File No. 70-7914
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Post-Effective Amendment No. 22 to the
APPLICATION-DECLARATION
under
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935
Mississippi Power & Light Company
P. O. Box 1640
Jackson, MS 39215-1640
(Name of company filing this statement and address
of principal executive offices)
Entergy Corporation
(Name of top registered holding company parent of each
applicant or declarant)
Donald E. Meiners
President
Mississippi Power & Light Company
P. O. Box 1640
Jackson, MS 39215-1640
(Name and address of agent for service)
The Commission is also requested to send copies of any
communications in connection with this matter to:
Steven C. McNeal Henderson Hall, Esq.
Assistant Treasurer Wise Carter Child & Caraway,
Mississippi Power & Light Company Professional Association
P. O. Box 61000 P. O. Box 651
New Orleans, LA 70161 Jackson, MS 39205
John T. Hood, Esq. David P. Falck, Esq.
Reid & Priest LLP Winthrop, Stimson, Putnam & Roberts
40 West 57th Street One Battery Park Plaza
New York, NY 10019 New York, NY 10004
Laurence M. Hamric, Esq.
Denise C. Redmann, Esq.
Entergy Services, Inc.
639 Loyola Avenue
New Orleans, LA 70113
<PAGE>
Item 1. Description of Proposed Transactions.
Item 1 of the Application-Declaration on Form U-1 in this
proceeding is hereby amended to add the following at the end
thereof:
"Mississippi Power & Light Company ("Company")
requested authorization from the Securities and Exchange
Commission ("Commission"), among other things, to issue and
sell, at one time or from time to time, through December 31,
1995, not more than $550,000,000 aggregate principal amount
of its General and Refunding Mortgage Bonds ("G&R Bonds").
By order dated November 13, 1992 (HCAR No. 25675), the
Commission authorized the Company to issue and sell
$65,000,000 aggregate principal amount of G&R Bonds by means
of direct private placement (which bonds were issued and
sold by the Company on November 20, 1992); by order dated
January 15, 1993 (HCAR No. 25737), the Comission authorized
the Company to issue and sell $125,000,000 aggregate
principal amount of G&R Bonds by means of a negotiated
public offering (which bonds were issued and sold by the
Company on January 21, 1993); by order dated July 26, 1993
(HCAR No. 25859), the Commission authorized the Company to
issue and sell $60,000,000 aggregate principal amount of G&R
Bonds by means of a negotiated public offering (which bonds
were issued and sold by the Company on July 28, 1993); by
order dated November 5, 1993 (HCAR No. 25921), the
Commission authorized the Company to issue and sell
$65,000,000 aggregate principal amount of G&R Bonds by means
of a negotiated public offering (which bonds were issued and
sold by the Company on November 9, 1993); by order dated
July 13, 1994 (HCAR No. 26084), the Commission authorized the
Company to issue and sell $25,000,000 aggregate principal
amount of G&R Bonds by means of a negotiated public offering
(which bonds were issued and sold by the Company on July 14,
1994). The Commission has not released jurisdiction over
the remaining $210,000,000 principal amount of G&R Bonds."
"The Company has begun negotiations for the proposed
issuance and sale of a new series of the G&R Bonds ("New G&R
Bonds"), in an aggregate principal amount to be determined
in a negotiated public offering through Bear, Stearns & Co.
Inc. and Goldman, Sachs & Co. ("Underwriters")."
"The New G&R Bonds will be issued under the proposed
Tenth Supplemental Indenture to the Company's Mortgage. For
further information with respect to certain proposed terms
and provisions of the New G&R Bonds, reference is made to
Exhibit A-2(k) hereto. The terms of the New G&R Bonds will
include a provision that the Company will not pay cash
dividends on common stock or repurchase common stock after a
selected date close to the date of original issuance (other
than certain dividends declared prior to such selected date)
except from credits to earned surplus after such date
plus an amount not to exceed $250,000,000, plus such
additional amounts as shall be approved by the Commission.
To the extent that the foregoing deviates from the
Commission's Statement of Policy regarding First Mortgage
Bonds (HCAR Nos. 13105 and 16369), the Company hereby
requests authorization by the Commission of such deviation."
"The Company plans to provide further information with
respect to the results of its negotiations with the
Underwriters and the proposed terms of the offering of the
New G&R Bonds, including the interest rate to be borne by
and the price to be paid to the Company for the New G&R
Bonds, the redemption prices and restrictions, if any, on
redemption, underwriting discounts and commissions and the
initial public offering price of the New G&R Bonds, by
further post-effective amendment to the Application-
Declaration in this proceeding to be filed with the
Commission shortly after the conclusion of such
negotiations. For further information with respect to the
terms and conditions of the proposed sale of the New G&R
Bonds, reference is made to Exhibit B-2 (j) hereto."
Item 2. Fees, Commissions and Expenses.
The estimated fees and expenses (exclusive of underwriting
discounts and commissions) in connection with the issuance and
sale of New G&R Bonds are estimated to be approximately $105,000.
For further information see Item 14 of Exhibit C-1 (c) in this
proceeding.
Item 5. Procedure.
As set forth in Item 1 of this Post-Effective Amendment No.
22, the Company plans to file a further post-effective amendment
in this proceeding reflecting the proposed terms of the offering
of the New G&R Bonds shortly after the conclusion of negotiations
with the Underwriters. The Company hereby requests that the
Commission issue a further supplemental order herein as soon as
practicable thereafter, but in any event no later than April 11,
1995, approving the proposed terms and conditions of the sale of
the New G&R Bonds, and the related fees, commissions, and
expenses, and releasing jurisdiction over the same.
The Company waives a recommended decision by a hearing
officer or any other responsible officer of the Commission;
agrees that the Staff of the Division of Investment Management
may assist in the preparation of the Commission's decision; and
requests that there be no waiting period between the issuance of
the Commission's supplemental order and the date on which it is
to become effective.
Item 6. Exhibits and Financial Statements.
(a) Exhibits:
B-2 (j) Form of Underwriting Agreement
relating to the New G&R Bonds.
<PAGE>
Signature
Pursuant to the requirements of the Public Utility Holding
Company Act of 1935, the undersigned company has duly caused this
amendment to be signed on its behalf by the undersigned thereunto
duly authorized.
MISSISSIPPI POWER & LIGHT
COMPANY
By: /s/ Gerald D. McInvale
Gerald D. McInvale
Senior Vice President and
Chief Financial Officer
Date: March 29, 1995
Exhibit B-2(j)
MISSISSIPPI POWER & LIGHT COMPANY
$60,000,000
General and Refunding Mortgage Bonds
___% Series due _____ __, ____
UNDERWRITING AGREEMENT
<PAGE>
April ___, 1995
BEAR STEARNS & CO. INC.
GOLDMAN, SACHS & CO.
c/o Bear Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
Ladies and Gentlemen:
The undersigned, Mississippi Power & Light Company, a
Mississippi corporation (the "Company"), proposes to issue and
sell severally to you, as underwriters (the "Underwriters," which
term, when the context permits shall also include any
underwriters substituted as hereinafter in Section 11 provided)
an aggregate of $60,000,000 principal amount of the Company's
General and Refunding Mortgage Bonds, ____% Series due ______ __,
____ (the "Bonds"), as follows:
SECTION 1. Purchase and Sale. On the basis of the
representations and warranties herein contained, and subject to
the terms and conditions herein set forth, the Company shall
issue and sell to each of the Underwriters, and each Underwriter
shall purchase from the Company, at the time and place herein
specified, severally and not jointly, the respective principal
amounts of the Bonds set forth opposite the name of such
Underwriter in Schedule I attached hereto at ___% of the
principal amount of the Bonds [plus accrued interest thereon from
______ __, 1995, to the date of payment for and delivery of the
Bonds].
SECTION 2. Description of Bonds. The Bonds shall be
issued under and pursuant to the Company's Mortgage and Deed of
Trust, dated as of February 1, 1988 with Bank of Montreal Trust
Company, as Corporate Trustee, and Mark F. McLaughlin (successor
to Z. George Klodnicki), as Co-Trustee (the Co-Trustee, together
with the Corporate Trustee, are hereinafter called the
"Trustees"), as supplemented and as it will be further
supplemented by the [Tenth] Supplemental Indenture, dated as of
______ __, ____ (the "Supplemental Indenture"). Said Mortgage
and Deed of Trust, as supplemented and as it will be further
supplemented by the Supplemental Indenture, is hereinafter
referred to as the "Mortgage". The Bonds and the Supplemental
Indenture shall have the terms and provisions described in the
Prospectus hereinafter referred to, provided that subsequent to
the date hereof and prior to the Closing Date (as defined herein)
the form of the Supplemental Indenture may be amended by mutual
agreement between the Company and the Underwriters.
SECTION 3. Representations and Warranties of the
Company. The Company represents and warrants to the several
Underwriters that:
(a) The Company is duly organized and validly existing
as a corporation in good standing under the laws of the
State of Mississippi, is in good standing and duly qualified
to do business in the State of Arkansas, and has the
necessary corporate power and authority to conduct the
business which it is described in the Prospectus
(hereinafter defined) as conducting and to own and operate
the properties owned and operated by it in such business.
(b) The Company has filed with the Securities and
Exchange Commission (the "Commission") a Registration
Statement on Form S-3 (File No. 33-53004) (the "First 1992
Registration Statement") for the registration of 375,000
shares of the Company's Preferred Stock, Cumulative, $100
Par Value under the Securities Act of 1933, as amended (the
"Securities Act"), and the First 1992 Registration Statement
has become effective. The Company has also filed with the
Commission a Registration Statement on Form S-3 (File No. 33-
55826) (the "Second 1992 Registration Statement") for the
registration of $235,000,000 principal amount of the
Company's General and Refunding Mortgage Bonds under the
Securities Act, and the Second 1992 Registration Statement
has become effective. While an aggregate of $17,500,000
aggregate par value of such Preferred Stock and $50,000,000
of such General and Refunding Mortgage Bonds remained
unsold, the Company also filed with the Commission a
Registration Statement on Form S-3 (File No. 33-50507) (the
"1993 Registration Statement") for the registration of
$282,500,000 aggregate par value and/or principal amount of
the Company's Preferred Stock and/or General and Refunding
Mortgage Bonds under the Securities Act, and the 1993
Registration Statement has become effective. The combined
prospectus forming a part of the 1993 Registration Statement
and relating, pursuant to Rule 429 under the Securities Act,
to an aggregate of $350,000,000 aggregate par value and/or
principal amount of the Company's Preferred Stock and/or
General and Refunding Mortgage Bonds (of which an aggregate
par value and/or principal amount of $260,000,000 of such
Preferred Stock and/or General and Refunding Mortgage Bonds
remain unsold), including the Bonds, at the time the 1993
Registration Statement became effective, including all
documents incorporated by reference therein at that time
pursuant to Item 12 of Form S-3, is hereinafter referred to
as the "Basic Prospectus". In the event that the Basic
Prospectus shall have been amended, revised or supplemented
(but excluding any amendments, revisions or supplements to
the Basic Prospectus relating solely to General and
Refunding Mortgage Bonds other than the Bonds or relating
solely to shares of Preferred Stock) prior to the time of
effectiveness of this Underwriting Agreement, and with
respect to any documents filed by the Company pursuant to
Section 13 or 14 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), after the time the 1993
Registration Statement initially became effective and up to
the time of effectiveness of this Underwriting Agreement
(but excluding documents incorporated therein by reference
relating solely to General and Refunding Mortgage Bonds
other than the Bonds or relating solely to shares of
Preferred Stock), which documents are deemed to be
incorporated by reference in the Basic Prospectus, the term
"Basic Prospectus" as used herein shall also mean such
prospectus as so amended, revised or supplemented. The 1993
Registration Statement as it initially became effective and
as it may have been amended by any amendment thereto
included in the Basic Prospectus (including for these
purposes as an amendment any document incorporated by
reference in the Basic Prospectus), and the Basic Prospectus
as it shall be supplemented to reflect the terms of offering
and sale of the Bonds by a prospectus supplement (a
"Prospectus Supplement") to be filed with, or transmitted
for filing to, the Commission pursuant to Rule 424 under the
Securities Act ("Rule 424"), are hereinafter referred to as
the "Registration Statement" and the "Prospectus,"
respectively. After the time of effectiveness of this
Underwriting Agreement and during the time specified in
Section 6(d), the Company will not file (i) any amendment to
the First 1992 Registration Statement, the Second 1992
Registration Statement or the Registration Statement (except
any amendment relating solely to General and Refunding
Mortgage Bonds other than the Bonds or relating solely to
shares of Preferred Stock) or supplement to the Prospectus
or (ii) prior to the time that the Prospectus is filed with,
or transmitted for filing to, the Commission pursuant to
Rule 424, any document which is to be incorporated by
reference in, or any supplement to (including the Prospectus
Supplement), the Basic Prospectus, in either case, without
prior notice to the Underwriters and to Winthrop, Stimson,
Putnam & Roberts ("Counsel for the Underwriters"), or any
such amendment or supplement to which said Counsel shall
reasonably object on legal grounds in writing. For purposes
of this Underwriting Agreement, any document which is filed
with the Commission after the time of effectiveness of this
Underwriting Agreement and incorporated by reference in the
Prospectus (except documents incorporated by reference
relating solely to General and Refunding Mortgage Bonds
other than the Bonds or relating solely to shares of
Preferred Stock) pursuant to Item 12 of Form S-3 shall be
deemed a supplement to the Prospectus.
(c) The First 1992 Registration Statement, the Second
1992 Registration Statement and the Registration Statement,
at the respective times of their effectiveness, and the
Mortgage, at such times, fully complied, and the Prospectus,
when filed with, or transmitted for filing to, the
Commission pursuant to Rule 424 and at the Closing Date
(hereinafter defined), as it may then be amended or
supplemented, will fully comply, in all material respects
with the applicable provisions of the Securities Act, the
Trust Indenture Act of 1939, as amended (the "Trust
Indenture Act"), and the rules and regulations of the
Commission thereunder or pursuant to said rules and
regulations are or will be deemed to comply therewith. The
documents incorporated by reference in the Prospectus
pursuant to Item 12 of Form S-3, on the date first filed
with the Commission pursuant to the Exchange Act, fully
complied or will fully comply in all material respects with
the applicable provisions of the Exchange Act and the rules
and regulations of the Commission thereunder or pursuant to
said rules and regulations are or will be deemed to comply
therewith. On the later of (i) their respective dates of
effectiveness or (ii) the date that the Company's most
recent Annual Report on Form 10-K was filed with the
Commission under the Exchange Act (the date described in
either clause (i) or (ii) is hereinafter referred to as the
"Effective Date"), the First 1992 Registration Statement,
the Second 1992 Registration Statement and the Registration
Statement did not, and on the date that any post-effective
amendment to the First 1992 Registration Statement, the
Second 1992 Registration Statement and the Registration
Statement became or becomes effective (but excluding any
post-effective amendment relating solely to General and
Refunding Mortgage Bonds other than the Bonds or relating
solely to shares of Preferred Stock), the First 1992
Registration Statement, the Second 1992 Registration
Statement and the Registration Statement, as amended by any
such post-effective amendment, did not or will not, as the
case may be, contain an untrue statement of a material fact
or omit to state a material fact required to be stated
therein or necessary to make the statements therein not
misleading. At the time the Prospectus is filed with, or
transmitted for filing to, the Commission pursuant to Rule
424 and at the Closing Date (as defined herein), the
Prospectus as it may be amended or supplemented will not
include an untrue statement of a material fact or omit to
state a material fact necessary in order to make the
statements therein, in the light of the circumstances under
which they are made, not misleading, and on said dates and
at such times the documents then incorporated by reference
in the Prospectus pursuant to Item 12 of Form S-3, when read
together with the Prospectus, or the Prospectus as it may
then be amended or supplemented, will not include an untrue
statement of a material fact or omit to state a material
fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under
which they are made, not misleading. The foregoing
representations and warranties in this paragraph (c) shall
not apply to statements or omissions made in reliance upon
and in conformity with written information furnished to the
Company by or on behalf of any Underwriter specifically for
use in connection with the preparation of the First 1992
Registration Statement, the Second 1992 Registration
Statement, the Registration Statement or the Prospectus, as
they may be amended or supplemented, or to any statements
in, or omissions from, the statements of eligibility, as
either may be amended, under the Trust Indenture Act, of the
Trustees under the Mortgage.
(d) The issuance and sale of the Bonds and the
fulfillment of the terms of this Underwriting Agreement will
not result in a breach of any of the terms or provisions of,
or constitute a default under, the Mortgage or any other
financing agreement or instrument to which the Company is
now a party.
(e) Except as set forth or contemplated in the
Prospectus, as it may be amended or supplemented, the
Company possesses adequate franchises, licenses, permits,
and other rights to conduct its business and operations as
now conducted, and without any known conflicts with the
rights of others which could have a material adverse effect
on the Company.
SECTION 4. Offering. The Company is advised by the
Underwriters that they propose to make a public offering of their
respective portions of the Bonds as soon after the time of
effectiveness of this Underwriting Agreement as in their judgment
is advisable. The Company is further advised by the Underwriters
that the Bonds will be offered to the public at the initial
public offering price specified in the Prospectus Supplement
[plus accrued interest thereon from _____ __, 1995 to the Closing
Date (as defined herein)].
SECTION 5. Time and Place of Closing. Delivery of the
Bonds and payment of the purchase price therefor by wire transfer
of, or check or checks payable in, New York Clearing House Funds
shall be made at the offices of Reid & Priest, 40 West 57th
Street, New York, New York, at 10:00 A.M., New York time, on
April __, 1995, or at such other time on the same or such other
day as shall be agreed upon by the Company and Bear Stearns & Co.
Inc., or as may be established in accordance with Section 11
herein. The hour and date of such delivery and payment are
herein called the "Closing Date".
The Bonds shall be delivered to the Underwriters in
book-entry form through the facilities of The Depository Trust
Company in New York, New York. The certificates for the Bonds
shall be in the form of one or more typewritten bonds in fully
registered form, in the aggregate principal amount of the Bonds,
and registered in the name of Cede & Co., as nominee of The
Depository Trust Company. The Company agrees to make the Bonds
available to the Underwriters for checking not later than
2:30 P.M., New York time, on the last business day preceding the
Closing Date at such place as may be agreed upon between the
Underwriters and the Company, or at such other time and/or date
as may be agreed upon between the Underwriters and the Company.
SECTION 6. Covenants of the Company. The Company
covenants and agrees with the several Underwriters that:
(a) Not later than the Closing Date, the Company will
deliver to the Underwriters a copy of the First 1992
Registration Statement, the Second 1992 Registration
Statement and the Registration Statement, as originally
filed with the Commission, and of all amendments thereto
relating to the Bonds, certified by an officer of the
Company to be in the form filed.
(b) The Company will deliver to the Underwriters as
many copies of the Prospectus (and any amendments or
supplements thereto) as the Underwriters may reasonably
request.
(c) The Company will cause the Prospectus to be filed
to and in compliance with Rule 424(b) and will advise Bear
Stearns & Co. Inc. promptly of the issuance of any stop
order under the Securities Act with respect to the First
1992 Registration Statement, the Second 1992 Registration
Statement or the Registration Statement or the institution
of any proceedings therefor of which the Company shall have
received notice. The Company will use its best efforts to
prevent the issuance of any such stop order and to secure
the prompt removal thereof if issued.
(d) During such period of time after this Underwriting
Agreement has become effective as the Underwriters are
required by law to deliver a prospectus, if any event
relating to or affecting the Company, or of which the
Company shall be advised by the Underwriters in writing,
shall occur which in the Company's opinion should be set
forth in a supplement or amendment to the Prospectus in
order to make the Prospectus not misleading in the light of
the circumstances when it is delivered to a purchaser of the
Bonds, the Company will amend or supplement, or cause to be
amended or supplemented, the Prospectus by either (i)
preparing and filing with the Commission and furnishing to
the Underwriters a reasonable number of copies of a
supplement or supplements or an amendment or amendments to
the Prospectus, or (ii) making an appropriate filing
pursuant to Section 13 or 14 of the Exchange Act, which will
supplement or amend the Prospectus, so that, as supplemented
or amended, it will not include an untrue statement of a
material fact or omit to state any material fact required to
be stated therein or necessary in order to make the
statements therein, in the light of the circumstances when
the Prospectus is delivered to a purchaser, not misleading.
Unless such event relates solely to the activities of the
Underwriters (in which case the Underwriters shall assume
the expense of preparing any such amendment or supplement),
the expenses of complying with this Section 6(d) shall be
borne by the Company until the expiration of nine months
from the initial effective date of the Registration
Statement, and such expenses shall be borne by the
Underwriters thereafter.
(e) The Company will make generally available to its
security holders, as soon as practicable, an earning
statement (which need not be audited) covering a period of
at least twelve months beginning after the "effective date
of the registration statement" within the meaning of Rule
158 under the Securities Act, which earning statement shall
be in such form, and be made generally available to security
holders in such a manner, so as to meet the requirements of
the last paragraph of Section 11(a) of the Securities Act
and Rule 158 promulgated under the Securities Act.
(f) At any time within six months of the date hereof,
the Company will furnish such proper information as may be
lawfully required and otherwise cooperate in qualifying the
Bonds for offer and sale under the "blue sky" laws of such
jurisdictions as the Underwriters may reasonably designate,
provided that the Company shall not be required to qualify
as a foreign corporation or dealer in securities, to file
any consents to service of process under the laws of any
jurisdiction, or to meet any other requirements deemed by it
to be unduly burdensome.
(g) The Company will, except as herein provided, pay
or cause to be paid all expenses and taxes (except transfer
taxes) in connection with (i) the preparation and filing of
the First 1992 Registration Statement, the Second 1992
Registration Statement, the Registration Statement and any
post-effective amendments thereto, (ii) the printing,
issuance and delivery of the Bonds and the preparation,
execution, printing and recordation of the Supplemental
Indenture, (iii) legal fees and expenses relating to the
qualification of the Bonds under the "blue sky" laws of
various jurisdictions and the determination of the
eligibility of the Bonds for investment under the laws of
various jurisdictions in an amount not to exceed $6,000,
(iv) the printing and delivery to the Underwriters of
reasonable quantities of copies of the First 1992
Registration Statement, the Second 1992 Registration
Statement and the Registration Statement, the Preliminary
(and any Supplemental) Blue Sky Survey and the Prospectus
and any amendment or supplement thereto, except as otherwise
provided in paragraph (d) of this Section 6, (v) fees of the
rating agencies in connection with the rating of the Bonds,
and (vi) fees (if any) of the National Association of
Securities Dealers, Inc. (the "NASD") in connection with its
review of the terms of the offering. Except as provided
above, the Company shall not be required to pay any amount
for any expenses of the Underwriters, except that, if this
Underwriting Agreement shall be terminated in accordance
with the provisions of Section 7, 8 or 12, the Company will
reimburse the Underwriters for (i) the fees and expenses of
Counsel for the Underwriters, whose fees and expenses the
Underwriters agree to pay in any other event, and (ii)
reasonable out-of-pocket expenses, in an amount not
exceeding in the aggregate $15,000, incurred in
contemplation of the performance of this Underwriting
Agreement. The Company shall not in any event be liable to
the Underwriters for damages on account of loss of
anticipated profits.
(h) The Company will not sell any additional General
and Refunding Mortgage Bonds without the consent of the
Underwriters until the earlier to occur of (i) the Closing
Date or (ii) the date of the termination of the fixed price
offering restrictions applicable to the Underwriters. The
Underwriters agree to notify the Company of such termination
if it occurs prior to the Closing Date.
(i) As soon as practicable after the Closing Date, the
Company will make all recordings, registrations and filings
necessary to perfect and preserve the lien of the Mortgage
and the rights under the Supplemental Indenture, and the
Company will use its best efforts to cause to be furnished
to the Underwriters a supplemental opinion of Wise Carter
Child & Caraway, addressed to the Underwriters, stating that
all such recordings, registrations and filings have been
made.
SECTION 7. Conditions of Underwriter's Obligations.
The obligations of the Underwriters to purchase and pay for the
Bonds shall be subject to the accuracy on the date hereof and on
the Closing Date of the representations and warranties made
herein on the part of the Company and of any certificates
furnished by the Company and to the following conditions:
(a) The Prospectus shall have been filed with, or
transmitted for filing to, the Commission pursuant to Rule
424(b) prior to 5:30 P.M., New York time, on the second
business day following the date of this Underwriting
Agreement, or such other time and date as may be agreed upon
by the Company and the Underwriters.
(b) No stop order suspending the effectiveness of the
First 1992 Registration Statement, the Second 1992
Registration Statement or the Registration Statement shall
be in effect at or prior to the Closing Date; no proceedings
for such purpose shall be pending before, or, to the
knowledge of the Company or the Underwriters, threatened by,
the Commission on the Closing Date; and the Underwriters
shall have received a certificate of the Company, dated the
Closing Date and signed by the President or a Vice President
of the Company, to the effect that no such stop order has
been or is in effect and that no proceedings for such
purpose are pending before, or, to the knowledge of the
Company, threatened by, the Commission.
(c) At the Closing Date, there shall have been issued,
and there shall be in full force and effect, to the extent
legally required for the issuance and sale of the Bonds, an
order of the Commission under the Public Utility Holding
Company Act of 1935, as amended (the "1935 Act"),
authorizing the issuance and sale of the Bonds and the
execution of the Supplemental Indenture on the terms set
forth in, or contemplated by, this Underwriting Agreement.
(d) At the Closing Date, the Underwriters shall have
received from Wise Carter Child & Caraway, Professional
Association, general counsel for the Company, Friday,
Eldredge & Clark, special Arkansas counsel to the Company,
and Reid & Priest, of counsel to the Company, opinions,
dated the Closing Date, substantially in the forms set forth
in Exhibits A, B and C hereto, respectively, (i) with such
changes therein as may be agreed upon by the Company and the
Underwriters with the approval of Counsel for the
Underwriters, and (ii) if the Prospectus shall be
supplemented after being furnished to the Underwriters for
use in offering the Bonds, with changes therein to reflect
such supplementation.
(e) At the Closing Date, the Underwriters shall have
received from Counsel for the Underwriters, an opinion,
dated the Closing Date, substantially in the form set forth
in Exhibit D hereto, with such changes therein as may be
necessary to reflect any supplementation of the Prospectus
prior to the Closing Date.
(f) On or prior to the effective date of this
Underwriting Agreement, the Underwriters shall have received
from Coopers & Lybrand LLP, the Company's independent
certified public accountants (the "Accountants") a letter
dated the date hereof and addressed to you to the effect
that (i) they are independent certified public accountants
with respect to the Company, within the meaning of the
Securities Act and the applicable published rules and
regulations thereunder; (ii) in their opinion, the financial
statements and financial statement schedules audited by them
and included or incorporated by reference in the Prospectus
comply as to form in all material respects with the
applicable accounting requirements of the Securities Act and
the Exchange Act, and the related published rules and
regulations thereunder; (iii) on the basis of performing the
procedures specified by the American Institute of Certified
Public Accountants for a review of interim financial
information as described in SAS No. 71, Interim Financial
Information, on the latest unaudited financial statements
included or incorporated by reference in the Prospectus, a
reading of the latest available interim unaudited financial
statements of the Company, the minutes of the meetings of
the Board of Directors of the Company, the Executive
Committee thereof, and the stockholder or stockholders of
the Company, since December 31, 1994 to a specified date not
more than five days prior to the date of such letter or
letters, and inquiries of officers of the Company who have
responsibility for financial and accounting matters (it
being understood that the foregoing procedures do not
constitute an examination made in accordance with generally
accepted auditing standards and that they would not
necessarily reveal matters of significance with respect to
the comments made in such letter and, accordingly, that the
Accountants make no representations as to the sufficiency of
such procedures for the purposes of the Underwriters),
nothing has come to their attention which caused them to
believe that (A) the unaudited financial statements of the
Company included or incorporated by reference in the
Prospectus do not comply as to form in all material respects
with the applicable accounting requirements of the Exchange
Act and the related published rules and regulations
thereunder; (B) any material modifications should be made to
said unaudited financial statements for them to be in
conformity with generally accepted accounting principles;
and (C) at a specified date not more than five business days
prior to the date of the letter, there was any change in the
capital stock or long-term debt of the Company, or decrease
in its net assets, in each case as compared with amounts
shown in the most recent balance sheet incorporated by
reference in the Prospectus, except in all instances for
changes or decreases which the Prospectus discloses have
occurred or may occur, for declarations of dividends, for
the repayment or redemption of long-term debt, for the
amortization of premium or discount on long-term debt, for
the redemption or purchase of preferred stock for sinking
fund purposes, for any increases in long-term debt in
respect of previously issued pollution control, solid waste
disposal or industrial development revenue bonds, or for
changes or decreases as set forth in such letter,
identifying the same and specifying the amount thereof; and
(iv) stating that they have compared specific dollar
amounts, percentages of revenues and earnings and other
financial information pertaining to the Company set forth in
the Prospectus and specified in Exhibit E hereto to the
extent that such amounts, numbers, percentages and
information may be derived from the general accounting
records of the Company, and excluding any questions
requiring an interpretation by legal counsel, with the
results obtained from the application of specified readings,
inquiries and other appropriate procedures (which procedures
do not constitute an examination in accordance with
generally accepted auditing standards) set forth in the
letter, and found them to be in agreement.
(g) At the Closing Date, the Underwriters shall have
received a certificate of the Company, dated the Closing
Date and signed by the President or a Vice President of the
Company, to the effect that (i) the representations and
warranties of the Company contained herein are true and
correct, (ii) the Company has performed and complied with
all agreements and conditions in this Underwriting Agreement
to be performed or complied with by the Company at or prior
to the Closing Date, and (iii) since the most recent date as
of which information is given in the Prospectus, as it may
be amended or supplemented, there has not been any material
adverse change in the business, property or financial
condition of the Company, and there has not been any
material transaction entered into by the Company, other than
transactions in the ordinary course of business, in each
case other than as referred to in, or contemplated by, such
Prospectus, as it may be amended or supplemented.
(h) The Underwriters shall have received duly executed
counterparts of the Supplemental Indenture.
(i) At the Closing Date, the Underwriters shall have
received from the Accountants a letter, dated the Closing
Date, confirming, as of a date not more than five business
days prior to the Closing Date, the statements contained in
the letter delivered pursuant to Section 7(f) hereof.
(j) Between the date hereof and the Closing Date, no
Default (or an event which, with the giving of notice or the
passage of time or both, would constitute a Default) under
the Mortgage shall have occurred.
(k) Between the date hereof and the Closing Date,
neither Moody's Investors Service, Inc. nor Standard and
Poor's Ratings Group shall have lowered its rating of the
Company's outstanding General and Refunding Mortgage Bonds
or First Mortgage Bonds in any respect.
(l) Between the date hereof and the Closing Date, no
other event shall have occurred with respect to or otherwise
affecting the Company, which, in the reasonable opinion of
the Underwriters, materially impairs the investment quality
of the Bonds.
(m) All legal matters in connection with the issuance
and sale of the Bonds shall be satisfactory in form and
substance to Counsel for the Underwriters.
(n) The Company will furnish the Underwriters with
additional conformed copies of such opinions, certificates,
letters and documents as may be reasonably requested.
If any of the conditions specified in this Section
shall not have been fulfilled, this Underwriting Agreement may be
terminated by the Underwriters upon notice thereof to the
Company. Any such termination shall be without liability of any
party to any other party, except as otherwise provided in
paragraph (g) of Section 6 and in Section 10.
SECTION 8. Conditions of the Company's Obligations.
The obligations of the Company hereunder shall be subject to the
following conditions:
(a) The Prospectus shall have been filed with, or
transmitted for filing to, the Commission pursuant to Rule
424(b) prior to 5:30 P.M., New York time, on the second
business day following the date of this Underwriting
Agreement, or such other time and date determined by the
Company and approved by the Underwriters.
(b) No stop order suspending the effectiveness of the
First 1992 Registration Statement, the Second 1992
Registration Statement or the Registration Statement shall
be in effect at or prior to the Closing Date, and no
proceedings for that purpose shall be pending before, or
threatened by, the Commission on the Closing Date.
(c) At the Closing Date, there shall have been issued,
and there shall be in full force and effect, to the extent
legally required for the issuance and sale of the Bonds, an
order of the Commission under the 1935 Act authorizing the
issuance and sale of the Bonds and the execution of the
Supplemental Indenture on the terms set forth in, or
contemplated by, this Underwriting Agreement.
In case any of the conditions specified in this Section
shall not have been fulfilled, this Underwriting Agreement may be
terminated by the Company upon notice thereof to Bear Stearns &
Co. Inc., provided that, in the case of paragraph (a) above, the
Company shall have used its best efforts to comply with the
requirements of Rule 424(b). Any such termination shall be
without liability of any party to any other party, except as
otherwise provided in paragraph (g) of Section 6 and in Section
10.
SECTION 9. Indemnification.
(a) The Company shall indemnify, defend and hold
harmless each Underwriter and each person who controls each
Underwriter within the meaning of Section 15 of the Securities
Act from and against any and all losses, claims, damages or
liabilities, joint or several, to which they or any of them may
become subject under the Securities Act or any other statute or
common law and shall reimburse each Underwriter and any such
controlling person for any legal or other expenses (including, to
the extent hereinafter provided, reasonable counsel fees)
incurred by them in connection with investigating any such
losses, claims, damages or liabilities or in connection with
defending any actions, insofar as such losses, claims, damages,
liabilities, expenses or actions arise out of or are based upon
an untrue statement or alleged untrue statement of a material
fact contained in the First 1992 Registration Statement, the
Second 1992 Registration Statement or the Registration Statement,
as amended or supplemented, or the omission or alleged omission
to state therein a material fact necessary to make the statements
therein not misleading, or upon an untrue statement or alleged
untrue statement of a material fact contained in the Basic
Prospectus (if used prior to the date the Prospectus is filed
with, or transmitted for filing to, the Commission pursuant to
Rule 424), or the Prospectus, as amended or supplemented (if any
amendments or supplements thereto shall have been made), or the
omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were
made, not misleading; provided, however, that the indemnity
agreement contained in this paragraph shall not apply to any such
losses, claims, damages, liabilities, expenses or actions arising
out of, or based upon, any such untrue statement or alleged
untrue statement, or any such omission or alleged omission, if
such statement or omission was made in reliance upon and in
conformity with information furnished herein or in writing to the
Company by such Underwriter specifically for use in connection
with the preparation of the Basic Prospectus (if used prior to
the date the Prospectus is filed with, or transmitted for filing
to, the Commission pursuant to Rule 424) or the First 1992
Registration Statement, the Second 1992 Registration Statement,
the Registration Statement or the Prospectus or any amendment or
supplement to any thereof or arising out of, or based upon,
statements in or omissions from that part of the Second 1992
Registration Statement or the Registration Statement which shall
constitute the statements of eligibility under the Trust
Indenture Act of the Trustees; and provided further, that the
indemnity agreement contained in this subsection shall not inure
to the benefit of any Underwriter or to the benefit of any person
controlling any Underwriter on account of any such losses,
claims, damages, liabilities, expenses or actions arising from
the sale of Bonds to any person in respect of the Basic
Prospectus or the Prospectus, as supplemented or amended
(excluding in both cases, however, any document then incorporated
or deemed incorporated by reference therein pursuant to Item 12
of Form S-3), furnished by any Underwriter to a person to whom
any of the Bonds were sold, insofar as such indemnity relates to
any untrue or misleading statement or omission made in the Basic
Prospectus or the Prospectus but eliminated or remedied prior to
the consummation of such sale in the Prospectus, or any amendment
or supplement thereto furnished pursuant to Section 6(d) hereof,
respectively, unless a copy of the Prospectus (in the case of
such a statement or omission made in the Basic Prospectus) or
such amendment or supplement (in the case of such a statement or
omission made in the Prospectus) (excluding, however, any
amendment or supplement to the Basic Prospectus relating to any
General and Refunding Mortgage Bonds other than the Bonds or to
shares of Preferred Stock and any document incorporated or deemed
incorporated by reference in the Prospectus or such amendment or
supplement) is furnished by such Underwriter to such person (i)
with or prior to the written confirmation of the sale involved or
(ii) as soon as available after such written confirmation.
(b) Each Underwriter shall indemnify, defend and hold
harmless the Company, its directors and officers and each person
who controls any of the foregoing within the meaning of Section
15 of the Securities Act, from and against any and all losses,
claims, damages or liabilities, joint or several, to which they
or any of them may become subject under the Securities Act or any
other statute or common law and shall reimburse each of them for
any legal or other expenses (including, to the extent hereinafter
provided, reasonable counsel fees) incurred by them in connection
with investigating any such losses, claims, damages or
liabilities or in connection with defending any action, insofar
as such losses, claims, damages, liabilities, expenses or actions
arise out of or are based upon an untrue statement or alleged
untrue statement of a material fact contained in the First 1992
Registration Statement, the Second 1992 Registration Statement or
the Registration Statement, as amended or supplemented, or the
omission or alleged omission to state therein a material fact
necessary to make the statements therein not misleading, or upon
an untrue statement or alleged untrue statement of a material
fact contained in, the Basic Prospectus (if used prior to the
date the Prospectus is filed with, or transmitted for filing to,
the Commission pursuant to Rule 424(b)), or the Prospectus, as
amended or supplemented (if any amendments or supplements thereto
shall have been furnished), or the omission or alleged omission
to state therein a material fact required to be stated therein or
necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, in each
case, if (but only if) such statement or omission was made in
reliance upon and in conformity with information furnished herein
or in writing to the Company by such Underwriter specifically for
use in connection with the preparation of the Basic Prospectus
(if used prior to the date the Prospectus is filed with, or
transmitted for filing to, the Commission pursuant to Rule
424(b)) or of the First 1992 Registration Statement, the Second
1992 Registration Statement, the Registration Statement or the
Prospectus or any amendment or supplement thereto.
(c) In case any action shall be brought, based upon
the First 1992 Registration Statement, the Second 1992
Registration Statement, the Registration Statement, the Basic
Prospectus or the Prospectus (including amendments or supplements
thereto), against any party or parties in respect of which
indemnity may be sought pursuant to any of the preceding
paragraphs, such party or parties (hereinafter called the
indemnified party) shall promptly notify the party or parties
against whom indemnity shall be sought hereunder (hereinafter
called the indemnifying party) in writing, and the indemnifying
party shall have the right to participate at its own expense in
the defense or, if it so elects, to assume (in conjunction with
any other indemnifying party) the defense thereof, including the
employment of counsel reasonably satisfactory to the indemnified
party and the payment of all fees and expenses. If the
indemnifying party shall elect not to assume the defense of any
such action, the indemnifying party shall reimburse the
indemnified party for the reasonable fees and expenses of any
counsel retained by such indemnified party. Such indemnified
party shall have the right to employ separate counsel in any such
action in which the defense has been assumed by the indemnifying
party and participate in the defense thereof, but the fees and
expenses of such counsel shall be at the expense of such
indemnified party unless (i) the employment of counsel has been
specifically authorized by the indemnifying party or (ii) the
named parties to any such action (including any impleaded
parties) include each of such indemnified party and the
indemnifying party and such indemnified party shall have been
advised by such counsel that a conflict of interest between the
indemnifying party and such indemnified party may arise and for
this reason it is not desirable for the same counsel to represent
both the indemnifying party and the indemnified party (it being
understood, however, that the indemnifying party shall not, in
connection with any one such action or separate but substantially
similar or related actions in the same jurisdiction arising out
of the same general allegations or circumstances, be liable for
the reasonable fees and expenses of more than one separate firm
of attorneys for such indemnified party (plus any local counsel
retained by such indemnified party in its reasonable judgment),
which firm (or firms), in the case of any of the Underwriters
being the indemnified party, shall be designated in writing by
Bear Stearns & Co. Inc. The indemnified party shall be
reimbursed for all such fees and expenses as they are incurred.
The indemnifying party shall not be liable for any settlement of
any such action effected without its consent, but if any such
action is settled with the consent of the indemnifying party or
if there be a final judgment for the plaintiff in any such
action, the indemnifying party agrees to indemnify and hold
harmless the indemnified party from and against any loss or
liability by reason of such settlement or judgment.
(d) If the indemnification provided for under
subsections (a), (b) or (c) in this Section 9 is unavailable to
an indemnified party in respect of any losses, claims, damages or
liabilities referred to therein, then each indemnifying party, in
lieu of indemnifying such indemnified party, shall contribute to
the amount paid or payable by such indemnified party as a result
of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits
received by the Company and the Underwriters from the offering of
the Bonds or (ii) if the allocation provided by clause (i) above
is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits referred to
in clause (i) above but also the relative fault of the Company on
the one hand and of the Underwriters on the other in connection
with the statements or omissions which resulted in such losses,
claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the
Company on the one hand and the Underwriters on the other shall
be deemed to be in the same proportion as the total proceeds from
the offering (after deducting underwriting discounts and
commissions but before deducting expenses) to the Company bear to
the total underwriting discounts and commissions received by the
Underwriters, in each case as set forth in the table on the cover
page of the Prospectus. The relative fault of the Company on the
one hand and of the Underwriters on the other shall be determined
by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information
supplied by the Company or by any of the Underwriters and the
parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.
The Company and the Underwriters agree that it would
not be just and equitable if contribution pursuant to this
Section 9(d) were determined by pro rata allocation or by any
other method of allocation which does not take account of the
equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable to an indemnified party as
a result of the losses, claims, damages and liabilities referred
to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or
claim. Notwithstanding the provisions of this Section 9(d), no
Underwriter shall be required to contribute any amount in excess
of the amount by which the total price at which the Bonds
underwritten by it and distributed to the public were offered to
the public exceeds the amount of any damages which such
Underwriter has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged
omission. No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall
be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. The Underwriters' obligations
to contribute pursuant to this Section 9(d) are several in
proportion to their respective underwriting obligations and not
joint.
SECTION 10. Survival of Certain Representations and
Obligations. Any other provision of this Underwriting Agreement
to the contrary notwithstanding, (a) the indemnity and
contribution agreements contained in Section 9 of, and the
representations and warranties and other agreements of the
Company contained in, this Underwriting Agreement shall remain
operative and in full force and effect regardless of (i) any
investigation made by or on behalf of any Underwriter or by or on
behalf of the Company or its directors or officers, or any of the
other persons referred to in Section 9 hereof and (ii) acceptance
of and payment for the Bonds and (b) the indemnity and
contribution agreements contained in Section 9 shall remain
operative and in full force and effect regardless of any
termination of this Underwriting Agreement.
SECTION 11. Default of Underwriters. If either
Underwriter shall fail or refuse (otherwise than for some reason
sufficient to justify, in accordance with the terms hereof, the
cancellation or termination of its obligations hereunder) to
purchase and pay for the principal amount of Bonds which it has
agreed to purchase and pay for hereunder, and the aggregate
principal amount of Bonds which such defaulting Underwriter
agreed but failed or refused to purchase is not more than one-
tenth of the aggregate principal amount of the Bonds, the other
Underwriter shall be obligated to purchase the Bonds which such
defaulting Underwriter agreed but failed or refused to purchase;
provided that in no event shall the principal amount of Bonds
which any Underwriter has agreed to purchase pursuant to Schedule
I hereof be increased pursuant to this Section 11 by an amount in
excess of one-ninth of such principal amount of Bonds without the
written consent of such Underwriter. If any Underwriter shall
fail or refuse to purchase Bonds and the aggregate principal
amount of Bonds with respect to which such default occurs is more
than one-tenth of the aggregate principal amount of the Bonds,
the Company shall have the right (a) to require the non-
defaulting Underwriter to purchase and pay for the respective
principal amount of Bonds that it had severally agreed to
purchase hereunder, and, in addition, the principal amount of
Bonds that the defaulting Underwriter shall have so failed to
purchase up to a principal amount thereof equal to one-ninth of
the respective principal amount of Bonds that such non-defaulting
Underwriter had otherwise agreed to purchase hereunder, and/or
(b) to procure one or more others, members of the NASD (or, if
not members of the NASD, who are foreign banks, dealers or
institutions not registered under the Exchange Act and who agree
in making sales to comply with the NASD's Rules of Fair
Practice), to purchase, upon the terms herein set forth, the
principal amount of Bonds that such defaulting Underwriter had
agreed to purchase, or that portion thereof that the remaining
Underwriter shall not be obligated to purchase pursuant to the
foregoing clause (a). In the event the Company shall exercise
its rights under clause (a) and/or (b) above, the Company shall
give written notice thereof to the Underwriters within 24 hours
(excluding any Saturday, Sunday, or legal holiday) of the time
when the Company learns of the failure or refusal of any
Underwriter to purchase and pay for its respective principal
amount of Bonds, and thereupon the Closing Date shall be
postponed for such period, not exceeding three business days, as
the Company shall determine. In the event the Company shall be
entitled to but shall not elect (within the time period specified
above) to exercise its rights under clause (a) and/or (b), the
Company shall be deemed to have elected to terminate this
Underwriting Agreement. In the absence of such election by the
Company, this Underwriting Agreement will, unless otherwise
agreed by the Company and the non-defaulting Underwriter,
terminate without liability on the part of any non-defaulting
party except as otherwise provided in paragraph (g) of Section 6
and in Section 10. Any action taken under this paragraph shall
not relieve any defaulting Underwriter from liability in respect
of its default under this Underwriting Agreement.
SECTION 12. Termination. This Underwriting Agreement
shall be subject to termination by notice given by written notice
from Bear Stearns & Co. Inc. to the Company, if (a) after the
execution and delivery of this Underwriting Agreement and prior
to the Closing Date (i) trading generally shall have been
suspended on the New York Stock Exchange by the New York Stock
Exchange, Inc., the Commission or other governmental authority,
(ii) minimum or maximum ranges for prices shall have been
generally established on the New York Stock Exchange by the New
York Stock Exchange, Inc., the Commission or other governmental
authority, (iii) a general moratorium on commercial banking
activities in New York shall have been declared by either Federal
or New York State authorities, or (iv) there shall have occurred
any material outbreak or escalation of hostilities or any
calamity or crisis that, in the judgment of the Underwriters, is
material and adverse and (b) in the case of any of the events
specified in clauses (a) (i) through (iv), such event singly or
together with any other such event makes it, in the reasonable
judgment of the Underwriters, impracticable to market the Bonds.
This Underwriting Agreement shall also be subject to termination,
upon notice by Bear Stearns & Co. Inc. as provided above, if, in
the judgment of the Underwriters, the subject matter of any
amendment or supplement (prepared by the Company) to the
Prospectus (except for information relating solely to the manner
of public offering of the Bonds or to your activity or to the
terms of any series of General and Refunding Mortgage Bonds not
included in the Bonds or to shares of the Preferred Stock) filed
or issued after the effectiveness of this Underwriting Agreement
by the Company shall have materially impaired the marketability
of the Bonds. Any termination hereof, pursuant to this Section
12, shall be without liability of any party to any other party,
except as otherwise provided in paragraph (g) of Section 6 and in
Section 10.
SECTION 13. Miscellaneous. THIS UNDERWRITING
AGREEMENT SHALL BE A NEW YORK CONTRACT AND ITS VALIDITY AND
INTERPRETATION SHALL BE GOVERNED BY THE LAW OF THE STATE OF NEW
YORK. This Underwriting Agreement may be executed in any number
of separate counterparts, each of which, when so executed and
delivered, shall be deemed to be an original and all of which,
taken together, shall constitute but one and the same agreement.
This Underwriting Agreement shall become effective at the time a
fully-executed copy thereof is delivered to the Company and to
Bear Stearns & Co. Inc. This Underwriting Agreement shall inure
to the benefit of each of the Company, the Underwriters and, with
respect to the provisions of Section 9, each director, officer
and other persons referred to in Section 9, and their respective
successors. Should any part of this Underwriting Agreement for
any reason be declared invalid, such declaration shall not affect
the validity of any remaining portion, which remaining portion
shall remain in full force and effect as if this Underwriting
Agreement had been executed with the invalid portion thereof
eliminated. Nothing herein is intended or shall be construed to
give to any other person, firm or corporation any legal or
equitable right, remedy or claim under or in respect of any
provision in this Underwriting Agreement. The term "successor"
as used in this Underwriting Agreement shall not include any
purchaser, as such purchaser, of any Bonds from the Underwriters.
SECTION 14. Notices. All communications hereunder
shall be in writing and, if to the Underwriters, shall be mailed
or delivered to Bear Stearns & Co. Inc. (to the attention of its
General Counsel) at the address set forth at the beginning of
this Underwriting Agreement or, if to the Company, shall be
mailed or delivered to it at 639 Loyola Avenue, New Orleans,
Louisiana 70113, Attention: Treasurer.
Very truly yours,
MISSISSIPPI POWER & LIGHT COMPANY
By:
Name:
Title:
Accepted as of the date first above written:
BEAR STEARNS & CO. INC.
GOLDMAN, SACHS & CO.
By: BEAR STEARNS & CO. INC.
By:
Name:
Title:
<PAGE>
SCHEDULE I
Mississippi Power & Light Company
$60,000,000
General and Refunding Mortgage Bonds
___% Series due ______ __, ____
Name Amount
Bear Stearns & Co. Inc.
Goldman, Sachs & Co.
___________
Total $60,000,000
<PAGE>
EXHIBIT A
[Letterhead of Wise Carter Child & Caraway]
April __, 1995
BEAR STEARNS & CO. INC.
GOLDMAN, SACHS & CO.
c/o Bear Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
Ladies and Gentlemen:
We are General Counsel for Mississippi Power & Light
Company (the "Company") and have acted in that capacity in
connection with the issuance and sale by the Company to you,
pursuant to the agreement effective April __, 1995 (the
"Underwriting Agreement"), between the Company and you, of
$60,000,000 in aggregate principal amount of its General and
Refunding Mortgage Bonds, ____% Series due _____ __, ____ (the
"Bonds"), issued pursuant to the Company's Mortgage and Deed of
Trust, dated as of February 1, 1988, as heretofore amended and
supplemented by all indentures amendatory thereof and
supplemental thereto, including the [Tenth] Supplemental
Indenture (the "Supplemental Indenture") dated as of ______ __,
1995 (the Mortgage and Deed of Trust as so amended and
supplemented being hereinafter referred to as the "Mortgage").
This opinion is rendered to you at the request of the Company.
We are familiar with the organization of the Company,
the Restated Articles of Incorporation and By-Laws of the
Company, both as amended, and the records of various corporate
and other proceedings relating to the authorization, issuance and
sale of the Bonds. We have participated in the preparation of or
have examined and are familiar with (a) the Mortgage; (b) the
Underwriting Agreement; (c) the First 1992 Registration
Statement, the Second 1992 Registration Statement, the
Registration Statement and the Prospectus filed under the
Securities Act; and (d) the application-declaration, and all
amendments thereto, filed by the Company with the Commission
under the 1935 Act, with respect to the issuance and sale of the
Bonds (the application-declaration, as amended by all such
amendments, being hereinafter referred to as the "Application-
Declaration").
We have examined the orders of the Commission (or
appropriate evidence thereof) relating to the effectiveness of
the First 1992 Registration Statement, the Second 1992
Registration Statement and the Registration Statement, the
qualification of the Mortgage under the Trust Indenture Act and
the Application-Declaration. We have also examined such other
documents and satisfied ourselves as to such other matters as we
have deemed necessary in order to render this opinion. In such
examination, we have assumed the genuineness of all signatures,
the authenticity of all documents submitted to us as originals,
and the conformity to the originals of the documents submitted to
us as certified or photostatic copies. We have not examined the
Bonds, except a specimen thereof, and we have relied upon a
certificate of Bank of Montreal Trust Company as to the
authentication and delivery thereof. Capitalized terms used
herein and not otherwise defined have the meanings ascribed to
such terms in the Underwriting Agreement.
Upon the basis of our familiarity with the foregoing
and with the Company's properties and affairs generally, and
subject to the foregoing and to the further exceptions and
qualifications set forth below, we are of the opinion that:
(1) The Company is a corporation duly organized
and validly existing under the laws of the State of
Mississippi.
(2) The Company is duly authorized by its
Restated Articles of Incorporation, as amended, to conduct
the utility business which it is described in the Prospectus
as conducting, and possesses adequate, valid and subsisting
franchises, certificates of public convenience and
necessity, licenses and permits in order to, and is duly
qualified to, conduct such business in the states of
Mississippi and Arkansas.
(3) The Company has good and sufficient title to
the properties described as owned by it in and as subject to
the lien of the Mortgage (except properties released under
the terms of the Mortgage), subject only to Excepted
Encumbrances as defined in the Mortgage and to minor defects
and encumbrances customarily found in properties of like
size and character that do not, in our opinion, materially
impair the use of such properties affected thereby in the
conduct of the business of the Company. All permanent
physical properties and franchises (other than those
expressly excepted) acquired by the Company after the date
of the Supplemental Indenture, will, upon such acquisition,
become subject to the lien of the Mortgage, subject,
however, to Excepted Encumbrances and to liens, if any,
existing or placed thereon at the time of the acquisition
thereof by the Company and except as limited by bankruptcy
law.
(4) The Mortgage constitutes a valid and direct
lien on all of the Mortgaged and Pledged Property (as
defined in the Mortgage), subject only to minor defects of
the character aforesaid and Excepted Encumbrances. The
description of the Mortgaged and Pledged Property set forth
in the Mortgage is adequate to constitute the Mortgage a
lien on the Mortgaged and Pledged Property. The filing for
recording of the Mortgage in the offices of the Chancery
Clerks of each County in Mississippi in which the Company
holds real property, and the recording of the Mortgage in
the office of the Circuit Clerk of Independence County,
Arkansas, which filings or recordings will be duly effected,
and the filing of Uniform Commercial Code Financing
Statements covering the personal property and fixtures
described in the Mortgage as subject to the lien thereof in
the offices of the Secretary of State of the State of
Mississippi, the Secretary of State of the State of
Arkansas, and the Secretary of State of the State of
Wyoming, which filings will be duly effected, are the only
recordings, filings, rerecordings and refilings required by
law in order to protect and maintain the lien of the
Mortgage on any of the property described therein and
subject thereto.
(5) The Mortgage has been duly and validly
authorized by all necessary corporate action on the part of
the Company, has been duly and validly executed and
delivered by the Company, is a legal, valid and binding
instrument enforceable against the Company in accordance
with its terms, except (i) as the same may be limited by the
laws of the States of Mississippi, Arkansas and Wyoming,
where the property covered thereby is located, affecting the
remedies for the enforcement of the security provided for
therein, which laws do not, in our opinion, make inadequate
remedies necessary for the realization of the benefits of
such security, and (ii) as the same may be limited by
bankruptcy, insolvency, fraudulent conveyance,
reorganization or other similar laws affecting enforcement
of mortgagees' and other creditors' rights and general
equitable principles (regardless of whether such
enforceability is considered in a proceeding in equity or at
law) and is qualified under the Trust Indenture Act, and no
proceedings to suspend such qualification have been
instituted or, to our knowledge, threatened by the
Commission.
(6) The Bonds are legal, valid and binding
obligations of the Company enforceable in accordance with
their terms, except as limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization or other similar laws
affecting enforcement of mortgagees' and other creditors'
rights and by general equitable principles (regardless of
whether such enforceability is considered in a proceeding in
equity or at law) and are entitled to the benefit of the
security afforded by the Mortgage.
(7) The statements made in the Prospectus under
the captions "Description of the New G&R Bonds," insofar as
they purport to constitute summaries of the documents
referred to therein, or of the benefits purported to be
afforded by such documents (including, without limitation,
the lien of the Mortgage), constitute accurate summaries of
the terms of such documents and of such benefits in all
material respects.
(8) The Underwriting Agreement has been duly
authorized, executed and delivered by the Company.
(9) Except as to the financial statements and
other financial or statistical data included or incorporated
by reference therein, upon which we do not pass, the First
1992 Registration Statement, the Second 1992 Registration
Statement and the Registration Statement, at the respective
times of their effectiveness, and the Prospectus, at the
time first filed with the Commission pursuant to Rule 424
under the Securities Act, complied as to form in all
material respects with the applicable requirements of the
Securities Act and (except with respect to the parts of the
Second 1992 Registration Statement and the Registration
Statement that constitute the statements of eligibility of
the Trustees under the Mortgage, upon which we are not
passing) the Trust Indenture Act, and the applicable
instructions, rules and regulations of the Commission
thereunder or pursuant to said instructions, rules and
regulations are deemed to comply therewith; and, with
respect to the documents or portions thereof filed with the
Commission pursuant to the Exchange Act, and incorporated by
reference in the Prospectus pursuant to Item 12 of Form S-3,
such documents or portions thereof, on the date first filed
with the Commission, complied as to form in all material
respects with the applicable provisions of the Exchange Act,
and the applicable instructions, rules and regulations of
the Commission thereunder or pursuant to said instructions,
rules and regulations are deemed to comply therewith; the
First 1992 Registration Statement, the Second 1992
Registration Statement, and the Registration Statement have
become and are effective under the Securities Act; and, to
the best of our knowledge, no stop order suspending the
effectiveness of the First 1992 Registration Statement, the
Second 1992 Registration Statement or the Registration
Statement has been issued and no proceedings for a stop
order with respect thereto are pending or threatened under
Section 8(d) of the Securities Act.
(10) An appropriate order has been entered by the
Commission under the 1935 Act granting and permitting to
become effective the Application-Declaration with respect to
the issuance and sale of the Bonds; to the best of our
knowledge, said order is in full force and effect; such
order is sufficient to authorize the issuance and sale of
the Bonds by the Company pursuant to the Underwriting
Agreement; and no further approval, authorization, consent
or other order of any governmental body (other than in
connection or compliance with the provisions of the
securities or "blue sky" laws of any jurisdiction) is
legally required to permit the issuance and sale of the
Bonds by the Company pursuant to the Underwriting Agreement.
(11) The issuance and sale by the Company of the
Bonds and the execution, delivery and performance by the
Company of the Underwriting Agreement and the Mortgage (a)
will not violate any provision of the Company's Restated
Articles of Incorporation or By-laws, each as amended, (b)
will not violate any provisions of, or constitute a default
under, or result in the creation or imposition of any lien,
charge or encumbrance on or security interest in (except as
contemplated by the Mortgage) any of the assets of the
Company pursuant to the provisions of, any mortgage,
indenture, contract, agreement or other undertaking known to
us (having made due inquiry with respect thereto) to which
the Company is a party or which purports to be binding upon
the Company or upon any of its assets, and (c) will not
violate any provision of any Mississippi law or regulation
applicable to the Company (other than the Mississippi
securities or "blue sky" laws, upon which we are not
passing) or, to the best of our knowledge (having made due
inquiry with respect thereto), any provision of any order,
writ, judgment or decree of any governmental instrumentality
applicable to the Company.
In passing upon the forms of the First 1992
Registration Statement, the Second 1992 Registration Statement,
the Registration Statement and the Prospectus, we necessarily
assume the correctness, completeness and fairness of the
statements made by the Company and information included or
incorporated by reference in the First 1992 Registration
Statement, the Second 1992 Registration Statement, the
Registration Statement and the Prospectus and take no
responsibility therefor, except insofar as such statements relate
to us and as set forth in Paragraph 7 above. In connection with
the preparation by the Company of the First 1992 Registration
Statement, the Second 1992 Registration Statement, the
Registration Statement and the Prospectus, we have had
discussions with certain of the Company's officers and
representatives, with other counsel for the Company, with the
independent certified public accountants of the Company who
audited or reviewed the financial statements included or
incorporated by reference in the First 1992 Registration
Statement, the Second 1992 Registration Statement and the
Registration Statement, and with your representatives. Our
review of the First 1992 Registration Statement, the Second 1992
Registration Statement, the Registration Statement and the
Prospectus and our discussions did not disclose to us any
information which gives us reason to believe that the First 1992
Registration Statement, the Second 1992 Registration Statement or
the Registration Statement, at the Effective Date, contained an
untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make
the statements therein not misleading or that the Prospectus, at
the time first filed with the Commission pursuant to Rule 424
under the Securities Act and at the date hereof, contained or
contains an untrue statement of a material fact or omitted or
omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which
they were made, not misleading. We do not express any belief as
to the financial statements or other financial or statistical
data included or incorporated by reference in the First 1992
Registration Statement, the Second 1992 Registration Statement,
the Registration Statement or the Prospectus, as to the parts of
the Second 1992 Registration Statement and the Registration
Statement that constitute the statements of eligibility of the
Trustees under the Mortgage or as to the information contained in
the Prospectus under the caption "Description of the New G&R
Bonds - Book-Entry G&R Bonds".
We have examined the portions of the information
contained in the First 1992 Registration Statement, the Second
1992 Registration Statement and the Registration Statement that
are stated therein to have been made on our authority, and we
believe such information to be correct. We have also examined
the opinions of even date herewith rendered to you by Reid &
Priest and Winthrop, Stimson, Putnam & Roberts, and we concur in
the conclusions expressed therein insofar as they involve
questions of Mississippi law.
We are members of the Mississippi Bar and do not hold
ourselves out as experts on the laws of any other state. As to
all matters of Arkansas, Wyoming and New York law, we have
relied, with your approval, in the case of Arkansas law, upon the
opinion of even date herewith addressed to us and to you of
Friday, Eldredge & Clark of Little Rock, Arkansas, in the case of
Wyoming law, upon the opinion of even date herewith addressed to
us and to the Company of Kline & Jenkins, of Cheyenne, Wyoming,
and, in the case of New York law, upon the opinion of even date
herewith of Reid & Priest of New York, New York.
The opinion set forth above is solely for the benefit
of the addressees of this letter in connection with the
Underwriting Agreement and the transactions contemplated
thereunder and may not be relied upon in any manner by any other
person or for any other purpose, without our prior written
consent, except that Reid & Priest and Winthrop, Stimson, Putnam
& Roberts may rely on this opinion as to all matters of
Mississippi and Wyoming law in rendering their opinions required
to be delivered under the Underwriting Agreement.
Very truly yours,
WISE CARTER CHILD & CARAWAY
Professional Association
By:________________________
<PAGE>
EXHIBIT B
[Letterhead of Friday, Eldredge & Clark]
April __, 1995
WISE CARTER CHILD & CARAWAY
Professional Association
Post Office Box 651
Jackson, Mississippi 39205
BEAR STEARNS & CO. INC.
GOLDMAN, SACHS & CO.
c/o Bear Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
Ladies and Gentlemen:
In connection with the issuance and sale by Mississippi
Power & Light Company ("Company") of $60,000,000 in aggregate
principal amount of its General and Refunding Mortgage Bonds,
____% Series due _____ __, ____ (the "Bonds"), pursuant to the
Company's Mortgage and Deed of Trust dated as of February 1,
1988, as heretofore amended and supplemented by all indentures
amendatory thereof and supplemental thereto including the [Tenth]
Supplemental Indenture, dated as of _____ __, 1995 (the Mortgage
and Deed of Trust as so amended and supplemented being
hereinafter referred to as the "Mortgage"), we, as special
Arkansas counsel to the Company, have examined such documents,
records and certificates and have reviewed such questions of law
as we have deemed necessary and appropriate for the purpose of
this opinion. This opinion is rendered to you at the request of
the Company.
In order to render this opinion, we have assumed that
the Company does not own any real or personal property or other
facilities in the State of Arkansas, except for an undivided
twenty-five percent (25%) ownership interest in the Independence
Steam Electric Station at Newark, Arkansas, and that the Company
does not maintain any service territory or serve any retail
customers in the State of Arkansas. We have also assumed that
the issuance and sale of the Bonds have had significant contacts
with the State of New York.
Based upon the foregoing and subject to the foregoing
and to the further exceptions and qualifications set forth below,
we are of the opinion that:
1. The Company is duly qualified to do business as a
foreign corporation and is in good standing under the laws of the
State of Arkansas and holds adequate and subsisting franchises,
certificates of public convenience and necessity, licenses and
permits to permit it to conduct its business as presently
conducted in Arkansas.
2. The courts of Arkansas will enforce any provision
in the Mortgage, the Bonds and the Underwriting Agreement,
stipulating that the laws of the State of New York shall govern
the Mortgage, the Bonds and the Underwriting Agreement, except to
the extent that the validity or perfection of the lien of the
Mortgage, or remedies thereunder, are governed by the laws of a
jurisdiction other than the State of New York, except, with
respect to enforcement of the Mortgage, as the same may be
limited by the laws of the State of Arkansas affecting the
remedies for the enforcement of the security provided for
therein, which laws do not, in our opinion, make inadequate
remedies necessary for the realization of the benefits of such
security.
3. There are no authorizations, approvals, consents or
orders of any governmental authority in the State of Arkansas
(other than in connection or compliance with the provisions of
the securities or "blue sky" laws as to which no opinion is
expressed herein) legally required for the execution, delivery
and performance by the Company of the Underwriting Agreement or
to permit the issuance and sale by the Company of the Bonds
pursuant to the Underwriting Agreement.
4. Substantially all physical properties located in
the State of Arkansas (other than those expressly excepted) which
have been or hereafter may be acquired by the Company have been
or, upon such acquisition, will become subject to the lien of the
Mortgage, subject, however, to Excepted Encumbrances (as defined
in the Mortgage) and to liens, defects, and encumbrances, if any,
existing or placed thereon at the time of the acquisition thereof
by the Company and except as limited by bankruptcy law.
5. The Company has good and sufficient legal right,
title and interest in and to the Mortgaged and Pledged Property
(as defined in the Mortgage) located in the State of Arkansas
free and clear of any lien or encumbrance except for the lien of
the Mortgage and for Excepted Encumbrances (as defined in the
Mortgage), and except for minor defects and encumbrances
customarily found in physical properties of like size and
character which do not, in our opinion, materially impair the use
of such properties affected thereby in the conduct of the
business of the Company. Our opinion in the first sentence of
this paragraph 5 is subject to the following:
We have, with your consent, performed the following
procedures and relied upon the following:
(a) a Limited Title Search performed by Independence
County Abstract Company, Inc., covering the period from September
10, 1981 to April __, 1995; (b) a review by Independence County
Abstract Company, Inc. of the Grantor/Grantee indices of volumes
in the real estate records of Independence County, Arkansas in
which transactions that would affect the Company's title to its
property located in such County would be recorded; (c) a review
of the Plaintiff/Defendant indices of official records of the
Circuit Court and Chancery Court of Independence County, Arkansas
and of the United States District Court for the Eastern District
of the State of Arkansas, in each case for civil suits currently
pending therein; and (d) a certificate of the Secretary of State
of the State of Arkansas reflecting the results of a search of
the records maintained by such official pursuant to Act 375 of
the Acts of Arkansas of 1965 (the Arkansas Transmitting Utility
Act).
6. The description of the Mortgaged and Pledged
Property (as defined in the Mortgage) which is located in the
State of Arkansas, as set forth in the Mortgage, is adequate to
constitute a lien on such Mortgaged and Pledged Property. The
recording of the Mortgage among the land records in the office of
the Circuit Clerk of Independence County, Arkansas, which
recording will be duly effected, and the filing of Uniform
Commercial Code financing statements covering the personal
property and fixtures described in the Mortgage subject to the
lien thereof in the office of the Secretary of State of the State
of Arkansas, which filing will be duly effected, are the only
recordings, filings, re-recordings or refilings required by
Arkansas law in order to protect and maintain the lien of the
Mortgage on any Arkansas property described therein and subject
thereto.
We are members of the Arkansas Bar, and we express no
opinion on the laws of any jurisdiction other than the State of
Arkansas.
The opinion set forth above is solely for the benefit
of the addressees of this letter in connection with the
Underwriting Agreement and the transactions contemplated
thereunder and may not be relied upon in any manner by any other
person or for any other purpose, without our prior written
consent, except that Winthrop, Stimson, Putnam & Roberts and Reid
& Priest may rely on this opinion as to all matters of Arkansas
law.
Sincerely,
FRIDAY, ELDREDGE & CLARK
<PAGE>
EXHIBIT C
[Letterhead of Reid & Priest]
April __, 1995
BEAR STEARNS & CO. INC.
GOLDMAN, SACHS & CO.
c/o Bear Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
Ladies and Gentlemen:
With reference to the issuance and sale by Mississippi
Power & Light Company (the "Company") to you, pursuant to the
agreement effective April __, 1995 (the "Underwriting
Agreement"), between the Company and you, of $60,000,000 in
aggregate principal amount of its General and Refunding Mortgage
Bonds, ____% Series due _____ __, ____ (the "Bonds"), issued
under the Company's Mortgage and Deed of Trust, dated as of
February 1, 1988, as heretofore amended and supplemented by all
indentures amendatory thereof and supplemental thereto, including
the [Tenth] Supplemental Indenture dated as of ______ __, 1995
(the Mortgage and Deed of Trust as so supplemented being
hereinafter called the "Mortgage"), we advise you that we are of
counsel to the Company and in that capacity have participated in
the preparation of or have examined and are familiar with (1) the
Mortgage; (2) the First 1992 Registration Statement, the Second
1992 Registration Statement, the Registration Statement and the
Prospectus filed under the Securities Act; (3) the Underwriting
Agreement; and (4) the application-declaration, and all
amendments thereto, filed by the Company with the Commission
under the 1935 Act, with respect to the issuance and sale of the
Bonds (such application-declaration, as amended by all such
amendments, being hereinafter referred to as the "Application-
Declaration"). This opinion is rendered to you at the request of
the Company.
We have participated in the preparation of or reviewed
the corporate proceedings with respect to the issuance and sale
of the Bonds. We have also examined such other documents and
satisfied ourselves as to such other matters as we have deemed
necessary to enable us to render this opinion. In such
examination, we have assumed the genuineness of all signatures,
the authenticity of all documents submitted to us as originals,
and the conformity to originals of the documents submitted to us
as certified or photostatic copies. We have not examined the
Bonds, except a specimen thereof, and we have relied upon a
certificate of Bank of Montreal Trust Company as to the
authentication and delivery thereof. Capitalized terms used
herein and not otherwise defined have the meanings ascribed to
such terms in the Underwriting Agreement.
Based upon the foregoing, and subject to the foregoing
and to the further exceptions and qualifications set forth below,
we are of the opinion that:
(1) The Mortgage has been duly and validly authorized
by all necessary corporate action on the part of the Company, has
been duly and validly executed and delivered by the Company, is a
legal, valid and binding instrument enforceable against the
Company in accordance with its terms, except (i) as the same may
be limited by the laws of the States of Mississippi, Arkansas and
Wyoming, where the property covered thereby is located, affecting
the remedies for the enforcement of the security provided for
therein, and (ii) as limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization or other similar laws
affecting enforcement of mortgagees' and other creditors' rights
and general equitable principles (regardless of whether such
enforceability is considered in a proceeding in equity or at law)
and is qualified under the Trust Indenture Act, and no
proceedings to suspend such qualification have been instituted
or, to our knowledge, threatened by the Commission.
(2) The Bonds are legal, valid and binding obligations
of the Company enforceable in accordance with their terms, except
as limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization or other similar laws affecting enforcement of
mortgagees' and other creditors' rights and by general equitable
principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law), and are entitled
to the benefit of the security purported to be afforded by the
Mortgage.
(3) The statements made in the Prospectus under the
captions "Description of the New G&R Bonds," insofar as they
purport to constitute summaries of the documents referred to
therein, constitute accurate summaries of the terms of such
documents in all material respects.
(4) The Underwriting Agreement has been duly
authorized, executed and delivered by the Company.
(5) Except as to the financial statements and other
financial or statistical data included or incorporated by
reference therein, upon which we do not pass, the First 1992
Registration Statement, the Second 1992 Registration Statement
and the Registration Statement, at the respective times of their
effectiveness, and the Prospectus, at the time first filed with
the Commission pursuant to Rule 424 under the Securities Act,
complied as to form in all material respects with the applicable
requirements of the Securities Act and (except with respect to
the parts of the Second 1992 Registration Statement and the
Registration Statement that constitute the statements of
eligibility of the Trustees under the Mortgage, upon which we are
not passing) the Trust Indenture Act, and the applicable
instructions, rules and regulations of the Commission thereunder
or pursuant to said instructions, rules and regulations are
deemed to comply therewith; and, with respect to the documents or
portions thereof filed with the Commission pursuant to the
Exchange Act, and incorporated by reference in the Prospectus
pursuant to Item 12 of Form S-3, such documents or portions
thereof, on the date first filed with the Commission, complied as
to form in all material respects with the applicable provisions
of the Exchange Act, and the applicable instructions, rules and
regulations of the Commission thereunder or pursuant to said
instructions, rules and regulations are deemed to comply
therewith; the First 1992 Registration Statement, the Second 1992
Registration Statement and the Registration Statement have become
and are effective under the Securities Act; and, to the best of
our knowledge, no stop order suspending the effectiveness of the
First 1992 Registration Statement, the Second 1992 Registration
Statement or the Registration Statement has been issued and no
proceedings for a stop order with respect thereto are pending or
threatened under Section 8(d) of the Securities Act.
(6) An appropriate order has been entered by the
Commission under the 1935 Act granting and permitting to become
effective the Application-Declaration with respect to the
issuance and sale of the Bonds; to the best of our knowledge,
said order is in full force and effect; such order is sufficient
to authorize the issuance and sale of the Bonds by the Company
pursuant to the Underwriting Agreement; and no further approval,
authorization, consent or other order of any governmental body
(other than in connection or compliance with the provisions of
the securities or "blue sky" laws of any jurisdiction) is legally
required to permit the issuance and sale of the Bonds by the
Company pursuant to the Underwriting Agreement.
In passing upon the forms of the First 1992
Registration Statement, the Second 1992 Registration Statement,
the Registration Statement and the Prospectus, we necessarily
assume the correctness, completeness and fairness of the
statements made by the Company and information contained or
incorporated by reference in the First 1992 Registration
Statement, the Second 1992 Registration Statement, the
Registration Statement and the Prospectus and take no
responsibility therefor, except insofar as such statements relate
to us and as set forth in Paragraph 3 above. In connection with
the preparation by the Company of the First 1992 Registration
Statement, the Second 1992 Registration Statement, the
Registration Statement and the Prospectus, we have had
discussions with certain of the Company's officers and
representatives, with other counsel for the Company, with the
independent certified public accountants of the Company who
audited or reviewed the financial statements included or
incorporated by reference in the First 1992 Registration
Statement, the Second 1992 Registration Statement, and the
Registration Statement, and with your representatives. Our
review of the First 1992 Registration Statement, the Second 1992
Registration Statement, the Registration Statement and the
Prospectus and our discussions did not disclose to us any
information which gives us reason to believe that the First 1992
Registration Statement, the Second 1992 Registration Statement or
the Registration Statement, at the Effective Date, contained an
untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make
the statements therein not misleading or that the Prospectus, at
the time first filed with the Commission pursuant to Rule 424
under the Securities Act and at the date hereof, contained or
contains an untrue statement of a material fact or omitted or
omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which
they were made, not misleading. We do not express any opinion or
belief as to the financial statements or other financial or
statistical data included or incorporated by reference in the
First 1992 Registration Statement, the Second 1992 Registration
Statement, the Registration Statement or the Prospectus, as to
the parts of the Second 1992 Registration Statement and the
Registration Statement that constitute the statements of
eligibility of the Trustees under the Mortgage or as to the
information contained in the Prospectus under the caption
"Description of the New G&R Bonds - Book-Entry G&R Bonds".
We are members of the New York Bar and do not hold
ourselves out as experts on the laws of any other state. As to
all matters of Mississippi and Wyoming law, we have relied upon
the opinion of even date herewith addressed to you by Wise Carter
Child & Caraway, Professional Association, of Jackson,
Mississippi, the Company's General Counsel, and as to all matters
of Arkansas law, we have relied upon the opinion of even date
herewith addressed to you by Friday, Eldredge & Clark, special
Arkansas counsel to the Company. We have not examined into and
are not passing upon matters relating to incorporation of the
Company, titles to property, franchises or the lien of the
Mortgage.
The opinion set forth above is solely for the benefit
of the addressees of this letter in connection with the
Underwriting Agreement and the transactions contemplated
thereunder and may not be relied upon in any manner by any other
person or for any other purpose, without our prior written
consent, except that Wise Carter Child & Caraway, Professional
Association, may rely on this opinion as to all matters of New
York law in rendering its opinion required to be delivered under
the Underwriting Agreement.
Very truly yours,
REID & PRIEST
<PAGE>
EXHIBIT D
[Letterhead of Winthrop, Stimson, Putnam & Roberts]
April __, 1995
BEAR STEARNS & CO. INC.
GOLDMAN, SACHS & CO.
c/o Bear Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
Ladies and Gentlemen:
We have acted as counsel for you as the several
underwriters of $60,000,000 in aggregate principal amount of
General and Refunding Mortgage Bonds, ____% Series due _____ __,
____ (the "Bonds"), issued by Mississippi Power & Light Company
(the "Company") under the Company's Mortgage and Deed of Trust,
dated as of February 1, 1988, as heretofore amended and
supplemented by all indentures amendatory thereof and
supplemental thereto, including the [Tenth] Supplemental
Indenture dated as of ______ __, 1995 (said Mortgage and Deed of
Trust as so amended and supplemented being hereinafter referred
to as the "Mortgage"), pursuant to the agreement between you and
the Company effective April __, 1995 (the "Underwriting
Agreement").
We are members of the New York bar and, for purposes of
this opinion, do not hold ourselves out as experts on the laws of
any jurisdiction other than the State of New York and the United
States of America. We have, with your consent, relied upon an
opinion of even date herewith addressed to you by Wise Carter
Child & Caraway, Professional Association, of Jackson,
Mississippi, General Counsel for the Company, as to the matters
covered in such opinion relating to Mississippi and Wyoming law,
and an opinion of Friday, Eldredge & Clark, of Little Rock,
Arkansas, special Arkansas counsel to the Company, as to the
matters covered in such opinion relating to Arkansas law. We
have reviewed said opinions and believe that they are
satisfactory. We have also reviewed the opinion of Reid & Priest
required by Section 7(d) of the Underwriting Agreement, and we
believe said opinion to be satisfactory.
We have also examined such documents and satisfied
ourselves as to such other matters as we have deemed necessary in
order to enable us to express this opinion. As to various
questions of fact material to this opinion, we have relied upon
representations of the Company and statements in the First 1992
Registration Statement, the Second 1992 Registration Statement
and the Registration Statement. In such examination, we have
assumed the genuineness of all signatures, the authenticity of
all documents submitted to us as originals, and the conformity to
the originals of the documents submitted to us as certified or
photostatic copies. We have not examined the Bonds, except a
specimen thereof, and we have relied upon a certificate of Bank
of Montreal Trust Company as to the authentication and delivery
thereof. We have not examined into, and are expressing no
opinion or belief as to matters relating to, incorporation of the
Company, titles to property, franchises or the lien of the
Mortgage. Capitalized terms used herein and not otherwise
defined have the meanings ascribed to such terms in the
Underwriting Agreement.
Subject to the foregoing and to the further exceptions
and qualifications set forth below, we are of the opinion that:
(1) The Mortgage has been duly and validly authorized
by all necessary corporate action on the part of the Company, has
been duly and validly executed and delivered by the Company, is a
valid and binding instrument enforceable against the Company in
accordance with its terms, except (i) as the same may be limited
by the laws of the States of Mississippi, Arkansas and Wyoming,
where the property covered thereby is located, affecting the
remedies for the enforcement of the security provided for therein
and (ii) as the same may be limited by bankruptcy, insolvency,
fraudulent conveyance, reorganization or other similar laws
affecting enforcement of mortgagees' and other creditors' rights
and general equitable principles (regardless of whether such
enforceability is considered in a proceeding in equity or at law)
and is qualified under the Trust Indenture Act, and no
proceedings to suspend such qualification have been instituted
or, to our knowledge, threatened by the Commission.
(2) The Bonds are legal, valid and binding obligations
of the Company enforceable in accordance with their terms, except
as limited by bankruptcy, insolvency, fraudulent conveyance,
reorganization or other similar laws affecting enforcement of
mortgagees' and other creditors' rights and by general equitable
principles (regardless of whether such enforceability is
considered in a proceeding in equity or at law), and are entitled
to the benefit of the security purported to be afforded by the
Mortgage.
(3) The statements made in the Prospectus under the
captions "Description of the New G&R Bonds," insofar as they
purport to constitute summaries of the documents referred to
therein, constitute accurate summaries of the terms of such
documents in all material respects.
(4) The Underwriting Agreement has been duly
authorized, executed and delivered by the Company.
(5) An appropriate order has been entered by the
Commission under the 1935 Act, granting and permitting to become
effective the application-declaration, as amended, filed by the
Company with the Commission under the 1935 Act with respect to
the issuance and sale of the Bonds; to the best of our knowledge,
said order is in full force and effect; such order is sufficient
to authorize the issuance and sale of the Bonds by the Company
pursuant to the Underwriting Agreement; and no further approval,
authorization, consent or other order of any governmental body
(other than in connection or compliance with the provisions of
the securities or "blue sky" laws of any jurisdiction) is legally
required to permit the issuance and sale of the Bonds by the
Company pursuant to the Underwriting Agreement.
(6) Except in each case as to the financial statements
and other financial or statistical data included or incorporated
by reference therein, upon which we do not pass, the First 1992
Registration Statement, the Second 1992 Registration Statement
and the Registration Statement, at the respective times of
effectiveness, and the Prospectus, at the time first filed with
the Commission pursuant to Rule 424 under the Securities Act,
complied as to form in all material respects with the applicable
requirements of the Securities Act and (except with respect to
the parts of the Second 1992 Registration Statement and the
Registration Statement that constitute the statements of
eligibility of the Trustees under the Mortgage, upon which we are
not passing) the Trust Indenture Act, and the applicable
instructions, rules and regulations of the Commission thereunder
or pursuant to said instructions, rules and regulations are
deemed to comply therewith; and, with respect to the documents or
portions thereof filed with the Commission pursuant to the
Exchange Act, and incorporated by reference in the Prospectus
pursuant to Item 12 of Form S-3, such documents or portions
thereof, on the date first filed with the Commission, complied as
to form in all material respects with the applicable provisions
of the Exchange Act, and the applicable instructions, rules and
regulations of the Commission thereunder or pursuant to said
instructions, rules and regulations are deemed to comply
therewith; the First 1992 Registration Statement, the Second 1992
Registration Statement and the Registration Statement have become
and are effective under the Securities Act; and, to the best of
our knowledge, no stop order suspending the effectiveness of the
First 1992 Registration Statement, the Second 1992 Registration
Statement or the Registration Statement has been issued and no
proceedings for a stop order with respect thereto are pending or
threatened under Section 8(d) of the Securities Act.
In passing upon the forms of the First 1992
Registration Statement, the Second 1992 Registration Statement,
the Registration Statement and the Prospectus, we necessarily
assume the correctness, completeness and fairness of the
statements made by the Company and information included or
incorporated by reference in the First 1992 Registration
Statement, the Second 1992 Registration Statement, the
Registration Statement and the Prospectus and take no
responsibility therefor, except insofar as such statements relate
to us and as set forth in paragraph 3 above. In connection with
the preparation by the Company of the First 1992 Registration
Statement, the Second 1992 Registration Statement, the
Registration Statement and the Prospectus, we have had
discussions with certain of the Company's officers and
representatives, with counsel for the Company, with the
independent certified public accountants of the Company who
audited or reviewed the financial statements included or
incorporated by reference in the First 1992 Registration
Statement, the Second 1992 Registration Statement, and the
Registration Statement, and with your representatives. Our
review of the First 1992 Registration Statement, the Second 1992
Registration Statement, the Registration Statement and the
Prospectus and our discussions did not disclose to us any
information that gives us reason to believe that the First 1992
Registration Statement, the Second 1992 Registration Statement or
the Registration Statement, at the Effective Date, contained an
untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make
the statements therein not misleading or that the Prospectus, at
the time first filed with the Commission pursuant to Rule 424
under the Securities Act and at the date hereof, contained or
contains an untrue statement of a material fact or omitted or
omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which
they were made, not misleading. We do not express any opinion or
belief as to the financial statements or other financial or
statistical data included or incorporated by reference in the
First 1992 Registration Statement, the Second 1992 Registration
Statement, the Registration Statement or the Prospectus, as to
the parts of the Second 1992 Registration Statement and the
Registration Statement that constitute the statements of
eligibility of the Trustees under the Mortgage or as to the
information contained in the Prospectus under the caption
"Description of the New G&R Bonds - Book-Entry G&R Bonds".
This opinion is solely for the benefit of the
addressees hereof in connection with the Underwriting Agreement
and the transactions contemplated thereunder and may not be
relied upon in any manner by any other person or for any other
purpose, without our prior written consent.
Very truly yours,
WINTHROP, STIMSON, PUTNAM & ROBERTS
<PAGE>
EXHIBIT E
ITEMS PURSUANT TO SECTION 7(f)(iv) OF THE
UNDERWRITING AGREEMENT FOR INCLUSION IN
LETTER OF THE ACCOUNTANTS REFERRED TO THEREIN
[TO BE COMPLETED WHEN 1994 10-K IS RECEIVED]
Caption Pages Items
FORM 10-K FOR THE YEAR
ENDED DECEMBER 31, 1994:
