Exhibit H-1
PROPOSED FORM OF FEDERAL REGISTER NOTICE
SECURITIES AND EXCHANGE COMMISSION
(Release No. 35- )
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Filings under the Public Utility Holding Company Act of 1935, as amended ("Act")
September , 2000
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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
October , 2000 to the Secretary, Securities and Exchange Commission,
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Washington, D.C. 20549, and serve a copy on the relevant applicant(s) and/or
declarant(s) at the address(es) as 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 October , 2000, the application(s) and/or declaration(s),
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as filed or as amended, may be granted and/or permitted to become effective.
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INTERSTATE POWER COMPANY (70-9377)
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Interstate Power Company ("IPC"), 1000 Main Street, P.O. Box 769, Dubuque,
Iowa 52004-07691, a wholly-owned electric and gas utility subsidiary of Alliant
Energy Corporation ("Alliant Energy"), a registered holding company, has filed a
post-effective amendment to its Application-Declaration in this proceeding
pursuant to Sections 6(a), 7, and 32(h) of the Act and Rule 53 thereunder.
At December 31, 1999, IPC served approximately 167,000 electric customers
in parts of Iowa,, Minnesota, and Illinois, and approximately 50,000 gas
customers, all in Iowa. For the year ended December 31, 1999, IPC had operating
revenues of $342,712,000, of which $294,988,000 were derived from electric
operations and $47,724,000 from gas operations. At December 31, 1999, IPC had
total assets of $662,184,000, including net utility plant assets of
$509,348,000.
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At June 30, 2000, IPC's capitalization consisted of (1) 9,777,432 shares of
common stock, all of which are held by Alliant Energy; (2) 761,381 shares of
cumulative preferred stock, issued in four series and having an aggregate face
amount equal to $38,069,000; and (3) $173,150,000 aggregate principal amount of
long-term debt, as follows: (a) three series of first mortgage bonds totaling
$144,000,000, and (b) obligations with respect to tax-exempt bond financings
totaling $29,150,000. IPC's capitalization at June 30, 2000, consisted of 51.6%
common equity, 8.3% preferred stock and 40.1% long-term debt. IPC's long-term
secured debt is currently rated A+ by Standard & Poor's and A1 by Moody's.
By order dated November 25, 1998 (Holding Co. Act Release No. 26946) (the
"Current Financing Order"), the Commission authorized IPC to (1) issue and sell
from time to time through December 31, 2000, in one or more series, any
combination of (a) first mortgage bonds ("First Mortgage Bonds"), (b) senior
unsecured debentures ("Senior Debentures"), and (c) unsecured subordinated
debentures ("Subordinated Debentures"); and (2) enter into an agreement or
agreements for the issuance and sale of one or more series of tax-exempt bonds
("Tax-Exempt Bonds") for the financing or refinancing of air and water pollution
control facilities and sewage and solid waste disposal facilities
("Facilities"). As security for IPC's obligations under any agreement relating
to the Tax-Exempt Bonds, IPC was also authorized to (1) issue its non-negotiable
promissory note or notes to evidence the loan to IPC of the proceeds of the
Tax-Exempt Bonds by the issuer thereof, (2) convey a subordinated security
interest in any Facilities that are financed through the issuance of Tax-Exempt
Bonds, (3) issue and pledge one or more new series of First Mortgage Bonds, (4)
acquire and deliver letters of credit guaranteeing payment of the Tax-Exempt
Bonds and enter into reimbursement agreements with respect to any such letters
of credit, (5) acquire insurance policies guaranteeing payment of the Tax-Exempt
Bonds, and/or (6) provide a direct guarantee of payment of the principal of and
premium, if any, and interest on the Tax-Exempt Bonds.
Under the Current Financing Order, the aggregate principal amount of the
First Mortgage Bonds, Senior Debentures, Subordinated Debentures, and Tax-Exempt
Bonds shall not exceed $80 million, provided that such amount excludes the
principal amount of any First Mortgage Bonds issued as collateral security for
Tax-Exempt Bond obligations and any other forms of collateral related to the
Tax-Exempt Bonds. The Current Financing Order provides that no series of First
Mortgage Bonds will be issued at rates in excess of the lower of 15% per annum
or those rates generally obtainable at the time of pricing for first mortgage
bonds having reasonably similar maturities, issued by companies of the same or
reasonably comparable credit quality and having reasonable similar terms,
conditions and features (the "Ceiling Rate"). Further, the Current Financing
Order provides that no series of Senior Debentures or Subordinated Debentures
will be sold if their fixed interest rate or initial adjustable interest rate
exceeds the Ceiling Rate.
In its post-effective amendment in this proceeding, IPC is requesting an
extension of the authorization period under the Current Financing Order from
December 31, 2000 to June 30, 2004 ("Extended Authorization Period"). During the
Extended Authorization Period, IPC proposes to issue from time to time in one or
more transactions First Mortgage Bonds, Senior Debentures, and Unsecured
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Debentures and to enter into agreements with respect to Tax-Exempt Bonds in an
aggregate principal amount not to exceed $80 million, provided that First
Mortgage Bonds issued as collateral for IPC's obligations with respect to
Tax-Exempt Bonds will not count against this limitation. IPC states that all
other terms, conditions, and limitations contained in the Original Financing
Order, including but not limited to limitations on interest rates, maturities,
and premiums paid upon redemption, will continue to apply.
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