EXHIBIT 25
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM T-1
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STATEMENT OF ELIGIBILITY UNDER THE
TRUST INDENTURE ACT OF 1939 OF A CORPORATION
DESIGNATED TO ACT AS 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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SUNTRUST BANK
(Exact name of trustee as specified in its charter)
Georgia 58-0466330
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(State of incorporation or organization (I.R.S. employer identification no.)
if not a U.S. national bank)
303 Peachtree Street 30303
Suite 300 (Zip Code)
Atlanta, Georgia
(Address of principal executive offices)
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Jackie Shornak
Assistant Vice President
SunTrust Bank
Corporate Trust Division, 10th Floor
919 East Main Street
Richmond, Virginia 23219
(804) 819-6051
(Name, address and telephone number of agent for service)
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OLD DOMINION ELECTRIC COOPERATIVE
A Virginia Corporation 23-7048405
(State or other jurisdiction (IRS employer identification no.)
of Incorporation or organization)
Innsbrook Corporate Center 23060
4201 Dominion Boulevard (Zip Code)
Glen Allen, Virginia
(Address of principal executive offices)
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Obligations
(Title of the indenture securities)
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1. General information.
Furnish the following information as to the trustee -
Name and address of each examining or supervising authority to which
it is subject.
Department of Banking and Finance,
State of Georgia
Atlanta, Georgia
Federal Reserve Bank of Atlanta
104 Marietta Street, N.W.
Atlanta, Georgia
Federal Deposit Insurance Corporation
Washington, D.C.
Whether it is authorized to exercise corporate trust powers.
Yes.
2. Affiliations with obligor.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
3-12 No responses are included for Items 3 through 12. Responses to those
Items are not required because, as provided in General Instruction B and
as set forth in Item 13(b), the obligor is not in default on any
securities issued under indentures under which SunTrust Bank is a
trustee.
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.
There is not and has not been any default under this indenture.
(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.
There has not been any such default.
14-15 No responses are included for Items 14 and 15. Responses to those Items
are not required because, as provided in General Instruction B and as set
forth in Item 13(b), the obligor is not in default on any securities
issued under indentures under which SunTrust Bank is a trustee.
16. List of Exhibits.
List below all exhibits filed as a part of this statement of eligibility;
exhibits identified in parentheses are filed with the Commission and are
incorporated herein by reference as exhibits hereto pursuant to Rule
7a-29 under the Trust Indenture Act of 1939, as amended, and Rule 24 of
the Commission's Rules of Practice.
(1) A copy of the Articles of Amendment and Restated Articles of
Association of the trustee as now in effect (Exhibit 1 to Form
T-1, Registration No. 333-85232 filed by Boston Private Financial
Holdings, Inc.).
(2) A copy of the certificate of authority of the trustee to commence
business. (Exhibit 2 to Form T-1, Registration No. 333-32106 filed
by Sabre Holdings Corporation).
(3) A copy of the authorization of the trustee to exercise corporate
trust powers. (Exhibits 2 and 3 to Form T-1, Registration No.
333-32106 filed by Sabre Holdings Corporation).
(4) A copy of the existing by-laws of the trustee as now in effect
(Exhibit 4 to Form T-1, Registration No. 333-85232 filed by Boston
Private Financial Holdings, Inc.).
(5) Not applicable.
(6) The consent of the trustee required by Section 321(b) of the Trust
Indenture Act of 1939.
(7) A copy of the latest report of condition of the trustee published
pursuant to law or the requirements of its supervising or
examining authority as of the close of business on June 30, 2002.
(8) Not applicable.
(9) Not applicable.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939 the
trustee, SunTrust Bank, a banking corporation organized and existing under the
laws of the State of Georgia, has duly caused this statement of eligibility and
qualification to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of Richmond and the Commonwealth of Virginia, on the
16th day of October, 2002.
SUNTRUST BANK
By: /s/ Jackie Shornak
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Jackie Shornak
Assistant Vice President
EXHIBIT 1 TO FORM T-1
ARTICLES OF INCORPORATION
OF
SUNTRUST BANK
(Exhibit 1 to Form T-1, Registration No. 333-85232 filed by Boston
Private Financial Holdings, Inc.)
EXHIBIT 2 TO FORM T-1
CERTIFICATE OF AUTHORITY
OF
SUNTRUST BANK TO COMMENCE BUSINESS
(Exhibit 2 to Form T-1, Registration No. 333-32106 filed by Sabre
Holdings Corporation)
EXHIBIT 3 TO FORM T-1
AUTHORIZATION
OF
SUNTRUST BANK TO EXERCISE
CORPORATE TRUST POWERS
(Exhibits 2 and 3 to Form T-1, Registration No. 333-32106 filed by Sabre
Holdings Corporation)
EXHIBIT 4 TO FORM T-1
BY-LAWS
OF
SUNTRUST BANK
(Exhibit 4 to Form T-1, Registration No. 333-85232 filed by Boston
Private Financial Holdings, Inc.)
EXHIBIT 5 TO FORM T-1
(INTENTIONALLY OMITTED. NOT APPLICABLE.)
EXHIBIT 6 TO FORM T-1
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the Trust Indenture
Act of 1939, in connection with the proposed issuance of the Debt Securities of
Old Dominion Electric Cooperative, SunTrust Bank hereby consents 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.
SUNTRUST BANK
By: /s/ Jackie Shornak
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Jackie Shornak
Assistant Vice President
EXHIBIT 7 TO FORM T-1
REPORT OF CONDITION
(ATTACHED)
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SunTrust Bank FFIEC 031
ATLANTA , GA 30302 Consolidated Report of Condition
Certificate Number: 00867 for June 30, 2002
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Consolidated Report of Condition for Insured Commercial
and State-Chartered Savings Banks for June 30, 2002
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the last business day of the
quarter.
Schedule RC - Balance Sheet C400
Dollar Amounts in Thousands
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ASSETS
1. Cash and balances due from depository institutions (from Schedule RC-A): RCFC
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a. Noninterest bearing balances and currency and coin (1) ........................................ 0081 3,824,824 1.a
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b. Interest-bearing balances (2) ................................................................. 0071 349,088 1.b
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2. Securities:
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a. Held-to-maturity securities (from Schedule RC-B, column A) .................................... 1754 0 2.a
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b. Available-for-sale securities (from Schedule RC-B, column D) .................................. 1773 17,212,619 2.b
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3. Federal funds sold and securities purchased under agreements to resell(3) B987 4,095,378 3
B989
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4. Loans and lease financing receivables (from Schedule RC-C): RCFD
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a. Loans and leases held for sale ........................................ 5369 3,512,952
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b. Loans and leases, net of unearned income .............................. B528 71,367,740 4.a
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c. LESS: Allowance for loan and lease losses ............................. 3123 908,638 4.b
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d. Loans and leases, net of unearned income, allowance, and reserve RCFD
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(item 4.a minus 4.b and 4.c) .................................................................... B529 70,459,102 4.d
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5. Tracing assets (from Schedule RC-D) ............................................................. 3545 786,220 5.
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6. Premises and fixed assets (including capitalized leases) ........................................ 2145 1,347,802 6.
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7. Other real estate owned (from Schedule RC-M) .................................................... 2150 40,310 7.
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8. Investments in unconsolidated subsidiaries and associated companies (from Schedule RC-M) ........ 2130 0 8.
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9. Customers' liability to this bank on acceptances outstanding .................................... 2155 11,043 9.
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10. Intangible assets ............................................................................... 2143 10.
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a. Goodwill ..................................................................................... 3163 770,226 10.a
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b. Other intangible assets from Schedule RC-M ................................................... 0426 669,001 10.b
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11. Other assets (from Schedule RC-F) ............................................................... 2160 2,079,844 11.
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12. Total assets (sum of items 1 through 11) ........................................................ 2170 105,158,409 12.
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(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
(3) Includes all securities resale agreements in domestic and foreign offices,
regardless of maturity.
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SunTrust Bank FFIEC 031
ATLANTA , GA 30302 Consolidated Report of Condition
Certificate Number: 00867 for June 30, 2002
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Schedule RC - Continued
Dollar Amounts in Thousands
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LIABILITIES
13. Deposits:
RCON
a. In domestic offices (sum of totals of columns A and C from Schedule ---- ------------
RC-E, part 1): RCON 2200 69,028,478 13.a
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(1) Noninterest-bearing (1) ........................................... 6631 7,985,462 13.a.1
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(2) Interest-bearing .................................................. 6636 61,043,016 13.a.2
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RCFN 13.b
b. In foreign offices, Edge and Agreement subsidiaries, and IBFs ---- ------------
(from Schedule RC-E, part II) ......................................... RCFN 2200 3,420,287
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(1) Noninterest-bearing ............................................... 6631 0 13.b.1
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(2) Interest-bearing .................................................. 6636 3,420,287 RCFD 13.b.2
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14. Federal funds purchased and securities sold under agreements to repurchase(2)(3) ................. B993 11,286,713 14
B995
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RCFD
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15. Trading liabilities (from Schedule RC-D) ......................................................... 3548 689,346 15.a
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16. Other borrowed money (includes mortgage indebtedness and obligations under
capitalized leases) (from Schedule RC-M): ........................................................ 3190 7,376,885
17. Not applicable ...................................................................................
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18. Bank's liability on acceptances executed and outstanding ......................................... 2920 11,043 18
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19. Subordinated notes and debentures(4) ............................................................. 3200 1,803,231 19
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20. Other liabilities (from Schedule RC-G) ........................................................... 2930 1,602,659 20
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21. Total liabilities (sum of items 13 through 20) ................................................... 2948 95,218,642 21
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22. Minority interest in consolidated subsidiaries ................................................... 3000 1,017,493 22
EQUITY CAPITAL
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23. Perpetual preferred stock and related surplus .................................................... 3838 0 23
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24. Common stock ..................................................................................... 3230 21,600 24
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25. Surplus (exclude all surplus related to preferred stock) ......................................... 3839 2,534,707 25
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26. a. Retained earnings ............................................................................. 3632 5,254,467 26.a
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b. Accumulated other comprehensive income (5) .................................................... B530 1,111,500 26.b
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27. Other equity capital components (6) .............................................................. A130 0 27
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28. Total equity capital (sum of items 23 through 27) ................................................ 3210 8,922,274 28
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29. Total liabilities minority interest, and equity capital (sum of items 21, 22 and 28) ............. 3300 105,158,409 29
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Memorandum
To be reported only with the March Report of Condition.
1. Indicated in the box at the right the number of the
statement below that best describes the most
comprehensive level of auditing work performed for RCFD Number
the bank by independent external auditors as of ---- -------
any date during 2001 ............................... 6724 N/A M.1
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1= Independent audit of the bank conducted in accordance
with generally accepted auditing standards by a
certified public accounting firm which submits a
report on the bank
2= Independent audit of the bank's parent holding
company conducted in accordance with generally
accepted auditing standards by a certified public
accounting firm which submits a report on the
consolidated holding company (but not on the bank
separately)
3= Attestation on bank management's assertion on the
effectiveness of the bank's internal control over
financial reporting by a certified public accounting
firm
4= Directors' examination of the bank conducted in
accordance with generally accepted auditing standards by
a certified public accounting firm (may be required by
state chartering authority)
5= Directors' examination of the bank performed by other
external auditors (may be required by state chartering
authority)
6= Review of the bank's financial statements by external
auditors
7= Compilation of the bank's financial statements by
external auditors
8= Other audit procedures (excluding tax preparation work)
9= No external audit work
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(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Report overnight Federal Home Loan Bank advances and Schedule RC,
item 16, "other borrowed money."
(3) Includes all securities repurchase agreements in domestic and foreign
offices, regardless of maturity.
(4) Includes limited-life preferred stock and related surplus.
(5) Includes net unrealized holding gains (losses) on available-for-sale
securities, accumulated net gains (losses) on cash flow hedges, cumulative
foreign currency translation adjustments, and minimum pension liability
adjustments.
(6) Includes treasury stock and unearned Employee Stock Ownership Plan Shares.
EXHIBIT 8 TO FORM T-1
(INTENTIONALLY OMITTED. NOT APPLICABLE.)
EXHIBIT 9 TO FORM T-1
(INTENTIONALLY OMITTED. NOT APPLICABLE.)