Amendment No. 6 to
SEC File No. 70-8403
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM U-1
APPLICATION
UNDER
THE PUBLIC UTILITY HOLDING COMPANY ACT OF 1935 ("Act")
PENNSYLVANIA ELECTRIC COMPANY ("Penelec")
1001 Broad Street
Johnstown, Pennsylvania 15907
(Name of company filing this statement and address
of principal executive office)
GENERAL PUBLIC UTILITIES CORPORATION ("GPU")
(Name of top registered holding company parent of applicant)
Don W. Myers, Vice President and Douglas E. Davidson, Esq.
Treasurer Berlack, Israels & Liberman
M. A. Nalewako, Secretary 120 West 45th Street
GPU Service Corporation New York, New York 10036
100 Interpace Parkway
Parsippany, New Jersey 07054
William C. Matthews, Esq., Robert C. Gerlach, Esq.
Secretary Ballard Spahr Andrews &
Pennsylvania Electric Company Ingersoll
1001 Broad Street 1735 Market Street
Johnstown, Pennsylvania 15907 Philadelphia, Pennsylvania 19103
(Names and addresses of agents for service)
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Penelec hereby amends its Application on Form U-1, as
heretofore amended, docketed in SEC File No. 70-8403, as follows:
1. By amending the third sentence of paragraph A of Item 1
thereof to read in its entirety as follows:
Penelec would acquire all of the common stock of
Investment Sub for a nominal consideration and would capitalize
Investment Sub with a demand promissory note in the principal
amount of approximately 10% of the total capitalization of Penelec
Capital, or up to $13 million, such note to accrue interest,
compounded semi-annually, at a rate equal to the Citibank, N.A.
base rate as in effect from time to time.
2. By filing the following exhibit in Item 6(a) thereof:
(a) Exhibits:
A-10 - Form of demand promissory note from Penelec
to Investment Sub.
1
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE PUBLIC UTILITY
HOLDING COMPANY ACT OF 1935, THE UNDERSIGNED COMPANY HAS DULY
CAUSED THIS STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED
THEREUNTO DULY AUTHORIZED.
PENNSYLVANIA ELECTRIC COMPANY
By:
Don W. Myers, Vice President and
Treasurer
Date: June 22, 1994
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EXHIBIT TO BE FILED BY EDGAR
Exhibit:
A-10 - Form of demand promissory note from Penelec
to Investment Sub.
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Exhibit A-10
DEMAND PROMISSORY NOTE
$_______________ ________, 1994
For value received, PENNSYLVANIA ELECTRIC COMPANY, a
Pennsylvania corporation ("Penelec"), hereby promises to pay to the
order of PENELEC PREFERRED CAPITAL, INC., a Delaware corporation
("Capital"), ON DEMAND, at the office of Capital located at Mellon
Bank Center, Tenth and Market Streets, Wilmington, Delaware 19801,
or at such other place as Capital may specify from time to time, in
lawful money of the United States of America, the principal sum of
$______________, or such lesser unpaid principal amount as shall be
outstanding hereunder, together with interest from the date hereof
on the unpaid principal balance of this Note calculated at a rate
equal to the Citibank, N.A. base rate as in effect from time to
time, such interest to be compounded semi-annually on December __
and June __ of each year while this Note is outstanding.
The amount of any payment made by Penelec hereunder shall be
recorded by Capital on the schedule attached hereto and the
resulting unpaid principal balance set forth in such schedule shall
be presumptive evidence of the principal balance owing and unpaid
on this Note.
Presentment for payment, demand, notice of dishonor, protest,
notice of protest, and all other demands and notices in connection
with the delivery, performance and enforcement of this Note are
hereby waived.
This Note shall be governed by and construed and interpreted
in accordance with the substantive laws of the Commonwealth of
Pennsylvania without giving effect to conflict of law principles.
This Note may be amended only by an instrument in writing
executed by Penelec and Capital.
PENNSYLVANIA ELECTRIC COMPANY
By:
Title:
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