Amendment No. 1 to
SEC File No. 70-8835
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-1
APPLICATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ("Act")
JERSEY CENTRAL POWER & LIGHT COMPANY ("JCP&L")
300 Madison Avenue
Morristown, New Jersey 19640
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")
100 Interpace Parkway
Parsippany, New Jersey 07054
(Names of companies filing this statement and
addresses of principal executive offices)
GENERAL PUBLIC UTILITIES CORPORATION
(Name of top registered holding company parent of applicants)
Scott L. Guibord, Esq. Douglas E. Davidson, Esq.
Secretary Berlack, Israels & Liberman LLP
Jersey Central Power & Light Co. 120 W. 45th Street
300 Madison Avenue New York, New York 10036
Morristown, New Jersey 07960
T. G. Howson, Vice President
and Treasurer
M. A. Nalewako, Secretary
M. J. Connolly, Esq.
GPU Service Corporation
100 Interpace Parkway
Parsippany, New Jersey 07054
(Names and addresses of agents for service)<PAGE>
GPU and JCP&C hereby amend their Application on Form U-1,
docketed in File No. 70-8835, as follows:
1. By amending Item 1 thereof to read in its entirety
as follows:
ITEM 1. DESCRIPTION OF PROPOSED TRANSACTIONS.
A. JCP&L proposes to invest from time to time
through December 31, 2002 up to $1,000,000 in the New
Jersey Fund for Community Economic Development (the
"Fund"). The Fund will be organized as a New Jersey
limited liability company to provide financing to local
development organizations which, in turn, will provide
loans to businesses, projects and individuals in low
and moderate income urban areas in New Jersey which do
not satisfy traditional lending criteria of financial
institutions. It is contemplated that local
development organizations will receive funds from the
Fund through medium and long term financing structures
which will enable these organizations to make
investments in economic development projects located in
their communities. The Fund may also provide financing
to other community-focused organizations which sponsor
economic development projects such as job training
centers. The Fund will also organize a not-for-profit
corporation which will provide operating support and
technical assistance to entities or persons involved in
community economic development initiatives. The Fund
will have a term of at least fifteen years.
B. The Fund will be managed by a Management
Committee, which will, among other things, establish
policy and approve all loans and other transactions
exceeding specified amounts. The New Jersey Economic
Development Authority will provide administrative
services to the Fund under the supervision of the
Management Committee. The Management Committee will
also appoint a Loan Review Committee to evaluate
funding request proposals from eligible organizations.
C. Each investor who contributes at least
$1,000,000 (including JCP&L) will receive a Class A
Membership in the Fund; in addition, the State of New
Jersey will be issued three Class A Memberships.
Investors contributing less than $1,000,000 will be
issued Class B Memberships. Each investor (including
JCP&L) who holds a Class A Membership will have the
right to appoint one member of the Management Committee
regardless of the level of investment, with the State
of New Jersey having the right to appoint three
members. In addition, up to three community members
may also be appointed. Class B Members do not have the<PAGE>
right to choose Management Committee members or have
any other voting rights, except in limited cases such
as to approve a material amendment to the Fund's
Operating Agreement. JCP&L's percentage voting
interest on the Management Committee will not exceed
9.9%.
D. It is intended that the Fund will be
capitalized over a five-to-seven year period with a
minimum of $20 million invested by the private sector
and an additional $10 million from the State of New
Jersey.
E. In lieu of a direct investment by JCP&L, the
investment in the Fund may be made in whole or in part
by GPU either directly or indirectly through a new
subsidiary to be formed ("GPU Sub"). If the investment
is made by GPU indirectly through GPU Sub, GPU would
acquire up to 1,000 shares of common stock of GPU Sub
for a purchase price of not in excess of $1,000.
2. By filing a revised form of public notice in Item
6 thereof as follows:
H. - Revised Proposed Form of Public Notice.<PAGE>
SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY
HOLDING COMPANY ACT OF 1935, THE UNDERSIGNED COMPANY HAS DULY
CAUSED THIS STATEMENT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED THEREUNTO DULY AUTHORIZED.
GENERAL PUBLIC UTILITIES CORPORATION
JERSEY CENTRAL POWER & LIGHT COMPANY
By:
T. G. Howson
Vice President and Treasurer
Date: July 18, 1996<PAGE>
EXHIBIT TO BE FILED BY EDGAR
Exhibit
H. - Revised Proposed Form of Public Notice.<PAGE>
EXHIBIT H
SECURITIES AND EXCHANGE COMMISSION
(RELEASE NO. 35-_______; 70-8835)
JERSEY CENTRAL POWER & LIGHT COMPANY
GENERAL PUBLIC UTILITIES CORPORATION
NOTICE OF PROPOSAL TO INVEST IN COMMUNITY ECONOMIC DEVELOPMENT
FUND
Jersey Central Power & Light Company ("JCP&L"), 300 Madison
Avenue, Morristown, New Jersey 07960, an electric utility
company, and its parent company, General Public Utilities
Corporation ("GPU"), 100 Interpace Parkway, Parsippany, New
Jersey 07054, a registered holding company, have filed an
Amendment to their Application pursuant to Sections 9(a) and 10
of the Public Utility Holding Company Act of 1935. Notice of the
original Application was published in the Federal Register on May
3, 1996. See 61 Fed. Reg. 19,968 (1996). The transactions now
proposed by the Application, as so amended, are as follows:
JCP&L proposes to invest from time to time through
December 31, 2002 up to $1,000,000 in the New Jersey Fund for
Community Economic Development (the "Fund"). The Fund will be
organized as a New Jersey limited liability company to provide
financing to local development organizations which, in turn, will
provide loans to businesses, projects and individuals in low and
moderate income urban areas in New Jersey which do not satisfy
traditional lending criteria of financial institutions. It is
contemplated that local development organizations will receive
funds from the Fund through medium and long term financing
structures which will enable these organizations to make
investments in economic development projects located in their
communities. The Fund may also provide financing to other<PAGE>
community-focused organizations which sponsor economic
development projects such as job training centers. The Fund will
also organize a not-for-profit corporation which will provide
operating support and technical assistance to entities or persons
involved in community economic development initiatives. The Fund
will have a term of at least fifteen years.
The Fund will be managed by a Management Committee,
which will, among other things, establish policy and approve all
loans and other transactions exceeding specified amounts. The
New Jersey Economic Development Authority will provide
administrative services to the Fund under the supervision of the
Management Committee. The Management Committee will also appoint
a Loan Review Committee to evaluate funding request proposals
from eligible organizations.
Each investor who contributes at least $1,000,000
(including JCP&L) will receive a Class A Membership; in addition,
the State of New Jersey will be issued three Class A Memberships.
Investors contributing less than $1,000,000 will be issued Class
B Memberships. Each investor (including JCP&L) who holds a Class
A Membership will have the right to appoint one member of the
Management Committee (regardless of the level of investment);
with the State of New Jersey having the right to appoint three
members. In addition, up to three community members may also be
appointed. Class B Members do not have the right to choose
Management Committee members or have any other voting rights
except in limited cases such as to approve a material amendment
to the Fund's Operating Agreement. JCP&L's percentage voting
interest on the Management Committee will not exceed 9.9%.<PAGE>
It is intended that the Fund will be capitalized over a
five-to-seven year period with a minimum of $20 million invested
by the private sector and an additional $10 million from the
State of New Jersey.
In lieu of a direct investment by JCP&L, the investment
in the Fund may be made in whole or in part by GPU either
directly or indirectly through a new subsidiary to be formed
("GPU Sub"). If the investment is made by GPU indirectly through
GPU Sub, GPU would acquire up to 1,000 shares of common stock of
GPU Sub for a purchase price of not in excess of $1,000.
The Application and any amendments thereto are available for
public inspection through the Commission's Office of Public
Reference. Interested persons wishing to comment or request a
hearing should submit their views in writing by ____________,
1996 to the Secretary, Securities and Exchange Commission,
Washington, D.C. 20549, and serve a copy on the Applicants at the
address specified above. Proof of service (by affidavit, or in
case of an attorney at law, by certificate) should be filed with
the request. Any request for a 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 issues in
this matter. After said date, the Application, as it may be
amended, may be granted.<PAGE>
For the Commission by the Division of Investment Management,
pursuant to delegated authority.
______________________________
Secretary<PAGE>
