EX-25.(B) 11 ex25b.htm EXHIBIT 25(B) ex25b.htm


Exhibit 25(b)
 
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
_____________________________

o CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2)

WELLS FARGO BANK, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)

A National Banking Association
94-1347393
(Jurisdiction of incorporation or organization if not a U.S. national bank)
(I.R.S. Employer Identification No.)
   
101 North Phillips Avenue
 
Sioux Falls, South Dakota
57104
(Address of principal executive offices)
(Zip code)

Wells Fargo & Company
Law Department, Trust Section
MAC N9305-175
Sixth Street and Marquette Avenue, 17th Floor
Minneapolis, Minnesota 55479
(612) 667-4608
(Name, address and telephone number of agent for service)
_____________________________

Northern States Power Company
(Exact name of obligor as specified in its charter)

Minnesota
41-1967505
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)

414 Nicollet Mall
Minneapolis, MN
55401
(Address of principal executive offices)
(Zip code)
_____________________________
Debt Securities
(Title of the indenture securities)

 
 

 


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
 
Treasury Department
 
Washington, D.C.

 
Federal Deposit Insurance Corporation
 
Washington, D.C.

 
Federal Reserve Bank of San Francisco
 
San Francisco, California 94120

 
(b)
Whether it is authorized to exercise corporate trust powers.

 
The trustee is authorized to exercise corporate trust powers.

Item 2.
Affiliations with Obligor.  If the obligor is an affiliate of the trustee, describe each such affiliation.

 
None with respect to the trustee.

No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.

Item 15.
Foreign Trustee.     Not applicable.

Item 16.
List of Exhibits.     List below all exhibits filed as a part of this Statement of Eligibility.

 
Exhibit 1.
A copy of the Articles of Association of the trustee now in effect.*

 
Exhibit 2.
A copy of the Comptroller of the Currency Certificate of Corporate Existence and Fiduciary Powers for Wells Fargo Bank, National Association, dated February 4, 2004.**

 
Exhibit 3.
See Exhibit 2

 
Exhibit 4.
Copy of By-laws of the trustee as now in effect.***

 
Exhibit 5.
Not applicable.

 
Exhibit 6.
The consent of the trustee required by Section 321(b) of the Act.

 
Exhibit 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.

 
Exhibit 8.
Not applicable.

 
Exhibit 9.
Not applicable.

 
 

 

*      Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated December 30, 2005 of file number 333-130784-06.

**      Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of file number 022-28721.

*** Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated May 26, 2005 of file number 333-125274.

 
 

 

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, 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 22nd day of December, 2010.

 
WELLS FARGO BANK, NATIONAL ASSOCIATION
   
   
 
/s/  Martin G. Reed
 
 
Martin G. Reed
 
Vice President

 
 

 

EXHIBIT 6

December 22, 2010

Securities and Exchange Commission
Washington, D.C.  20549

Gentlemen:

In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.

 
Very truly yours,
   
 
WELLS FARGO BANK, NATIONAL ASSOCIATION
   
 
/s/  Martin G. Reed
 
 
Martin G. Reed
 
Vice President

 
 

 

Consolidated Report of Condition of

Wells Fargo Bank National Association
of 101 North Phillips Avenue, Sioux Falls, SD 57104
And Foreign and Domestic Subsidiaries,
at the close of business September 30, 2010, filed in accordance with 12 U.S.C. §161 for National Banks.

         
Dollar Amounts
 
         
In Millions
 
             
ASSETS
           
Cash and balances due from depository institutions:
           
Noninterest-bearing balances and currency and coin
        $ 16,933  
Interest-bearing balances
          39,916  
Securities:
             
Held-to-maturity securities
          0  
Available-for-sale securities
          154,552  
Federal funds sold and securities purchased under agreements to resell:
             
Federal funds sold in domestic offices
          3,839  
Securities purchased under agreements to resell
          10,627  
Loans and lease financing receivables:
             
Loans and leases held for sale
          31,749  
Loans and leases, net of unearned income
    686,595          
LESS: Allowance for loan and lease losses
    20,431          
Loans and leases, net of unearned income and allowance
            666,164  
Trading Assets
            32,145  
Premises and fixed assets (including capitalized leases)
            8,147  
Other real estate owned
            5,794  
Investments in unconsolidated subsidiaries and associated companies
            557  
Direct and indirect investments in real estate ventures
            115  
Intangible assets
               
Goodwill
            21,005  
Other intangible assets
            24,549  
Other assets
            54,397  
                 
Total assets
          $ 1,070,489  
                 
LIABILITIES
               
Deposits:
               
In domestic offices
          $ 726,238  
Noninterest-bearing
    158,737          
Interest-bearing
    567,501          
In foreign offices, Edge and Agreement subsidiaries, and IBFs
            84,789  
Noninterest-bearing
    1,834          
Interest-bearing
    82,955          
Federal funds purchased and securities sold under agreements to repurchase:
               
Federal funds purchased in domestic offices
            5,726  
Securities sold under agreements to repurchase
            15,280  

 
 

 
 
   
Dollar Amounts
 
   
In Millions
 
       
       
Trading liabilities
    15,098  
Other borrowed money
       
(includes mortgage indebtedness and obligations under capitalized leases)
    43,063  
Subordinated notes and debentures
    20,643  
Other liabilities
    35,682  
         
Total liabilities
  $ 946,519  
         
         
EQUITY CAPITAL
       
Perpetual preferred stock and related surplus
    0  
Common stock
    519  
Surplus (exclude all surplus related to preferred stock)
    98,774  
Retained earnings
    17,543  
Accumulated other comprehensive income
    5,827  
Other equity capital components
    0  
         
Total bank equity capital
    122,663  
Noncontrolling (minority) interests in consolidated subsidiaries
    1,307  
         
Total equity capital
    123,970  
         
Total liabilities, and equity capital
  $ 1,070,489  

I, Howard I. Atkins, EVP & CFO of the above-named bank do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.

Howard I. Atkins
EVP & CFO

We, the undersigned directors, attest to the correctness of this Report of Condition and 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 issued by the appropriate Federal regulatory authority and is true and correct.

John Stumpf
Directors
Dave Hoyt
Michael Loughlin