[Federal Register Volume 59, Number 150 (Friday, August 5, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-19088]
[[Page Unknown]]
[Federal Register: August 5, 1994]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-26094]
Filings Under the Public Utility Holding Company Act of 1935
(``Act'')
July 29, 1994.
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
proposal 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 22, 1994 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 of 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.
Georgia Power Company (70-8443)
Georgia Power Company (``Georgia Power''), 333 Piedmont Avenue,
N.E., Atlanta, Georgia 30308, a wholly-owned electric public-utility
subsidiary company of The Southern Company, a registered holding
company, has filed an application-declaration under Sections 6(a), 7,
9(a), 10 and 12(d) of the Act and Rules 44 and 54 thereunder.
Georgia Power proposes to enter into a loan agreement or
installment sales agreement (``Agreement'') on or before December 31,
1997 in connection with the issuance and sale by the Development
Authority of Burke County, Georgia (``Authority'') of $60 million
aggregate principal amount of its Pollution Control Revenue Bonds
(Georgia Power Company Plant Vogtle Project), Sixth Series 1994
(``Revenue Bonds ''). The Revenue Bonds will be issued to refinance the
costs of certain pollution control and/or sewage and solid waste
disposal facilities at Georgia Power's facilities located in Burke
County.
The Revenue Bonds will bear an interest rate equal to 6.375% per
annum, which may be convertible to a rate that fluctuates in accordance
with a specified prime or base rate or rates or may be determined
pursuant to certain remarketing or auction procedures. The Authority
has entered into underwriting arrangements pursuant to which the
underwriters will purchase the Revenue Bonds from the Authority at a
purchase price of 100% of the principal amount thereof. Georgia Power
will pay the underwriting fee, which is equal to 1.498% of the
aggregate principal amount of the Revenue Bonds. Such arrangements will
result in a true interest cost to Georgia Power of 6.489% per annum.
The Revenue Bonds will mature on August 1, 2024 and may, if it is
deemed advisable for purposes of marketability, be entitled to the
benefit of a mandatory redemption sinking fund calculated to retire a
portion of the aggregate principal amount of the Revenue Bonds prior to
maturity.
Pursuant to the Agreement, the Authority will lend to Georgia Power
the proceeds of the sale of the Revenue Bonds. Under the Agreement,
Georgia Power will pay the Authority amounts at times and in amounts
which shall correspond to the payments with respect to the principal
of, premium, if any, and interest on the related Revenue Bonds whenever
and in whatever manner the same shall become due, whether at stated
maturity, upon redemption or declaration or otherwise.
Proceeds from the sale of the Revenue Bonds will be deposited with
a trustee (``Trustee'') under an indenture to be entered into between
the Authority and the Trustee, pursuant to which such Revenue Bonds are
to be issued and secured. Also, the Agreement will provide for the
assignment to the Trustee of the Authority's interest in, and of the
monies receivable by the Authority under, the Agreement.
Georgia Power may be required to purchase any of the Revenue Bonds,
or any of the Revenue Bonds may be subject to mandatory redemption, at
any time if the interest thereon is determined to be subject to federal
income tax. Also in the event of taxability, interest on those Revenue
Bonds may be effectively converted to a higher rate, and Georgia Power
also may be required to indemnify the bondholders against any other
additions to interest, penalties and additions to tax.
Georgia Power currently has outstanding certain first mortgage
bonds issued under an indenture dated as of March 1, 1941 between
Georgia Power and Chemical Bank, as trustee, as supplemented and
amended (``Mortgage''). In order to obtain the benefit of ratings for
the Revenue Bonds equivalent to the rating of these mortgage bonds,
Georgia Power will deliver to the Trustee a series of first mortgage
bonds, to be issued under the Mortgage, as collateral for its
obligations to the Authority related to the Revenue Bonds (``Collateral
Bonds''). The aggregate principal amount of such Collateral Bonds would
be equal to either: (1) the principal amount of the related Revenue
Bonds, if the Collateral Bonds are interest-bearing; or (2) the sum of
such principal amount of those Revenue Bonds plus interest payments
thereon for a specified period, if the Collateral Bonds are not
interest-bearing. The Collateral Bonds will mature on the maturity date
of the Revenue Bonds.
The proceeds from the sale of the Revenue Bonds will be applied by
Georgia Power to the redemption of $126.725 million principal amount of
Development Authority of Burke County (Georgia), 12% Pollution Control
Revenue Bonds (Georgia Power Company Plant Vogtle Project), Third
Series 1984.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 94-19088 Filed 8-4-94; 8:45 am]
BILLING CODE 8010-01-M
