Bulletin No. 2005-37 September 12, 2005

Rev. Proc. 2005–61, page 507. This procedure amplifies Rev. Proc. 2005–3, 2005–1 I.R.B. 118, which sets forth areas of the Code in which the Service will not issue advance rulings or determination letters. The procedure provides that the Service will not issue advance rulings or determination letters involving the recovery of costs by any investor-owned public utility through a legislatively authorized securitization mechanism. Rev. Proc. 2005–3 amplified.

Rev. Proc. 2005–62, page 507. This procedure modifies, amplifies, and supersedes Rev. Proc. 2002–49, 2002–2 C.B. 172. Rev. Proc. 2005–62 extends the safe harbor provisions for certain investor-owned utility companies to recover transition costs through a legislatively authorized securitization mechanism to any utility company for the recovery of costs other than transition costs through such legislatively authorized securitization mechanisms. Additionally, this procedure clarifies that payments of principal and interest with respect to evidences of indebtedness in a utility’s securitization transaction for the recovery of transition or specified costs need not be exactly level. Rev. Proc. 2002–49 modified, amplified, and superseded.

(Continued on the next page)