SEC FILE NO. 70-7926
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CERTIFICATE PURSUANT TO
RULE 24
OF PARTIAL COMPLETION OF
TRANSACTIONS
GENERAL PUBLIC UTILITIES CORPORATION
JERSEY CENTRAL POWER & LIGHT COMPANY
METROPOLITAN EDISON COMPANY
PENNSYLVANIA ELECTRIC COMPANY
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
In the Matter of :
:
General Public Utilities Corporation :
Jersey Central Power & Light Company : Certificate
Pursuant Metropolitan Edison Company : Pursuant to Rule
Pennsylvania Electric Company : 24 of Partial
: Completion of
File No. 70-7926 : Transactions
:
(Public Utility Holding Company Act of 1935):
:
To the Members of the Securities and Exchange Commission:
The undersigned, General Public Utilities Corporation
("GPU"), Jersey Central Power & Light Company ("JCP&L"),
Metropolitan Edison Company ("Met-Ed") and Pennsylvania Electric
Company ("Penelec"), collectively referred to as the "GPU
Companies", do hereby certify pursuant to Rule 24 of the General
Rules and Regulations under the Public Utility Holding Company
Act of 1935, that certain of the transactions proposed in the
Declaration, as amended, filed in SEC File No. 70-7926, have been
carried out in accordance with the terms and conditions of, and
for the purposes requested in, said Declaration and pursuant to
the Commission's Order, dated March 18, 1992, with respect to
said Declaration, as follows:
1. During the period July 1, 1994 through September
30, 1994, the GPU Companies issued no promissory notes
representing borrowings under the Credit Agreement, dated March
19, 1992, between the GPU Companies, certain banks parties
1
<PAGE>
thereto, and Chemical Bank and Citibank, N.A., as Co-Agents, and
Chemical Bank as Administrative Agent, and no such borrowings
were thus outstanding thereunder at such date.
2. At the close of business on June 30, 1994, JCP&L,
Met-Ed and Penelec had outstanding unsecured short-term
promissory notes issued as commercial paper as follows:
Company Amount
JCP&L $26,000,000
Met-Ed 0
Penelec 82,000,000
3. During the period July 1, 1994 through September
30, 1994, JCP&L, Met-Ed, and Penelec issued and sold (and paid at
maturity where such commercial paper matured on or before
September 30, 1994) unsecured short-term promissory notes as
commercial paper as follows:
JCP&L
Date of Issuance Maturity Date Amount
07/01/94 07/22/94 $37,700,000
09/01/94 11/28/94 20,000,000
Met-Ed
Date of Issuance Maturity Date Amount
None
Penelec
Date of Issuance Maturity Date Amount
07/05/94 07/06/94 $85,900,000
To summarize the above transactions, at September 30, 1994,
JCP&L, Met-Ed and Penelec had outstanding unsecured short-term
2
<PAGE>
promissory notes issued as commercial paper as follows:
Company Amount
JCP&L $20,000,000
Met-Ed 0
Penelec 0
4. At the close of business on June 30, 1994, the GPU
Companies had outstanding unsecured short-term promissory notes
representing bank borrowings under informal bank lines, as
follows:
Company Amount
GPU $118,000,000
JCP&L 129,400,000
Met-Ed 34,300,000
Penelec 6,600,000
During the period July 1, 1994 through September 30, 1994,
the GPU Companies issued unsecured promissory notes representing
bank borrowings under informal bank lines of credit as follows:
GPU
Issue
Date Bank Amount Maturity
07/01/94 Union Bank of Switzerland $ 9,500,000 10/03/94
07/05/94 First Fidelity Bank, N.A. 100,000 07/08/94
07/08/94 PNC Bank, N.A. 9,600,000 10/07/94
07/11/94 Chemical Bank 10,000,000 09/09/94
07/25/94 Merchants National Bank 100,000 07/28/94
07/28/94 Chemical Bank New Jersey 3,900,000 08/29/94
07/29/94 Merchants National Bank 100,000 09/01/94
08/05/94 Mellon Bank, N.A. 12,500,000 10/07/94
08/05/94 Mellon Bank, N.A. 2,800,000 10/07/94
08/08/94 Banca Popolare di Milano 5,000,000 11/07/94
08/08/94 Union Bank of Switzerland 15,300,000 11/07/94
08/29/94 Mellon Bank, N.A. 3,800,000 08/31/94
09/08/94 Banca Popolare di Milano 8,400,000 12/09/94
09/09/94 Canadian Imperial Bank 10,100,000 03/09/95
09/23/94 Bank of Pennsylvania 7,600,000 10/06/94
3
<PAGE>
JCP&L
Issue
Date Bank Amount Maturity
07/05/94 First Fidelity Bank, N.A. $ 2,500,000 07/11/94
07/05/94 Citibank, N.A. 8,300,000 07/11/94
07/06/94 PNC Bank, N.A. 6,200,000 08/22/94
07/06/94 Citibank, N.A. 6,700,000 07/12/94
07/06/94 Swiss Bank Corporation 10,000,000 07/19/94
07/07/94 First Fidelity Bank, N.A. 4,400,000 07/14/94
07/07/94 Mellon Bank, N.A. 3,000,000 07/08/94
07/08/94 Midlantic National Bank 1,600,000 07/11/94
07/11/94 Union Bank of Switzerland 3,200,000 07/15/94
07/12/94 First Fidelity Bank, N.A. 1,300,000 07/14/94
07/13/94 United Jersey Bank, N.A. 4,500,000 08/09/94
07/14/94 First Fidelity Bank, N.A. 1,900,000 07/15/94
07/15/94 First Fidelity Bank, N.A. 4,000,000 08/05/94
07/18/94 Citibank, N.A. 2,900,000 07/21/94
07/19/94 Chase Manhattan Bank 6,600,000 07/21/94
07/20/94 Midlantic National Bank 6,600,000 08/19/94
07/21/94 Citibank, N.A. 5,600,000 08/18/94
07/22/94 Chase Manhattan Bank 17,600,000 08/15/94
07/22/94 Union Bank of Switzerland 8,400,000 08/23/94
07/22/94 First Fidelity Bank, N.A. 5,600,000 08/11/94
07/25/94 Mellon Bank, N.A. 10,000,000 08/04/94
07/25/94 Mellon Bank, N.A. 14,400,000 07/26/94
07/26/94 Mellon Bank, N.A. 4,200,000 07/27/94
07/28/94 Chemical Bank New Jersey 2,100,000 09/07/94
07/29/94 Mellon Bank, N.A. 5,900,000 08/17/94
08/01/94 Bank of New York 8,200,000 08/02/94
08/02/94 Bank of New York 7,100,000 08/16/94
08/03/94 Swiss Bank Corporation 9,500,000 08/10/94
08/04/94 Mellon Bank, N.A. 9,700,000 08/25/94
08/08/94 First Fidelity Bank, N.A. 200,000 08/09/94
08/12/94 First Fidelity Bank, N.A. 1,200,000 08/30/94
08/15/94 First Fidelity Bank, N.A. 5,500,000 09/16/94
08/15/94 Chemical Bank New Jersey 4,000,000 10/21/94
08/16/94 First Fidelity Bank, N.A. 4,600,000 08/26/94
08/19/94 First Fidelity Bank, N.A. 4,000,000 09/21/94
08/22/94 Bank of New York 7,900,000 08/24/94
08/23/94 First Fidelity Bank, N.A. 2,600,000 09/21/94
08/25/94 Mellon Bank, N.A. 2,500,000 09/19/94
08/31/94 Mellon Bank, N.A. 7,500,000 10/11/94
08/31/94 Mellon Bank, N.A. 24,700,000 09/26/94
09/01/94 First Fidelity Bank, N.A. 11,000,000 09/02/94
09/02/94 First Fidelity Bank, N.A. 1,600,000 09/06/94
09/06/94 First Fidelity Bank, N.A. 6,600,000 09/29/94
09/07/94 Chemical Bank New Jersey 3,000,000 09/28/94
09/08/94 First Fidelity Bank, N.A. 6,700,000 09/09/94
09/09/94 First Fidelity Bank, N.A. 700,000 09/12/94
09/12/94 Citibank, N.A. 9,000,000 09/13/94
09/13/94 First Fidelity Bank, N.A. 5,600,000 09/19/94
09/14/94 First Fidelity Bank, N.A. 15,300,000 11/14/94
4
<PAGE>
JCP&L (cont'd)
Issue
Date Bank Amount Maturity
09/15/94 Citibank, N.A. 7,400,000 09/22/94
09/16/94 First Fidelity Bank, N.A. 1,600,000 09/19/94
09/20/94 First Fidelity Bank, N.A. 12,000,000 10/12/94
09/20/94 Midlantic National Bank 10,000,000 10/17/94
09/21/94 First Fidelity Bank, N.A. 1,300,000 09/23/94
09/22/94 First Fidelity Bank, N.A. 3,300,000 09/23/94
09/23/94 Bank of Pennsylvania 2,000,000 10/05/94
09/26/94 First Fidelity Bank, N.A. 3,900,000 09/27/94
09/26/94 Mellon Bank, N.A. 8,600,000 12/27/94
09/30/94 PNC Bank, N.A. 900,000 10/07/94
09/30/94 First Fidelity Bank, N.A. 9,100,000 10/25/94
09/30/94 First Fidelity Bank, N.A. 9,700,000 10/24/94
Met-Ed
Issue
Date Bank Amount Maturity
07/01/94 National Community Bank $ 7,000,000 07/25/94
07/01/94 First Fidelity Bank, N.A. 10,000,000 07/19/94
07/05/94 Chemical Bank New Jersey 1,700,000 07/14/94
07/06/94 Morgan Guaranty Trust 3,200,000 07/15/94
07/07/94 Bank of New York 7,000,000 07/18/94
07/07/94 Morgan Guaranty Trust 3,100,000 07/27/94
07/07/94 Bank of New York 7,000,000 07/26/94
07/07/94 First Fidelity Bank, N.A. 3,500,000 07/13/94
07/08/94 Midlantic National Bank 2,400,000 07/20/94
07/11/94 Citibank, N.A. 5,400,000 07/21/94
07/12/94 First Fidelity Bank, N.A. 3,300,000 07/22/94
07/13/94 United Jersey Bank, N.A. 3,200,000 08/08/94
07/14/94 First Fidelity Bank, N.A. 1,100,000 07/15/94
07/15/94 First Fidelity Bank, N.A. 3,200,000 08/05/94
07/18/94 First Fidelity Bank, N.A. 5,500,000 08/09/94
07/18/94 Bank of New York 1,300,000 07/19/94
07/19/94 Chemical Bank New Jersey 4,000,000 08/15/94
07/19/94 First Fidelity Bank, N.A. 7,700,000 08/16/94
07/20/94 Citibank, N.A. 4,000,000 08/03/94
07/20/94 Midlantic National Bank 3,200,000 08/10/94
07/21/94 Mellon Bank, N.A. 4,500,000 08/12/94
07/22/94 Union Bank of Switzerland 1,200,000 08/19/94
07/25/94 Mellon Bank, N.A. 3,700,000 08/15/94
07/26/94 Mellon Bank, N.A. 3,400,000 08/23/94
07/27/94 Mellon Bank, N.A. 2,700,000 07/28/94
07/28/94 Mellon Bank, N.A. 3,200,000 08/17/94
07/29/94 Mellon Bank, N.A. 1,300,000 08/18/94
08/01/94 National Community Bank 7,000,000 08/18/94
08/01/94 Bank of New York 3,500,000 08/18/94
08/02/94 Citibank, N.A. 4,500,000 08/11/94
5
<PAGE>
Met-Ed (cont'd)
Issue
Date Bank Amount Maturity
08/03/94 Banca Popolare di Milano 3,300,000 08/04/94
08/04/94 Mellon Bank, N.A. 2,400,000 08/05/94
08/05/94 Mellon Bank, N.A. 2,900,000 08/18/94
08/08/94 First Fidelity Bank, N.A. 1,900,000 08/18/94
08/09/94 First Fidelity Bank, N.A. 1,600,000 08/10/94
08/10/94 First Fidelity Bank, N.A. 3,800,000 08/19/94
08/11/94 First Fidelity Bank, N.A. 2,800,000 08/22/94
08/12/94 First Fidelity Bank, N.A. 1,300,000 08/23/94
08/15/94 Citibank, N.A. 5,700,000 08/22/94
08/16/94 First Fidelity Bank, N.A. 4,900,000 08/24/94
08/16/94 Mellon Bank, N.A. 1,800,000 08/24/94
08/17/94 Mellon Bank, N.A. 1,800,000 08/24/94
08/18/94 Mellon Bank, N.A. 4,400,000 08/24/94
08/18/94 Mellon Bank, N.A. 10,500,000 08/24/94
08/19/94 Swiss Bank Corporation 7,200,000 08/24/94
08/22/94 Bank of New York 9,100,000 08/24/94
08/23/94 First Fidelity Bank, N.A. 400,000 08/24/94
Penelec
Issue
Date Bank Amount Maturity
07/01/94 Citibank, N.A $ 6,700,000 07/06/94
07/01/94 Swiss Bank Corporation 10,000,000 07/06/94
07/07/94 Mellon Bank, N.A. 1,600,000 07/08/94
07/08/94 Midlantic National Bank 700,000 07/11/94
07/29/94 Banca Popolare di Milano 700,000 08/01/94
08/01/94 Bank of New York 900,000 08/02/94
08/03/94 Banca Popolare di Milano 500,000 08/05/94
08/04/94 Bank of New York 800,000 08/05/94
09/26/94 First Fidelity Bank, N.A. 3,500,000 09/27/94
09/27/94 Mellon Bank, N.A. 3,900,000 09/28/94
09/28/94 First Fidelity Bank, N.A. 3,400,000 09/29/94
09/29/94 First Fidelity Bank, N.A. 4,900,000 10/04/94
09/30/94 Mellon Bank, N.A. 11,100,000 10/12/94
Each such unsecured promissory note bears interest at a rate
(after giving effect to any fees or compensating balance
requirements) not exceeding 125% of the lending bank's prime rate
for commercial borrowings, as in effect at the date of borrowing.
During the period of July 1, 1994 through September 30,
1994, the Companies repaid unsecured promissory notes issued to
banks, as follows:
6
<PAGE>
GPU
Date Bank Amount
07/01/94 First Fidelity Bank, N.A. $ 6,400,000
07/01/94 Banca Popolare di Milano 5,000,000
07/08/94 Union Bank of Switzerland 9,300,000
07/08/94 First Fidelity Bank, N.A. 100,000
07/11/94 Chemical Bank 10,000,000
07/28/94 Chemical Bank New Jersey 3,900,000
07/28/94 Merchants National Bank 100,000
08/05/94 Mellon Bank, N.A. 15,000,000
08/08/94 Canadian Imperial Bank 20,000,000
08/29/94 Chemical Bank New Jersey 3,900,000
08/31/94 Mellon Bank, N.A. 3,800,000
09/01/94 Merchants National Bank 100,000
09/08/94 PNC Bank, N.A. 8,700,000
09/09/94 Chemical Bank 10,000,000
JCP&L
Date Bank Amount
07/07/94 First Fidelity Bank, N.A. $ 5,000,000
07/07/94 First Fidelity Bank, N.A. 2,300,000
07/08/94 Mellon Bank, N.A. 3,000,000
07/11/94 Midlantic National Bank 1,600,000
07/11/94 Citibank, N.A. 8,300,000
07/11/94 First Fidelity Bank, N.A. 2,500,000
07/12/94 Citibank, N.A. 6,700,000
07/13/94 United Jersey Bank, N.A. 10,100,000
07/14/94 First Fidelity Bank, N.A. 4,400,000
07/14/94 First Fidelity Bank, N.A. 1,300,000
07/15/94 First Fidelity Bank, N.A. 1,900,000
07/15/94 Union Bank of Switzerland 3,200,000
07/18/94 Chase Manhattan Bank 13,400,000
07/19/94 Swiss Bank Corporation 10,000,000
07/20/94 Chemical Bank New Jersey 2,100,000
07/21/94 Chase Manhattan Bank 6,600,000
07/21/94 Citibank, N.A. 2,900,000
07/25/94 Mellon Bank, N.A. 30,000,000
07/26/94 Mellon Bank, N.A. 14,400,000
07/27/94 Mellon Bank, N.A. 4,200,000
07/28/94 PNC Bank, N.A. 4,000,000
08/02/94 Bank of New York 8,200,000
08/04/94 Mellon Bank, N.A. 10,000,000
08/05/94 First Fidelity Bank, N.A. 4,000,000
08/08/94 Bank of New York 11,000,000
08/09/94 First Fidelity Bank, N.A. 200,000
08/09/94 United Jersey Bank, N.A. 4,500,000
08/10/94 Swiss Bank Corporation 9,500,000
08/11/94 First Fidelity Bank, N.A. 5,600,000
08/12/94 PNC Bank, N.A. 7,500,000
7
<PAGE>
JCP&L (cont'd)
Date Bank Amount
08/15/94 Chase Manhattan Bank 17,600,000
08/16/94 Bank of New York 7,100,000
08/17/94 Mellon Bank, N.A. 5,900,000
08/18/94 Citibank, N.A. 5,600,000
08/19/94 Midlantic National Bank 6,600,000
08/22/94 PNC Bank, N.A. 6,200,000
08/23/94 Union Bank of Switzerland 8,400,000
08/24/94 Bank of New York 7,900,000
08/25/94 Mellon Bank, N.A. 9,700,000
08/26/94 First Fidelity Bank, N.A. 4,600,000
08/29/94 Banca Popolare di Milano 10,000,000
08/30/94 First Fidelity Bank, N.A. 1,200,000
09/02/94 First Fidelity Bank, N.A. 11,000,000
09/06/94 First Fidelity Bank, N.A. 1,600,000
09/07/94 Chemical Bank New Jersey 2,100,000
09/08/94 Chase Manhattan Bank 14,000,000
09/09/94 First Fidelity Bank, N.A. 6,700,000
09/12/94 First Fidelity Bank, N.A. 700,000
09/12/94 First Fidelity Bank, N.A. 20,000,000
09/13/94 Citibank, N.A. 9,000,000
09/16/94 First Fidelity Bank, N.A. 5,500,000
09/19/94 Mellon Bank, N.A. 2,500,000
09/19/94 First Fidelity Bank, N.A. 1,600,000
09/19/94 First Fidelity Bank, N.A. 5,600,000
09/21/94 First Fidelity Bank, N.A. 2,600,000
09/21/94 First Fidelity Bank, N.A. 4,000,000
09/22/94 Citibank, N.A. 7,400,000
09/23/94 First Fidelity Bank, N.A. 1,300,000
09/23/94 First Fidelity Bank, N.A. 3,300,000
09/26/94 Mellon Bank, N.A. 24,700,000
09/27/94 First Fidelity Bank, N.A. 3,900,000
09/28/94 Chemical Bank New Jersey 3,000,000
09/29/94 First Fidelity Bank, N.A. 6,600,000
Met-Ed
Date Bank Amount
07/05/94 First Fidelity Bank, N.A. $ 3,000,000
07/06/94 Bank of New York 5,200,000
07/07/94 Bank of Pennsylvania 5,100,000
07/08/94 Midlantic National Bank 4,500,000
07/11/94 PNC Bank, N.A. 10,100,000
07/12/94 First Fidelity Bank, N.A. 5,500,000
07/13/94 First Fidelity Bank, N.A. 3,500,000
07/13/94 Chemical Bank New Jersey 900,000
07/14/94 Chemical Bank New Jersey 1,700,000
07/15/94 First Fidelity Bank, N.A. 1,100,000
07/15/94 Morgan Guaranty Trust 3,200,000
8
<PAGE>
Met-Ed (cont'd)
Date Bank Amount
07/18/94 Bank of New York 7,000,000
07/19/94 Bank of New York 1,300,000
07/19/94 First Fidelity Bank, N.A. 10,000,000
07/20/94 Midlantic National Bank 2,400,000
07/21/94 Citibank, N.A. 5,400,000
07/22/94 First Fidelity Bank, N.A. 3,300,000
07/25/94 National Community Bank 7,000,000
07/26/94 Bank of New York 7,000,000
07/27/94 Morgan Guaranty Trust 3,100,000
07/28/94 Mellon Bank, N.A. 2,700,000
08/03/94 Citibank, N.A. 4,000,000
08/04/94 Banca Popolare di Milano 3,300,000
08/05/94 Mellon Bank, N.A. 2,400,000
08/05/94 First Fidelity Bank, N.A. 3,200,000
08/08/94 United Jersey Bank, N.A. 3,200,000
08/09/94 First Fidelity Bank, N.A. 5,500,000
08/10/94 Midlantic National Bank 3,200,000
08/10/94 First Fidelity Bank, N.A. 1,600,000
08/11/94 Citibank, N.A. 4,500,000
08/12/94 Mellon Bank, N.A. 4,500,000
08/15/94 Chemical Bank New Jersey 4,000,000
08/15/94 Mellon Bank, N.A. 3,700,000
08/16/94 First Fidelity Bank, N.A. 7,700,000
08/17/94 Mellon Bank, N.A. 3,200,000
08/18/94 First Fidelity Bank, N.A. 1,900,000
08/18/94 Bank of New York 3,500,000
08/18/94 National Community Bank 7,000,000
08/18/94 Mellon Bank, N.A. 2,900,000
08/18/94 Mellon Bank, N.A. 1,300,000
08/19/94 Union Bank of Switzerland 1,200,000
08/19/94 First Fidelity Bank, N.A. 3,800,000
08/22/94 First Fidelity Bank, N.A. 2,800,000
08/22/94 Citibank, N.A. 5,700,000
08/23/94 Mellon Bank, N.A. 3,400,000
08/23/94 First Fidelity Bank, N.A. 1,300,000
08/24/94 First Fidelity Bank, N.A. 4,900,000
08/24/94 First Fidelity Bank, N.A. 400,000
08/24/94 Bank of New York 9,100,000
08/24/94 Mellon Bank, N.A. 4,400,000
08/24/94 Mellon Bank, N.A. 1,800,000
08/24/94 Mellon Bank, N.A. 1,800,000
08/24/94 Swiss Bank Corporation 7,200,000
08/24/94 Mellon Bank, N.A. 10,500,000
Penelec
Date Bank Amount
07/01/94 First Fidelity Bank, N.A. $ 2,600,000
07/05/94 Bank of Pennsylvania 4,000,000
07/06/94 Citibank, N.A. 6,700,000
9
<PAGE>
Penelec (cont'd)
Date Bank Amount
07/06/94 Swiss Bank Corporation 10,000,000
07/08/94 Mellon Bank, N.A. 1,600,000
07/11/94 Midlantic National Bank 700,000
08/01/94 Banca Popolare di Milano 700,000
08/02/94 Bank of New York 900,000
08/05/94 Bank of New York 800,000
08/05/94 Banca Popolare di Milano 500,000
09/27/94 First Fidelity Bank, N.A. 3,500,000
09/28/94 Mellon Bank, N.A. 3,900,000
09/29/94 First Fidelity Bank, N.A. 3,400,000
To summarize the above transactions, at September 30, 1994,
the GPU Companies had outstanding unsecured promissory notes
pursuant to informal bank lines of credit as follows:
GPU $120,900,000
JCP&L 79,100,000
Met-Ed 0
Penelec 16,000,000
10
<PAGE>
SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY
HOLDING COMPANY ACT OF 1935, THE UNDERSIGNED COMPANIES HAVE DULY
CAUSED THIS STATEMENT TO BE SIGNED ON THEIR BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
GENERAL PUBLIC UTILITIES CORPORATION
JERSEY CENTRAL POWER & LIGHT COMPANY
METROPOLITAN EDISON COMPANY
PENNSYLVANIA ELECTRIC COMPANY
By:
T. G. Howson
Vice President and Treasurer
Date: October 6, 1994
<PAGE>
