EXHIBIT 25
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM T-1
STATEMENT OF ELIGIBILITY UNDER
THE TRUST INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS A TRUSTEE
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CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE
PURSUANT TO SECTION 305(B)(2) [X]
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FIRST UNION NATIONAL BANK
(Exact name of trustee as specified in its charter)
00-0000000
(Jurisdiction of incorporation or (I.R.S. employer
organization if not a U.S. national bank) Identification No.)
000 XXXXXXXXXXXX XXXXXX, XXXXXXXX, XXXXXXXXXXXX 00000
(Address of principal executive offices) (Zip Code)
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(Name, address and telephone number of agent for service)
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
(Exact name of obligor as specified in its charter)
NEW JERSEY 00-0000000
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) Identification No.)
00 XXXX XXXXX, XXXXXX, XXX XXXXXX 00000
(Address of principal executive (Zip Code)
offices)
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FIRST AND REFUNDING MORTGAGE BONDS*
(Title of the indenture securities)
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* The indenture securities are to be issued in one or more series pursuant to a
Registration Statement on Form S-3 filed by the obligor with the Commission
pursuant to Rule 415, to which this Form T-1 is an Exhibit.
GENERAL
ITEM 1. GENERAL INFORMATION.
Furnish the following information as to the trustee:
(A) NAME AND ADDRESS OF EACH EXAMINING OR SUPERVISING AUTHORITY TO WHICH IT
IS SUBJECT.
Comptroller of the Currency, Washington, D.C.
Board of Governors of Federal Reserve System, New York, N.Y.
Federal Deposit Insurance Corporation, Washington, D.C.
(B) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.
The Trustee is authorized to exercise corporate trust powers.
ITEM 2. AFFILIATIONS WITH OBLIGOR.
IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
AFFILIATION.
None.
ITEM 3. VOTING SECURITIES OF THE TRUSTEE.
FURNISH THE FOLLOWING INFORMATION AS TO EACH CLASS OF VOTING SECURITIES OF
THE TRUSTEE:
APRIL 30, 1997
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COL. A COL. B
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TITLE OF CLASS AMOUNT OUTSTANDING
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Not Applicable
ITEM 4. TRUSTEESHIPS UNDER OTHER INDENTURES.
IF THE TRUSTEE IS A TRUSTEE UNDER ANOTHER INDENTURE UNDER WHICH ANY OTHER
SECURITIES, OR CERTIFICATES OF INTEREST OR PARTICIPATION IN ANY OTHER
SECURITIES, OF THE OBLIGOR ARE OUTSTANDING, FURNISH THE FOLLOWING INFORMATION:
(A) TITLE OF THE SECURITIES OUTSTANDING UNDER EACH SUCH OTHER INDENTURE.
Not Applicable
(B) A BRIEF STATEMENT OF THE FACTS RELIED UPON AS A BASIS FOR THE CLAIM
THAT NO CONFLICTING INTEREST WITHIN THE MEANING OF SECTION 310(B)(1) OF THE
ACT ARISES AS A RESULT OF THE TRUSTEESHIP UNDER ANY SUCH OTHER INDENTURE,
INCLUDING A STATEMENT AS TO HOW THE INDENTURE SECURITIES WILL RANK AS
COMPARED WITH THE SECURITIES ISSUED UNDER SUCH OTHER INDENTURE.
Not Applicable
ITEM 5. INTERLOCKING DIRECTORATES AND SIMILAR RELATIONSHIPS WITH THE OBLIGOR OR
UNDERWRITERS.
IF THE TRUSTEE OR ANY OF THE DIRECTORS OR EXECUTIVE OFFICERS OF THE TRUSTEE
IS A DIRECTOR, OFFICER, PARTNER, EMPLOYEE, APPOINTEE, OR REPRESENTATIVE OF THE
OBLIGOR OR OF ANY UNDERWRITER FOR THE OBLIGOR, IDENTIFY EACH SUCH PERSON HAVING
ANY SUCH CONNECTION AND STATE THE NATURE OF EACH SUCH CONNECTION.
Not Applicable
ITEM 6. VOTING SECURITIES OF THE TRUSTEE OWNED BY THE OBLIGOR OR ITS OFFICIALS.
FURNISH THE FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF THE
TRUSTEE OWNED BENEFICIALLY BY THE OBLIGOR AND EACH DIRECTOR, PARTNER AND
EXECUTIVE OFFICER OF THE OBLIGOR.
APRIL 30, 1997
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COL. A COL. B COL. C COL. D
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PERCENTAGE OF
VOTING SECURITIES
REPRESENTED BY
AMOUNT OWNED AMOUNT GIVEN IN
NAME OF OWNER TITLE OF CLASS BENEFICIALLY COL. C
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Not Applicable
ITEM 7. VOTING SECURITIES OF THE TRUSTEE OWNED BY UNDERWRITERS OR THEIR
OFFICIALS.
FURNISH THE FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF THE
TRUSTEE OWNED BENEFICIALLY BY EACH UNDERWRITER FOR THE OBLIGOR AND EACH
DIRECTOR, PARTNER, AND EXECUTIVE OFFICER OF EACH SUCH UNDERWRITER.
APRIL 30, 1997
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COL. A COL. B COL. C COL. D
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PERCENTAGE OF
VOTING SECURITIES
REPRESENTED BY
AMOUNT OWNED AMOUNT GIVEN IN
NAME OF OWNER TITLE OF CLASS BENEFICIALLY COL. C
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Not Applicable
ITEM 8. SECURITIES OF THE OBLIGOR OWNED OR HELD BY THE TRUSTEE.
FURNISH THE FOLLOWING INFORMATION AS TO SECURITIES OF THE OBLIGOR OWNED OR
HELD AS COLLATERAL SECURITY FOR THE OBLIGATIONS IN DEFAULT BY THE TRUSTEE.
APRIL 30, 1997
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COL. A COL. B COL. C COL. D
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WHETHER THE
SECURITIES ARE AMOUNT OWNED BENEFICIALLY PERCENT OF CLASS
VOTING OR OR HELD AS COLLATERAL REPRESENTED BY
NONVOTING SECURITY FOR OBLIGATIONS AMOUNT GIVEN IN
TITLE OF CLASS SECURITIES IN DEFAULT BY TRUSTEE COL. C
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Not Applicable
2
ITEM 9. SECURITIES OF THE UNDERWRITERS OWNED OR HELD BY THE TRUSTEE.
IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS AS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT ANY SECURITIES OF AN UNDERWRITER FOR THE OBLIGOR, FURNISH
THE FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OF SUCH UNDERWRITER ANY
OF WHICH ARE SO OWNED OR HELD BY THE TRUSTEE.
APRIL 30, 1997
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COL. A COL. B COL. C COL. D
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AMOUNT OWNED BENEFICIALLY PERCENT OF CLASS
NAME OF ISSUER OR HELD AS COLLATERAL REPRESENTED BY
AND TITLE OF AMOUNT SECURITY FOR OBLIGATIONS AMOUNT GIVEN IN
CLASS OUTSTANDING IN DEFAULT BY TRUSTEE COL. C
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Not Applicable
ITEM 10. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF VOTING SECURITIES OF CERTAIN
AFFILIATES OR SECURITY HOLDERS OF THE OBLIGOR.
IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT VOTING SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF
THE TRUSTEE (1) OWNS 10 PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR
OR (2) IS AN AFFILIATE, OTHER THAN A SUBSIDIARY, OF THE OBLIGOR, FURNISH THE
FOLLOWING INFORMATION AS TO THE VOTING SECURITIES OF SUCH PERSON.
APRIL 30, 1997
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COL. A COL. B COL. C COL. D
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AMOUNT OWNED BENEFICIALLY PERCENT OF CLASS
NAME OF ISSUER OR HELD AS COLLATERAL REPRESENTED BY
AND TITLE OF AMOUNT SECURITY FOR OBLIGATIONS AMOUNT GIVEN IN
CLASS OUTSTANDING IN DEFAULT BY TRUSTEE COL. C
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Not Applicable
ITEM 11. OWNERSHIP OR HOLDINGS BY THE TRUSTEE OF ANY SECURITIES OF A PERSON
OWNING 50 PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR.
IF THE TRUSTEE OWNS BENEFICIALLY OR HOLDS COLLATERAL SECURITY FOR
OBLIGATIONS IN DEFAULT ANY SECURITIES OF A PERSON WHO, TO THE KNOWLEDGE OF THE
TRUSTEE OWNS 50 PERCENT OR MORE OF THE VOTING SECURITIES OF THE OBLIGOR, FURNISH
THE FOLLOWING INFORMATION AS TO EACH CLASS OF SECURITIES OF SUCH PERSON ANY OF
WHICH ARE SO OWNED OR HELD BY THE TRUSTEE.
APRIL 30, 1997
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COL. A COL. B COL. C COL. D
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AMOUNT OWNED BENEFICIALLY PERCENT OF CLASS
NAME OF ISSUER OR HELD AS COLLATERAL REPRESENTED BY
AND TITLE OF AMOUNT SECURITY FOR OBLIGATIONS AMOUNT GIVEN IN
CLASS OUTSTANDING IN DEFAULT BY TRUSTEE COL. C
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Not Applicable
3
ITEM 12. INDEBTEDNESS OF THE OBLIGOR TO THE TRUSTEE.
EXCEPT AS NOTED IN THE INSTRUCTIONS, IF THE OBLIGOR IS INDEBTED TO THE
TRUSTEE, FURNISH THE FOLLOWING INFORMATION:
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COL. A COL. B COL. C
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NATURE OF INDEBTEDNESS AMOUNT OUTSTANDING DATE DUE
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Not Applicable
ITEM 13. DEFAULTS BY THE OBLIGOR.
(A) STATE WHETHER THERE IS OR HAS BEEN A DEFAULT WITH RESPECT TO THE
SECURITIES UNDER THIS INDENTURE. EXPLAIN THE NATURE OF ANY SUCH DEFAULT.
None
(B) IF THE TRUSTEE IS A TRUSTEE UNDER ANOTHER INDENTURE UNDER WHICH ANY
OTHER SECURITIES, OR CERTIFICATES OF INTEREST OR PARTICIPATION IN ANY OTHER
SECURITIES, OF THE OBLIGOR ARE OUTSTANDING, OR IS TRUSTEE FOR MORE THAN ONE
OUTSTANDING SERIES OF SECURITIES UNDER THE INDENTURE, STATE WHETHER THERE HAS
BEEN A DEFAULT UNDER ANY SUCH INDENTURE OR SERIES, IDENTIFY THE INDENTURE OR
SERIES AFFECTED, AND EXPLAIN THE NATURE OF ANY SUCH DEFAULT.
None
ITEM 14. AFFILIATIONS WITH THE UNDERWRITERS.
IF ANY UNDERWRITER IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE ANY SUCH
AFFILIATION.
Not Applicable
ITEM 15. FOREIGN TRUSTEE.
IDENTIFY THE ORDER OR RULE PURSUANT TO WHICH THE FOREIGN TRUSTEE IS
AUTHORIZED TO ACT AS SOLE TRUSTEE UNDER INDENTURES QUALIFIED OR TO BE QUALIFIED
UNDER THE ACT.
Not Applicable
ITEM 16. LIST OF EXHIBITS.
1* -- Copy of Articles of Association of the Trustee as now in
effect.
2 -- Copy of certificate of authority of the Trustee to commence
business.
3 -- Copy of the authorization of the Trustee to exercise corporate
trust powers.
4* -- Copy of the existing By-Laws of the Trustee, as now in effect.
5 -- Not Applicable.
6 -- The consent of the Trustee required by Section 321(b) of the
Act.
7 -- A copy of the latest report of Condition of the Trustee
published pursuant to the law or the requirements of its
supervising or examining authority.
8 -- Not Applicable
9 -- Not Applicable
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* Exhibits thus designated have heretofore been filed with the Securities and
Exchange Commission, have not been amended since filing and are incorporated
herein by reference (see Exhibits T-1 and T-4 Registration Number 333-24137).
In answering any item in this statement of eligibility and qualification
which relates to matters peculiarly within the knowledge of the obligor or of
its directors or officers, or an underwriter for the obligor, the undersigned,
First Union National Bank, has relied upon information furnished to it by the
obligor or such underwriter.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the
Trustee, First Union National Bank, a national banking association organized and
existing under the laws of the United States, has duly caused this Statement of
Eligibility to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of Newark, and State of New Jersey, on the 21st day
of May, 1997.
FIRST UNION NATIONAL BANK
(Trustee)
(CORPORATE SEAL)
/s/ X. XXXXXXXXX
By: ...............................
X. Xxxxxxxxx
VICE PRESIDENT
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EXHIBIT 2
Comptroller of the Currency
Administrator of National Banks
Xxxxxxxxxx, XX 00000
CERTIFICATE
I, Xxxxxx X. Xxxxxx, Comptroller of the Currency, do hereby certify that:
1. The Comptroller of the Currency, pursuant to Revised Statutes 324, et
seq., as amended, 12 U.S.C. 1, et seq., as amended, has possession, custody and
control of all records pertaining to the chartering, regulation and supervision
of all National Banking Associations.
2. "First Union National Bank," Avondale, Pennsylvania (Charter No. 22693),
is a National Banking Association formed under the laws of the United States and
is authorized thereunder to transact the business of banking on the date of this
Certificate.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused my seal
of office to be affixed to these presents at the Treasury Department, in the
City of Washington and District of Columbia, this 17th day of December, 1996.
/s/ XXXXXX X. XXXXXX
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Comptroller of the Currency
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EXHIBIT 3
Comptroller of the Currency
Administrator of National Banks
Xxxxxxxxxx, XX 00000
Certification of Fiduciary Powers
I, Xxxxxx X. Xxxxxx, Comptroller of the Currency, do hereby certify the
records in this office evidence "First Union National Bank", Elkton, Maryland,
(Charter No. 22693), was granted, under the hand and seal of the Comptroller,
the right to act in all fiduciary capacities authorized under the provisions of
The Act of Congress approved September 28, 1962, 00 Xxxx. 000, 00 X.X.X. 00x. I
further certify the authority so granted remains in full force and effect.
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused my seal
of Office of the Comptroller of the Currency to be affixed to these presents at
the Treasury Department, in the City of Washington and District of Columbia,
this 5th day of July, 1996.
/s/ XXXXXX X. XXXXXX
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Comptroller of the Currency
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EXHIBIT 6
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321 (b) of the Trust Indenture Act
of 1939, and in connection with the proposed issue of Public Service Electric
and Gas Company, we hereby consent that reports of examinations by Federal,
State, Territorial or District authorities may be furnished by such authorities
to the Securities and Exchange Commission upon request therefor.
FIRST UNION NATIONAL BANK
By: /s/ XXXXX XXXXXXXXX
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Xxxxx Xxxxxxxxx
Vice President
Newark, NJ
May 3, 1997
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EXHIBIT 7
REPORT OF CONDITION
Consolidating domestic and foreign subsidiaries of the First Union National
Bank of Avondale in the state of Pennsylvania, at the close of business on March
31, 1997, published in response to call made by Comptroller of the Currency,
under title 00, Xxxxxx Xxxxxx Code, Section 161. Charter Number 33869
Comptroller of the Currency Northeastern District.
STATEMENT OF RESOURCES AND LIABILITIES
ASSETS
THOUSAND OF DOLLARS
Cash and balance due from depository institutions:
Noninterest-bearing balances and currency and coin.................................................. 1,589,725
Interest-bearing balances........................................................................... 144,932
Securities.......................................................................................... 0
Hold-to-maturity securities......................................................................... 406,600
Available-for-sale securities....................................................................... 2,331,814
Federal funds sold and securities purchased under agreements to resell.............................. 2,102,868
Loans and lease financing receivables:
Loan and leases, net of unearned income............................................................. 19,281,909
LESS: Allowance for loan and lease losses........................................................... 243,522
LESS: Allocated transfer risk reserve............................................................... 0
Loans and leases, net of unearned income, allowance, and reserve.................................... 19,038.387
Assets held in trading accounts..................................................................... 0
Premises and fixed assets (including capitalized leases)............................................ 405,170
Other real estate owned............................................................................. 49,059
Investment in unconsolidated subsidiaries and associated companies.................................. 32,905
Customer's liability to this bank on acceptances outstanding........................................ 45,474
Intangible assets................................................................................... 411,739
Other assets........................................................................................ 642,043
Total assets........................................................................................ 27,200,716
LIABILITIES
Deposits:
In domestic offices............................................................................... 21,310,047
Noninterest-bearing............................................................................. 4,381,335
Interest-bearing................................................................................ 16,928,712
In foreign offices, Edge and Agreement subsidiaries, and IBFs..................................... 519,225
Noninterest-bearing............................................................................. 215
Interest-bearing................................................................................ 519,010
Federal funds purchased and securities sold under agreements to repurchase.......................... 1,771,997
Demand notes issued to the U.S. Treasury............................................................ 99,992
Trading liabilities................................................................................. 0
Other borrowed money................................................................................ 0
With original maturity of one year or less.......................................................... 12,151
With original maturity of more than one year........................................................ 14,852
Mortgage indebtedness and obligations under capitalized leases Bank's liability on acceptances
executed and outstanding.......................................................................... 45,884
Subordinated notes and debentures................................................................... 450,000
Other liabilities................................................................................... 642,872
Total liabilities................................................................................... 24,867,019
Limited-life preferred stock and related surplus.................................................... 0
EQUITY CAPITAL
Perpetual preferred stock and related surplus....................................................... 160,540
Common Stock........................................................................................ 452,156
Surplus............................................................................................. 1,300,080
Undivided profits and capital reserves.............................................................. 452,724
Net unrealized holding gains (losses) on available-for-sale securities.............................. (31,803)
Cumulative foreign currency translation adjustments................................................. 0
Total equity capital................................................................................ 2,333,697
Total liabilities, limited-life preferred stock and equity capital.................................. 27,200,716
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