ML20125B086
| ML20125B086 | |
| Person / Time | |
|---|---|
| Site: | Fort Saint Vrain  |
| Issue date: | 12/04/1992 |
| From: | Merrill A BANK OF NEW YORK |
| To: | Erickson P Office of Nuclear Reactor Regulation |
| References | |
| NUDOCS 9212090201 | |
| Download: ML20125B086 (10) | |
Text
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f THE BANK OF NEW YORK N e w v o e x's F e a s t B A N n - rovN ot o 1764 av AttxANDER M AMILTON ONE WALL STREET, NEW YORK, N.Y.10280 December 4, 1992 S0 267 Hr. Peter B.
Erickson Non-Power Reactors and Decommissioning Project Directories Division of Operations Reactor Support Office of Nuclear Reactor Regulation U.S. Nuclear Regulatory Commission Washington, D.C.
20555 Re:
Public Service Company of Colorado Ir evocable Letter of Credit
Dear Mr. Erickson:
I enclose herein our irrevocable Letter of Credit Facility issued on behalf of Public Service Company of Colorado and for the benefit of The United States Nuclear Regulatory Commission.
This Letter of Credit has been executed on this date by The Bank of New York.
Sincerely, s
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Andrew M. Merrill' Vice President
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THE BANK OF NEW YORK lI t
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IRREVOCABLE LETTER OF CREDIT i
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Letter of Credit No. 500028181 December 4, 1992 1
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$125,000,000 l'
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U.S. Nuclear-Regulatory Commission g
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Dear Sir or Madam:
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For the account of Public Service Company of Colorado (the h.
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" Company"), we hereby issue our irrevocable standby letter of i
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credit in your favor and. authorize.you to draw on us at sight up i
Y to $125,000,000 (such amount, as the same may be reduced from T
time to time as hereinafter set forth, the " Stated. Amount").
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1 This Letter of Credit is issued to you at the request of the i'
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We have been informed by the Company that it has
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requested the issuance of this Letter of Credit for the purpose k
of complying with the-regulations issued under the authority of h
the U.S.
Nuclear Regulatory Commission, a governmental agency, N
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Energy Reorganization Act of 1974, as amended, which require that' L
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a holder of, or an applicant for, a license issued under 10 CFR-l
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Part 50 provide assurance that funds will be available if needed l
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11 Aypilability I
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Funds under this Letter of Credit are available to you against l
your sight draft (s) drawn on us, stating on their face:
" Drawn J
.y under The Bank of New York Irrevocable Letter of Credit No.
h 500028181" accompanied by your written-certificate purportedly
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i LETTER OF CREDIT DEPARVCENT
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'bM P.O. BOX 11238 NEW YORK, NN. 10286-1238
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signed by your authorized representative and an authorized l
officer of the Company, appropriately completed, in the form of n
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Exhibit A or B hereto.
Only you may make a drawing under this i
Letter of Credit.
Presentation of such drafts and certificates 3
shall be made at our office located at:
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101 Barclay Street I
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Manager, Special Transaction Dept.,
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us by written notice delivered to you.
We hereby agree that each.
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draft drawn under and in compliance with the terms of this Letter
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of Credit will be duly honored by us within three business days ll after presentation of such draft and the accompanying certificates.
As used herein, the term " business day" shall mean l
any day on which commercial banks are not authorized or required ll.
to close in New York, New York.
o Payment under this Letter of Credit shall be made in accordance j
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with your written instructions contained in the applicable drawing certificate.
For the sole purpose of determining y
timeliness of payment hereunder, we shall be deemed to have made n
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payment upon our initiating the transfer of funds over the ll federal reserve wire transfer system.
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P The amount available to be drawn under this Letter of Credit
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shall be reduced by the amount of each drawing paid by us 3
j hereunder and by the amount of each reduction of the Stated
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Amount.
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Effect of Payment i
7 Upon the payment to you or your account of the amount specified
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4 in sight drafts presented hereunder, we shall be fully discharged j
.Q of our obligation under this Letter of Credit.with respect to
.f such sight drafts, and we shall not thereafter be obligated to
.%p make any-further payments under this Letter of Credit in respect l
of such sight drafts to you or any other person.
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i Reduction of Stated Amount I
The Stated Amount of this Letter of Credit shall be reduced by k
the amounts specified'in a notice, in the form of Exhibit C
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hereto, purportedly signed by an authorized representative of the k
T Company and delivered to us.
Each such reduction shall be f
effective as of the time of our receipt of the applicable notice.
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P.O. BOX 11238
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j Exoiration/ Termination j
h This Letter of Credit is effective as of December 4, 1992 and j
h shall expire on December 4, 1996 unless its expiration is
.!l extended in accordance with the credit Agreement dated as of J
November 26, 1991 among the Company, each of the banks signatory f
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thereto and The Bank of New York, as Issuer.
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This Letter of Credit shall terminate and be delivered to us for
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cancellation upon the earlier of:
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(1) the making by you of the final drawing available l
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to be made hereunder, and M
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(ii) the expiration date.
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This Letter of Credit is not assignable or transferable.
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l Prcctice for Documentary Credits (1983 Revision), the l
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L International Chamber of Commerce Publication No. 400 (the J
" Uniform Customs"), except as modified herein.
This Letter of i k Credit shall be deemed to be made under the laws of the State of Q
New York, including Article 5 of the Uniform Commercial Code, and
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q shall, as to matters not governed by the Uniform customs, be j;
j governed by and construed in accordance with the law of the State E
of New York.
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All documents, notices and other communications shall be.
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tested telex or SWIFT, in which case. draft requirements are I
I waived, to the following numbers, as applicable:
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Telecopy No.
(212) 349-3955 t
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Telex No.
62763 (Answerback: BONY-UW)
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For purposes of this Letter of Credit, a document shall be
" presented" or " delivered" to us or a " presentation" or
" delivery" to us of a document shall be made in accordance with' the terms hereof only when such document is actually received by l
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-The Bank of New York at its office located at 101 Barclay Street, H[
Hew York, New York, or at such other. office in New York City as h,
j may be designated by us on a written notice delivered to you.
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l This Letter of Credit sets forth in full our undertaking, and
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such undertaking shall not in any way be modified, amended, i,
amplified or limited by reference to any document, instrument or 1
3 agreement referred to herein, except only the certificates and 1
the sight drafts referred to herein; and any such reference shall 1
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instrument or agreement except for such certificates and such g
sight drafts, a
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Very truly yours, 4-
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THE BANK OF NEW YORK i
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The undersigned, a duly authorized representative of t
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duly authorized officer of Public Service of Colorado (the H
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" Company"), hereby certify to The Bank of New York.(the " Bank"),
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with reference to Irrevocable Letter of Credit No.
(the
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h Beneficiary, that:
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A drawing As being made under the Letter of-Credit l
5 in the amount of $
in connection with the h
decommissioning plan approved by the Beneficiary with p
respect to the Company's Fort St. Vrain Nuclear Generating g
h Station (the " Decommissioning Plan").
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The Company is in default in the performance of l
the Decommissioning Plan.
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The amount set forth in paragraph (1) does not
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exceed the amount available on the date hereof to be drawn under the Letter of Credit.
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The standby trust fund of the Company with 7
'g respect to the Decommissio.ning Plan is maintained in l
Account No.
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You are hereby instructed to make payment of the-smount it drawn under the Letter of Credit pursuant to this Certificate by b
1 federal reserve wire transfer to the account specified in
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paragraph (4).
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l IN WITNESS WHEREOF, the Beneficiary and the Company
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have executed and delivered this certificate as of the day I
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The undersigned, a duly authorized representative of Id J
(1 the U.S. Nuclear Regulatory Commission (the " Beneficiary") and a-
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duly authorized officer of Public Service Company of Colorado, I
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hereby certify to The Bank of New York (the " Bank"), with l
reference to Irrevocable Letter of Credit Ns.
(the
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Letter of Credit") issued by the Bank in favor of the 1
Beneficiary, that:
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A drawing under the Letter of Credit in the l
auount of $
in connection with the decommissioning plan approved by the Beneficiary with n
respect to the Company's Fort St. Vrain Nuclear
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omerating Station (the " Decommissioning Plan").
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The Lotter of Credit is scheduled to expire f
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within 60 days of the date hereof and the Beneficiary 9-
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(3)
The amount set forth in paragraph (1) does not I
I exceed the amount available on the date hereof to be drawn j
p under the Letter of Credit.
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respect to the Decommissioning Plan is maintair,ed in j
(4)
The standby trust fund of the Company with H
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You are hereby instructed to make payment of the amount l 1 I
drawn under the Letter of Credit pttrsuant to this Cert!.ficate by O
federal reserve wire transfer to the account specis ind in i
paragraph (4).
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IN WITNESS WHEREOF, the Beneficiary and the company l
have' executed and delivered this certificate as of the day p
of
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t i l CERTIFICATE FOR REDUCTION OF STATED AMOUNT
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hi j[l The undersigned, a duly authorized officer of the Public i
Service-Company of Colorado (the CCompany"),.hereby certifies to 1,
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I The Bank of New York (the " Bank"), with reference to Irrevocable I
d Letter of Credit No.
(the " Letter of credit") issued by i'
the Bank in favor of the U.S.
Nuclear Regulatory Commission, l.
that:
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(1)
The Company has made a payment in the amount of
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Company's Fort St. Vrain Nuclear Generating Station.
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I (2)
The Company has not previously submitted a l
k certificate in this form to the Bank with respect to the payment referred to in paragraph (1).
I (3)
The Company hereby directs that the Stated: Amount
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I of the Letter of credit be reduced, as of the date of your
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receipt of this certificate, by the amount set forth in paragraph (1).
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q IN WITNESS WHEREOF, the Company has executed and
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delivered this Certificate as of the day _of
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