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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
Check if an application to determine eligibility of a Trustee pursuant to
Section 305 (b)(2) ____
_______________________
CITIBANK, N.A.
(Exact name of trustee as specified in its charter)
13-5266470
(I.R.S. employer
identification no.)
399 Park Avenue, New York, New York 10043
(Address of principal executive office) (Zip Code)
_______________________
PIEDMONT NATURAL GAS COMPANY, INC.
(Exact name of obligor as specified in its charter)
North Carolina 56-0556998
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
1915 Rexford Road
Post Office Box 33068
Charlotte, NC 28233
(Address of principal executive office) (Zip Code)
_______________________
Debt Securities
(Title of the indenture securities)
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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.
Federal Reserve Bank of New York, New York, NY
33 Liberty Street,
New York, NY
Federal Deposit Insurance Corporation
Washington, D.C.
(b) Whether it is authorized to exercise corporate trust powers.
Yes.
Item 2. Affiliations with Obligor.
If the obligor is an affiliate of the trustee, describe each
such affiliation.
None.
Item 16. List of Exhibits.
List below all exhibits filed as a part of this Statement of
Eligibility.
Exhibits identified in parenthese below, on file with the
Commission, are incorporated herein by reference as exhibits
hereto.
Exhibit 1 - Copy of Articles of Association of the Trustee,
as now in effect. (Exhibit 1 to T-1 to
Registration Statement No. 2-79983)
Exhibit 2 - Copy of certificate of authority of the Trustee to
commence business. (Exhibit 2 to T-1 to
Registration Statement No. 2-29577)
Exhibit 3 - Copy of authorization of the Trustee to exercise
corporate trust powers. (Exhibit 3 to T-1 to
Registration Statement No. 2-55519)
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Exhibit 4 - Copy of existing By-Laws of the Trustee. (Exhibit
4 to T-1 to Registration Statement No. 33-34988)
Exhibit 5 - Not applicable.
Exhibit 6 - The consent of the Trustee required by Section
321(b) of the Trust Indenture Act of 1939.
(Exhibit 6 to T-1 to Registration Statement
No. 33-19227.)
Exhibit 7 - Copy of the latest Report of Condition of
Citibank, N.A. (as of December 31, 1994 - attached)
Exhibit 8 - Not applicable.
Exhibit 9 - Not applicable.
__________________
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, the
Trustee, Citibank, N.A., a national banking association organized and existing
under the laws of the United States of America, has duly caused this statement
of eligibility to be signed on its behalf by the undersigned, thereunto duly
authorized, all in The City of New York and State of New York, on the 15th day
of May, 1995.
CITIBANK, N.A.
By /s/ Carol Ng
------------------------
Carol Ng
Assistant Vice President
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Charter No. 1461
Comptroller of the Currency
Northeastern District
REPORT OF CONDITION
CONSOLIDATING
DOMESTIC AND FOREIGN
SUBSIDIARIES OF
CITIBANK, N. A.
of New York in the State of New York, at the close of business
on December 31, 1994, published in response to call made by
Comptroller of the Currency, under Title 12, United States Code,
Section 161. Charter Number 1461 Comptroller of the Currency
Northeastern District.
ASSETS
THOUSANDS
OF DOLLARS
Cash and balances due from depository
institutions:
Noninterest-bearing balances
and currency and coin . . . . . . . . . . . . . . . . . . . $ 6,759,000
Interest-bearing balances. . . . . . . . . . . . . . . . . . 7,201,000
Securities:
Held-to-maturity securities. . . . . . . . . . . . . . . . . 3,918,000
Available-for-sale securities. . . . . . . . . . . . . . . . 11,963,000
Federal funds sold and securities
purchased under agreements to
resell in domestic offices of the
bank and of its Edge and Agreement
subsidiaries, and in IBFs:
Federal funds sold. . . . . . . . . . . . . . . . . . . . . . 4,427,000
Securities purchased under
agreements to resell. . . . . . . . . . . . . . . . . . . . . 1,114,000
Loans and lease financing receivables:
Loans and leases, net of unearned
income. . . . . . . .$128,902,000
LESS: Allowance for loan
and lease losses. . . . 3,986,000
---------
Loans and leases, net of unearned
income and allowance. . . . . . . . . . . . . . . . . . . . 124,916,000
Assets held in trading accounts . . . . . . . . . . . . . . . . 35,573,000
Premises and fixed assets (including
capitalized leases) . . . . . . . . . . . . . . . . . . . . . 3,192,000
Other real estate owned . . . . . . . . . . . . . . . . . . . . 1,967,000
Investments in unconsolidated
subsidiaries and associated
companies . . . . . . . . . . . . . . . . . . . . . . . . . . 998,000
Customers' liability to this bank
on acceptances outstanding. . . . . . . . . . . . . . . . . . 1,420,000
Intangible assets . . . . . . . . . . . . . . . . . . . . . . . 15,000
Other assets. . . . . . . . . . . . . . . . . . . . . . . . . . 7,024,000
------------
TOTAL ASSETS. . . . . . . . . . . . . . . . . . . . . . . . . . $210,487,000
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LIABILITIES
Deposits
In domestic offices . . . . . . . . . . . . . . . . . . . . . $ 33,727,000
Noninterest-bearing . $ 12,509,000
Interest-bearing. . . 21,218,000
------------
In foreign offices, Edge and Agreement
subsidiaries, and IBFs . . . . . . . . . . . . . . . . . . . 108,207,000
Noninterest-bearing. . . 7,180,000
Interest-bearing . . . 101,027,000
-----------
Federal funds purchased and securities
sold under agreements to repurchase in
domestic offices of the bank and of its
Edge and Agreement subsidiaries, and in
IBFs:
Federal funds purchased. . . . . . . . . . . . . . . . . . . . . 6,044,000
Securities sold under
agreements to repurchase . . . . . . . . . . . . . . . . . . . . 992,000
Trading liabilities . . . . . . . . . . . . . . . . . . . . . . . 21,458,000
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Other borrowed money:
With original maturity of one
year or less . . . . . . . . . . . . . . . . . . . 7,803,000
With original maturity of more
than one year . . . . . . . . . . . . . . . . . . 3,895,000
Mortgage indebtedness and obligations
under capitalized leases . . . . . . . . . . . . . 99,000
Bank's liability on acceptances ex-
ecuted and outstanding . . . . . . . . . . . . . . 1,440,000
Notes and debentures subordinated
to deposits . . . . . . . . . . . . . . . . . . . 5,700,000
Other liabilities . . . . . . . . . . . . . . . . . . . . 7,226,000
------------
TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . $196,591,000
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EQUITY CAPITAL
Common stock. . . . . . . . . . . . . . . . . . . . . . . $751,000
Surplus . . . . . . . . . . . . . . . . . . . . . . . . . 6,620,000
Undivided profits and capital re-
serves . . . . . . . . . . . . . . . . . . . . 6,945,000
Net unrealized holding gains (losses)
on available-for-sale securities . . . . . . . . . 156,000
Cumulative foreign currency
translation adjustments . . . . . . . . . . . . . (576,000)
------------
TOTAL EQUITY CAPITAL . . . . . . . . . . . . . . . . . . $ 13,896,000
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TOTAL LIABILITIES AND
EQUITY CAPITAL . . . . . . . . . . . . . . . . . . $210,487,000
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I, Roger W. Trupin, Controller of the above-named bank do hereby declare
that this Report of Condition is true and correct to the best of my knowledge
and belief.
ROGER W. TRUPIN
We, the undersigned directors, attest to the correctness of this Report
of Condition. We declare that it has been examined by us, and to the best of
our knowledge and belief has been prepared in conformance with the instructions
and is true and correct.
CHRISTOPHER J. STEFFEN }
PAUL J. COLLINS } Directors
PEI-YUAN CHIA }