tax-Exempt Bonds and 
enter into related reimbursement agreements; (5) acquire insurance 
policies guaranteeing payment of the Tax-Exempt Bonds; and (6) provide 
a direct guarantee of payment of the principal of and premium, if any, 
and interest on the Tax-Exempt Bonds.
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    \2\ The note will provide for the payments to be made by IPC at 
times and in amounts, which will correspond to the payments 
regarding the principal of, premium, if any, and interest on the 
related Tax-Exempt Bonds.
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    Under the Current Financing Order, the aggregate principal amount 
of the First Mortgage Bonds, Senior Debentures, Subordinated 
Debentures, and Tax-Exempt Bonds will not exceed $80 million, excluding 
the principal amount of any First Mortgage Bonds issued as collateral 
security for Tax-Exempt Bond obligations and any other forms of 
collateral related to the Tax-Exempt Bonds. Each series of First 
Mortgage Bonds, Senior Debentures and Subordinated Debentures will 
mature not later than 30 years from the day of issuance. The Current 
Financing Order provides that no series of First Mortgage Bonds will be 
issued at rates in excess of the lower of 15% per annum or those rates 
generally obtainable at the time of pricing for first mortgage bonds 
having reasonably similar maturities, issued by companies of the same 
or reasonably comparable credit quality and having reasonably similar 
terms, conditions and features (``Ceiling Rate''). Further, the Current 
Financing Order provides that no series of Senior Debentures or 
Subordinated Debentures will be sold if their fixed interest rate or 
initial adjustable interest rate exceeds the Ceiling Rate.
    IPC now proposes to extend the authorization period under the 
Current financing Order from December 31, 2000 to June 30, 2004 
(``Extended Authorization Period''). During the Extended Authorization 
Period, IPC proposes to issue from time to time in one or more 
transactions First Mortgage Bonds, Senior Debentures and Subordinated 
Debentures and to enter into agreements regarding Tax-Exempt Bonds in 
an aggregate principal amount not to exceed $80 million, excluding 
First Mortgage Bonds issued as collateral for IPC's Tax-Exempt Bond 
obligations and any other related form of collateral. IPC states that 
all other terms, conditions and limitations contained in the Current 
Financing Order will continue to apply.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 00-27131 Filed 10-20-00; 8:45 am]
BILLING CODE 8010-01-M