Filing Under the Public Utility Holding Company Act of 1935, as Amended (“Act”), 70646-70647 [E5-6411]
Download as PDF
<![CDATA[
70646
Federal Register / Vol. 70, No. 224 / Tuesday, November 22, 2005 / Notices
Amendment Nos.: Unit 1–174; Unit
2–162.
Facility Operating License Nos. NPF–
76 and NPF–80: The amendments
revised the Technical Specifications.
Date of initial notice in Federal
Register: July 5, 2005 (70 FR 38722).
The Commission’s related evaluation
of the amendments is contained in a
Safety Evaluation dated October 17,
2005.
No significant hazards consideration
comments received: No.
Virginia Electric and Power Company,
Docket Nos. 50–338 and 50–339, North
Anna Power Station, Units 1 and 2,
Louisa County, Virginia
Date of application for amendment:
March 1, 2005, as supplemented by
letters dated June 16 and September 23,
2005.
Brief description of amendment:
These amendments revise the frequency
for the trip actuating device operational
test (TADOT) of the P–4 interlock
function. The proposed changes would
revise the surveillance requirement
frequency in Technical Specification
3.3.2 from ‘‘once per reactor trip breaker
cycle’’ to ‘‘18 months’’ for North Anna,
Units 1 and 2.
Date of issuance: October 24, 2005.
Effective date: As of the date of
issuance and shall be implemented
within 30 days from the date of
issuance.
Amendment Nos.: 244/225.
Renewed Facility Operating License
Nos. NPF–4 and NPF–7: Amendments
change the Technical Specifications.
Date of initial notice in Federal
Register: April 26, 2005 (70 FR 21465).
The supplements dated June 16 and
September 23, 2005, provided
additional information that clarified the
application, did not expand the scope of
the application as originally noticed,
and did not change the staff’s original
proposed no significant hazards
consideration determination as
published in the Federal Register.
The Commission’s related evaluation
of the amendments is contained in a
Safety Evaluation dated October 24,
2005.
No significant hazards consideration
comments received: No.
Virginia Electric and Power Company,
Docket Nos. 50–338 and 50–339, North
Anna Power Station, Units 1 and 2,
Louisa County, Virginia
Date of application for amendment:
July 14, 2005.
Brief description of amendment:
These amendments correct two errors in
the units of measure used to determine
the Overtemperature dT Function
Allowable Value.
VerDate Aug<31>2005
17:22 Nov 21, 2005
Jkt 208001
Date of issuance: October 25, 2005.
Effective date: As of the date of
issuance and shall be implemented
within 30 days from the date of
issuance.
Amendment Nos.: 245/226.
Renewed Facility Operating License
Nos. NPF–4 and NPF–7: Amendments
change the Technical Specifications.
Date of initial notice in Federal
Register: August 16, 2005 (70 FR
48208)
The Commission’s related evaluation
of the amendments is contained in a
Safety Evaluation dated October 25,
2005.
No significant hazards consideration
comments received: No.
Dated at Rockville, Maryland, this 9th day
of November, 2005.
For the Nuclear Regulatory Commission.
Catherine Haney,
Director, Division of Operating Reactor
Licensing Office of Nuclear Reactor
Regulation.
[FR Doc. 05–22795 Filed 11–21–05; 8:45 am]
BILLING CODE 7590–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 35–28064]
Filing Under the Public Utility Holding
Company Act of 1935, as Amended
(‘‘Act’’)
November 15, 2005.
Notice is hereby given that the
following filing has 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-declaration
for complete statements of the proposed
transactions summarized below. The
application-declaration and any
amendments 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-declaration should submit
their views in writing by December 12,
2005, to the Secretary, Securities and
Exchange Commission, Washington, DC
20549–0609, and serve a copy on
Applicants at the addresses 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 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 this matter.
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
After December 12, 2005, the
application-declaration, as filed or as
amended, may be granted and/or
permitted to become effective.
National Fuel Gas Company, et al. (70–
10074)
National Fuel Gas Company (‘‘NFG’’),
a registered holding company, National
Fuel Gas Distribution Corporation
(‘‘Distribution’’), a public-utility
subsidiary company of NFG, and NFG’s
nonutility subsidiary companies,
National Fuel Gas Supply Corporation,
Horizon Energy Development, Inc. and
its subsidiaries, Highland Forest
Resources, Inc. and its subsidiaries,
Leidy Hub, Inc., Data-Track Account
Services, Inc., Horizon LFG, Inc. and its
subsidiaries, Horizon Power, Inc. and its
subsidiaries, all at 6363 Main Street,
Williamsville, New York 14221, Seneca
Resources Corporation and its
subsidiaries, at 1201 Louisiana Street,
Suite 400 Houston, Texas 77002, and
National Fuel Resources, Inc. at 165
Lawrence Bell Drive, Suite 120,
Williamsville, New York 14221
(Distribution and NFG’s nonutility
subsidiary companies are collectively
referred to as, ‘‘Subsidiaries’’), have
filed a post-effective amendment to their
application-declaration filed under
sections 6(a), 7, 9(a), 10, 12(b), 12(f), and
13 of the Act and rules 45 and 54 under
the Act.
By order dated November 12, 2002
(HCAR No. 27600) (‘‘Prior Order’’) the
Commission authorized NFG and its
Subsidiaries to engage in financing and
related transactions through December
31, 2005 (‘‘Authorization Period’’).
Specifically, the Commission
authorized: (i) NFG to increase equity
and long-term debt capitalization in an
aggregate amount of up to an additional
$1.5 billion, excluding any common
stock issued under NFG’s shareholder
rights plan, and to utilize the proceeds
to make investments in its Subsidiaries,
and for other corporate purposes; (ii)
NFG to issue and sell from time to time
up to $750 million principal amount of
unsecured short-term debt securities
such as commercial paper and notes
issued under credit facilities; (iii) NFG
and the Subsidiaries to enter into
interest rate hedges with respect to
outstanding indebtedness and to enter
into certain anticipatory interest rate
hedging transactions; (iv) NFG to
guarantee securities of its Subsidiaries
and provide other forms of credit
support with respect to obligations of its
Subsidiaries as may be necessary in the
ordinary course of business in an
aggregate amount not to exceed $2
billion outstanding at any one time; (v)
NFG to continue to administer the NFG
E:\FR\FM\22NON1.SGM
22NON1
Federal Register / Vol. 70, No. 224 / Tuesday, November 22, 2005 / Notices
system money pool (‘‘Money Pool’’) and
invest surplus funds in the Money Pool
and for the Subsidiaries to invest
surplus funds and make borrowing from
the Money Pool subject to certain
limitations; (vi) NFG and the nonutility
subsidiary companies to organize and
acquire the securities of one or more
entities (‘‘Financing Subsidiary’’)
formed for the purpose of effecting
financing transaction for NFG and its
Subsidiaries and to guarantee the
obligations of such Financing
Subsidiaries; (vii) NFG and the
Subsidiaries to change the terms of any
majority-owned nonutility subsidiary
authorized capitalization; and (viii) NFG
to consolidate or otherwise reorganize
all or any part of its direct and indirect
ownership interest in nonutility
subsidiaries.
Under the Prior Order the
Commission reserved jurisdiction over
(i) the issuance of securities by NFG and
are rated below investment grade, and
(ii) the solicitation of shareholder
approvals in connection with the
adoption of any new stock-based plan or
the extension or amendment of any
existing stock-based plan.
NFG and its Subsidiaries are now
requesting the Commission extend the
Authorization Period from December 31,
2005 to and including February 8, 2006.
NFG and its Subsidiaries (70–10074) are
not requesting any other changes to the
terms, conditions, and limitations
imposed under the Prior Order.
For the Commission, by the Division of
Investment Management, pursuant to
delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. E5–6411 Filed 11–21–05; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–52772; File No. SR–NSCC–
2005–13]
Self-Regulatory Organizations;
National Securities Clearing
Corporation; Order Approving
Proposed Rule Change To Modify and
Consolidate Clearing Fund Rules
November 14, 2005.
I. Introduction
On September 20, 2005, the National
Securities Clearing Corporation
(‘‘NSCC’’) filed with the Securities and
Exchange Commission (‘‘Commission’’)
proposed rule change SR–NSCC–2005–
13 pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
VerDate Aug<31>2005
17:22 Nov 21, 2005
Jkt 208001
(‘‘Act’’).1 Notice of the proposal was
published in the Federal Register on
October 11, 2005.2 On October 21, 2005,
NSCC amended the proposed rule
change.3 The Commission received one
comment letter in response to the
proposed rule change.4 For the reasons
discussed below, the Commission is
approving the proposed rule change.
II. Description
1. Clearing Fund Formula
Enhancements
NSCC’s clearing fund formula consists
of a number of components designed to
calculate NSCC’s exposure to
participants’ unsettled portfolios. For
CNS and Balance Order transactions,
the clearing fund formula includes,
among other components, a mark-tomarket calculation and a volatility
calculation.5
The current mark-to-market
calculation includes trades that have not
yet reached settlement date but excludes
from the calculation trades that have
reached T + 3 and CNS fail positions
(i.e., net positions that did not settle on
settlement date). NSCC is enhancing the
mark-to-market calculation to include
trades that have reached settlement date
and net CNS fail positions. This is
intended to enable NSCC to more
accurately cover its mark-to-market
exposure to participants’ unsettled
portfolios in the event of an intraday
insolvency of a participant. When
making this calculation, NSCC may but
is not required to take into account
securities that a participant has
delivered to CNS in the night cycle.6
The volatility component of the
clearing fund formula rule provides that
NSCC may exclude from volatility
calculations net unsettled positions in
classes of securities whose volatility is
either less amenable to statistical
analysis, such as OTC Pink Sheet issues
trading below $5.00, or amenable to
1 15
U.S.C. 78s(b)(1).
Exchange Act Release No. 52552
(October 3, 2005), 70 FR 59112.
3 The amendment was clarifying in nature and
made no substantive changes to the proposed rule
change as originally filed. Therefore, republication
of notice is not required.
4 Letter from Dennis A. Young, Vice President
and Treasurer, Cosse International Securities, Inc.
(November 1, 2005). The comment letter did not
address the proposed rule change.
5 The other components for CNS and Balance
Order activity are a CNS fail charge, a charge for
market maker domination, and special charges.
6 The October 21, 2005, amendment clarified that
while NSCC generally intends to take such
deliveries into account when making this
calculation, it will not do so if it would otherwise
cause operational or administrative problems, and
it reserves the right not to do so based upon the
financial or operational condition of a particular
participant at the time such calculation is made.
2 Securities
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
70647
such analysis only in a complex
manner, such as municipal or corporate
bonds. The amount of clearing fund
required to satisfy the volatility
component for these positions is
determined as a percentage haircut
(currently 2% for municipal and
corporate bonds).
NSCC is enhancing its volatility
component and is replacing the 2%
haircut for corporate and municipal
bonds with a fixed income volatility
calculation. NSCC will continue to use
a haircut for fixed income securities in
circumstances it deems appropriate,
such as where sufficient market or
security information is not available.
2. Technical Clarifications
When NSCC revised its clearing fund
formula in 2001 to move to a risk-based
calculation,7 it applied the revised
formula to participants on a rolling
basis. To accommodate this transition,
NSCC’s rules retained two versions of
Addendum B (Standards of Financial
Responsibility and Operational
Capability) and two versions of
Procedure XV (Clearing Fund Formula
and Other Matters). Version 1 of both
Addendum B and Procedure XV was
non-risk-based and Version 2 was riskbased. Version 2 is currently located in
Appendix 1.
With limited exception, all
participants are now subject to the
clearing fund provisions of Version 2 of
Procedure XV and Version 2 of
Addendum B. Accordingly, in order to
simplify the rules and enable
participants to locate provisions
applicable to them more readily, NSCC
is restructuring its Addendums,
Procedures, and Rules.
As Version 1 of Procedure XV now
has limited applicability, NSCC is
redesignating it as Version 2 of
Procedure XV and moving it to
Appendix 1. NSCC will retain only
those provisions thereof (and of Version
1 of Addendum B 8) that remain
applicable. Because Version I of
Procedure XV always contained a markto-market component, it is also being
revised to include in the mark-to-market
calculation trades that have reached T +
7 Securities Exchange Act Release No. 44431
(June 15, 2001), 66 FR 33280.
8 Both versions of Addendum B are substantially
identical with the exception of certain provisions of
current Version 1 relating to the timing for
calculating and collecting clearing fund. The
substance of those provisions of Version 1 of
Addendum B are added as a note to Version 1 of
Procedure XV that will be moved to Appendix 1
and will be renamed Version 2. The rest of Version
1 of Addendum B will be deleted. All participants
remain subject to the provisions of Version 2 of
Addendum B, which NSCC is moving to the body
of its rules from Appendix 1 and redesignating
Version 1.
E:\FR\FM\22NON1.SGM
22NON1
]]>Agencies
[Federal Register Volume 70, Number 224 (Tuesday, November 22, 2005)]
[Notices]
[Pages 70646-70647]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-6411]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 35-28064]
Filing Under the Public Utility Holding Company Act of 1935, as
Amended (``Act'')
November 15, 2005.
Notice is hereby given that the following filing has 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-
declaration for complete statements of the proposed transactions
summarized below. The application-declaration and any amendments 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-declaration should submit their views in writing by
December 12, 2005, to the Secretary, Securities and Exchange
Commission, Washington, DC 20549-0609, and serve a copy on Applicants
at the addresses 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 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 this matter. After December 12, 2005, the
application-declaration, as filed or as amended, may be granted and/or
permitted to become effective.
National Fuel Gas Company, et al. (70-10074)
National Fuel Gas Company (``NFG''), a registered holding company,
National Fuel Gas Distribution Corporation (``Distribution''), a
public-utility subsidiary company of NFG, and NFG's nonutility
subsidiary companies, National Fuel Gas Supply Corporation, Horizon
Energy Development, Inc. and its subsidiaries, Highland Forest
Resources, Inc. and its subsidiaries, Leidy Hub, Inc., Data-Track
Account Services, Inc., Horizon LFG, Inc. and its subsidiaries, Horizon
Power, Inc. and its subsidiaries, all at 6363 Main Street,
Williamsville, New York 14221, Seneca Resources Corporation and its
subsidiaries, at 1201 Louisiana Street, Suite 400 Houston, Texas 77002,
and National Fuel Resources, Inc. at 165 Lawrence Bell Drive, Suite
120, Williamsville, New York 14221 (Distribution and NFG's nonutility
subsidiary companies are collectively referred to as,
``Subsidiaries''), have filed a post-effective amendment to their
application-declaration filed under sections 6(a), 7, 9(a), 10, 12(b),
12(f), and 13 of the Act and rules 45 and 54 under the Act.
By order dated November 12, 2002 (HCAR No. 27600) (``Prior Order'')
the Commission authorized NFG and its Subsidiaries to engage in
financing and related transactions through December 31, 2005
(``Authorization Period''). Specifically, the Commission authorized:
(i) NFG to increase equity and long-term debt capitalization in an
aggregate amount of up to an additional $1.5 billion, excluding any
common stock issued under NFG's shareholder rights plan, and to utilize
the proceeds to make investments in its Subsidiaries, and for other
corporate purposes; (ii) NFG to issue and sell from time to time up to
$750 million principal amount of unsecured short-term debt securities
such as commercial paper and notes issued under credit facilities;
(iii) NFG and the Subsidiaries to enter into interest rate hedges with
respect to outstanding indebtedness and to enter into certain
anticipatory interest rate hedging transactions; (iv) NFG to guarantee
securities of its Subsidiaries and provide other forms of credit
support with respect to obligations of its Subsidiaries as may be
necessary in the ordinary course of business in an aggregate amount not
to exceed $2 billion outstanding at any one time; (v) NFG to continue
to administer the NFG
[[Page 70647]]
system money pool (``Money Pool'') and invest surplus funds in the
Money Pool and for the Subsidiaries to invest surplus funds and make
borrowing from the Money Pool subject to certain limitations; (vi) NFG
and the nonutility subsidiary companies to organize and acquire the
securities of one or more entities (``Financing Subsidiary'') formed
for the purpose of effecting financing transaction for NFG and its
Subsidiaries and to guarantee the obligations of such Financing
Subsidiaries; (vii) NFG and the Subsidiaries to change the terms of any
majority-owned nonutility subsidiary authorized capitalization; and
(viii) NFG to consolidate or otherwise reorganize all or any part of
its direct and indirect ownership interest in nonutility subsidiaries.
Under the Prior Order the Commission reserved jurisdiction over (i)
the issuance of securities by NFG and are rated below investment grade,
and (ii) the solicitation of shareholder approvals in connection with
the adoption of any new stock-based plan or the extension or amendment
of any existing stock-based plan.
NFG and its Subsidiaries are now requesting the Commission extend
the Authorization Period from December 31, 2005 to and including
February 8, 2006. NFG and its Subsidiaries (70-10074) are not
requesting any other changes to the terms, conditions, and limitations
imposed under the Prior Order.
For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. E5-6411 Filed 11-21-05; 8:45 am]
BILLING CODE 8010-01-P
