Exhibit 25.1

 


 

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)  x

 

LASALLE BANK NATIONAL ASSOCIATION

(Exact name of trustee as specified in its charter)

 

36-0884183

(I.R.S. Employer

Identification No.)

 

135 South LaSalle Street, Chicago, Illinois 60603

(Address of principal executive offices) (Zip Code)

 


 

Willie J. Miller, Jr.

Group Senior Vice President

Chief Legal Officer and Secretary

Telephone: (312) 904-2018

135 South LaSalle Street, Suite 925

Chicago, Illinois 60603

(Name, address and telephone number of agent for service)

 


 

BLACK HILLS CORPORATION

(Exact name of obligor as specified in its charter)

 

South Dakota

 

46-0458824

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

625 Ninth Street

Rapid City, South Dakota

 

57701

(Address of principal executive offices)

 

(Zip Code)

 


 

6.50% Notes due 2013

(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.

 

  1.   Comptroller of the Currency, Washington D.C.

 

  2.   Federal Deposit Insurance Corporation, Washington, D.C.

 

  3.   The Board of Governors of the Federal Reserve Systems, Washington, D.C.

 

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

 

Yes.

 

ITEM 2. AFFILIATIONS WITH THE OBLIGOR.

 

If the obligor is an affiliate of the trustee, describe each such affiliation.

 

Not Applicable

 

*Pursuant to General Instruction B, the trustee has responded only to items 1, 2 and 16 of this form since to the best knowledge of the trustee the obligor is not in default under any indenture under which the trustee is a trustee.


 

ITEM 16. LIST OF EXHIBITS.

 

List below all exhibits filed as part of this statement of eligibility and qualification.

 

  1.   A copy of the Articles of Association of LaSalle Bank National Association now in effect (incorporated herein by reference to Exhibit 1 filed with Form T-1 in File No. 333-101155).

 

  2.   A copy of the certificate of authority to commence business (incorporated herein by reference to Exhibit 2 filed with Form T-1 filed with the Current Report on Form 8-K, dated June 29, 2000, in File No. 333-61691).

 

  3.   A copy of the authorization to exercise corporate trust powers (incorporated herein by reference to Exhibit 3 filed with Form T-1 filed with the Current Report on Form 8-K, dated June 29, 2000, in File No. 333-61691).

 

  4.   A copy of the existing By-Laws of LaSalle Bank National Association (incorporated herein by reference to Exhibit 4 filed with Form T-1 in File No. 333-101155).

 

  5.   Not applicable.

 

  6.   The consent of the trustee required by Section 321(b) of the Trust Indenture Act of 1939 (incorporated herein by reference to Exhibit 6 filed with Form T-1 filed with the Current Report on Form 8-K, dated June 29, 2000, in File No. 333-61691).

 

  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.

 

  8.   Not applicable.

 

  9.   Not applicable.

 

SIGNATURE

 

Pursuant to the requirements of the Trust Indenture Act of 1939, the trustee, LaSalle Bank National Association, a corporation 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 Chicago, State of Illinois, on the 19th day of May, 2003.

 

LASALLE BANK NATIONAL ASSOCIATION

By:

 

/s/    JOHN PORTER        


   

John Porter

Vice President


 

EXHIBIT 7

 

COPY OF THE LATEST REPORT OF CONDITION OF THE TRUSTEE


 

Exhibit 7

 

LaSalle Bank N.A.

 

Call Date: 3/31/2003

 

ST-BK: 17-1520

 

FFIEC

 

031

135 South LaSalle Street

         

Page

 

RC- 1

Chicago, IL 60603

 

Vendor ID: D

 

CERT: 15407

 

11

   

 

Transit Number: 71000505

 

Consolidated Report of Condition for Insured Commercial and

State-Chartered Savings Banks for March 31, 2003

 

All schedules are to be reported in thousands of dollars. Unless otherwise indicated, report the amount outstanding as of the last business day of the quarter.

 

Schedule RC—Balance Sheet

 

                   

Dollar Amounts in Thousands


ASSETS

                        

1.

  

Cash and balances due from depository institutions (from Schedule RC-A):

  

RCFD

         
    

a.  Noninterest-bearing balances and currency and coin (1)

  

0081

  

2,005,672

  

1.a

    

b.  Interest-bearing balances (2)

  

0071

  

100,487

  

1.b

2.

  

Securities:

              
    

a.  Held-to-maturity securities (from Schedule RC-B, column A)

  

1754

  

223,822

  

2.a

    

b.  Available-for-sale securities (from Schedule RC-B, column D)

  

1773

  

21,996,958

  

2.b

3.

  

Federal funds sold and securities purchased under agreements to resell

              
    

a.  Federal funds sold in domestic offices

  

B987

  

162,060

  

3.a

    

b.  Securitites purchased under agreements to resell (3)

  

B989

  

67,111

  

3.b

4.

  

Loans and lease financing receivables (from schedule RC-C)

              
    

a.  Loans and leases held for sale

  

5369

  

329,594

  

4.a

    

b.  Loans and leases, net of unearned income

  

B528

  

33,030,703

              
    

c.  LESS: Allowance for loan and lease losses

  

3123

  

544,116

            

4.c

    

d.  Loans and leases, net of unearned income,

     allowance, and reserve (item 4.a minus 4.b and 4.c)

  

B529

  

32,486,587

  

4.d

5.

  

Trading assets (from Schedule RC-D)

  

3545

  

550,987

  

5.

6.

  

Premises and fixed assets (including capitalized leases)

  

2145

  

262,094

  

6.

7.

  

Other real estate owned (from Schedule RC-M)

  

2150

  

21,896

  

7.

8.

  

Investments in unconsolidated subsidiaries and associated companies (from

              
    

Schedule RC-M)

  

2130

  

0

  

8.

9.

  

Customers’ liability to this bank on acceptances outstanding

  

2155

  

12,948

  

9.

10.

  

Intangible assets (from Schedule RC-M)

              
    

a.  Goodwill

  

3163

  

181,613

  

10.a

    

b.  Other Intangible assets

  

0426

  

10,245

  

10.b

11.

  

Other assets (from Schedule RC-F)

  

2160

  

2,085,172

  

11.

12.

  

Total assets (sum of items 1 through 11)

  

2170

  

60,497,246

  

12.


(1)   Includes cash items in process of collection and unposted debits.
(2)   Includes time certificates of deposit not held for trading.
(3)   Includes all securites resale agreements in domestic and foreign offies, regardless of maturity.


 

Exhibit 7

 

LaSalle Bank N.A.

 

Call Date: 3/31/2003

 

ST-BK: 17-1520

 

FFIEC

 

031

135 South LaSalle Street

         

Page

 

RC- 2

Chicago, IL 60603

 

Vendor ID: D

 

CERT: 15407

 

12

   

 

Transit Number: 71000505

 

Schedule RC-Continued

 

                   

Dollar Amounts in Thousands


 

LIABILITIES

                

13.

  

Deposits:

                          
    

a. In domestic offices (sum of totals of

  

RCON

           
    

    columns A and C from Schedule RC-E, part I)

  

2200

  

25,935,670

  

13.

a

         

RCON

                     
    

    (1) Noninterest-bearing (1)

  

6631

  

5,511,356

            

13.

a.1

    

    (2) Interest-bearing

  

6636

  

20,424,314

            

13.

a.2

                   

RCFN

           
                                 
    

b. In foreign offices, Edge and Agreement subsidiaries, and IBFs (from Schedule RC-E, part II)

  

2200

  

5,907,797

  

13.

b

         

RCFN

                     
    

    (1) Noninterest-bearing

  

6631

  

0

            

13.

b.1

    

    (2) Interest-bearing

  

6636

  

5,907,797

            

13.

b.2

                   

RCON

           

14.

  

Federal funds purchased and securities sold under agreements to repurchase:

                
    

a. Federal funds purchased in domestic offices (2)

            

B993

  

3,688,632

  

14.

a

                   

RCFD

           
    

b. Securities sold under agreements to repurchase (3)

            

B995

  

2,929,686

  

14.

b

15.

  

Trading liabilities (from Schedule RC-D)

            

3548

  

207,652

  

15

 

16.

  

Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases): From schedule RC-M

            

3190

  

10,174,217

  

16

 

17.

  

Not applicable.

                          

18.

  

Bank’s liability on acceptances executed and outstanding

            

2920

  

12,948

  

18.

 

19.

  

Subordinated notes and debentures (4)

            

3200

  

610,000

  

19.

 

20.

  

Other liabilities (from Schedule RC-G)

            

2930

  

6,447,618

  

20.

 

21.

  

Total liabilities (sum of items 13 through 20)

            

2948

  

55,914,220

  

21.

 

22.

  

Minority Interest in consolidated subsidiaries

            

3000

  

28,942

  

22.

 

EQUITY CAPITAL

                
                   

RCFD

           

23.

  

Perpetual preferred stock and related surplus

            

3838

  

635,410

  

23.

 

24.

  

Common stock

            

3230

  

41,234

  

24.

 

25.

  

Surplus (exclude all surplus related to preferred stock)

            

3839

  

1,917,163

  

25.

 

26.

  

a.Retained Earnings

            

3632

  

1,852,938

  

26.

a

    

b. Accumulated Other Comprehensive income.(5)

            

B530

  

107,339

  

26.

b

27.

  

Other Equity capital components (6)

            

3284

  

0

  

27.

 

28.

  

Total equity capital (sum of items 23 through 27)

            

3210

  

4,554,084

  

28.

 

29.

  

Total liabilities, minority interest, and equity capital (sum of items 21, 22, and 28)

            

3300

  

60,497,246

  

29.

 

Memorandum

                          

To be reported only with the March Report of Condition.

                          

1. Indicate in the box at the right the number of the statement below that best  describes the most comprehensive level of auditing work performed for  the bank by independent external auditors as of any date during 2001

            

RCFD

6724

  

Number

2

  

M.I

 

 

               

1 =

  

Independent audit of the bank conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the bank

 

4 =

  

Directors’ examination of the bank conducted in accordance with generally accepted auditing standards by a certified accounting firm (may be required by state chartering authority)

2 =

  

Independent audit of the bank’s parent holding company conducted in accordance with generally accepted auditing standards by a certified public accounting firm which submits a report on the consolidated holding company (but not on the bank separately)

 

5 =

 

 

 

 

6 =


  

Directors’ examination of the bank performed by other external auditors (may be required by state chartering authority)

 

Review of the bank’s financial statements by external auditors

3 =

  

Attestation on bank managements assertion on the effectiveness of the bank’s internal control over financial reporting by a certified public accounting firm.

 

7 =

  

Compilation of the bank’s financial statements by external auditors

        

8 =

  

Other audit procedures (excluding tax preparation work)

        

9 =

  

No external audit work


(1)   Includes total demand deposits and noninterest-bearing time and savings deposits.
(2)   Report overnight Federal Home Loan Bank advances in Schedule RC, item 16 "other borrowed money."
(3)   Includes all securities repurchased agreements in domestic and foreign offices, regardless of maturity.
(4)   Includes limited-life preferred stock and related surplus.
(5)   Includes net unrealized holding gains(losses) on available for sale securities, accumulated net gains (losses) on cash flow hedges, cumulative foreign currency translation adjustments, and minimum pension liability adjustments.
(6)   Includes treasury stock and unearned Employee Stock Ownership plan shares.