ML20034C006
| ML20034C006 | |
| Person / Time | |
|---|---|
| Site: | Fort Saint Vrain  |
| Issue date: | 04/25/1990 |
| From: | Crawford A PUBLIC SERVICE CO. OF COLORADO |
| To: | Weiss S Office of Nuclear Reactor Regulation |
| References | |
| P-90125, NUDOCS 9005010299 | |
| Download: ML20034C006 (6) | |
Text
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Public Service' 4.h P.O. Box 840 Denver CO 80201 0840 Fort St. Vrain f
A. Clegg crawford 1
NcE*$* Ems U.S. Nuclear Regulatory Commission ATTN: Document Control Desk Washington, D.C.
20555 ATTN: Mr. Seymour H. Weiss, Director Non-Power Reactor, Decommissioning and Environmental Project Directorate Docket No. 50-267 f
SUBJECT:
PSC REVISED DECOMMISSIONING TRUST FUND AGREEMENTS
REFERENCES:
PSC letter, Crawford to Weiss, dated February 15, 1990 (P-90039)
Dear Mr. Weiss:
1 Public Service Company of Colorado (PSC) submitted the revised Decommissioning Financial Plan as Attachment 2 to the above referenced
- letter, in Section 6.2 of the revised Financial Plan, PSC informed the NRC that interviews were in progress to upgrade the services of the external trust fund trustee.
PSC committed to provide the NRC with any new contracts or agreements resulting from those interviews.
At this time, the present Decommissioning Trust Fund trustee has been retained.
The existing trust agreements, forwarded in the above referenced letter, have been updated to incorporate recent NRC guidance as noted in the attached Amendment No. I to those trust agreements.
PSC plans to continue periodic evaluation of its trust agreements and trustee performance.
If it becomes necessary to change either the trustee or amend the trust agreements, PSC will notify the NRC of those changes.
If you have any questions regarding the revised agreements, please contact Mr. M.H. Holmes at (303) 480 6960, t
Very truly yours,
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f A. Clegg Crawford
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k Vice President Nuclear Operations f
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P 90125 i
April 25, 1990 Page 2 ACC:CRB/cb Attachment cc: Regional Administrator, Region IV ATIN: Mr. J.B. Baird Technical Assistant Division of Reactor Projects Mr. Robert Farrell Senior Resident inspector Fort St. Vrain Mr. Robert M. Quillin, Director Radiation Control Division Colorado Department of Health 4210 East lith Avenue Denver, CO 80220 a
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Attachment to P 90125 April 25, 1990 Page 1 AGREEMENT TO AMEND TRUST AGREEMENT WITH AMENDMiTM NO. 1 l
This AGREEMENT TO AMEND TRUST AGREEMENT is executed this O
day of March, 1990, by and between PUBLIC SERVICE COMPANY OF COLORADO, a Colorado corporation, with its principal office at
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f Denver, Colorado (the " Company"), and FIRST INTERSTATE BANK OF DENVER, a national banking association (the " Trustee"), to amend the Trust Agreement between the parties dated January 1, 1987.
R. E C,,I,,,T, & L On the 1st day of January, 1987, the Company and the Trustee F
entered into a Trust Agreement wherein, inter alia, the Trustee agreed to act as Trustee of the Company's Fort St. Vrain Nuclear t
l Decommissioning Trust Fund (the " Fund").
l The following amendment is necessary to conform the ' Trust Agreement to the regulations of the United States Nuclear Regu-latory Commission (the "NRC") regarding the decommissioning trust funds.
The parties agree that the Trt : Agreement should be r
amended as follows:
AMENDMENT NO.1 'IO TRUST AGREENDfP
'Ihe parties hereto, by their respective duly authorized officers, cove-nant and agree that SECTION IV, Payment For Deccamissioning Cost, and SECTIN VI, Trustee Managenent, of the Trust Agreement shall, upon execution hezeof, be deleted in their entireties and the following substituted in lieu thereof:-
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Attachment to P-90125 April 25, 1990 Page 2 SDCTICH IV l
Payment Ibr Decennissioning Costs l
i The Trustee will nake such payments fran the Fund as the Canpany may direct in writing to provide for the payment of the dooannissioning costs of the Fort St. Vrain Nuclear Generating Station, upon certification by the Otmpany that the tac, or its successor, has approved a nev==1ssioning Plan, or to provide for the disposition of any balance remaining after the payment i
l of such costs.
SECTIQi VI Trustee management Trustee will invest and reinvest the principal and inoame of the Fund and l
keep the Fund invested as a single fund.
In investing, reinvesting, purchas-ing, acquiring, exchanging, selling and managing the Fund, the Trustee or any i
other Fiduciary will discharge his duties with respect to the trust fund I
solely in the interest of and for the benefit of this trust fund, and with the care, skill, prudence and diligence under the circumstances then prevailing which persons of prudence acting in a like capacity and familiar with such t
matters would use in the conduct of an enterprise of a like character and with like aims: except that securities or other obligations of the Cenpany, or any other owner of the facility, or any of their affiliates as-defined in the f
Investment Cbnpany Act of 1940, as amanded, shall not be acquired or held, unless they are securities or other obligations of the Federal or a Stath government.
Furthermore, at no time shall the Fund contain securities or
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other obligations of conpanies or entities that are owners or partial owners of nuclear generating facilities to exceed d % of the Fund at cost or k % of the Fund at market value unless they are obligations of the Federal
o Attachment to P-90125 April 25, 1990 Page 3 goverrsuant. Within the limitations of the foregoing standard and pursuant to f
i the requirements of Section 468A of the Internal Revenue Code of 1986, the i
Trustee is authorized to sell, exchange, partition, or otherwise dispose of l
all or any part of the Nnd at public or private sale, without prior applica-tion to, or approval by, or ozxler of any ocurt, upon such terms and in such manner and at such prices as the Trustee shall determine; to modify, renew or extend bonds, notes or other obligations or any ins +211mant of principal thereof or any interest due thereon and to waive any defaults in the perfor-
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mance of the terms and conditions thereof; and to execute and deliver any and all bills of sale, assignments, bonds or other instruments in ooruwetion with these powers, all at such times, in such manner and upon such terms and conditions as the Trustee may deem epadient to accanplish the purposes of i
this Nnd.
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'Ibe Trustee is authorized to hold cash awaiting investment or dis-1 tribution uninvested for a reasonable time and without liability for the payment of interest thereon.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. I to Trust Agreement to be effective on the day and year first above written.
PUBLIC SERVICE COMPANY OF COLORADO i
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bind By:
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Attachment to P-90125 3
April 25, 1990 Page 4 l
jERSTATEBANKOFDENVER f
FIRST I M
By:
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ATTEST:
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(SEAL) q i
STATE OF COLORADO
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COUNTY OF b 1pu S t<
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l iniMC The foregoing AGREEMENT TO AMEND TRUST AGREEMENT was ac-kno edg,ed be ore me this
_ MrL day of
- March, 1990, by
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. sJb2 e as &As WY SMdAAd>
of Public Service fompany of Colorado.'
Witness my hand and official seal.
My commission expires: Of> M A ' E,/992
~f AL/smla 0&
otary Pubilo STATE OF COLORADO
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COUNTY De w
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The foregoing AGREEMENT TO D TRUST AGREEMENT was ac-
"E M # C,Y b l **
,'ae d*[.@'ad"YN$$_4 ab of I'irst Interitate Bank of Denver.
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Witness my hand and official seal.
My commission expires:
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A tary Public' A
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