[Federal Register Volume 66, Number 178 (Thursday, September 13, 2001)]
[Notices]
[Pages 47708-47709]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-22982]


=======================================================================
-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 35-27437]


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

September 7, 2001.
    Notice is hereby given that the following filings(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 October 2, 2001, 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 2, 2001, the application(s) and/or 
declaration(s), as filed or as amended, may be granted and/or permitted 
to become effective.

Appalachian Power Company (70-5503)

    Appalachian Power Company (``Appalachian''), 40 Franklin Road, 
S.W., Roanoke, Virginia 24011, an electric utility subsidiary of 
American Electric Power Company, Inc., a registered holding company, 
has filed a post-effective amendment to its application-declaration 
under sections 9(a), 10 and 12(d) of the Act and rules 44 and 54 under 
the Act.
    By order dated December 10, 1974 (HCAR No. 18703) (``Order''), the 
Commission authorized Appalachian, among other things, to enter into an 
agreement of sale (``Agreement'') with the Industrial Development 
Authority of Russell County, Virginia (``Authority''), concerning the 
financing of pollution control facilities (``Facilities'') at 
Appalachian's Glen Lyn and Clinch River plants. Under the Agreement, 
the Authority may issue and sell its pollution control revenue bonds 
(``Revenue Bonds'') or pollution control refunding bonds (``Refunding 
Bonds'' and, together with Revenue Bonds, ``Bonds''), in one or more 
series, and deposit the proceeds with the trustee (``Trustee'') under 
an indenture (``Indenture'') entered into between the Authority and the 
Trustee. The Trustee applies the proceeds to the payment of the costs 
of construction of the Facilities or, in the case of proceeds from the 
sale of Refunding Bonds, to the payment of principal, premium (if any) 
and/or interest on Bonds to be refunded.
    The Order also authorized Appalachian to convey an undivided 
interest in a portion of the Facilities to the Authority, and to 
reacquire that interest under an installment sales arrangement (``Sales 
Agreement'') requiring Appalachian to pay as the purchase price semi-
annual installments in an amount that, together with other funds held 
by the Trustee under the Indenture for that purpose, will enable the 
Authority to pay, when due, the interest and principal on the Bonds. To 
date, the Authority has issued and sold eight series of Bonds in an 
aggregate principal amount of $116.24 million of which $37.0 million 
presently are outstanding.
    The Authority now intends to issue and sell an additional series of 
bonds in the aggregate principal amount of up to $17.5 million 
(``Series I Refunding Bonds''), the proceeds of which will be used to 
provide for the redemption on or prior to maturity of $17.5 million 
principal amount of the Series G Bonds of the Authority. It is 
contemplated that the Series I Refunding Bonds will be issued and 
secured under a supplemental indenture between the Authority and the 
Trustee. Appalachian proposes to enter into an amended Sales Agreement 
in connection with the Series I Refunding Bonds under essentially the 
same terms and conditions of the original Sales Agreement. It is 
contemplated that the Series I Refunding Bonds will be sold under 
arrangements with a group of underwriters with such terms as shall be 
specified by Appalachian. The Series I Refunding Bonds shall have a 
state maturity of no more than forty years, a fixed rate of interest 
that shall not exceed 8% per annum or an initial rate of interest by 
any fluctuating rate Bonds that shall not exceed 8%. If it is deemed 
advisable, the Series I Refunding Bonds may be provided some form of 
credit enhancement, including, but not limited to, a letter of credit, 
bond insurance, standby purchase agreement or surety bond.

Appalachian Power Company (70-6171)

    Appalachian Power Company (``Appalachian''), 40 Franklin Road, 
Roanoke, Virginia 24011, an electric utility subsidiary company of 
American Electric Power Company, Inc., a registered holding company, 
has filed a post-effective amendment under sections 9(a), 10 and 12(d) 
of the Act and rules 44 and 54 under the Act to its application-
declaration previously filed under the Act.
    By order dated June 30, 1978 (HCAR No. 20610) (``Order''), 
Appalachian was authorized to enter into an agreement of sale 
(``Agreement'') with Mason County, West Virginia (``County''). The 
Agreement provided for the construction, installation, financing and 
sale of certain pollution control facilities (``Facilities'') at 
Appalachian's Philip Sporn and Mountaineer Plants. Under the Agreement, 
the County may issue and sell its pollution control revenue bonds 
(``Revenue Bonds'') or pollution control refunding bonds (``Refunding 
Bonds''), in one or more series, and deposit the proceeds with the 
trustee (``Trustee'') under an indenture (``Indenture'') entered into 
between the County and the Trustee. The proceeds are applied by the 
Trustee

[[Page 47709]]

to the payment of the costs of construction of the Facilities, or in 
the case of proceeds from the sale of Refunding Bonds, to the payment 
of the principal, premium (if any) and/or interest on Revenue Bonds to 
be refunded.
    The Order also authorized Appalachian to convey an undivided 
interest in a portion of the Facilities to the County, and to reacquire 
that interest under an installment sales arrangement (``Sales 
Agreement'') requiring Appalachian to pay as the purchase price semi-
annual installments in an amount that, together with other funds held 
by the Trustee under the Indenture for that purpose, will enable the 
County to pay, when due, the interest and principal on the Revenue 
Bonds. The County has issued and sold eight series of bonds in the 
aggregate principal amount of $350 million of which $130 million 
presently are outstanding.
    It is now proposed that the County will issue and sell an 
additional series of Bonds in the aggregate principal amount of up to 
$10 million (``Series L Refunding Bonds'') the proceeds of which will 
be used to provide for the redemption on or prior to maturity of $10 
million principal amount of the Series H Bonds of the County. 
Appalachian proposes to enter into an amended Sales Agreement in 
connection with the Series L Refunding Bonds under essentially the same 
terms and conditions of the original Sales Agreement.
    It is contemplated that the Series L Refunding Bonds will be sold 
under arrangements with a group of underwriters with such terms as 
shall be specified by Appalachian. The Series L Refunding Bonds shall 
have a stated maturity of no more than forty years, a fixed rate of 
interest that shall not exceed 8% per annum or an initial rate of 
interest by any fluctuating rate Bonds that shall not exceed 8%. If it 
is deemed advisable, the Series L Refunding Bonds may be provided some 
form of credit enhancement, including, but not limited to, a letter of 
credit, bond insurance, standby purchase agreement or surety bond.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-22982 Filed 9-12-01; 8:45 am]
BILLING CODE 8010-01-M