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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 TRUSTEE
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CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF
A TRUSTEE PURSUANT TO SECTION 305(B)(2)_________
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CHEMICAL TRUST COMPANY OF CALIFORNIA
(formerly Manufacturers Hanover Trust Company of California)
(Exact name of trustee as specified in its charter)
CALIFORNIA 94-2926573
(State of incorporation (I.R.S. employer
if not a national bank) identification No.)
50 California Street
San Francisco, California 94111
(Address of principal executive offices) (Zip Code)
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SALTON SEA FUNDING CORPORATION
(Exact name of obligor as specified in its charter)
DELAWARE 47-0790493
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification No.)
302 South 36th Street, Suite 400-A
Omaha, Nebraska 68131
(Address of principal executive offices) (Zip Code)
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7.02% Senior Secured Series D Notes due May 30, 2000
8.30% Senior Secured Series E Bonds due May 30, 2011
(Title of the indenture securities)
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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.
Superintendent of Banks of the State of California,
235 Montgomery Street, San Francisco, California
94104-2980.
Board of Governors of the Federal Reserve System,
Washington, D.C. 20551
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
ITEM 2. AFFILIATIONS WITH THE OBLIGOR.
If the obligor is an affiliate of the trustee, describe each such
affiliation.
None.
ITEM 4. TRUSTEESHIPS UNDER OTHER INDENTURES
a) Title of the securities outstanding under each such other
indenture.
$475,000,000 Series A Notes, B & C Bonds issued under
Indenture dated as of 7-21-95
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.
The Trustee is not deemed to have a conflicting interest
within the meaning of Section 310 (b) (1) of the Act because (i) the indenture
securities referenced in (a) above (the "Prior Securities") are not in default
and (ii) proviso (i) under 310 (b) (1) is applicable and excludes the
operations of 310 (b) (1) as the indenture to be qualified and the indenture
entered into in connection with the Prior Securities (the "Prior Indenture")
are wholly unsecured and rank equally and the Prior Indenture is specifically
described in the indenture to be qualified.
ITEM 16. LIST OF EXHIBITS
List below all exhibits filed as a part of this Statement of
Eligibility.
1. A copy of the Articles of Incorporation of the Trustee as
now in effect, including the Restated Articles of Incorporation dated
December 23, 1986 and the Certificate of Amendment dated March 26, 1992 (see
Exhibit 1 to Form T-1 filed in connection with Registration Statement No.
33-55136, which is incorporated by reference).
2. A copy of the Certificate of Authority of the Trustee to
Commence Business (See Exhibit 2 to Form T-1 filed in connection with
Registration Statement No. 33-55136, which is incorporated by reference).
3. Authorization to exercise corporate trust powers
(Contained in Exhibit 2).
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4. A copy of the existing By-Laws of the Trustee (see Exhibit 4
to Form T-1 filed in connection with Registration Statement No. 33-55136,
which is incorporated by reference).
5. Not applicable.
6. The consent of the Trustee required by Section 21(b) of the
Act (See Exhibit 6 to Form T-1 filed in connection with Registration Statement
No. 33-55136, which is incorporated by reference).
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.
8. Not applicable.
9. Not applicable.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, Chemical Trust Company of California, a corporation organized and
existing under the laws of the State of California, has duly caused this
statement of eligibility to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of San Francisco and State of
California, on the 2nd day of July, 1996.
CHEMICAL TRUST COMPANY OF CALIFORNIA
By /s/ Rose T. Maravilla
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ROSE T. MARAVILLA
Assistant Vice President
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EXHIBIT 7. Report of Condition of the Trustee.
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TRUST COMPANY
CONSOLIDATED REPORT OF CONDITION OF Chemical Trust Company of California
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(Legal Title)
LOCATED AT San Francisco San Francisco CA 94111
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(City) (County) (State) (Zip)
AS OF CLOSE OF BUSINESS ON March 31, 1996 BANK NO. 1476
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ASSETS DOLLAR AMOUNT IN THOUSANDS
1. Cash and due from banks 73
2. U.S. Treasury securities 10054
3. Obligations of other U.S. Government agencies and corporations
4. Obligations of States and political subdivisions
5. Other securities 11000
(a) Loans
(b) Less: Reserve for possible loan losses
(c) Loans (Net) 0
7. (a) Bank Premises, furniture and fixtures and other assets
representing bank premises 137
(b) Capital leases included in 7(a) above
8. Real estate owned other than bank premises
9. Investments in subsidiaries not consolidated
10. Other assets (complete schedule on reverse) 1352
11. TOTAL ASSETS 22616
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LIABILITIES
12. Liabilities for borrowed money
13. Mortage indebtedness
14. Other liabilities 3596
15. TOTAL LIABILITIES 3596
16. Capital notes and debentures 3596
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SHAREHOLDERS EQUITY
17. Preferred stock--
(a) Number shares outstanding
18. Common stock-- 10
(a) Number shares authorized 100
(b) Number shares outstanding 100
19. Surplus. 9990
20. TOTAL CONTRIBUTED CAPITAL 10000
21. Retained earnings and other capital reserves 9020
22. TOTAL SHAREHOLDERS EQUITY 19020
23. TOTAL LIABILITIES AND CAPITAL ACCOUNTS 22616
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MEMORANDA
1. Assets deposited with State Treasurer to qualify for exercise of
fiduciary powers (market value) 626
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The undersigned,
Frank J. Seidel Vice President & Manager
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Francis J. Farrell Vice President & Manager
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(Name and Title)
of the above named trust company, each declares, for himself alone and not for
the other: I have a personal knowledge of the matters contained in this report
(including the reverse side hereof), and I believe that each statement in said
report is true. Each of the undersigned, for himself alone and not for the
other, certifies under penalty of perjury that the foregoing is true and
correct.
Executed on 4/29/96 at San Francisco , California
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(Date) (City)
/s/ Frank J. Seidel /s/ Francis J. Farrell
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(Signature) (Signature)
SCHEDULE OF OTHER ASSETS
Accounts Receivable-Trade 655
Accounts Receivable-Chemical 0
Accrued Interest-Receivable 73
Deferred Taxes 396
Other 228
Total (same as Item 10) 1352
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SCHEDULE OF OTHER LIABILITIES
Accrued Income Tax 2472
Accrued Expenses & A/P 65
Accrued Inter company Exp/Pay 94
Other 965
Total (same as Item 14) 3596
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