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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
:
In the Matter of : CERTIFICATE
: of
CNG TRANSMISSION CORPORATION : NOTIFICATION
Clarksburg, West Virginia : NO. 14
: ____________
CNG IROQUOIS, INC. :
: TRANSACTIONS
File No. 70-7641 : DURING PERIOD
(Public Utility Holding Company Act of 1935):
_____________________________________________ April 1, 1994
through
June 30, 1994
TO THE SECURITIES AND EXCHANGE COMMISSION:
By orders dated January 9, 1991, February 28, 1991 and May 7, 1991
(HCAR Nos. 25239, 25263 and 25308, respectively) ("Orders"), in the
above-captioned proceeding, the Securities and Exchange Commission
("Commission") permitted the Application-Declaration of CNG
Transmission Corporation ("Transmission") and CNG Iroquois, Inc.
("CNGI"), as amended, to become effective, thereby authorizing
Transmission to provide, through June 30, 1993, up to $35,000,000 of
financing to CNGI through the purchase of common stock of CNGI and/or
the making of open account advances to CNGI. Transmission and CNGI
were also authorized by the Orders to provide, through June 30, 1993,
up to $35,000,000 in guaranties and indemnities on behalf of CNGI and
Iroquois Gas Transmission System, L. P. ("Iroquois"), respectively, at
any one time. The purpose of the financing was to provide funds to
CNGI for use relating to its 9.4% general partnership interest in
Iroquois, which was formed to construct and own an interstate natural
gas pipeline extending from the Canadian border to Long Island, New
York.
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By order dated July 6, 1993 (HCAR No. 25845), the Commission
extended the above-mentioned authorizations through June 30, 1996, up
to an aggregate amount of $20 million. In addition, the Commission
pursuant to such Order authorized CNGI and Transmission to obtain
letters of credit and/or enter into reimbursement agreements on behalf
of Iroquois and CNGI respectively.
This Certificate is filed in accordance with Rule 24 as
notification that the following transactions authorized by the Orders
have been carried out during the reporting quarter in accordance with
the terms and conditions of, and for the purposes represented by, said
Application-Declaration and the Orders.
(1) Transmission purchased no shares of common stock during the
quarter. As of June 30, 1994, CNGI had 1,494 shares of common
stock outstanding.
(2) No open account advances were made by Transmission to CNGI
during the quarter, and no such open account advances were
outstanding as of June 30, 1994.
(3) CNGI made no capital contributions to Iroquois during the
second quarter of 1994. As of June 30, 1994, CNGI has
cumulatively made $14,895,764 of equity contributions to Iroquois.
(4) On August 25, 1993, CNGI entered into a reimbursement
agreement and related support agreements where CNGI agreed to
reimburse the Bank of Montreal its share of a distribution
made by Iroquois to the partners of Iroquois from the cash in
the debt service reserve account. The terms of the loan
allowed the cash in such account to be distributed as long as
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Iroquois obtained a letter of credit ("LOC") and the
individual partners agreed to reimburse the bank who issued the
LOC if the bank is required to pay on the LOC. CNGI's share of
the distribution amounted to $3,456,756, which was distributed to
CNGI on August 25, 1993.
On March 31, 1994, the LOC was amended to reflect a one year
term extension. All other terms of the LOC remain unchanged.
The "past-tense" opinion required by paragraph F(2) of the
instructions as to exhibits for Form U-1 will be filed when all of the
transactions authorized pursuant to said Orders have consummated.
CNG TRANSMISSION CORPORATION
CNG IROQUOIS, INC.
H. P. Payne, Jr.
Their Attorney
Dated this 29th day
of July, 1994
