Post-Effective Amendment to a U-1 — Form U-1
Filing Table of Contents
Document/Exhibit Description Pages Size
1: POS AMC Pleasants Post-Effective Amendment No. 7 3 9K
2: EX-99 Maryland Application 13 29K
6: EX-99 Maryland Order 2 12K
3: EX-99 Ohio Application 17 57K
7: EX-99 Ohio Order 3 14K
8: EX-99 Pennsylvania Order 2 11K
4: EX-99 Pennsylvania Securities Certificate (Application) 39 111K
5: EX-99 Virginia Application 7 25K
9: EX-99 Virginia Order 2 11K
EX-99 — Ohio Order
| EX-99 | 1st Page of 3 | TOC | ↑Top | Previous | Next | ↓Bottom | Just 1st |
|---|
Exhibit D-7(a)
BEFORE THE PUBLIC UTILITIES COMMISSION OF OHIO
In the Matter of the Application of
MONONGAHELA POWER COMPANY for Authority
to Issue and Sell Additional Shares of Case No. 93-1822-EL-AIS
Cumulative Preferred Stock, Additional
First Mortgage Bonds and to Enter into
Other Evidences of Indebtedness.
FINDING AND ORDER
The Commission finds:
(1) Applicant, Monongahela Power Company, is an Ohio corporation and
a public utility as defined in Section 4905.02, Revised Code,
and is subject to the jurisdiction of this Commission.
(2) This Application complies with the provisions of Sections
4905.40 and 4905.41, Revised Code.
(3) Applicant proposes to issue and sell, from time to time, through
December 31, 1994 up to: (a) 850,000 additional shares of its
Cumulative Preferred Stock $100 par value (the "Preferred
Stock"), or Market Auction Preferred Stock (the "MAPS"), or a
combination thereof, for a total cash consideration of up to $85
million; (b) up to $225 million aggregate principal amount of
its refunding First Mortgage Bonds, in one or more series (the
"New Bonds"); and (c) evidences of indebtedness (the "New Debt")
of up to $25 million to refinance the Pleasants County, West
Virginia's tax exempt revenue bonds (the "County Bonds"), all
pursuant to the terms and conditions as set forth in the
Application and Exhibits, including the revised dividend rate
parameter which will not be more than 200 basis points above
yield to maturity on the US Treasury Bonds maturing in 30 years.
(4) The total of the Preferred Stock, the New Bonds, and the New
Debt (collectively the "Securities") to be issued and sold by
Applicant will not exceed $335 million.
(5) The New Bonds will have maturities of not more than 30 years.
The New Bonds will be issued under and secured by the Mortgage
Indenture, dated August 1, 1945 as supplemented and amended and
as to be further supplemented and amended by one or more
Supplemental Indentures.
(6) The proceeds from the Securities will be used to redeem its
Preferred Stock, refinance its outstanding First Mortgage Bonds,
and certain tax exempt revenue bonds, to pay or prepay debt, if
desirable, and for its other construction programs, all pursuant
to Section 4905.40, Revised Code.
(7) The proposed guidelines or parameters set forth in the
Application and Exhibits, including revision thereof, are
Case No. 93-1822-EL-AIS
Page -2-
intended to facilitate the issuance of the Securities on the
best terms and at the lowest cost if the Securities are not sold
by competitive bidding. The authorization of the. sale of the
Securities within the guidelines set forth in the Application
and Exhibits, including the revision thereof, in no way relieves
the APPlicant of its obligation to negotiate and obtain the best
terms available.
(8) The maximum amount of the Securities, and their respective
probable costs, prices to Applicant, and other terms to be
determined either by competitive bidding or within the
parameters set forth in the Application and Exhibits, including
revision thereof, do not appear to be unjust or unreasonable.
(9) The effect on Applicant's revenue requirements resulting from
the issuance of the Securities can be determined only in rate
proceedings in which all factors affecting rates are taken into
account according to law.
(10) Based on information contained in the Application, the Exhibits
thereto, and other documentary information, including revision
thereof, to which the Commission has access, the purposes to
which the proceeds from the issue and sale of the Securities
shall be applied appear to be reasonably required by the
Applicant to meet its present and prospective obligations to
provide utility service and the Commission is satisfied that the
consent and authority should be granted.
It is, therefore,
ORDERED, That Applicant is authorized to issue and sell from time to
time, through December 31, 1994, up to: (a) 850,000 additional shares of
its Cumulative Preferred Stock $100 par value, or Market Auction Preferred
Stock, or a combination thereof, for a total cosh consideration of up to
$85 million; (b) up to $225 million aggregate principal amount of its
refunding First Mortgage Bonds, in one or more series; and (c) evidences
of indebtedness of up to $25 million to refinance the Pleasants County,
West Virginia's tax exempt revenue bonds, all pursuant to the terms and
conditions as set forth in the Application and Exhibits, including the
revised dividend rate parameter. It is, further,
ORDERED, That the total of the Preferred Stock, the New Bonds, and
the New Debt to be issued and sold by Applicant shall not exceed $335
million. It is, further,
ORDERED, That the proceeds from the issuance of the Securities shall
be used for the purposes set forth in this Order and otherwise pursuant to
the provisions of Section 4905.40, Revised Code. It is, further,
Case No. 93-1822-EL-AIS
Page -3-
ORDERED, That after any of the Securities authorized by this Order
are issued and sold, the Applicant shall report to this Commission the
terms and full particulars regarding each sale of the Securities. In lieu
of above, Applicant may submit a copy of each prospectus as filed with the
Securities and Exchange Commission setting forth such information. It is,
further,
ORDERED, That Applicant shall account for the Securities as
prescribed by the Federal Energy Regulatory Commission Uniform Systems of
Accounts as currently in effect. It is, further,
ORDERED, That nothing in this Order shall be construed to imply any
guaranty or obligation by the Commission to assure the completion of any
specific construction project of the Applicant. it is, further,
ORDERED, That nothing in this Order shall be deemed to be binding on
the Commission in any future proceeding or investigation involving the
justness or reasonableness of any rate, charge, rule or regulation of the
Applicant. It is, further,
ORDERED, That nothing in this Order shall be construed to imply any
guaranty, obligation or endorsement of the Securities, or the associated
dividend or interest thereon, on the part of the State of Ohio. It is,
further,
ORDERED, That a copy of this Order be served upon all parties of
record.
THE PUBLIC UTILITIES COMMISSION OF OHIO
CRAIG A. GLAZER
Craig A. Glazer, Chairman
J. MICHAEL BIDDISON JOLYNN BARRY BUTLER
J. Michael Biddison Jolynn Barry Butler
DAVID W. JOHNSON
Richard M. Fanelly David W. Johnson
AKA:cr
Entered in the Journal
Feb 03 1994
A True Copy
GARY E. VIGORITO
Gary E. Vigorito
Secretary
Dates Referenced Herein and Documents Incorporated by Reference
↑Top
Filing Submission 0000067646-94-000020 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help —
Thu., Apr. 25, 7:47:23.1pm ET 
