LEY 20068 PDF

First Mortgage Bonds, 4. The proposed maximum offering price per unit is the price at which the bonds are sold to the public reflected as a percentage of the principal amount. Calculated in accordance with Rule b and Rule r of the Securities Act of Registration File No.

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First Mortgage Bonds, 4. The proposed maximum offering price per unit is the price at which the bonds are sold to the public reflected as a percentage of the principal amount. Calculated in accordance with Rule b and Rule r of the Securities Act of Registration File No.

Potomac Electric Power Company. Accordingly, the bonds offered by this prospectus supplement and the accompanying prospectus will:. The bonds will be secured under our existing mortgage and deed of trust, which constitutes a first lien on substantially all of our properties and franchises as described in this prospectus supplement and the accompanying prospectus. We may redeem the bonds in whole or in part at any time at the redemption price calculated as described in this prospectus supplement.

We do not intend to apply for listing of the bonds on any securities exchange or automated quotation system. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying prospectus to which it relates is truthful or complete. Any representation to the contrary is a criminal offense. Investing in the bonds involves risks.

Price to Public 1. Proceeds, before expenses, to us 1. Accrued interest must be paid by the purchasers of the bonds. The underwriters expect that delivery of the bonds will be made to investors through the book-entry system of The Depository Trust Company on or about March 16, Joint Book-Running Managers.

Mischler Financial Group, Inc. About This Prospectus Supplement. Note Regarding Forward-Looking Statements. Prospectus Supplement Summary. Risk Factors. Use of Proceeds. Ratio of Earnings to Fixed Charges. Selected Historical Financial Information. Description of First Mortgage Bonds. Conflicts of Interest. Legal Matters.

About This Prospectus. Forward-Looking Statements. Description of Debt Securities. Plan of Distribution. This document is in two parts. The first part is this prospectus supplement, which describes the specific terms of this offering and certain other matters relating to us and our financial condition. The second part is the accompanying prospectus, which provides more general information about securities we may offer from time to time.

Some of the information in the accompanying prospectus does not apply to this offering. You should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus and in any written communication from us or the underwriters specifying the final terms of the offering. To the extent the information in this prospectus supplement differs from the information in the accompanying prospectus, you should rely on the information in this prospectus supplement.

Neither we nor the underwriters have. If anyone provides you with different or inconsistent information, you should not rely on it. Neither we nor the underwriters are making an offer of these securities in any jurisdiction where the offer is not permitted. The information in this prospectus supplement, the accompanying prospectus, the documents incorporated by reference herein or therein and any written communication from us specifying the final terms of the offering is only accurate as of the date of the respective document in which the information appears.

Our business, financial condition, results of operations and prospects may have changed since those dates. Some of the statements contained in this prospectus supplement, the accompanying prospectus and information incorporated by reference herein and therein are forward-looking statements within the meaning of Section 27A of the Securities Act of , as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of , as amended, or the Exchange Act, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of These statements include declarations regarding our intents, beliefs, estimates and current expectations.

Forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Therefore, forward-looking statements are not guarantees or assurances of future performance, and actual results could differ materially from those indicated by the forward-looking statements.

The forward-looking statements contained in this prospectus supplement and the accompanying prospectus, or incorporated by reference herein and therein, are qualified in their entirety by reference to the following important factors, which are difficult to predict, contain uncertainties, are beyond our control and may cause actual results to differ materially from those contained in forward-looking statements:.

Investors should refer to these risk factors and other statements in evaluating the forward-looking statements contained in this prospectus supplement and the accompanying prospectus, or any information incorporated by reference herein or therein.

Any forward-looking statements speak only as of the date of this prospectus supplement and we do not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict all such factors.

Furthermore, it may not be possible to assess the impact of any such factor on our business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.

The foregoing factors should not be construed as exhaustive. The following summary contains basic information about this offering.

It may not contain all of the information that is important to you. The following summary is qualified in its entirety by reference to the more detailed information appearing elsewhere in this prospectus supplement and in the accompanying prospectus, including the documents incorporated by reference herein or therein.

In , we distributed a total of Our electricity transmission facilities, and the rates for which we are paid for the transmission of electricity over those facilities, are regulated by FERC. These transmission facilities are interconnected with the transmission facilities of contiguous utilities and are part of an interstate power transmission grid over which electricity is transmitted throughout a region encompassing the mid-Atlantic portion of the United States and parts of the Midwest.

We also supply electricity at regulated rates to retail customers in our service territories who do not elect to purchase electricity from a competitive supplier, which is referred to in this prospectus supplement as default supply. We purchase the electricity required to satisfy our default supply obligations from wholesale suppliers primarily under contracts entered into in accordance with competitive bid procedures approved and supervised by each of the DCPSC and the MPSC.

We are also obligated to provide a type of default supply, known as Hourly. Priced Service, or HPS, to commercial customers in the District of Columbia and large commercial customers in Maryland that do not purchase their electricity from a competitive supplier.

We are a wholly owned subsidiary of PHI. All of the members of our Board of Directors and all of our officers are officers or employees of PHI or its affiliates. PHI currently anticipates that the closing of the merger will occur by the second or third quarter of , following the satisfaction or waiver of specified closing conditions.

Our headquarters are located at Ninth Street, N. The Offering. Securities Offered. The bonds offered hereby will be fungible with the previously issued bonds of this series, and both the bonds offered hereby and such previously issued bonds, taken together, will be treated as a single series for all purposes.

The interest rate on the bonds is 4. Interest Payment Dates. The initial interest payment date for the bonds offered hereby will be September 15, The bonds will be secured under our existing mortgage and deed of trust, which constitutes a first lien subject to certain leases, permitted liens and other minor matters on substantially all of our properties and franchises.

Optional Redemption. We intend to use the net proceeds from this offering to repay outstanding commercial paper and. Certain of the underwriters or their affiliates may hold a portion of the commercial paper that we intend to repay using the net proceeds from this offering. In the event of any such conflict of interest, such underwriter would be required to conduct the distribution of the bonds in accordance with Rule For purposes of calculating the ratio of earnings to fixed charges, earnings consist of net income before income tax expense, plus fixed charges.

Fixed charges consist of interest expensed, amortization of discounts and capitalized expenses related to indebtedness and an estimate of the interest within rental expense.

Additionally, you should consider carefully the discussion of the risks and uncertainties that relate specifically to this offering of bonds and are set forth below as well as any additional discussion of risks and uncertainties that may be included in any other prospectus supplement or written communication that we issue in connection with this offering of bonds or in the other documents that are incorporated by reference into this prospectus supplement or the accompanying prospectus.

The risk factors, risks and uncertainties we discuss in these documents are those that we currently believe may materially affect us, our operations and financial results, or the bonds. Additional risks and uncertainties not currently known to us or that we currently believe are immaterial also may have a material adverse effect on our business, financial condition or results of operations, or could adversely affect the value of the bonds offered hereby.

We cannot assure you that an active trading market for the bonds will develop. We have not, and do not intend to apply, for listing of the bonds on any securities exchange or automated quotation system.

There can be no assurance that a trading market for the bonds will develop or, if such a market develops, be maintained. Further, there can be no assurance as to the liquidity of any market that may develop for the bonds or the ability of the bondholders to sell their bonds. The underwriters have informed us that they intend to make a market in the bonds. However, the underwriters are not obligated to do so, and any such market-making activity may be terminated at any time without notice.

If a market for the bonds does not develop, purchasers may be unable to resell the bonds for an extended period of time. Consequently, a bondholder may not be able to liquidate its investment readily, and the bonds may not be readily accepted as collateral for loans.

In addition, such market-making activity will be subject to restrictions under federal securities laws. The future trading price of the bonds is subject to fluctuation. Future trading prices of the bonds will depend on many factors including, among other things, prevailing interest rates, the liquidity of the market for the bonds, the market for similar securities, the time remaining to maturity of the bonds and the terms related to optional redemption of the bonds.

Future trading prices of the bonds also may be affected by our business, financial condition, results of operations and credit ratings and could be affected by the business, results of operations and credit ratings of our affiliates. Accordingly, there can be no assurance as to the price at which bondholders will be able to sell their bonds. We intend to use the net proceeds from this offering to repay outstanding commercial paper and for general corporate purposes. The following description of the terms of the bonds offered hereby summarizes certain general terms that will apply to the bonds.

This description is not complete, and we refer you to the accompanying prospectus for a description of additional terms of the bonds and the mortgage.

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LEY 20068 PDF

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