File No. 70-8229



                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                Amendment No. 10
                             (Post-Effective No. 8)
                                       to
                                    Form U-1

                           APPLICATION OR DECLARATION

                                      under

                 The Public Utility Holding Company Act of 1935

                               GULF POWER COMPANY
                              500 Bayfront Parkway
                            Pensacola, Florida 32501

               (Name of company or companies filing this statement
                  and addresses of principal executive offices)

                              THE SOUTHERN COMPANY

                 (Name of top registered holding company parent
                         of each applicant or declarant)

                     Warren E. Tate, Secretary and Treasurer
                               GULF POWER COMPANY
                              500 Bayfront Parkway
                            Pensacola, Florida 32501

                   (Names and addresses of agents for service)

                The Commission is requested to mail signed copies
                  of all orders, notices and communications to:

     W. L. Westbrook                              John D. McLanahan, Esq.
Financial Vice President                           Troutman Sanders LLP
  The Southern Company                          600 Peachtree Street, N.E.
270 Peachtree Street, NW                                Suite 5200
 Atlanta, Georgia  30303                       Atlanta, Georgia  30308-2216







                                  
Item 1. Description of Proposed Transactions.

Item 1 as amended by Amendment No. 9 (Post-Effective No. 7) is hereby further
amended by adding thereto the following:

     "In  connection  with the issuance of the Revenue  Bonds,  Gulf proposes to
enter into a Loan Agreement with MBFC  substantially  in the form of Exhibit B-1
hereto  (the  "Agreement").  Under  the  Agreement,  MBFC  will loan to Gulf the
proceeds from the sale of the Revenue Bonds and Gulf will issue a non-negotiable
promissory  note (the "Note") to evidence its obligation to repay such loan. The
Note will provide for payments  thereon to be made at times and in amounts which
shall  correspond  to the payments with respect to the principal of and premium,
if any, and interest on the Revenue  bonds  whenever and in whatever  manner the
same  shall  become  due,  whether  at  stated  maturity,   upon  redemption  or
declaration or otherwise."

                                    SIGNATURE
         Pursuant to the requirements of the Public Utility Holding Company Act
of 1935, the undersigned company has duly caused this amendment to be signed on
its behalf by the undersigned thereunto duly authorized.

Dated: February 22, 1996                          GULF POWER COMPANY

                                               By   /s/Wayne Boston
                                                       Wayne Boston
                                                   Assistant Secretary