This excerpt taken from the PCG 8-K filed Jan 13, 2006.
Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On January 10, 2006, the Utility entered into various agreements to establish the terms and procedures for the issuance of unsecured commercial paper (Notes) from time to time by the Utility for general corporate purposes. The Notes will not be registered under the Securities Act of 1933 or applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act of 1933 or applicable state securities laws or an applicable exemption from registration requirements. The Notes may have maturities up to 365 days and will rank equally with the Utility’s other unsubordinated and unsecured indebtedness.
The contents of this report shall not constitute an offer to sell or the solicitation of an offer to buy the Notes.