Federal Register / Vol. 65, No. 85 / Tuesday, May 2, 2000 / Notices 25521

procedures for encouraging the

maintenance of the PIN’s integrity. If a

defendant is later charged with a crime

based on an electronically signed

document, he or she would have every

incentive to show a lack of control over

(or loss of) the private key or PIN, or in

the case of a PIN, that the government

failed to protect the PIN on its computer

system. Indeed, if that defendant plans

to commit fraud, he or she may

intentionally compromise the secrecy of

the key or PIN, so that the government

would later have a more difficult time

uniquely linking him or her to the

electronic transaction. Promulgating

policies and procedures that ensure the

integrity of security tools helps counter

such fraudulent attempts.

Thus, transactions which appear to be

at high risk for fraud, e.g., one-time

high-value transactions with persons

not previously known to an agency, may

require extra safeguards or may not be

appropriate for electronic transactions.

One way to mitigate this risk might be

to require that private keys be generated

and kept on hardware tokens, making

possession of the token a critical

requirement. Another way to guard

against fraud is to include other

identifying data in the transaction that

links the key or PIN to the individual,

preferably something not readily

available to others.

It is also important to establish that

the user of the digital signature or PIN/

password is fully aware of obligations

he or she is agreeing to by signing at the

time of signature. This can be ensured

by programming appropriate ceremonial

banners into the software application

that alert the individual of the gravity of

the action she is about to undertake. The

presence of such banners can later be

used to demonstrate to a court that the

user was fully informed of and aware of

what he or she was signing.

d. Carefully control access to the

electronic data, after receipt, yet make it

available in a meaningful and timely

fashion. Security measures should be in

place that ensure that no one is able to

alter a transaction, or substitute

something in its place, once it has been

received by the agency unless the

alteration is a valid correction contained

in an electronically certified retransmission. This can be achieved with

a digital signature because it binds the

identity of the individual making the

signature to the entire document, so any

subsequent change would be detected.

Thus, the receiving agency needs to take

prudent steps to control access to the

electronic transaction through such

methods as limiting access to the

computer database containing the

transaction, and performing processing

with the data using copies of the

transaction rather than the original. The

information may be needed for audits,

disputes, or court cases many years after

the transaction itself took place.

Agencies should make plans for storing

data and providing meaningful and

timely access to it for as long as such

access will be necessary.

e. Ensure the ‘‘Chain of Custody.’’

Electronic audit trails must provide a

chain of custody for the secure

electronic transaction that identifies

sending location, sending entity, date

and time stamp of receipt, and other

measures used to ensure the integrity of

the document. These trails must be

sufficiently complete and reliable to

validate the integrity of the transaction

and to prove, (a) that the connection

between the submitter and the receiving

agency has not been tampered with, and

(b) how the document was controlled

upon receipt.

f. Consider providing an

acknowledgment of receipt. The

agency’s system for receiving electronic

transactions may be required by statute

to have a mechanism for acknowledging

receipt of transactions received and

acknowledging confirmation of

transactions sent, with specific

indication of the party with whom the

agency is dealing.

g. Obtain legal counsel during the

design of the system. Collection and use

of electronic data may raise legal issues,

particularly if it is information that

bears on the legality of the process, may

eventually be needed for proof in court,

or involves questions of privacy,

confidentiality, or liability.

Section 9. Summary of the Procedures

and Checklist

To summarize the process and restate

the principles that agencies should

employ to evaluate authentication

mechanisms (electronic signatures) for

electronic transactions and documents,

the following steps apply:

a. Examine the current business

process that is being considered for

conversion to employ electronic

documents, forms or transactions,

identifying customer needs and

demands as well as the existing risks

associated with fraud, error or misuse.

b. Identify the benefits that may

accrue from the use of electronic

transactions or documents.

c. Consider what risks may arise from

the use of electronic transactions or

documents. This evaluation should take

into account the relationships of the

parties, the value of the transactions or

documents, and the later need for the

documents.

d. Consult with counsel about any

agency specific legal implications about

the use of electronic transactions or

documents in the particular application.

e. Evaluate how each electronic

signature alternative may minimize risk

compared to the costs incurred in

adopting an alternative.

f. Determine whether any electronic

signature alternative, in conjunction

with appropriate process controls,

represents a practicable trade-off

between benefits on the one hand and

cost and risk on the other. If so,

determine, to the extent possible at the

time, which signature alternative is the

best one. Document this determination

to allow later reevaluation.

g. Develop plans for retaining and

disposing of information, ensuring that

it can be made continuously available to

those who will need it, for managerial

control of sensitive data and

accommodating changes in staffing, and

for ensuring adherence to these plans.

h. Develop management strategies to

provide appropriate security for

physical access to electronic records.

i. Determine if regulations or policies

are adequate to support electronic

transactions and record keeping, or if

‘‘terms and conditions’’ agreements are

needed for the particular application. If

new regulations or policies are

necessary, disseminate them as

appropriate.

j. Seek continuing input of technology

experts for updates on the changing

state of technology and the continuing

advice of legal counsel for updates on

the changing state of the law in these

areas.

k. Integrate these plans into the

agency’s strategic IT planning and

regular reporting to OMB.

l. Perform periodic review and reevaluation, as appropriate.

[FR Doc. 00–10801 Filed 5–1–00; 8:45 am]

BILLING CODE 3110–01–U

SECURITIES AND EXCHANGE

COMMISSION

[Investment Company Act Release No.

24404; 812–11734]

Marshall Funds, Inc. et al.; Notice of

Application

April 25, 2000.

AGENCY: Securities and Exchange

Commission (‘‘Commission’’).

ACTION: Notice of an application under

section 17(d) of the Investment

Company Act of 1940 (the ‘‘Act’’) and

rule 17d–1 under the Act to permit

certain joint transactions.

25522 Federal Register / Vol. 65, No. 85 / Tuesday, May 2, 2000 / Notices

1The requested relief would apply to Funds that

are subadvised by the Adviser only to the extent

that the Adviser manages the Cash Balances (as

later defined) of those Funds. All existing entities

that currently intend to rely on the requested relief

have been named as applicants. Any existing or

future entity that will rely on the relief in the future

will comply with the terms and conditions

contained in the application.

2The Joint Accounts will enter into ‘‘hold-incustody’’ repurchase agreements (i.e., repurchase

agreements where the counterparty or one of its

affiliated persons may have possession of, or

control over, the collateral subject to the agreement)

only where cash is received late in the business day

and otherwise would be unavailable for

investments.

SUMMARY OF APPLICATION: Applicants

seek an order to permit certain

registered management investment

companies (a) To pay to an affiliated

lending agent, and the lending agent to

accept, fees based on a share of the

revenues generated from securities

lending transactions, and (b) to permit

the investment companies to deposit

their uninvested cash and cash

collateral received from securities

lending transactions in one or more

joint accounts that invest in short-term

investments.

APPLICANTS: Marshall Funds, Inc.

(‘‘Marshall Funds’’), M&I Management

Corp. (the ‘‘Adviser’’) and Marshall &

Ilsley Trust Company (‘‘M&I Trust’’).

FILING DATES: The application was filed

on July 30, 1999. Applicants have

agreed to file an amendment during the

notice period, the substance of which is

reflected in this notice.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the Commission orders a

hearing. Interested persons may request

a hearing by writing to the

Commission’s Secretary and serving

applicant with a copy of the request,

personally or by mail. Hearing requests

should be received by the Commission

by 5:30 p.m. on May 17, 2000 and

should be accompanied by proof of

service on applicant, in the form of an

affidavit or, for lawyers, a certificate of

service. Hearing requests should state

the nature of the writer’s interest, the

reason for the request, and the issues

contested. Persons may request

notification of a hearing by writing to

the Commission’s Secretary.

ADDRESSES: Secretary, Securities and

Exchange Commission, 450 Fifth Street

N.W., Washington, DC 20549–0609.

Applicants, c/o Janet D. Olsen, Esq.,

Bell, Boyd & Lloyd LLC, Three First

National Plaza, 70 West Madison Street,

Chicago, Illinois 60602.

FOR FURTHER INFORMATION CONTACT:

Lawrence W. Pisto, Senior Counsel, at

(202) 942–0527, or George J. Zornada,

Branch Chief at (202) 942–0564, Office

of Investment Company Regulation,

Division of Investment Management.

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee at the

Commission’s Public Reference Branch,

450 Fifth Street NW, Washington, DC

20549–0102 (tel. 202–942–8090).

Applicants’ Representations

1. Marshall Funds, a Wisconsin

corporation, is registered under the Act

as an open-end management investment

company and consists of eleven separate

series. The Adviser, a wholly-owned

subsidiary of Marshall & Ilsley

Corporation (‘‘M&I Corp.’’), a bank

holding company, is registered under

the Investment Advisers Act of 1940.

The Adviser serves as investment

adviser to each series of Marshall

Funds. M&I Trust, also a wholly-owned

subsidiary of M&I Corp., is the

custodian for Marshall Funds.

Applicants also request relief for each

future series of Marshall Funds and any

other registered management investment

companies or series thereof, whether

currently existing or organized in the

future, that are advised or subadvised by

the Adviser, or an entity controlling,

controlled by, or under common control

with, the Adviser (together, the

‘‘Adviser’’) (collectively, ‘‘Future

Funds’’). Marshall Funds and the Future

Funds are collectively referred to as the

‘‘Funds’’.1

2. Each of the Funds is, or will be,

permitted by its investment objectives,

policies, and restrictions to lend its

portfolio securities. Several of the Funds

currently participate in a securities

lending program (the ‘‘Program’’)

administered by M&I Trust, which acts

as lending agent. Under the Program,

M&I Trust enters into agreements with

certain unaffiliated borrowers that have

been pre-approved by the Fund or the

Adviser (‘‘Borrowers’’) that wish to

borrow securities owned by a Fund.

Applicants represent that the duties

performed by M&I Trust as lending

agent will not exceed those set forth in

Norwest Bank, N.A. (pub. avail. May 25,

1995).

3. With respect to loans that are

collateralized by cash (‘‘Cash

Collateral’’), the Borrower is entitled to

receive a fixed fee based on the amount

of Cash Collateral. The Fund is

compensated on the spread between the

net amount earned on the investment of

the Cash Collateral and the Borrower’s

fee. In the case of collateral other than

cash, the Fund receives a loan fee paid

by the Borrower equal to a percentage of

the market value of the loaned securities

specified in the loan agreement.

Applicants seek relief to permit the

funds to pay, and M&I Trust to accept,

fees based on a share of the revenues

generated from securities lending

transactions.

4. Securities lending guidelines

adopted by each Fund authorize and

instruct M&I Trust, at the direction of

the Adviser, to invest Cash Collateral on

behalf of the Fund in investment

options pre-approved by the Fund or the

Adviser. The Funds also may be

expected to have uninvested cash

(‘‘Uninvested Cash’’), which may result

from a variety of sources, including

dividends or interest received on

portfolio securities, unsettled

transactions, reserves held for

investment strategy purposes, scheduled

maturity of investments, liquidation of

investment securities to meet

anticipated redemptions, dividend

payments, or new monies received from

investors (Uninvested Cash, together

with Cash Collateral, ‘‘Cash Balances’’).

5. Applicants propose to deposit Cash

Balances into one or more joint accounts

(‘‘Joint Accounts’’) established at M&I

Trust for the purpose of investing in one

or more of the following: (a) repurchase

agreements ‘‘collateralized fully’’ as

defined in rule 2a–7 under the Act,2 (b)

U.S. dollar-denominated commercial

paper (including securities issued or

backed by the U.S. Government or its

agencies or instrumentalities), and (c)

any other short-term money market

instruments that constitute ‘‘Eligible

Securities’’ (as defined in rule 2a–7

under the Act) (collectively, ‘‘ShortTerm Investments’’).

6. Any repurchase agreements entered

into through a Joint Account will

comply with the terms of Investment

Company Act Release No. 13005 (Feb. 2,

1983). Applicants acknowledge that

they have a continuing obligation to

monitor the Commission’s published

statements on repurchase agreements,

and represent that repurchase agreement

transactions will comply with future

positions of the Commission to the

extent that such positions set forth

different or additional requirements

regarding repurchase agreements. In the

event that the commission sets forth

guidelines with respect to other ShortTerm Investments made through the

Joint Accounts, the investments will

comply with those guidelines.

7. Each Fund will invest through a

Joint Account only in conformity with

its own investment objectives, policies

and restrictions. The Adviser will have

sole responsibility for determining a

Fund’s participation in a joint Account,

Federal Register / Vol. 65, No. 85 / Tuesday, May 2, 2000 / Notices 25523

subject to standards and procedures

established by the Fund’s board of

directors (‘‘Board’’). Neither the Adviser

nor M&I Trust will receive any

additional fees from the Funds for the

administration of the Joint Accounts.

Applicants’ Legal Analysis

A. Lending Agent Fees

1. Section 17(b) of the Act and rule

17d–1 under the Act prohibit any

affiliated person of or principal

underwriter for a registered investment

company or any affiliated person of

such person or principal underwriter,

acting as principal, from effecting any

transaction in connection with any joint

enterprise or other joint arrangement or

profit sharing plan, in which the

investment company participates. Rule

17d–1 permits the Commission to

approve a proposed joint transaction

covered by the terms of section 17(d). In

determining whether to approve a

transaction, the Commission is to

consider whether the proposed

transaction is consistent with the

provisions, policies, and purposes of the

Act, and the extent to which the

participation of the investment

companies is on a basis different from

or less advantageous than that of the

other participants.

2. Section 2(a)(3) of the Act defines an

affiliated person to include any person

directly or indirectly controlling,

controlled by, or under common control

with, the other person and, if the other

person is an investment company, its

investment adviser. The adviser is an

affiliated person of each Fund. Because

M&I Trust and the Adviser are under the

common control of M&I Corp., M&I

Trust is an affiliated person of an

affiliated person of each Fund.

Accordingly, applicants request an

order under section 17(d) and rule 17d–

1 under the Act to the extent necessary

to permit each Fund to pay, and M&I to

accept, fees based on a share of the

revenues generated from securities

lending transactions.

3. Applicants propose that each Fund

adopt the following procedures to

ensure that the proposed fee

arrangement and the other terms

governing the relationship with M&I

Trust, as lending agent, will meet the

standards of rule 17d–1:

(a) In connection with the approval of M&I

Trust as lending agent for a Fund and

implementation of the proposed fee

arrangement, a majority of the Board

(including a majority of the directors who are

not ‘‘interested persons’’ within the meaning

of section 2(a)(19) of the Act (the

‘‘Disinterested Directors or Trustees’’) will

determine that (i) the contract with M&I

Trust is in the best interests of the Fund and

its shareholders; (ii) the services to be

performed by M&I Trust are required for the

Fund; (iii) the nature and quality of the

services provided by M&I Trust are at least

equal to those provided by others offering the

same or similar services; and (iv) the fees

charged by M&I Trust are fair and reasonable

in light of the usual and customary charges

imposed by other for services of the same

nature and quality.

(b) Each Fund’s contract with M&I Trust

for lending agent services will be reviewed at

least annually and will be approved for

continuation only if a majority of the Board

(including a majority of the Disinterested

Director or Trustees) makes the findings

referred to in paragraph (a) above.

(c) In connection with the initial

implementation of the proposed fee

arrangement whereby M&I Trust will be

compensated as lending agent based on a

percentage of the revenue generated by a

Fund’s participation in the Program, the

Board will obtain competing quotes with

respect to lending agent fees from at least

three independent lending agents to assist

the Board in making the findings referred to

in paragraph (a) above.

(d) The Board, including a majority of the

Disinterested Directors or Trustees, will (i)

determine at each regular quarterly meeting

that the loan transactions during the prior

quarter were effected in compliance with the

conditions and procedures set forth in the

application and (ii) review no less frequently

than annually the conditions and procedures

set forth in the application for continuing

appropriateness.

(e) Each Fund will (i) maintain and

preserve permanently in an easily accessible

place a written copy of the procedures and

conditions (and any modifications) described

in the application or otherwise followed in

connection with lending securities pursuant

to the Program and (ii) maintain and preserve

for a period not less than six years from the

end of the fiscal year in which any loan

transaction pursuant to the Program

occurred, the first two years in an easily

accessible place, a written record of each

such loan transaction setting forth a

description of the security loaned, the

identity of the Borrower, the terms of the

loan transaction, and the information or

materials upon which the determination was

made that each loan was made in accordance

with the procedures set forth above and the

conditions to the application.

B. Investment of Cash Balances in the

Joint Accounts

1. As noted above, section 17(d) and

rule 17d–1 generally prohibit joint

transactions involving registered

investment companies and certain of

their affiliates unless the Commission

has approved the transaction.

Applicants state that the Funds, by

participating in the proposed Joint

Accounts, M&I Trust, by administering

the proposed Joint Accounts, and the

Adviser, by acting as the adviser for the

Joint Accounts, could be deemed to be

‘‘joint participants’’ in a transaction

within the meaning of section 17(d) of

the Act. In addition, the proposed Joint

Accounts could be deemed to be a ‘‘joint

enterprise or other joint arrangement’’

within the meaning of rule 17d–1 under

the Act. Accordingly, applicants request

an order under section 17(d) and rule

17d–1 under the Act to permit them to

participate in the proposed Joint

Accounts.

2. Applicants submit that the

requested relief meets the standards of

rule 17d–1 for issuance of an order.

Each Fund will participate in any Joint

Account on the same basis as every

other Fund, subject to and in conformity

with its own investment objectives,

polices, and restrictions. Each Fund’s

liability on any Short-Term Investment

would be limited to its own interest in

such investment. Applicants also assert

that the proposed method of operating

the Joint Accounts will not result in any

conflicts of interest among any of the

Funds, M&I Trust and the Adviser.

3. Applicants state that the operation

of the Joint Accounts could result in

certain benefits. Applicants state that,

although M&I Trust may gain some

benefit from the administrative

convenience of the Funds investing in

Short-Term Investments on a joint basis,

and may experience some reduction in

clerical costs, the Funds will be the

primary beneficiaries due to increase

efficiencies realized through use of the

Joint Accounts, the possible increase in

rates of return available, and, for some

Funds, the opportunity to invest in

Short-Term Investments

Applicants’ Conditions

Applicants agree that any order of the

Commission granting the requested

relief will be subject to the following

conditions:

A. Securities Lending

1. The securities lending program of

each Fund will comply with all present

and future applicable guidelines of the

Commission and staff regarding

securities lending arrangements.

2. The approval of a Fund’s Board,

including a majority of the Disinterested

Directors or Trustees, shall be required

for the initial and subsequent approvals

of M&I Trust’s service as lending agent

for the Fund pursuant to the Program,

for the institution of all procedures

relating to the Program as it relates to

the Fund, and for any periodic review

of loan transactions for which M&I Trust

acted as lending agent pursuant to the

Program.

B. Joint Accounts

1. The Joint Accounts will not be

distinguishable from any other accounts

maintained by a Fund with M&I Trust

25524 Federal Register / Vol. 65, No. 85 / Tuesday, May 2, 2000 / Notices

except that Cash Balances from various

Funds will be deposited in the Joint

Accounts on a commingled basis. The

Joint Accounts will not have a separate

existence and will not have indicia of a

separate legal entity. The sole function

of the Joint Accounts will be to provide

a convenient way of aggregating

individual transactions that would

otherwise require daily management

and investment by each Fund of its Cash

Balances.

2. Short-Term Investments that are

repurchase agreements will be

‘‘collateralized fully’’ as defined in rule

2a–7 under the Act and all Short-Term

Investments will have a remaining

maturity of 397 days or less as

calculated in accordance with Rule 2a–

7 under the Act. Uninvested Cash in a

Joint Account will be invested in ShortTerm Investments with remaining

maturities of 90 days or less, or if

repurchase agreements, with remaining

maturities of 60 days or less.

3. All Short-Term Investments

invested in through the Joint Accounts

will be valued on an amortized cost

basis to the extent permitted by

applicable Commission releases, rules

or orders.

4. Each Fund that is a money market

fund will use the dollar-weighted

average maturity of the Short-Term

Investments in the Joint Accounts in

which the Fund has an interest for the

purpose of computing that Fund’s

average portfolio maturity with respect

to the portion of the assets held by it in

the Joint Account.

5. To ensure that there will be no

opportunity for any Fund to use any

part of a balance of a Joint Account

credited to another Fund, no Fund will

be allowed to create a negative balance

in any Joint Account for any reason,

although each Fund will be permitted to

draw down its share of the entire

balance at any time, provided that the

Adviser determines that such draw

down would have no significant adverse

impact on any other Fund in that Joint

Account. Each Fund’s decision to invest

through the Joint Accounts would be

solely at its option, and no Fund will be

obligated to invest in a Joint Account or

maintain a minimum balance in a Joint

Account. In addition, each Fund will

retain the sole rights of ownership to

any of its assets invested in the Joint

Accounts, including interest payable on

such assets invested in the Joint

Accounts.

6. The Adviser will administer the

investment of Cash Balances in, and the

operation of, the Joint Accounts as part

of its general duties under its advisory

agreements with the Funds and neither

M&I Trust nor the Adviser will receive

additional or separate fees for

administering the Joint Accounts.

7. The administration of the Joint

Accounts will be within the fidelity

bond coverage required by section 17(g)

of the Act and rule 17g–1 under the Act.

8. The Board for each Fund investing

in Short-Term Investments through the

Joint Accounts will adopt procedures

pursuant to which the Joint Accounts

will operate, which procedures will be

reasonably designed to provide that the

requirements of the requested order will

be met. In addition, not less frequently

than annually, the Board will evaluate

the Joint Account arrangements, will

determine whether the Joint Accounts

have been operated in accordance with

the adopted procedures, and will

authorize a Fund’s continued

participation in the Joint Accounts only

if the Board determines that there is a

reasonable likelihood that such

continued participation would benefit

that Fund and its shareholders.

9. Investment in a Joint Account by a

particular Fund will be consistent with

the Fund’s investment objectives and

policies.

10. The Adviser and M&I Trust will

maintain records documenting, for any

given day, each Fund’s aggregate

investment in a Joint Account and each

Fund’s pro rata share of each ShortTerm Investment made through such

Joint Account. The records maintained

for each Fund shall be maintained in

conformity with section 31 of the Act

and the rules and regulations

thereunder.

11. Short-Term Investments held in a

Joint Account generally will not be sold

prior to maturity except if: (a) The

Adviser believes the investment no

longer presents minimal credit risks; (b)

the investment no longer satisfies the

investment criteria of all Funds in the

Joint Account because of downgrading

or otherwise; or (c) in the case of a

repurchase agreement, the counterparty

defaults. Any Short-Term Investment (or

any fractional portion thereof), however,

may be sold on behalf of some or all of

the Funds prior to the maturity of the

investment if the cost of such

transaction will be borne solely by the

selling Funds and the transaction will

not adversely affect other Funds

participating in that Joint Account. In

no case would an early termination by

less than all Funds be permitted if it

would reduce the principal amount or

yield received by other Funds in a

particular Joint Account or otherwise

adversely affect the other Funds. Each

Fund in a Joint Account will be deemed

to have consented to such sale and

partition of the investments in the Joint

Account.

12. Short-Term Investments held

through a Joint Account with a

remaining maturity of more than seven

days, as calculated pursuant to rule 2a–

7 under the Act, will be considered

illiquid and will be subject to the

restriction that a Fund may not invest

more than 15% or, in the case of a

money market fund, more than 10% (or,

in either case, such other percentage as

set forth by the Commission from time

to time) of its net assets in illiquid

securities, if the Short-Term Investment

or fractional interest therein cannot be

sold pursuant to the preceding

condition.

13. Every Fund in the Joint Accounts

will not necessarily have its Cash

Balances invested in every Short-Term

Investment. However, to the extent that

a Fund’s Cash Balances are applied to

a particular Short-Term Investment, the

Fund will participate in and own its

proportionate share of such Short-Term

Investment, and any income earned or

accrued thereon, based upon the

percentage of such Short-Term

Investment purchased with Cash

Balances contributed by the Fund.

14. The Joint Accounts will be

established as one or more separate cash

accounts on behalf of the Funds at M&I

Trust. Each Fund may deposit daily all

or a portion of its Cash Balances into the

Joint Accounts. Each Fund whose

regular custodian is a custodian other

than M&I Trust Fund and that wishes to

participate in a Joint Account would

appoint M&I Trust as a sub-custodian

for the limited purposes of: (a)

Receiving and disbursing Cash

Balances; (b) holding any Short-Term

Investments; and (c) holding any

collateral received from a transaction

effected through a Joint Account. All

Funds that so appoint M&I Trust will

have taken all necessary actions to

authorize M&I Trust as its legal

custodian, including all actions required

under the Act.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 00–10857 Filed 5–1–00; 8:45 am]

BILLING CODE 8010–01–M