Federal Register / Vol. 65, No. 102 / Thursday, May 25, 2000 / Notices 33851

Dated at Rockville, Maryland, this 18th day

of May 2000.

For the Nuclear Regulatory Commission.

Thomas H. Essig,

Chief, Uranium Recovery and Low-Level

Waste Branch, Division of Waste

Management, Office of Nuclear Material

Safety and Safeguards.

[FR Doc. 00–13159 Filed 5–24–00; 8:45 am]

BILLING CODE 7590–01–P

UNITED STATES POSTAL SERVICE

Sunshine Act Meeting

TIMES AND DATES: 1:00 p.m., Monday,

June 5, 2000; 8:30 a.m., Tuesday, June

6, 2000.

PLACE: Philadelphia, Pennsylvania, at

the Four Seasons Hotel, One Logan

Square, in the North Ballroom.

STATUS: June 5 (Closed); June 6 (Open).

MATTERS TO BE CONSIDERED: 

Monday, June 5–1:00 p.m. (Closed)

1. Strategic Planning.

2. Postal Rate Commission Opinion and

Recommended Decision in Docket

No. C99–4, Complaint of Continuity

Shippers Association.

3. eBusiness Approval Process.

4. Financial Performance.

5. Office of Inspector General Midyear

Budget and Performance Results.

6. Compensation Issues.

7. Personnel Matters.

Tuesday, June 6–8:30 a.m. (Open)

1. Minutes of the Previous Meeting,

May 1–2, 2000.

2. Remarks of the Postmaster General/

Chief Executive Officer.

3. Cycling Team.

4. Audit Committee Charter.

5. Briefing on Information Platform.

6. Capital Investments.

a. Recognition Improvement Program.

b. Phoenix, Arizona, Priority Mail—

Postal Processing Center.

7. Report on the Philadelphia

Performance Cluster.

8. Tentative Agenda for the July 10–

11, 2000, meeting in Washington,

D.C.

CONTACT PERSON FOR MORE INFORMATION:

David G. Hunter, Assistant Secretary of

the Board, U.S. Postal Service, 475

L’Enfant Plaza, S.W., Washington, D.C.

20260–1000. Telephone (202) 268–4800.

David G. Hunter,

Assistant Secretary.

[FR Doc. 00–13308 Filed 5–23–00; 2:28 pm]

BILLING CODE 7710–12–M

OFFICE OF MANAGEMENT AND

BUDGET

Cumulative Report on Rescissions and

Deferrals

May 1, 2000.

Section 1014(e) of the Congressional

Budget and Impoundment Control Act

of 1974 (Public Law 93–344) requires a

monthly report listing all budget

authority for the current fiscal year for

which, as of the first day of the month,

a special message had been transmitted

to Congress.

This report gives the status, as of May

1, 2000, of three rescission proposals

and two deferrals contained in one

special message for FY 2000. The

message was transmitted to Congress on

February 9, 2000.

Rescissions (Attachments A and C)

As of May 1, 2000, three rescission

proposals totaling $128 million have

been transmitted to the Congress.

Attachment C shows the status of the FY

2000 rescission proposals.

Deferrals (Attachments B and D)

As of May 1, 2000, $594 million in

budget authority was being deferred

from obligation. Attachment D shows

the status of each deferral reported

during FY 2000.

Information From Special Message

The special message containing

information on the rescission proposals

and deferrals that are covered by this

cumulative report are printed in the

edition of the Federal Register cited

below:

65 FR 9017, Wednesday, February 23, 2000

Jacob J. Lew,

Director.

Attachments

ATTACHMENT A.— STATUS OF FY 2000 RESCISSIONS

[In millions of dollars]

Budgetary

resources

Rescissions proposed by the President .............................................................................................................................................. 128.0

Rejected by the Congress ................................................................................................................................................................... ........................

Currently before the Congress for less than 45 days ......................................................................................................................... 128.0

ATTACHMENT B.— STATUS OF FY 2000 DEFERRALS

[In millions of dollars]

Budgetary

resources

Deferrals proposed by the President ................................................................................................................................................... 1,622.0

Routine Executive releases through May 1, 2000 (OMB/Agency releases of $1,027.6 million) ........................................................ ¥1,027.6

Overturned by the Congress ............................................................................................................................................................... ........................

Currently before the Congress ............................................................................................................................................................ 594.4

BILLING CODE 3110–01–P

33852 Federal Register / Vol. 65, No. 102 / Thursday, May 25, 2000 / Notices

Federal Register / Vol. 65, No. 102 / Thursday, May 25, 2000 / Notices 33853

33854 Federal Register / Vol. 65, No. 102 / Thursday, May 25, 2000 / Notices

1 15 U.S.C. 78s(b)(1).

2The Commission has modified the text of the

summaries prepared by NSCC.

3According to GM, this offer will expire at

midnight on Friday, May 19, 2000, unless extended,

and the tender offer will have a three day protect

that will expire on May 24, 2000, unless extended.

4For a detailed description of NSCC procedures

for the GM voluntary reorganization, refer to NSCC

Important Notice dated May 12, 2000, a copy of

which is attached to NSCC’s filing as Exhibit A.

NSCC’s filing is available through the Commission’s

Public Reference Section or through NSCC.

5 15 U.S.C. 78q–1(b)(3)(F).

6 15 U.S.C. 78q–1(b)(3)(F).

[FR Doc. 00–13123 Filed 5–24–00; 8:45 am]

BILLING CODE 3110–01–C

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–42796; File No. SR–NSCC–

00–06]

Self-Regulatory Organizations;

National Securities Clearing

Corporation; Notice of Filing and Order

Granting Accelerated Approval of a

Proposed Rule Change Related to

General Motors Corporate Action

May 18, 2000.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’),1 notice is hereby given that on

May 15, 2000, the National Securities

Clearing Corporation (‘‘NSCC’’) filed

with the Securities and Exchange

Commission (‘‘Commission’’) the

proposed rule change as described in

Items I and II below, which items have

been prepared primarily by NSCC. The

Commission is publishing this notice

and order to solicit comments from

interested persons and to grant

accelerated approval of the proposal.

1. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The purpose of the proposed rule

change is to allow the General Motors

Corporation (‘‘GM’’) corporate action to

be processed through NSCC’s

continuous net settlement (‘‘CNS’’)

system.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for the Proposed Rule

Change

In its filing with the Commission,

NSCC included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. NSCC has prepared

summaries, set forth in sections (A), (B),

and (C) below, of the most significant

aspects of such statements.2

(A) Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

GM has offered to exchange 1.065

shares of Class H common stock for each

share of $1 2⁄3 par value common stock

up to an aggregate of 86,396,977 shares

of $1 2⁄3 par value common stock.3

Under the terms of this tender offer, the

treatment of a tender is dependent on

the number of shares tendered and the

calculation of the broker solicitation fee.

Under normal circumstances, the

differing treatments caused the tender

offer to be ineligible for processing in

CNS, and NSCC would exit the security

from CNS and would issue balance

orders. However, because of the size of

this issue and the operational impact

exiting this security from CNS would

have on NSCC’s participants, NSCC has

filed this rule change to allow NSCC to

process this corporate action in CNS.

This filing and the procedures

established by it will only be applicable

to the voluntary GM corporate action

referenced therein.4

For the purposes of processing this

tender offer only, the following

additional procedures will be followed:

NSCC will process both the round-lot

(shareholders of more than 100 shares)

and the odd-lot (shareholders of 99

shares or less) portions of this tender

offer by using both the CNS G and H

reorganization subaccounts. The roundlot portion of this offer will be

processed in the CNS G account and the

odd-lot portion of this offer will be

processed in the CNS H account. This

differentiation will permit NSCC to

credit long participants with positions

in the H account at 100 percent and

positions in the G account at the amount

determined in accordance with the

terms of the offer. Long participants

must follow normal CNS by 6:00 p.m.

on expiration plus two (‘‘E+2’’). Short

participant will receive their potential

liability report as usual on the morning

of E+2 and will receive the liability

report on the morning of E+4. NSCC

notes that the total number of shares for

which short participants will be liable

will be based on the total number of odd

lot shares plus the number of round lot

shares eligible for the exchange.

Submission of shares by a long

participant to the G and H subaccounts

constitutes a representation by such

participant that the request for

protection conforms to the terms of the

offer.

In addition to processing the

corporate action as described above,

NSCC will take the following steps with

respect to the broker solicitation fee.

NSCC will establish positions in a

‘‘USER’’ CUSIP for all shares moved to

CNS subaccounts G and H (long and

short). These positions do not represent

separate instructions for the delivery

and receipt of any shares. These

positions will be valued at .01 cent per

share. On the same day that the

positions are established, the

corresponding values will be debited

and credited through NSCC. Reversals

of these amounts will take place through

NSCC the following business day.

NSCC will issue special receive and

deliver instructions naming long and

short participants for positions

established in the ‘‘USER’’ CUSIP. Each

special deliver instruction issued to a

short participant represents liability to

the named contra participant for any

solicitation fees for which such contra

participant is entitled to make claim

under the terms of the corporate action.

All such claims will be made directly

between the parties as promptly as

possible and are not guaranteed by

NSCC.

NSCC believes that the proposed rule

change is consistent with the

requirements of the Act and the rules

and regulations thereunder. In

particular, the proposed rule change is

consistent with Section 17A(b)(3)(F) of

the Act 5 which requires that the rules

of a clearing agency be designed to

promote the prompt and accurate

clearance and settlement of securities

transactions.

(B) Self-Regulatory Organization’s

Statement on Burden on Competition

NSCC does not believe that the

proposed rule change will have an

impact on or impose a burden on

competition.

(C) Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

No written comments have been

solicited or received. NSCC will notify

the Commission of any written

comments received by NSCC.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder and

particularly with the requirements of

Section 17A(b)(3)(F).6 Section