[Federal Register Volume 61, Number 150 (Friday, August 2, 1996)]
[Notices]
[Page 40470]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-19628]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26547]
Filings Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
July 26, 1996.
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 August 19, 1996, to the Secretary, Securities and Exchange
Commission, Washington, D.C. 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.
CNG Transmission Corporation, et al. (70-7641)
CNG Transmission Corporation (``Transmission''), a wholly-owned
subsidiary of Consolidated Natural Gas Company (``Consolidated''), a
registered holding company, and CNG Iroquois, Inc. (``CNGI''), a
wholly-owned subsidiary of Transmission, both Transmission and CNGI of
445 West Main Street, Clarksburg, West Virginia 26301, have filed a
post-effective amendment, under sections 6(a), 7, 9(a), 10, 12(b) and
12(c) of the Act and rules 45 and 54 thereunder and section 2(a) of the
Gas Related Activities Act of 1990, to their application-declaration in
the above file.
By orders dated January 9, 1991 (HCAR No. 25239), February 28, 1991
(HCAR No. 25263), May 7, 1991 (HCAR No. 25308) and July 6, 1993 (HCAR
No. 25845) (collectively, the ``Orders''), among other things, CNGI was
authorized to acquire a 9.4% general partnership interest in Iroquois
Gas Transmission System L.P. (the ``Partnership''), a partnership
formed to construct and own an interstate natural gas pipeline
installed betwen Canada and Long Island, New York; to make equity
contributions to the Partnership up to an aggregate amount of $55
million outstanding at any one time, through June 30, 1996; and in
respect of the Partnership, to provide guarantees, indemnities, letters
of credit and/or reimbursement agreements up to an aggregate amount of
$20 million outstanding at any one time, through June 30, 1996.
Pursuant to the Orders, among other things, Transmission was authorized
to fund CNGI through the making of open account advances and/or the
purchase of CNGI common stock, at $10,000 par value, up to an aggregate
amount of $55 million outstanding at any one time, with CNGI retaining
the right to repurchase the common stock at its par value, through June
30, 1996; and to provide guarantees, indemnities, letters of credit
and/or reimbursement agreements to CNGI up to an aggregate amount of
$20 million outstanding at any one time, through June 30, 1996.
CNGI now seeks to increase its ownership interest in the
Partnership from 9.4% to 16% by purchasing a 6.6% general partnership
interest from ANR Iroquois, Inc. for approximately $15 million.
The applicants state that construction of the pipeline was
completed in 1992; a credit facility involving several institutional
lenders currently provides long-term financing for the pipeline. In
anticipation of funding obligations which may arise out of maintenance
activities and expansion projects which the Partnership may undertake
in the future from time to time, the applicants request extensions
through June 30, 2001 of CNGI's and Transmission's authority to provide
guarantees and indemnities, letters of credit and/or related
reimbursement agreements in an amount, for each company, not to exceed
$20 million outstanding at any one time, in respect of the Partnership
and CNGI, respectively.
CNGI has 5,000 authorized shares of its common stock, $10,000 par
value, of which 1,494 shares are issued and outstanding. CNGI requests
authority to increase its authorized share capital from 5,000 to 10,000
shares. CNGI also seeks an extension through June 30, 2001 to buy back,
at par value, shares of its common stock issued and sold to
Transmission.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 96-19628 Filed 8-1-96; 8:45 am]
BILLING CODE 8010-01-M
