EXHIBIT 4.25
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(REAL ESTATE MORTGAGE)
PUGET SOUND ENERGY, INC.
TO
STATE STREET BANK AND
TRUST COMPANY,
TRUSTEE
_______________
SEVENTY-SIXTH SUPPLEMENTAL INDENTURE
DATED AS OF DECEMBER 1, 1997
_______________
RELATING TO FIRST MORTGAGE BONDS,
PLEDGED SERIES A DUE NINE MONTHS OR MORE FROM DATE OF ISSUE
_______________
SUPPLEMENTAL TO INDENTURE DATED AS OF
JUNE 2, 1924, AS SUPPLEMENTED AND MODIFIED
_______________
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(NOT PART OF INDENTURE)
THIS SEVENTY-SIXTH SUPPLEMENTAL INDENTURE, made as of the 1st day of
December, 1997, by and between Puget Sound Energy, Inc., formerly Puget Sound
Power & Light Company, a corporation duly organized and existing under and by
virtue of the laws of the State of Washington (hereinafter sometimes called the
"Company"), party of the first part, and State Street Bank and Trust Company, a
Massachusetts bank and trust company with its principal corporate trust office
at Two International Place, in the city of Boston and Commonwealth of
Massachusetts 02110 (successor to Old Colony Trust Company) (hereinafter
sometimes called the "Trustee"), as Trustee under the First Mortgage
(originally, and before modification thereof by certain supplemental
indentures, called "First and Refunding Mortgage") from Puget Sound Power &
Light Company, a Massachusetts corporation (hereinafter sometimes called the
"Predecessor Company"), dated as of June 2, 1924 (said Mortgage being
hereinafter sometimes called the "Original Mortgage"), as supplemented and
modified by all indentures supplemental thereto heretofore executed and
delivered, party of the second part;
WITNESSETH: that
WHEREAS, the Predecessor Company did by the Original Mortgage, filed for
record in the offices of the Auditors of the Counties of Chelan, Clallam,
Cowlitz, Douglas, Grant, Grays Harbor, Island, Jefferson, King, Kitsap,
Kittitas, Lewis, Mason, Pacific, Xxxxxx, Skagit, Snohomish, Xxxxxxxx and
Whatcom, all in the State of Washington, and left on file as a chattel mortgage
in each of said counties, convey and pledge certain property therein described
to Old Colony Trust Company, as Trustee, to be held upon the trusts expressed
in the Original Mortgage to equally secure an unlimited authorized amount of
mortgage bonds (therein and herein called the "Bonds") issued or to be issued
in one or more series, all as more fully provided in the Original Mortgage; and
WHEREAS, the Predecessor Company, prior to September 1, 1954, had executed
and delivered to the Trustee thirty-nine supplemental indentures, supplementing
and in certain respects modifying the Original Mortgage and providing for the
execution, certification and delivery of Bonds of various series from time to
time pursuant thereto (which Original Mortgage, as so supplemented and
modified, is therein and herein sometimes called the "First Mortgage"); and
PAGE 1
WHEREAS, the Predecessor Company executed and delivered to the Trustee a
Fortieth Supplemental Indenture, dated as of September 1, 1954, which
Supplemental Indenture is divided into two parts, designated as Part I and Part
II, and Part I thereof provided for the establishment and the execution,
certification and delivery initially of Twenty-Five Million Dollars
($25,000,000) principal amount of a series of Bonds, designated as First
Mortgage Bonds, 3-1/2% Series due 1984, and contained certain covenants,
restrictions, conditions and provisions affecting, and provided for certain
modifications of, the First Mortgage (the First Mortgage, as so supplemented
and modified by said Part I, being sometimes in said Fortieth Supplemental
Indenture and herein called the "Revised First Mortgage") and Part II thereof
provided for modifications of the Revised First Mortgage as therein set forth,
which modifications became effective on October 20, 1955 (the Revised First
Mortgage as so modified by Part II of the Fortieth Supplemental Indenture as
heretofore, hereby, and hereafter supplemented and modified being sometimes in
said Part II and herein called the "Indenture" and references herein to
Sections, Articles or other provisions of the Indenture being to the revised or
modified provisions thereof as set forth in Part II of the Fortieth
Supplemental Indenture); and
WHEREAS, the Predecessor Company has heretofore executed and delivered to
the Trustee a Forty-First Supplemental Indenture dated as of December 1, 1954,
a Forty-Second Supplemental Indenture dated as of July 1, 1957, a Forty-Third
Supplemental Indenture dated as of May 1, 1958, a Forty-Fourth Supplementa
Indenture dated as of November l, 1959, and a Forty-Fifth Supplemental
Indenture dated as of April 1, 1960, all of which mortgaged, pledged, assigned,
conveyed and transferred to the Trustee and subjected to the lien of the
Indenture additional property acquired or constructed, and betterments,
improvements and additions made to the mortgaged property, since the execution
and delivery of the Fortieth Supplemental Indenture; and
WHEREAS, the Company has executed and delivered to the Trustee a Forty-
Sixth Supplemental Indenture dated as of November 10, 1960, whereby the Company
has succeeded to the Predecessor Company with the same effect as if the Company
had been named in the Indenture as the mortgagor company and in the Bonds and
coupons as the obligor thereon or maker thereof, and the Predecessor Company
merged into the Company on November 16, 1960, whereupon the Company acquired
all the property, real, personal or mixed, including all rights,
PAGE 2
privileges, easements, licenses and franchises, described in the Indenture and
thereby conveyed and mortgaged or intended so to be, including also all such
property acquired by the Predecessor Company since the execution and delivery
of the Original Mortgage, which by the terms of the Indenture is subjected or
intended to be subjected to the lien thereof; and
WHEREAS, the Company has executed and delivered to the Trustee the
supplemental indentures set forth herein:
Supplemental Indenture Dated as of
------------------------------------------ ---------------------
Forty-Seventh Supplemental Indenture February 1, 1961
Forty-Eighth Supplemental Indenture November 1, 1963
Forty-Ninth Supplemental Indenture May 1, 1964
Fiftieth Supplemental Indenture January 1, 1966
Fifty-First Supplemental Indenture June 1, 1967
Fifty-Second Supplemental Indenture February 1, 1969
Fifty-Third Supplemental Indenture July 1, 1970
Fifty-Fourth Supplemental Indenture October 1, 1972
Fifty-Fifth Supplemental Indenture March 1, 1974
Fifty-Sixth Supplemental Indenture November 1, 1974
Fifty-Seventh Supplemental Indenture August 1, 1975
Fifty-Eighth Supplemental Indenture October 1, 1976
Fifty-Ninth Supplemental Indenture July 1, 1978
Sixtieth Supplemental Indenture December 1, 1979
Sixty-First Supplemental Indenture December 1, 1981
Sixty-Second Supplemental Indenture July 1, 1984
Sixty-Third Supplemental Indenture January 1, 1986
Sixty-Fourth Supplemental Indenture April 1, 1986
Sixty-Fifth Supplemental Indenture April 1, 1986
Sixty-Sixth Supplemental Indenture August 1, 1986
Sixty-Seventh Supplemental Indenture November 1, 1986
Sixty-Eighth Supplemental Indenture September 1, 1987
Sixty-Ninth Supplemental Indenture February 1, 1990
Seventieth Supplemental Indenture October 1, 1990
Seventy-First Supplemental Indenture May 1, 1991
PAGE 3
Seventy-Second Supplemental Indenture August 1, 1991
Seventy-Third Supplemental Indenture March 1, 1992
Seventy-Fourth Supplemental Indenture October 1, 1992
Seventy-Fifth Supplemental Indenture April 1, 1993
all of which mortgaged, pledged, assigned, conveyed and transferred to the
Trustee and subjected to the lien of the Indenture additional property acquired
or constructed, and betterments, improvements and additions made to the
mortgaged property since the execution and delivery of the Fortieth
Supplemental Indenture; and
WHEREAS, all Bonds of any series heretofore executed, authenticated and
delivered pursuant to the Original Mortgage, as from time to time supplemented
and modified, have been retired and canceled or payment duly and irrevocably
provided for, except for the series set forth herein:
Principal Amount of Bonds Series
------------------------- ------
Thirty Million Dollars Secured Medium-Term Notes,
($30,000,000) Series A due June 21, 2001
Twenty-Five Million Dollars Secured Medium-Term Notes,
($25,000,000) Series A due July 27, 1998
Twenty-Seven Million 7.05% Series due August 1, 2021
Five Hundred Thousand Dollars
($27,500,000)
Twenty-Three Million 7.25% Series due August 1, 2021
Four-Hundred Thousand Dollars
($23,400,000)
Twenty-Five Million Dollars Secured Medium-Term Notes,
($25,000,000) Series A due November 30, 2006
PAGE 4
Principal Amount of Bonds Series
------------------------- ------
One Hundred Million Dollars Secured Medium-Term Notes,
($100,000,000) Series A due February 1, 2007
Eighty-Seven Million 6.80% Series due March 1, 2022
Five Hundred Thousand Dollars
($87,500,000)
Five Million Dollars Secured Medium-Term Notes,
($5,000,000) Series A due April 9, 2012
Ten Million Dollars Secured Medium-Term Notes,
($10,000,000) Series A due May 7, 2007
Thirty Million Dollars Secured Medium-Term Notes,
($30,000,000) Series A due May 29, 2002
Forty-Six Million Dollars Secured Medium-Term Notes,
($46,000,000) Series A due June 19, 2006
Twenty-Seven Million Dollars Secured Medium-Term Notes,
($27,000,000) Series A due August 28, 2002
Five Million Dollars Secured Medium-Term Notes,
($5,000,000) Series A due September 11, 2002
Ten Million Dollars Secured Medium-Term Notes,
($10,000,000) Series A due September 15, 1999
Sixteen Million Secured Medium-Term Notes,
Five Hundred Thousand Dollars Series A due September 14, 1999
($16,500,000)
PAGE 5
Principal Amount of Bonds Series
------------------------- ------
Twenty Million Secured Medium-Term Notes,
Five Hundred Thousand Dollars Series A due September 16, 1999
($20,500,000)
Fifty Million Dollars Secured Medium-Term Notes,
($50,000,000) Series B due December 10, 1999
Twenty-Five Million Dollars Secured Medium-Term Notes,
($25,000,000) Series B due December 10, 2002
Fifty Million Dollars Secured Medium-Term Notes,
($50,000,000) Series B due December 10, 2004
Thirty Million Dollars Secured Medium-Term Notes,
($30,000,000) Series B due December 21, 2012
Ten Million Dollars Secured Medium-Term Notes,
($10,000,000) Series B due February 9, 1998
Ten Million Dollars Secured Medium-Term Notes,
($10,000,000) Series B due February 9, 2000
Thirty Million Dollars Secured Medium-Term Notes,
($30,000,000) Series B due February 10, 2003
Five Million Dollars Secured Medium-Term Notes,
($5,000,000) Series B due March 5, 1998
PAGE 6
Principal Amount of Bonds Series
------------------------- ------
Three Million Dollars Secured Medium-Term Notes,
($3,000,000) Series B due December 1, 2003
Eleven Million Dollars Secured Medium-Term Notes,
($11,000,000) Series B due December 2, 2003
Thirty Million Dollars Secured Medium-Term Notes,
($30,000,000) Series B due May 27, 2004
Twenty-Three Million Four 5.875% Series due March 1, 2020
Hundred Sixty Thousand Dollars
($23,460,000)
Fifty-Five Million Dollars Secured Medium-Term Notes,
($55,000,000) Series B due February 1, 2024
which Bonds are now outstanding and constitute the only Bonds of the Company
outstanding under the Indenture; and
WHEREAS, effective as of the opening of business on January 4, 1971, The
First National Bank of Boston succeeded Old Colony Trust Company as Trustee
under the Indenture by reason of the merger of Old Colony Trust Company into
The First National Bank of Boston; and
WHEREAS, effective as of October 2, 0000, Xxxxx Xxxxxx Bank and Trust
Company succeeded The First National Bank of Boston as Trustee under the
Indenture; and
WHEREAS, the Company has entered into an Indenture (the "Debenture
Indenture") dated as of December 1, 1997 with State Street Bank and Trust
Company as trustee (in such capacity, the "Debenture Indenture Trustee")
pursuant to which the Company proposes to issue from time to time its Senior
Notes (the "Senior Notes") and the Company has agreed to make certain payments
to the
PAGE 7
Debenture Indenture Trustee in respect of the principal of, premium, if any,
and interest on such Senior Notes; and
WHEREAS, in order to secure the payment and performance of its obligations
under such Debenture Indenture, the Company has agreed to create new Bonds from
time to time with substantially the same terms as the Senior Notes; to issue
and deliver such Bonds to the Debenture Indenture Trustee in trust for the
benefit of the owners from time to time of the Senior Notes; and
WHEREAS, the Board of Directors of the Company has established a new
series of Bonds to be designated as "First Mortgage Bonds, Pledged Series A,"
due Nine Months or More From Date of Issue (hereinafter sometimes called "Bonds
of the New Series"), and has authorized an issue of Five Hundred Million
Dollars ($500,000,000) principal amount thereof, and the Company has complied
or will comply with all provisions required to issue additional Bonds provided
for in the Indenture; and
WHEREAS, the Company desires to execute and deliver this Seventy-Sixth
Supplemental Indenture, in accordance with the provisions of the Indenture, for
the purpose of providing for the creation of the Bonds of the New Series,
designating such series to be created and specifying the form and provisions of
the Bonds of the New Series; and
WHEREAS, all things necessary have been done to authorize the execution,
delivery and recording of these presents validly to secure the payment of the
principal of and interest on the issue of Five Hundred Million Dollars
($500,000,000) principal amount of Bonds of the New Series, and to make such
Bonds, when executed by the Company, authenticated and delivered by the Trustee
and duly issued, the valid and binding legal obligations of the Company, and to
constitute the Indenture a valid and binding mortgage for the security of all
the Bonds in accordance with its and their terms;
NOW, THEREFORE, this Seventy-Sixth Supplemental Indenture
WITNESSETH, that, pursuant to and in execution of the powers, authorities
and obligations conferred, imposed and reserved in the Indenture, and pursuant
to and in execution of every other power, authority and obligation thereto
appertaining
PAGE 8
and/or enabling, in order to secure the payment of the principal of, and the
premium, if any, and interest on, the Bonds of the New Series issued and to be
issued under this Seventy-Sixth Supplemental Indenture, and secured thereby and
hereby at any time outstanding according to their tenor and effect, and the
performance of all the covenants and conditions therein and herein and in said
Bonds of the New Series contained, and for the purpose of confirming the lien
of the Indenture, said Puget Sound Energy, Inc., organized and existing under
the laws of the State of Washington, in consideration of the premises and of
One Dollar ($1.00) and other good and valuable consideration to it duly paid by
the Trustee, at or before the execution and delivery of these presents, the
receipt whereof is hereby acknowledged, has granted, bargained, sold, conveyed,
transferred, assigned, remised, released, mortgaged, set over and confirmed and
by these presents does grant, bargain, sell, convey, transfer, assign, remise,
release, mortgage, set over and confirm unto State Street Bank and Trust
Company, as Trustee, and to its successor or successors in the trust created by
the Indenture, and to said Trustee and its assigns, for the uses and purposes
created by the Indenture, all property, real, personal or mixed, including all
rights, privileges, easements, licenses and franchises, described in the
Indenture (including all property described in the documents attached to the
Company's financing statement filed on June 3, 1997, pursuant to the Uniform
Commercial Code of the State of Washington, file number 97-154-0077) and
thereby conveyed and mortgaged or intended so to be, including also all such
property acquired by the Company since the execution and delivery of the
Original Mortgage, which by the terms of the Indenture is subjected or intended
to be subjected to the lien thereof, and including also all such property as
the Company may hereafter acquire which by the terms of the Indenture is
subjected or intended to be subjected to the lien thereof, excepting from the
foregoing, however, all property included within the foregoing general
description, whether now owned or hereafter acquired, which by the provisions
of the Indenture is excepted or to be excepted from the conveyance and lien of
the Indenture, or which has heretofore been released from the lien of the
Indenture or otherwise disposed of by the Company free from the lien of the
Indenture in accordance with the provisions thereof;
TO HAVE AND TO HOLD all and singular the said property, and also all other
property and interest of any kind and of every nature that, by virtue of any
provision hereof or of the Indenture or otherwise, has or shall hereafter
become subject to the Indenture, to the Trustee, its successor or successors
and assigns;
PAGE 9
BUT IN TRUST NEVERTHELESS, for the equal and proportionate benefit and
security (except as otherwise expressly provided) of all present and future
holders of the Bonds of the New Series issued and to be issued under and
secured by this Seventy-Sixth Supplemental Indenture, and to secure the payment
of such Bonds of the New Series and the interest thereon, prior to the
Substitution Date (as defined herein), in accordance with the provisions of
said Bonds of the New Series and of this Seventy-Sixth Supplemental Indenture,
without priority or distinction as to lien or otherwise of any Bonds of the New
Series over any other Bonds of the New Series so that, except as otherwise
expressly provided, the principal of, and the premium, if any, and interest on,
every such Bond shall be equally and proportionately secured by this Seventy-
Sixth Supplemental Indenture, and to secure the performance of and compliance
with the covenants and conditions of this Seventy-Sixth Supplemental Indenture,
pursuant to and under and subject to the provisions and conditions and for the
uses hereinafter and in this Seventy-Sixth Supplemental Indenture set forth;
provided, however, that on the Substitution Date, the Bonds of the New Series
will cease to secure the Senior Notes, and, at the option of the Company, the
Senior Notes either (i) will become unsecured general obligations of the
Company or (ii) will be secured by first mortgage bonds issued under another
mortgage indenture; it being hereby agreed as follows, to wit:
ARTICLE ONE
BONDS OF THE NEW SERIES AND CERTAIN
PROVISIONS RELATING THERETO
SECTION 1.01
A. TERMS OF BONDS OF THE NEW SERIES
There shall be hereby established a series of bonds, known as and entitled
"First Mortgage Bonds, Pledged Series A" (herein referred to as the "Bonds of
the New Series"). The aggregate principal amount of the Bonds of the New
Series shall be limited to Five Hundred Million Dollars ($500,000,000) to be
initially authenticated and delivered from time to time upon delivery to the
Trustee of the documents required by the Indenture, including a resolution of
the Board of Directors, or the Securities Pricing Committee of such Board of
Directors, of the Company specifying the following with respect to each issue
of the Bonds of the New Series:
PAGE 10
(i) any limitations (in addition to the limitation with respect to the
aggregate principal amount of all Bonds of the New Series) on the aggregate
principal amount of such issue of Bonds of the New Series, (ii) the Original
Issue Date (as defined below) or Dates for such issue of Bonds of the New
Series, (iii) the stated maturity of such issue of Bonds of the New Series
(provided that no Bond of the New Series shall mature on a date less than nine
months from its Original Issue Date), (iv) the interest rate or rates, or
method of calculation of such rate or rates, for such issue of Bonds of the New
Series, (v) the terms, if any, regarding the optional or mandatory redemption
of such issue of Bonds of the New Series, including the redemption date or
dates, if any, and the price or prices applicable to such redemption (including
any premium), (vi) whether or not such issue of Bonds of the New Series shall
be entitled to the benefit of any sinking fund, and the terms, if any, of such
sinking fund, (vii) the designation of such issue of Bonds of the New Series,
(viii) if the form of such Bonds of the New Series is not as described herein,
the form of such Bonds of the New Series, (ix) the maximum annual interest
rate, if any, of the Bonds of the New Series permitted for such issue, (x) any
other information necessary to complete the Bonds of the New Series of such
issue and (xi) any other terms of such issue not inconsistent with the
Indenture or this Seventy-Sixth Supplemental Indenture.
The definitive Bonds of the New Series shall be issuable in registered
form without coupons in denominations of $1,000 and integral multiples thereof
or such other amount or amounts as may be authorized by a resolution of the
Board of Directors or the Securities Pricing Committee of the Board of
Directors.
Both principal of and interest on the Bonds of the New Series (and
premium, if any) are to be paid in any coin or currency of the United States of
America which at the time of payment is legal tender for the payment of public
and private debts at the principal corporate trust office, in the City of
Boston, Massachusetts, of the Trustee.
The definitive Bonds of the New Series may, at the option of the Company,
be fully engraved or printed or lithographed on steel engraved borders.
Notwithstanding any provision in the Indenture to the contrary, each Bond
of the New Series shall be dated and issued as of the date of its
authentication by the Trustee (the "Original Issue Date"). Each Bond of the New
Series shall bear interest from the later of its Original Issue Date or the
most recent date to which interest has been paid or duly provided for with
respect to such Bond of the New Series until the
PAGE 11
principal of such Bond of the New Series is paid or made available for payment,
and interest on each Bond of the New Series shall be payable on each interest
payment date after the Original Issue Date.
Notwithstanding any provision in the Indenture to the contrary, the person
in whose name any Bond of the New Series is registered at the close of business
on any record date (as determined by the Board of Directors or the Securities
Pricing Committee of the Board of Directors) with respect to any interest
payment date for such Bond at the New Series shall be entitled to receive the
interest payable on such interest payment date notwithstanding the cancellation
of such Bond of the New Series upon any registration of transfer, exchange or
substitution thereof subsequent to such record date and prior to such interest
payment date, except that, if and to the extent that the Company shall default
in the payment of the interest due on such interest payment date, then the
registered holders of Bonds of the New Series on such record date shall have no
further right to or claim in respect of such defaulted interest as such
registered holders on such record date, and the persons entitled to receive
payment of any defaulted interest thereafter payable or paid on any Bonds of
the New Series shall be the registered holders of such Bonds of the New Series
on the record date for payment of such defaulted interest. Unless otherwise
determined by the Board of Directors or the Securities Pricing Committee of the
Board of Directors, the term "record date" as used in this Section 1.01, and in
the form of the Bonds of the New Series, with respect to any interest payment
date applicable to any Bond of the New Series, shall mean the last day of the
calendar month next preceding such interest payment date unless such interest
payment date is the date of maturity of such Bond of the New Series, in which
event the record date shall be the date of maturity of such Bond of the New
Series.
In case of failure by the Company to pay any interest when due, the claim
for such interest shall be deemed to have been transferred by transfer of any
Bond of the New Series registered on the books of the Company, and the Company,
by not less than 10 days' written notice to the bondholders, may fix a
subsequent record date, not more than 15 days or less than 10 days prior to the
date fixed for the payment of such interest, for determination of the holders
entitled to payment of such interest. Such provision for establishment of a
subsequent record date, however, shall in no way affect the rights of the
bondholders or of the Trustee consequent on any default.
PAGE 12
The Trustee hereunder shall, by virtue of its office as such Trustee, be
the registrar and transfer agent of the Company for the purpose of registering
and transferring Bonds of the New Series; however, the Company may also act as
the registrar and transfer agent in lieu of the Trustee. Notwithstanding any
provision in the Indenture to the contrary, neither the Company nor the Trustee
shall be required to make transfers or exchanges of Bonds of the New Series for
a period of 15 days next preceding any designation of Bonds of the New Series
to be redeemed, and neither the Company nor the Trustee shall be required to
make transfers or exchanges of any Bonds designated in whole for redemption or
that part of any Bond designated in part for redemption.
Notwithstanding any other provision of the Indenture to the contrary, the
Company shall receive a credit against its obligations to make any payment in
respect of the principal of, or premium, if any, or interest on, any Bond of
the New Series (whether at maturity, upon redemption or otherwise), and such
obligations shall be fully or partially, as the case may be, satisfied and
discharged to the extent that, at the time that any such payment shall be due,
the then due principal of, or premium, if any, or interest on, the Senior Notes
initially issued contemporaneously with such Bond of the New Series shall have
been fully or partially paid or there shall have been deposited with the
Debenture Indenture Trustee pursuant to the Debenture Indenture sufficient
available funds to fully or partially pay the then due principal of, or
premium, if any, or interest on, such Senior Notes. The obligations of the
Company hereunder to make such payment of principal of, premium, if any, or
interest on, such Bond of the New Series shall be deemed to have been reduced
by the amount of such credit.
The Debenture Indenture requires that if any Senior Note in respect of
which this Bond was delivered to the Debenture Indenture Trustee pursuant to
the Debenture Indenture is deemed paid and discharged pursuant to Section 5.01
of the Debenture Indenture, the obligation of the Company to make payment with
respect to the principal of and premium, if any, and interest on this Bond
shall be satisfied and discharged and this Bond shall cease to secure such
Senior Note in any manner and, the Debenture Indenture Trustee shall surrender
this Bond, subject to the limitations of the Debenture Indenture, to the
Company for cancellation.
PAGE 13
The Bonds of the New Series shall be issued and delivered pursuant to the
Debenture Indenture to, registered in the name of and held by the Debenture
Indenture Trustee in trust for the benefit of the owners from time to time of
the Senior Notes. The Debenture Indenture Trustee shall not sell, assign or
transfer any of the Bonds of the New Series except to a successor trustee under
the Debenture Indenture. The Company may take such actions as it shall deem
desirable to effect compliance with such restrictions on transfer, including
the placing of an appropriate legend on the Bonds of the New Series.
B. FORM OF BONDS OF THE NEW SERIES
The Bonds of the New Series, and the Trustee's authentication certificate
to be executed on the Bonds of the New Series, shall be in substantially the
following forms respectively:
[FORM OF FACE OF BOND OF THE NEW SERIES]
REGISTERED
$___________
No.________________
PUGET SOUND ENERGY, INC.
FIRST MORTGAGE BOND, PLEDGED SERIES A
Original Issue Date: Interest Rate: Maturity Date:
______________________ _________________% _________________
Initial Redemption Initial Redemption Annual Redemption
Date: Percentage: Percentage
Reduction:
______________________ ___________________ _________________
PUGET SOUND ENERGY, INC., a corporation of the state of Washington (the
"Company"), for value received hereby promises to pay to
PAGE 14
DOLLARS
or registered assigns, the principal sum of
on the Maturity Date set forth above, and to pay interest thereon from the
Original Issue Date set forth above or from the most recent date to which
interest has been paid or duly provided for, semiannually in arrears on
__________ and __________ in each year (each, an "Interest Payment Date"),
commencing on the first such Interest Payment Date succeeding the Original
Issue Date set forth above, at the per annum Interest Rate set forth above,
until the principal hereof is paid or made available for payment. No interest
shall accrue on the Maturity Date, so long as the principal amount of this Note
is paid in full on the Maturity Date. The interest so payable and punctually
paid or duly provided for on any such Interest Payment Date will be paid to the
person in whose name this Bond is registered (the "Holder") at the close of
business on the Regular Record Date for such interest, which shall be the
___________ or ___________, as the case may be, next preceding such Interest
Payment Date; provided that the first Interest Payment Date for any Bond, the
Original Issue Date of which is after a Regular Record Date but prior to the
applicable Interest Payment Date, shall be the Interest Payment Date following
the next succeeding Regular Record Date; and provided, further, that interest
payable on the Maturity Date set forth above or, if applicable, upon redemption
or acceleration, shall be payable to the person to whom principal shall be
payable. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and
shall be paid to the person in whose name this Bond is registered at the close
of business on a Special Record Date for the payment of such defaulted interest
to be fixed by the Trustee, notice whereof shall be given to the Holder not
more than 15 days nor fewer than 10 days prior to such Special Record Date.
Both principal of and interest on this Bond (and premium, if any) are to
be paid in any coin or currency of the United States of America which at the
time of payment is legal tender for the payment of public and private debts at
the principal corporate trust office, in the City of Boston, Massachusetts, of
the Trustee.
If any Interest Payment Date or the date on which the principal of this
Bond is required to paid is not a Business Day, then payment of principal,
premium or interest need not be made on such date but may be made on the next
succeeding Business Day
PAGE 15
with the same force and effect as if made on such Interest Payment Date or the
date on which the principal of this Bond is required to be paid, and, in the
case of timely payment thereof, no interest shall accrue for the period from
and after such Interest Payment Date or the date on which the principal of this
Bond is required to be paid.
"Business Day" means each Monday, Tuesday, Wednesday, Thursday and Friday
that is not a day on which banking institutions or trust companies in the
Borough of Manhattan, The City of New York, or in the city where the corporate
trust office of the Debenture Indenture Trustee (as defined on the reverse
hereof) is located, are obligated or authorized by law or executive order to
close.
This Bond shall not become obligatory for any purpose or be entitled to
any security or benefit under said Indenture until the authentication
certificate hereon shall have been signed by the Trustee.
The provisions of this Bond are continued on the reverse hereof and such
continued provisions shall for all purposes have the same effect as though
fully set forth at this place.
IN WITNESS WHEREOF, PUGET SOUND ENERGY, INC. has caused these presents to
be executed in its corporate name and behalf by the facsimile of the signature
of its President or one of its Vice Presidents and by the facsimile of the
signature of its Treasurer or an Assistant Treasurer or its Secretary,
thereunto duly authorized, and its corporate seal or a facsimile thereof to be
hereto affixed.
PUGET SOUND ENERGY, INC.
Dated:_____________________
By __________________________
Its __________________________
And by _______________________
Its __________________________
PAGE 16
[FORM OF REVERSE OF BOND OF THE NEW SERIES]
PUGET SOUND ENERGY, INC.
First Mortgage Bond, Pledged Series A
This Bond is one of the Bonds of the above-designated series, of an
unlimited authorized amount of Bonds of the Company known as First Mortgage
Bonds, all issued or to be issued in one or more series under and secured by a
First Mortgage dated as of June 2, 1924, executed and delivered by the Company
to Old Colony Trust Company (State Street Bank and Trust Company, successor) as
Trustee, as supplemented and/or modified by indentures supplemental thereto,
including particularly the Fortieth Supplemental Indenture, dated as of
September 1, 1954, in Part II of which are set forth the revised provisions of
said First Mortgage as theretofore and then supplemented and modified, and the
Seventy-Sixth Supplemental Indenture dated as of December 1, 1997, relating,
among other things, to the Bonds of the above-designated series, and by all
other instruments supplemental thereto (herein sometimes called the
"Indenture"), reference to each and all of which is hereby made for a
description of the property mortgaged and pledged as security for said Bonds,
the rights and remedies of the Holder of this Bond in regard thereto, and the
terms and conditions upon which Bonds may be issued.
The Bonds of this series shall be issuable in registered form without
coupons in denominations of $1,000 and integral multiples thereof or such other
amount or amounts as may be authorized by a resolution of the Board of
Directors or the Securities Pricing Committee of the Board of Directors.
This Bond is issued to secure the payment and performance of the Company's
obligations under the Indenture, dated as of December 1, 1997 (the "Debenture
Indenture"), with State Street Bank and Trust Company, as Trustee (the
"Debenture Indenture Trustee") to make payments in respect of the principal of,
premium, if any, and interest on Senior Notes of the Company (the "Senior
Notes") initially issued contemporaneously with this Bond.
Notwithstanding any other provision of the Indenture to the contrary, the
Company shall receive a credit against its obligations to
make any payment in respect of the principal of, or premium, if any, or
interest on, this Bond (whether at
PAGE 17
maturity, upon redemption or otherwise), and such obligations shall be fully or
partially, as the case may be, satisfied and discharged to the extent that, at
the time that any such payment shall be due, the then due principal of, or
premium, if any, or interest on, the Senior Notes of the Company initially
issued contemporaneously with this Bond shall have been fully or partially paid
or there shall have been deposited with the Debenture Indenture Trustee
pursuant to the Debenture Indenture sufficient available funds to fully or
partially pay the then due principal of, or premium, if any, or interest on,
such Senior Notes. The obligations of the Company to make such payment of
principal of, premium, if any, or interest on, this Bond shall be deemed to
have been reduced by the amount of such credit.
This Bond is not transferable except as required to effect transfer to any
successor trustee under the Debenture Indenture.
As provided in the Seventy-Sixth Supplemental Indenture, the Holder of
this Bond, by his acceptance hereof, hereby consents, and all other holders of
the Bonds of the above designated series, by their acceptance thereof, shall
thereby consent, for the purpose and within the meaning of Section 18.02 of the
Indenture, to a modification of the Indenture to redefine the term "minimum
provision for depreciation" by deducting from operating revenues the cost of
fuel used in the generation of electricity. This modification shall become
effective without any further approval or consent of the holder of this Bond
when a further supplemental indenture has been executed with the requisite
consents of the holders of the Bonds of each other series then outstanding or
when Bonds of all series issued prior to the First Mortgage Bonds, 12-5/8%
Series due 1999 have ceased to be outstanding.
This Bond is subject to redemption at the option of the Company on any
date on and after the Initial Redemption Date, if any, specified on the face
hereof (any date fixed for redemption shall hereafter be referred to as a
"Redemption Date"). If no Initial Redemption Date is set forth on the face
hereof, this Bond may not be redeemed at the option of the Company prior to the
Maturity Date specified on the face hereof. On and after the Initial
Redemption Date, if any, this Bond may be
redeemed at any time in whole or from time to time in part at the option of the
Company at the applicable Redemption Price (as defined below) together with
interest thereon payable to the Redemption Date, on notice given not less than
30 days nor more than 60 days prior to the Redemption Date. In the event of
redemption of this
PAGE 18
Bond in part only, a new Bond of like tenor and series for the unredeemed
portion hereof shall be issued in the name of the Holder hereof upon the
surrender hereof.
If this Bond is redeemable in the foregoing manner at the option of the
Company, the "Redemption Price" shall initially be the Initial Redemption
Percentage, specified on the face hereof, of the principal amount of this Bond
to be redeemed and shall decline at each anniversary of the Initial Redemption
Date by the Annual Redemption Percentage Reduction, if any, specified on the
face hereof, of the principal amount to be redeemed until the Redemption Price
is 100% of such principal amount.
If this Bond or any portion hereof ($1,000 or any multiple thereof) is
duly designated for redemption, if payment of the principal hereof or of such
portion, together with accrued interest and premium, if any, is irrevocably
provided for, and if notice of such redemption shall have been duly given, this
Bond shall cease to be entitled to the lien of the Indenture from and after the
date such payment is irrevocably so provided for and shall cease to bear
interest from and after the date fixed for redemption.
The Indenture provides that (1) the Company and the Trustee, with the
consent of the holders of not less than 66-2/3% in principal amount of the
Bonds at the time outstanding (determined as provided in the Indenture)
including, if more than one series of Bonds shall be at the time outstanding,
not less than 66-2/3% in principal amount of the Bonds at the time outstanding
of each series affected, may effect, by an indenture supplemental to the
Indenture, further modifications or alterations of the Indenture and of the
rights and obligations of the Company and of the holders of the Bonds;
provided, however, that no such modification or alteration shall be made
without the consent of the registered owner hereof which will (a) extend the
maturity of this Bond or reduce the rate or extend the time of payment of
interest hereon or reduce the amount of the principal hereof or reduce any
premium payable on the redemption hereof, or (b) permit the creation of any
lien, not otherwise permitted, prior to or on a parity with the lien of the
Indenture, or alter the equal and proportionate security afforded by the lien
of the Indenture for the Bonds issued thereunder, or (c) reduce the number or
percentage of the principal amount of the Bonds upon the consent of the holders
of which modifications or alterations may be made as aforesaid or defaults may
be waived; and (2) the holders of like percentages
PAGE 19
of the principal amount of the Bonds outstanding and of each such series
thereof may waive certain uncured past defaults and the consequences thereof.
In certain events of default, the principal of this Bond may be declared
due and payable before maturity as provided in said Indenture.
The registered owner of this Bond is the Debenture Indenture Trustee. The
Debenture Indenture requires that if any Senior Note in respect of which this
Bond was delivered to the Debenture Indenture Trustee pursuant to the Debenture
Indenture is deemed paid and discharged pursuant to Section 5.01 of the
Debenture Indenture, the obligation of the Company to make payment with respect
to the principal of and premium, if any, and interest on this Bond shall be
satisfied and discharged and this Bond shall cease to secure such Senior Note
in any manner, and the Debenture Indenture Trustee shall surrender this Bond,
subject to the limitations of the Debenture Indenture, to the Company for
cancellation.
The Seventy-Sixth Supplemental Indenture provides that in the event of any
default of the interest due on any interest payment date, such interest shall
not be payable to the holder of the Bond on the original record date but shall
be paid to the registered holder of such Bond on the subsequent record date
established for payment of such defaulted interest.
It is part of the contract herein contained that each holder hereof waives
all right of recourse to any personal, statutory or other liability of any
promoter, shareholder, officer or director, past, present or future, of the
Company or of any predecessor or successor corporation for the collection of
any indebtedness hereunder as more fully provided in said Indenture.
[FORM OF TRUSTEE'S AUTHENTICATION CERTIFICATE]
This is one of the Bonds, of the series designated herein, described in the
within-mentioned Indenture.
STATE STREET BANK AND TRUST
COMPANY, as Trustee
By ________________________
Authorized Officer
PAGE 20
SECTION 1.02 REDEMPTION PROVISIONS
As designated by resolution of the Board of Directors or the Securities Pricing
Committee of such Board of Directors, the Bonds of the New Series may be
subject to redemption prior to maturity, as a whole at any time or in part from
time to time, at the option of the Company, upon payment of the Redemption
Price designated by the Board of Directors or the Securities Pricing Committee
of the Board of Directors, together with interest accrued thereon to the date
fixed for redemption, upon not less than 30 days' nor more than 60 days' notice
given by first class mail, postage prepaid, to the holder of record at the date
of such notice of each Bond of the New Series affected, at his address as shown
on the Bond register. Such notice shall be sufficiently given if deposited in
the United States mail within such period. Neither the failure to mail such
notice, nor any defect in any notice so mailed to any holder, shall affect the
sufficiency of such notice. The foregoing provision with respect to notice
shall be subject to all other conditions and provisions of the Indenture not
inconsistent herewith.
SECTION 1.03 DEPRECIATION FUND
Notwithstanding the provisions of Section Six of Article II Part I of the
Fortieth Supplemental Indenture, the Company hereby covenants that, so long as
any of the Bonds of the New Series shall remain outstanding, (a) the covenants
made by the Company in Section Four of Article II of Part I of the Fortieth
Supplemental Indenture shall continue in full force and effect and (b) Bonds
delivered, redeemed or purchased pursuant to said Section Four and any amount
of unfunded Bond credits used as a credit in Item 7 of any depreciation fund
certificate shall be deemed to be funded, unless and until the same shall have
been reinstated as provided in said Section Four or in Section 2.03 of the
Indenture. Cash deposited in the depreciation fund may not be applied to the
redemption of the Bonds of the New Series.
SECTION 1.04 DURATION OF EFFECTIVENESS OF ARTICLE ONE
This Article shall be in force and effect only so long as any of the Bonds
of the New Series are outstanding.
PAGE 21
SECTION 1.05 MINIMUM PROVISION FOR DEPRECIATION
The Company hereby covenants that the term "minimum provision for
depreciation" shall have the meaning specified in Section 1.32 of the Indenture
until the modification set forth in Article Four hereof shall have become
effective, whereupon the term "minimum provision for depreciation" shall have
the meaning specified in Section 4.01 hereof.
SECTION 1.06 EXECUTION AND DELIVERY
Bonds of the New Series in the aggregate principal amount of Five Hundred
Million Dollars ($500,000,000) may forthwith, upon execution and delivery of
the Seventy-Sixth Supplemental Indenture, or from time to time thereafter, and
upon compliance by the Company with the provisions of Article Five of the
Indenture, be executed by the Company and delivered to the Trustee and shall
thereupon be authenticated and delivered by the Trustee to or upon the written
order of the Company.
SECTION 1.07 SUBSTITUTION
On the Substitution Date (as defined below), the Trustee will deliver to
the Company for cancellation all Bonds of the New Series. The Company will
cause the Trustee to provide notice to all holders of Bonds of the New Series
prior to the occurrence of the Substitution Date. "Substitution Date" shall
mean the date that all Bonds issued and outstanding under the Indenture
("Electric Bonds"), other than the Bonds of the New Series or any other Bonds
issued to secure the Company's obligations on its Senior Notes, and all first
mortgage bonds of the Company issued and outstanding under the Indenture of
First Mortgage, dated as of April 1, 1957 (the "Gas Utility Mortgage"), from
the Company, as successor to Washington Natural Gas Company, to Xxxxxx Trust
and Savings Bank, as trustee, as supplemented and amended ("Gas Bonds" and,
together with the Electric Bonds, the "First Mortgage Bonds"), other than Gas
Bonds issued to secure the Company's obligations on its Senior Notes, have been
retired (at, before or after the maturity thereof) through payment, redemption
or otherwise (including those Electric Bonds deemed to be paid within the
meaning of the Indenture and those Gas Bonds deemed to be paid within the
meaning of the Gas Utility Mortgage).
PAGE 22
SECTION 1.08 DEFINITIONS
All other terms used but not otherwise defined in this Seventy-Sixth
Supplemental Indenture shall be taken to have the same meaning as in the
Indenture, except in cases where the context herein clearly indicates
otherwise.
ARTICLE TWO
PRINCIPAL AMOUNT PRESENTLY TO BE OUTSTANDING
SECTION 2.01
The total aggregate principal amount of Bonds of the Company issued and
outstanding and presently to be issued and outstanding under the provisions of
and secured by the Indenture will be Eight Hundred Twenty Million Eight Hundred
Sixty Thousand Dollars ($820,860,000); namely, the series of Bonds set forth
herein:
Principal Amount of Bonds Series
------------------------- ------
Thirty Million Dollars Secured Medium-Term
($30,000,000) Notes, Series A due June 21, 2001
Twenty-Five Million Dollars Secured Medium-Term
($25,000,000) Notes, Series A due July 27, 1998
Twenty-Seven Million 7.05% Series due August 1, 2021
Five Hundred Thousand Dollars
($27,500,000)
Twenty-Three Million 7.25% Series due August 1, 2021
Four-Hundred Thousand Dollars
($23,400,000)
PAGE 23
Principal Amount of Bonds Series
------------------------- ------
Twenty-Five Million Dollars Secured Medium-Term
($25,000,000) Notes, Series A due November 30, 2006
One Hundred Million Dollars Secured Medium-Term
($100,000,000) Notes, Series A due February 1, 2007
Eighty-Seven Million 6.80% Series due March 1, 2022
Five Hundred Thousand Dollars
($87,500,000)
Five Million Dollars Secured Medium-Term
($5,000,000) Notes, Series A due April 9, 2012
Ten Million Dollars Secured Medium-Term
($10,000,000) Notes, Series A due May 7, 2007
Thirty Million Dollars Secured Medium-Term
($30,000,000) Notes, Series A due May 29, 2002
Forty-Six Million Dollars Secured Medium-Term
($46,000,000) Notes, Series A due June 19, 2006
Twenty-Seven Million Dollars Secured Medium-Term Notes,
($27,000,000) Notes, Series A due August 28, 2002
Five Million Dollars Secured Medium-Term
($5,000,000) Notes, Series A due September 11, 2002
PAGE 24
Principal Amount of Bonds Series
------------------------- ------
Ten Million Dollars Secured Medium-Term
($10,000,000) Notes, Series A due
September 15, 1999
Sixteen Million Secured Medium-Term
Five Hundred Thousand Dollars Notes, Series A due
($16,500,000) September 14, 1999
Twenty Million Secured Medium-Term
Five Hundred Thousand Dollars Notes, Series A due
($20,500,000) September 16, 1999
Fifty Million Dollars Secured Medium-Term
($50,000,000) Notes, Series B due
December 10, 1999
Twenty-Five Million Dollars Secured Medium-Term
($25,000,000) Notes, Series B due
December 10, 2002
Fifty Million Dollars Secured Medium-Term
($50,000,000) Notes, Series B due
December 10, 2004
Thirty Million Dollars Secured Medium-Term
($30,000,000) Notes, Series B due
December 21, 2012
Ten Million Dollars Secured Medium-Term
($10,000,000) Notes, Series B due
February 9, 1998
Ten Million Dollars Secured Medium-Term
($10,000,000) Notes, Series B due
February 9, 2000
PAGE 25
Principal Amount of Bonds Series
------------------------- ------
Thirty Million Dollars Secured Medium-Term
($30,000,000) Notes, Series B due
February 10, 2003
Five Million Dollars Secured Medium-Term
($5,000,000) Notes, Series B due
March 5, 1998
Three Million Dollars Secured Medium-Term
($3,000,000) Notes, Series B due
December 1, 2003
Eleven Million Dollars Secured Medium-Term
($11,000,000) Notes, Series B due
December 2, 2003
Thirty Million Dollars Secured Medium-Term
($30,000,000) Notes, Series B due
May 27, 2004
Twenty-Three Million Four Hundred 5.875% Series due
Sixty Thousand Dollars March 1, 2020
($23,460,000)
Fifty-Five Million Dollars Secured Medium-Term
($55,000,000) Notes, Series B due
February 1, 2024
now issued and outstanding, and Five Hundred Million Dollars ($500,000,000)
aggregate principal amount of the Bonds of the New Series to be authenticated
and delivered pursuant to Section 2.02 of this Seventy-Sixth Supplemental
Indenture. Additional Bonds of the New Series and of any other series
established after the execution and delivery of this Seventy-Sixth Supplemental
Indenture may from time to time be authenticated, delivered and issued pursuant
to the terms of the Indenture and indentures supplemental thereto.
PAGE 26
SECTION 2.02
Bonds of the New Series in the aggregate principal amount of Five Hundred
Million Dollars ($500,000,000) may forthwith, upon execution and delivery of
this Seventy-Sixth Supplemental Indenture, or from time to time thereafter, and
upon compliance by the Company with the provisions of Article Five of the
Indenture, be executed by the Company and delivered to the Trustee and shall
thereupon be authenticated and delivered by the Trustee to or upon the written
order of the Company.
ARTICLE THREE
MISCELLANEOUS
SECTION 3.01
This Seventy-Sixth Supplemental Indenture is executed and shall be
construed as an indenture supplemental to the Indenture, and shall form a part
thereof, and the Indenture, as hereby supplemented and modified, is hereby
confirmed. Except to the extent inconsistent with the express terms hereof,
all the provisions, terms, covenants, and conditions of the Indenture shall be
applicable to the Bonds of the New Series to the same extent as if specifically
set forth herein.
SECTION 3.02
The Trustee has accepted the amendment of the Indenture effected by this
Seventy-Sixth Supplemental Indenture and agrees to execute the trust created by
the Indenture as hereby amended, but only upon the terms and conditions set
forth in the Indenture, including the terms and provisions defining and
limiting the liabilities and responsibilities of the Trustee, and without
limiting the generality of the foregoing, the Trustee shall not be responsible
in any manner whatsoever for or with respect of any of the recitals or
statements contained herein, all of which recitals or statements are made
solely by the Company, or for or with respect to (a) the validity or
sufficiency of this Seventy-Sixth Supplemental Indenture or any of the terms or
provisions hereof, (b) the proper authorization hereof by the Company by
corporate action or otherwise, and (c) the due execution hereof by the Company.
PAGE 27
SECTION 3.03
The Company covenants that it is lawfully seized and possessed of all the
trust estate at the date of the execution of the Seventy-Sixth Supplemental
Indenture except as in the Indenture otherwise stated or permitted; that on
said date the trust estate is free and clear from all liens and encumbrances
other than permitted encumbrances, except as in the Indenture otherwise stated
or permitted; that the Company will warrant and forever defend the trust estate
and the title thereto to the Trustee against the claims of all persons
whomsoever except as in the Indenture otherwise stated or permitted; that it
will maintain and preserve the lien of the Indenture, as a first mortgage lien,
except as in the Indenture otherwise stated or permitted so long as any of the
Bonds issued under the Indenture are outstanding; and that it has good right
and lawful authority to subject said property to the lien of the Indenture, as
provided in and by the Indenture.
SECTION 3.04
This Seventy-Sixth Supplemental Indenture may be executed in several
counterparts, and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts, or as many of them as the Company
and the Trustee shall preserve undestroyed, shall together constitute but one
and the same instrument.
SECTION 3.05
Although this Seventh-Sixth Supplemental Indenture is dated for
convenience and for the purpose of reference as of December 1, 1997, the actual
date or dates of execution by the Company and by the Trustee are as indicated
by their respective acknowledgments hereto annexed.
ARTICLE FOUR
MODIFICATION OF THE INDENTURE
SECTION 4.01
Each holder of any of the Bonds of the New Series, by his or its
acceptance thereof, shall thereby consent, for the purpose and within the
meaning and intent of
PAGE 28
Section 18.02 of the Indenture, that Section 1.32 of the Indenture shall be
modified (effective at the time provided in Section 4.02 hereof) to read as
follows:
"So long as there are outstanding any Bonds of the 1984 Series or any Bonds
of any other series subsequently authenticated and delivered hereunder as
to which it is so provided in the supplemental indenture establishing said
Bonds or modifying this Indenture, the term "minimum provision for
depreciation" for each calendar year (or monthly fractions thereof) in the
period being computed shall mean an amount by which 15% of the gross
operating revenues of the Company derived from the operation of its utility
property subject to the lien of the Indenture (after deducting from such
operating revenues (a) an amount equal to the cost of electricity
purchased, including any standby or service charges or similar charges for
electricity and net cost of electricity interchanged, (b) all rentals and
lease payments, and (c) the cost of fuel used in the generation of
electricity during such period to the extent such cost is included or
reflected in operating expense accounts of the Company) exceeds the charges
for maintenance, repairs and renewals of such mortgaged utility property
included or which should be included in operating expense pursuant to sound
accounting practice."
SECTION 4.02
The modification of the Indenture set forth in Section 4.01 hereof shall
become effective without any further approval or consent of the holders of any
Bonds of the New Series (a) when a further supplemental indenture making it
effective shall have been executed with the consent of the holders of not less
than 66-2/3% in principal amount of the Bonds of each other series at the time
outstanding or (b) when all Bonds of all series issued prior to the First
Mortgage Bonds, 12-5/8% Series due 1999 have ceased to be outstanding.
[The remainder of this page intentionally left blank]
PAGE 29
IN WITNESS WHEREOF, Puget Sound Energy, Inc. has caused this Seventy-Sixth
Supplemental Indenture to be signed in its corporate name and behalf by its
President or one of its Vice Presidents or its Treasurer or Assistant Treasurer
and its corporate seal to be hereunto affixed and attested by its Secretary or
one of its Assistant Secretaries, and State Street Bank and Trust Company in
token of its acceptance of the trust hereby created has caused this Seventy-
Sixth Supplemental Indenture to be signed in its corporate name and behalf by
its President or one of its Authorized Officers, and its corporate seal to be
hereunto affixed and attested by one of its Authorized Officers, its Secretary
or one of its Assistant Secretaries, all on December __, 1997, but as of the
day and year first above written.
PUGET SOUND ENERGY, INC.
By ________________________________
Xxxxxx X. Xxxxxx, Treasurer
Attest:
_____________________________
Xxxxx X. Xxxxxxxx, Secretary
Corporate Seal
STATE STREET BANK AND TRUST
COMPANY
By ________________________________
Authorized Officer
Attest:
_____________________________
Corporate Seal
PAGE 30
STATE OF WASHINGTON )
) ss.
COUNTY OF KING )
Xxxxxx X. Xxxxxx and Xxxxx X. Xxxxxxxx being duly sworn each for himself
on oath deposes and says that he, the said Xxxxxx X. Xxxxxx, is and at the time
of the execution of the foregoing Supplemental Indenture was the Treasurer of
PUGET SOUND ENERGY, INC., a corporation and the mortgagor herein named, and the
same person who as Treasurer executed said Supplemental Indenture on behalf of
said corporation, and that he, the said Xxxxx X. Xxxxxxxx, is and at the time
of the execution of said Supplemental Indenture was Secretary of said
corporation, the said mortgagor, and the same person who as such Secretary
attested such Supplemental Indenture on behalf of said corporation; and that
the said Supplemental Indenture is made in good faith and without any design to
hinder or delay or defraud creditors or any creditor of said corporation.
SUBSCRIBED AND SWORN to before me this ___ day of December, 1997.
-------------------------------------------
(Signature of Notary)
-------------------------------------------
(Print or stamp name of Notary)
NOTARY PUBLIC in and for the State
of Washington, residing at _______________.
My Appointment Expires: __________________.
PAGE 31
STATE OF WASHINGTON )
) ss.
COUNTY OF KING )
On this ___ day of December, 1997, before me, a Notary Public in and for
the State of Washington, duly commissioned and sworn, personally appeared
Xxxxxx X. Xxxxxx and Xxxxx X. Xxxxxxxx, to me known to be the Treasurer and the
Secretary, respectively, of PUGET SOUND ENERGY, INC., one of the corporations
that executed the within and foregoing instrument, and acknowledged the said
instrument to be the free and voluntary act and deed of said corporation for
the uses and purposes therein mentioned, and on oath stated that they were
authorized to execute and attest said instrument, and that the seal affixed is
the corporate seal of said corporation.
IN WITNESS WHEREOF I have hereunto set my hand and affixed my official
seal the day and year first above written.
___________________________________________
(Signature of Notary)
___________________________________________
(Print or stamp name of Notary)
NOTARY PUBLIC in and for the State
of Washington, residing at _______________.
My Appointment Expires: __________________.
PAGE 32
COMMONWEALTH OF MASSACHUSETTS )
) ss.
COUNTY OF SUFFOLK )
On this ____ day of December, 1997, before me personally appeared
___________________________ and ___________________________, to me known to be
an Authorized Officer and an Assistant Cashier, respectively, of STATE STREET
BANK AND TRUST COMPANY, one of the corporations that executed the within and
foregoing instrument, and acknowledged the said instrument to be the free and
voluntary act and deed of said corporation for the uses and purposes therein
mentioned, and on oath stated that they were authorized to and did in the name
and on behalf of said corporation execute and attest said instrument, and that
the seal affixed is the corporate seal of said corporation.
IN WITNESS WHEREOF I have hereunto set my hand and affixed my official
seal the day and year first above written.
----------------------------------------------
(Signature of Notary)
----------------------------------------------
(Print or stamp name of Notary)
NOTARY PUBLIC in and for the
Commonwealth of Massachusetts,
residing at _________________________________.
My Appointment Expires: _____________________.
PAGE 33
