34428 Federal Register / Vol. 65, No. 104 / Tuesday, May 30, 2000 / Proposed Rules

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

49 CFR Part 80

[OST Docket No. 2000–7401]

RIN 2105–AC84

Credit Assistance for Surface

Transportation Projects

AGENCY: Office of the Secretary,

Department of Transportation (DOT).

ACTION: Notice of proposed rulemaking

(NPRM); request for comments.

SUMMARY: The DOT proposes to revise

certain provisions of the regulations

concerning the Transportation

Infrastructure Finance and Innovation

Act of 1998 (TIFIA) as follows: Assign

specific weights to each of the eight

statutory selection criteria; specify that

loan servicing fees are to be paid by the

borrower; modify the time period for

audited financial statements from 120

days to 180 days; provide that,

consistent with the statutory intent of

the TIFIA program, administrative

offsets will be employed only in cases

of fraud, misrepresentation, or criminal

acts, but will not be employed as a

result of revenue shortfalls; clarify that

funds will be disbursed based on the

project’s financing needs; clarify that

the borrower must satisfy the statute’s

investment grade rating requirement

prior to both the execution of a credit

agreement and the funding of each

secured loan disbursement; and clarify

that the borrower must obtain ongoing

credit surveillance for the life of the

TIFIA credit instrument. These

proposed revisions are made at the

DOT’s initiative to clarify certain

aspects of the regulations based on

experience from the first year of

program implementation.

DATES: Comments must be submitted on

or before June 29, 2000.

ADDRESSES: Your signed, written

comments must refer to the docket

number appearing at the top of this

document and must be submitted to the

Docket Clerk, US DOT Dockets, Room

PL–401, 400 Seventh Street, SW.,

Washington, DC 20590–0001. All

comments received will be available for

examination at the above address

between 9 a.m. and 5 p.m., e.t., Monday

through Friday, except Federal holidays.

Those desiring notification of receipt of

comments must include a selfaddressed, stamped envelope or

postcard.

FOR FURTHER INFORMATION CONTACT: Mr.

Bryan Grote, Office of the Assistant

Secretary for Budget and Programs,

(202) 366–9656; Ms. Stephanie

Kaufman, Office of Budget and

Programs Performance, (202) 366–9649;

or Mr. Terence Carlson, Office of the

General Counsel, (202) 366–9161.

Department of Transportation, 400

Seventh Street, SW., Washington, DC,

20590. Office hours are from 7:45 a.m.

to 4:15 p.m., e.t., Monday through

Friday, except Federal holidays.

Hearing-and speech-impaired persons

may access this number via TTY by

calling the Federal Information Relay

Service at 1–800–877–8339.

SUPPLEMENTARY INFORMATION:

Electronic Access

Internet users may access all

comments received by the US DOT

Dockets, by using the universal resource

locator (URL) http://dms.dot.gov. It is

available 24 hours each day, 365 days

each year. Please follow the instructions

on-line for more information and help.

An electronic copy of this document

may be downloaded using a modem and

suitable communications software from

the Government Printing Office’s

Electronic Bulletin Board Service at

(202) 512–1661. Internet users may

reach the Office of the Federal Register’s

home page at http://www.nara.gov/

fedreg and the Government Printing

Office’s web page at http://

www.access.gpo.gov/nara.

Additional general information on the

TIFIA program and credit assistance for

surface transportation projects is

available on the TIFIA web site at

http://tifia.fhwa.dot.gov.

Background

The Transportation Equity Act for the

21st Century (TEA–21), Public Law

105–178, 112 Stat. 107, created the

Transportation Infrastructure Finance

and Innovation Act of 1998 (TIFIA). The

TIFIA, as amended by section 9007,

Public Law 105–206, 112 Stat. 685, 849

and codified at 23 U.S.C. 181–189,

authorizes the Department of

Transportation (DOT) to provide credit

assistance in the form of secured direct

loans, lines of credit, and loan

guarantees to public and private

sponsors of eligible surface

transportation projects. The TIFIA

regulations (49 CFR part 80) provide

specific guidance on the program

requirements. In addition, the TIFIA

Program Guide is available for more

general information. Both funding

(budget authority) and credit assistance

authority for this program are limited,

and projects seeking assistance are

evaluated and selected by the DOT on

a competitive basis. Following

selections, term sheets are issued and

credit agreements are developed

through negotiations between the

project sponsors and the DOT.

The TIFIA authorizes annual levels

for both credit assistance (as measured

by the principal amounts of the secured

loans, guaranteed loans, or lines of

credit) and subsidy amounts (i.e., the

amounts of budget authority available to

cover the estimated present value of the

Government’s expected losses

associated with the provision of credit

instruments, net of any fee income).

Funding for the subsidy amounts is

provided in the form of budget authority

appropriated from the Highway Trust

Fund, other than the Mass Transit

Account.

Total Federal credit assistance

amounts authorized for the TIFIA

program are $1.8 billion in FY 2000;

$2.2 billion in FY 2001; $2.4 billion in

FY 2002; and $2.6 billion in FY 2003.

These amounts lapse if they are not

awarded by the end of the fiscal year for

which they are provided.

To support these credit assistance

amounts, the TIFIA provides budget

authority to fund the required subsidy

amounts of $90 million in FY 2000;

$110 million in FY 2001; $120 million

in FY 2002; and $130 million in FY

2003. Of these amounts, the Secretary

may use up to $2 million for each of the

fiscal years for administrative expenses.

Any budget authority that is not

obligated in the fiscal year for which it

is authorized remains available for

obligation in subsequent years.

The TIFIA budget authority is subject

to an annual obligation limitation that

may be established in appropriations

law. Like the funding for certain other

administrative or allocated programs

(not apportioned to the States) that are

subject to the annual Federal-aid

highway obligation limitation, the

amount of TIFIA budget authority that

is available to fund credit instruments

in a given year may be less than the

amount originally authorized for that

year. The extent of any budget authority

reduction will depend on the ratio of

the obligation limitation, which is

determined annually in the

appropriations process, to the contract

authority for the Federal-aid highway

program, which was established in

TEA–21. For FY 2000, this reduction is

12.9 percent, or $11.6 million. The

credit assistance amounts authorized in

the TIFIA are not subject to this annual

reduction.

The DOT expects that approximately

$81 million in net budget authority will

be available in FY 2000 to fund the

TIFIA credit assistance program. This

approximation takes into account

unused FY 1999 budget authority, the

Federal Register / Vol. 65, No. 104 / Tuesday, May 30, 2000 / Proposed Rules 34429

reduction in FY 2000 budget authority

due to the annual obligation limitation,

and administrative expenses authorized

by the TIFIA statute. The amount of net

budget authority available for new

TIFIA commitments in FY 2000 may

also be affected by credit subsidy

adjustments to obligations for prior

TIFIA commitments.

The total amount of Federal credit

assistance available for new TIFIA

commitments in FY 2000 is about

$1.673 billion, which is less than the

$1.8 billion authorization level as a

result of TIFIA contingent commitments

made in FY 1999. The size of the annual

TIFIA program may be limited by either

budget authority or credit assistance

authorization, depending on the risk

assessments made for individual

projects selected for that fiscal year’s

program.

Credit Instruments

Three types of credit instruments are

permitted under the TIFIA: secured

direct loans, loan guarantees, and lines

of credit, as provided for generally at 23

U.S.C. 183 and 184. More specific terms

for individual projects will be

determined during negotiations between

the DOT and successful applicants.

Eligible Projects

Highway, rail, transit, and intermodal

projects may receive credit assistance

under the TIFIA. See the definition of

‘‘project’’ in 23 U.S.C. 181(9) and 49

CFR 80.3 for a description of eligible

projects.

Threshold Criteria

Certain threshold criteria must be met

by projects seeking TIFIA assistance.

These eligibility criteria are detailed in

23 U.S.C. 182(a) and 49 CFR 80.13.

Limitations on Assistance

The amount of credit assistance that

the DOT may provide to a project under

the TIFIA is limited to not more than 33

percent of eligible project costs.

Rating Opinions

A project sponsor must submit a

preliminary rating opinion letter from

one or more of the nationally recognized

credit rating agencies with its

application, as detailed in 23 U.S.C.

182(b)(2)(B) and 49 CFR 80.11. The

preliminary rating opinion letter will

confirm the potential for the project’s

senior debt obligations to achieve an

investment grade rating and provide an

assessment of the default risk on the

requested TIFIA credit instrument.

Projects selected for TIFIA credit

assistance must obtain an investment

grade rating on the senior debt

obligations and a revised opinion of the

default risk on the TIFIA credit

instrument before the DOT will execute

a credit agreement and disburse funds.

Application Process

Detailed application information is

contained in the TIFIA Program Guide

and the TIFIA Application for Credit

Assistance, which are posted on the

TIFA web site at http://

tifia.fhwa.dot.gov or which may be

obtained through one of the DOT

program contacts listed in this notice.

From time to time, the TIFIA Program

Guide and Application may be revised

to reflect program clarifications.

Applicants are encouraged to refer to

the TIFIA web site or to TIFIA program

contacts for information regarding

recent program clarifications.

Fees

The DOT requires payment of a nonrefundable fee with each credit

assistance application under the TIFIA.

For FY 2000, the DOT will assess an

application fee of $5,000 for each

project applying for credit assistance;

however, there will be no additional

credit processing fee for FY 2000. For

fiscal years 2001 and beyond, the DOT

may adjust the amount of the

application fee and will determine the

appropriate amount of any potential

credit processing fee or any other fee

based on program implementation

experience. The DOT will publish these

amounts in each Federal Register

solicitation for applications.

Proposed Clarifications

The Timing of Loan Disbursements

The DOT clarifies that for each TIFIA

credit instrument, the DOT will execute

a credit agreement (i.e., loan agreement,

guarantee agreement, or line of credit

agreement) with the project sponsor.

The credit agreement will specify the

total amount of credit assistance to be

made available, the timing of the loan

disbursements, and the terms and

conditions, including security

provisions, pursuant to which the

funding is provided. Secured loan funds

will be advanced according to a project

schedule included in the credit

agreement based on the project’s

financing needs.

Loan Servicing Fees

The TIFIA statute allows the Secretary

to ‘‘establish fees at a level sufficient to

cover all or a portion of the costs to the

Federal Government’’ of providing

credit instruments. Under this

clarification, the DOT will require each

borrower to pay servicing fees for each

credit instrument approved for funding.

Separate fees will apply for each type of

credit instrument (e.g., a loan guarantee,

a secured loan with a single

disbursement, a secured loan with

multiple disbursements, or a line of

credit), depending on the costs of the

credit instrument, as determined by the

Secretary.

Administrative Offset

Some State and local government

representatives as well as private project

sponsors have informally indicated to

the DOT that they would be reluctant to

enter into a TIFIA credit agreement

because they believe that the DOT

would administratively offset amounts

owed to the DOT should a project go

into default. This proposed rulemaking

clarifies that, consistent with the

statutory intent of the TIFIA program,

administrative offsets will be employed

only in cases of fraud,

misrepresentation, false claims, or

similar criminal acts or acts of

malfeasance or wrongdoing, and will

not be employed as a result of revenue

shortfalls.

While an administrative offset of

Federal funds for moneys otherwise due

a State or local government or private

entity is available to the DOT under

Federal common law, the DOT believes

that use of an administrative offset to

insure against project-related credit

losses would substantially interfere with

or defeat the purposes of the TIFIA

program.

Investment Grade Ratings

The DOT clarifies that the

requirement that the project’s senior

debt obligations have an investment

grade rating from a major credit rating

agency is a condition both for the DOT’s

execution of the credit agreement and

for its funding of each loan

disbursement under a secured loan

agreement. The DOT also wishes to

clarify that the borrower must provide

for ongoing credit surveillance from a

major credit rating agency throughout

the life of the TIFIA credit instrument.

Borrowers will provide any credit

surveillance reports to the DOT as soon

as they become available.

Proposed Changes

Selection Criteria

The current TIFIA rule specifies, in

§ 80.15(c), that ‘‘the Secretary shall

evaluate each project’s distinct public

benefits and contribution to program

goals according to each of the selection

criteria specified in this section.’’ With

this rulemaking, the DOT assigns

specific weights to the eight selection

criteria established in 23 U.S.C.

34430 Federal Register / Vol. 65, No. 104 / Tuesday, May 30, 2000 / Proposed Rules

182(b)(2). The DOT proposes to give the

highest weight, 20 percent, to each

criterion it believes is most closely

aligned with the objectives of the

program: Demonstration of national or

regional significance; extent of private

participation; and environmental

impacts. The next two criteria, each of

which is assigned a weight of 12.5

percent, are also critical to achieving the

objectives of the program: Project

creditworthiness and project

acceleration. Given that this program

already has a threshold requirement for

creditworthiness, the DOT considers

12.5 percent to be an adequate weight.

(For a project to be selected to receive

TIFIA assistance, it must first obtain a

preliminary rating opinion letter from a

nationally recognized rating agency

indicating that the project has the

potential of achieving an investment

grade rating. Once selected, a project

must obtain and maintain an investment

grade credit rating on its senior debt

obligations prior to the release of TIFIA

funds.) Finally, the DOT proposes to

assign a weight of 5 percent to each of

the remaining criteria: Use of new

technologies; consumption of budget

authority; and reduction of Federal

grant assistance.

Reporting Requirements

The DOT proposes to increase the

number of days for submitting an

annual project performance report and

audited financial statements from 120

days to 180 days following the

recipient’s fiscal year-end for each year

during which the recipient’s obligation

to the Federal Government remains in

effect. The 180-day reporting

requirement is consistent with industry

practice for financial reporting.

Rulemaking Analysis and Notices

The 30-day comment period is

necessary to help ensure that these rule

modifications can be implemented in

time for the application cycle

anticipated to begin before the end of

the current fiscal year. Given the need

for the DOT to solicit and evaluate

applications, make selections, negotiate

term sheets and obligate funds, the

usual 60-day comment period is both

impracticable and contrary to public

interest and Congressional intent.

All comments received before the

close of business on the comment

closing date indicated above will be

considered and will be available for

examination using the docket number

appearing at the top of this document in

the docket room at the above address.

The DOT will file comments received

after the comment closing date in the

docket and will consider late comments

to the extent practicable. The DOT may,

however, issue a Final Rule at any time

after the close of the comment period.

In addition to late comments, the DOT

will also continue to file in the docket

relevant information becoming available

after the comment closing date.

Interested persons should continue to

examine the docket for new material.

Executive Order 12866 (Regulatory

Planning And Review) and DOT

Regulatory Policies and Procedures

The DOT has determined that

issuance of a rule is necessary to

implement the TIFIA, and has

concluded that this action does not

represent a ‘‘significant regulatory

action’’ within the meaning of DOT’s

Regulatory Policies and Procedures (44

FR 11034, February 26, 1979) and

Executive Order 12866.

This section summarizes the

estimated economic impact of the

proposed rule. This regulation would

affect only those entities that voluntarily

elect to apply for TIFIA assistance and

are selected to receive assistance

through a Federal credit instrument. It

would not impose any direct

involuntary costs on non-participants.

These proposed changes would have a

minimal economic impact. The DOT

requests comments, information, and

data from the public and potential users

concerning the economic impact of the

proposed changes to this rule and the

TIFIA program.

Regulatory Flexibility Act

The Regulatory Flexibility Act of 1980

(Public Law 96–354, 5 U.S.C. 601–612)

requires an assessment of the extent to

which proposed rules will have an

impact on small business or other small

entities. Consistent with the Regulatory

Flexibility Act, the DOT has evaluated

the effects of this rule on small business

or other small entities. The NPRM

proposes to clarify certain provisions of

the Federal credit assistance program for

surface transportation projects. As noted

above, the proposed revisions would

have minimal economic impact. The

DOT hereby certifies that this action

would not have significant economic

impact on a substantial number of small

entities. The DOT invites public

comment on this determination.

Unfunded Mandates Reform Act of

1995

The Unfunded Mandates Reform Act

of 1995 (Public Law 104–4) requires

agencies to prepare a written assessment

of the costs, benefits and other effects of

proposed or final rules that include a

Federal mandate likely to result in the

expenditure by State, local or tribal

governments, in the aggregate, or by the

private sector, of more than $100

million annually. This proposed rule

would not impose a Federal mandate

resulting in the expenditure by State,

local, and tribal governments, in the

aggregate, or by the private sector, of

$100 million or more in any one year.

This rule clarifies certain provisions of

a Federal credit assistance program.

Executive Order 12372

(Intergovernmental Review)

Given that projects receiving

assistance under the TIFIA may fall

under the programmatic jurisdiction of

the Federal Highway Administration,

the Federal Railroad Administration, or

the Federal Transit Administration, the

relevant Catalog of Federal Domestic

Assistance Program Numbers are:

20.205 highway planning and

construction; 20.310 rail rehabilitation

and improvement; and 20.500 transit

capital improvement grants. The

regulations implementing Executive

Order 12372 regarding

intergovernmental consultation on

Federal programs and activities apply to

this program.

Paperwork Reduction Act

This document does not contain

information collection requirements for

the purposes of the Paperwork

Reduction Act of 1995 (44 U.S.C. 3501

et seq.).

National Environmental Policy Act

As specified under section 1503 of the

TIFIA, and codified under section

182(c)(2) of title 23, U.S.C., each project

obtaining assistance under this program

is required to adhere to the National

Environmental Policy Act of 1969, as

amended (42 U.S.C. 4321 et seq.). This

rulemaking simply proposes to clarify

the procedures to apply for credit

assistance and therefore, by itself, will

not have any effect on the quality of the

environment.

Executive Order 13132 (Federalism)

This action has been analyzed in

accordance with the principles and

criteria contained in Executive Order

13132 dated August 4, 1999, and it has

been determined this action does not

have substantial direct effect or

sufficient federalism implications on

States that would limit the policymaking discretion of the States. Nothing

in this document directly preempts any

State law or regulation.

Executive Order 12988 (Civil Justice

Reform)

This action meets applicable

standards in section 3(a) and 3(b)(2) of

Federal Register / Vol. 65, No. 104 / Tuesday, May 30, 2000 / Proposed Rules 34431

Executive Order 12988, Civil Justice

Reform, to minimize litigation,

eliminate ambiguity, and reduce

burden.

Executive Order 13045 (Protection of

Children)

The DOT has analyzed this action

under Executive Order 13045,

Protection of Children from

Environmental Health Risks and Safety

Risks. This rule is not an economically

significant rule and does not concern

any environmental risk to health or

safety that may disproportionately affect

children.

Executive Order 12630 (Taking of

Private Property)

This rule will not effect a taking of

private property or otherwise have

taking implications under Executive

Order 12630, Governmental Actions and

Interference with Constitutionally

Protected Property Rights.

Regulation Identification Number

A regulation identification number

(RIN) is assigned to each regulatory

action listed in the Unified Agenda of

Federal Regulations. The Regulatory

Information Service Center publishes

the Unified Agenda in April and

October of each year. The RIN contained

in the heading of this document may be

used to cross-reference this action with

the Unified Agenda.

List of Subjects in 49 CFR Part 80

Credit programs-transportation,

Highways and roads, Mass transit,

Railroads, Investments, Reporting and

recordkeeping requirements.

In consideration of the foregoing, the

Office of the Secretary of Transportation

proposes to amend 49 CFR part 80 as set

forth below:

PART 80—[AMENDED]

1. The authority citation for part 80

continues to read as follows:

Authority: Secs. 1501 et seq., Pub.L. 105–

178, 112 Stat. 107, 241, as amended; 23

U.S.C. 181–189 and 315; 49 CFR 1.48, 1.49,

and 1.51.

2. Amend § 80.3 by adding the

definition administrative offset and by

placing it in alphabetical order to read

as follows:

§ 80.3 Definitions.

* * * * *

Administrative offset means the right

of the government to apply moneys held

by the government and otherwise owed

to a debtor for the extinguishment of

claims due the government from the

debtor.

* * * * *

3. Add § 80.5(g) to read as follows:

§ 80.5 Limitations on assistance.

* * * * *

(g) The Secretary shall fund a secured

loan based on the project’s financing

needs. The timing of such loan

disbursements shall be established in

the credit agreement.

4. Revise § 80.11 to read as follows:

§ 80.11 Investment-grade ratings.

(a) At the time a project sponsor

submits an application, the DOT shall

require a preliminary rating opinion

letter. This letter is a conditional credit

assessment from a rating agency that

provides a preliminary indication of the

project’s overall creditworthiness and

that specifically addresses the potential

of the project’s senior debt obligations

(those obligations having a lien senior to

that of the TIFIA credit instrument on

the pledged security) to achieve an

investment-grade rating.

(b) The DOT shall disburse funds

under a secured loan or line of credit or

extend a loan guarantee only after the

project’s senior obligations have

obtained an investment grade rating and

a credit agreement has been executed. In

cases where the TIFIA credit instrument

has a senior lien on the pledged

security, an investment grade rating

must be assigned to the TIFIA

obligations. For a secured loan, the

execution of a credit agreement and the

funding of each loan disbursement

thereunder shall be conditioned on the

receipt of an investment grade rating on

the project’s senior debt obligations by

a nationally recognized credit rating

agency.

(c) * * *

(d) The project sponsor must provide,

at its own expense, ongoing credit

surveillance of its project and debt

obligations from a nationally recognized

credit rating agency throughout the life

of its TIFIA credit instrument. The

project sponsor will share any credit

surveillance reports with the DOT as

soon as they are available.

5. Amend § 80.15 by revising

paragraph (a), by removing paragraphs

(c) and (d); and by redesignating

paragraph (e) as paragraph (c) to read as

follows:

§ 80.15 Selection criteria.

(a) The Secretary shall assign weights

as indicated to the following eight

selection criteria in evaluating and

selecting among eligible projects to

receive credit assistance:

(1) The extent to which the project is

nationally or regionally significant, in

terms of generating economic benefits,

supporting international commerce, or

otherwise enhancing the national

transportation system (20 percent);

(2) The creditworthiness of the

project, including a determination by

the Secretary that any financing for the

project has appropriate security

features, such as a rate covenant, to

ensure repayment (12.5 percent);

(3) The extent to which such

assistance would foster innovative

public-private partnerships and attract

private debt or equity investment (20

percent);

(4) The likelihood that such assistance

would enable the project to proceed at

an earlier date than the project would

otherwise be able to proceed (12.5

percent);

(5) The extent to which the project

uses new technologies, including

Intelligent Transportation Systems

(ITS), that enhance the efficiency of the

project (5 percent);

(6) The amount of budget authority

required to fund the Federal credit

instrument made available (5 percent);

(7) The extent to which the project

helps maintain or protect the

environment (20 percent); and

(8) The extent to which such

assistance would reduce the

contribution of Federal grant assistance

to the project (5 percent).

* * * * *

6. Revise § 80.17 to read as follows:

§ 80.17 Fees.

(a) The DOT will require a nonrefundable application fee for each

project applying for credit assistance

under the TIFIA. The DOT may also

require an additional credit processing

fee for projects selected to receive TIFIA

assistance. Any required application

initiation or credit processing fee must

be paid by the project sponsor applying

for TIFIA assistance and cannot be paid

by another party on behalf of the project

sponsor. The proceeds of any such fees

will equal a portion of the costs to the

Federal Government of soliciting and

evaluating applications, selecting

projects to receive assistance, and

negotiating credit agreements. For FY

2000, the DOT will require payment of

a fee of $5,000 for each project applying

for credit assistance under the TIFIA, to

be submitted concurrently with the

formal application. The DOT will not

impose any credit processing fees for FY

2000. For each application and approval

cycle in FY 2001 and beyond, the DOT

may adjust the amount of the

application fee and will determine the

appropriate amount of the credit

processing fee based on program

implementation experience. The DOT

34432 Federal Register / Vol. 65, No. 104 / Tuesday, May 30, 2000 / Proposed Rules

will publish these amounts in each

Federal Register solicitation for

applications.

(b) Applicants shall not include

application initiation or credit

processing fees or any other expenses

associated with the application process

(such as fees associated with obtaining

the required preliminary rating opinion

letter) among eligible project costs for

the purpose of calculating the maximum

33 percent credit amount referenced in

§ 80.5(a).

(c) If, in any given year, there is

insufficient budget authority to fund the

credit instrument for a qualified project

that has been selected to receive

assistance under TIFIA, the DOT and

the approved applicant may agree upon

a supplemental fee to be paid by or on

behalf of the approved applicant at the

time of execution of the term sheet to

reduce the subsidy cost of that project.

No such fee may be included among

eligible project costs for the purpose of

calculating the maximum 33 percent

credit amount referenced in § 80.5(a).

(d) The DOT will require borrowers to

pay servicing fees for each credit

instrument approved for funding.

Separate fees may apply for each type of

credit instrument (e.g., a loan guarantee,

a secured loan with a single

disbursement, a secured loan with

multiple disbursements, or a line of

credit), depending on the costs of

servicing the credit instrument as

determined by the Secretary. Such fees

will be set at a level to enable the DOT

to recover all or a portion of the costs

to the Federal Government of TIFIA

credit instruments.

7. Revise § 80.19 to read as follows:

§ 80.19 Reporting requirements.

At a minimum, any recipient of

Federal credit assistance under this part

shall submit an annual project

performance report and audited

financial statements to the DOT within

180 days following the recipient’s fiscal

year-end for each year during which the

recipient’s obligation to the Federal

Government remains in effect. The DOT

may conduct periodic financial and

compliance audits of the recipient of

credit assistance, as determined

necessary by the DOT. The specific

credit agreement between the recipient

of credit assistance and the DOT may

contain additional reporting

requirements.

8. Add § 80.21 to read as follows:

§ 80.21 Use of administrative offset.

The DOT will not apply an

administrative offset to recover any

losses to the Federal Government

resulting from project risk the DOT has

assumed under a TIFIA credit

instrument. The DOT may, however, use

an administrative offset in cases of

fraud, misrepresentation, false claims,

or similar criminal acts or acts of

malfeasance or wrongdoing.

Issued on: May 15, 2000.

Rodney E. Slater,

Secretary of Transportation.

[FR Doc. 00–13271 Filed 5–26–00; 8:45 am]

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50 CFR Part 660

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Service (NMFS), National Oceanic and

Atmospheric Administration (NOAA),

Commerce.

ACTION: Notice of public meeting/public

hearings.

SUMMARY: The Western Pacific Fishery

Management Council (Council) will

hold its 104th meeting June 13 through

June 16, 2000, in Makena, HI. Public

hearings will be held on criteria to allow

new entry into the Mau Zone limited

entry bottomfish fishery in the

Northwest Hawaiian Islands (NWHI)

and on amendments to the Bottomfish

and Seamount Groundfish, Crustaceans,

and Precious Corals Fishery

Management Plans (FMPs).

DATES: The Council’s Standing

Committees will meet on June 13, 2000.

The full Council meeting will be held

on June 14–16, 2000, from 8:30 a.m. to

5 p.m. The public hearings will be held

on June 16, 2000. See SUPPLEMENTARY

INFORMATION for specific dates and times

for these meetings and the hearings.

ADDRESSES: The Council meeting will be

held at the Prince Ballroom at the Maui

Prince Hotel, 5415 Makena Alanui,

Makena, HI 96753; telephone 808–874–

1111. Copies of documents that provide

information on options to be discussed

at the public hearings are available from

the Western Pacific Fishery

Management Council, 1164 Bishop St.,

Suite 1400, Honolulu, HI, 96813.

FOR FURTHER INFORMATION CONTACT:

Kitty M. Simonds, Executive Director;

telephone 808–522–8220.

SUPPLEMENTARY INFORMATION:

Dates and Times

Committee Meetings

The following Standing Committees

of the Council will meet on June 13,

2000. Enforcement/Vessel Monitoring

System (including meeting with

industry) from 7:30 a.m. to 9:30 a.m.;

International Fisheries/Pelagics from

9:30 a.m. to 11:30 a.m.; Executive/

Budget and Program from 11:30 a.m. to

1:30 p.m.; Precious Corals from 1:30

p.m. to 3 p.m.; Crustaceans from 1:30

p.m. to 3 p.m.; Bottomfish from 3 p.m.

to 4:30 p.m; Ecosystem and Habitat from

3 p.m. to 4:30 p.m.; Fishery Rights of

Indigenous People from 4:30 p.m. to

5:30 p.m.; and Joint Bottomfish,

Crustacean, Ecosystem and Habitat,

Precious Corals, and Fishery Rights of

Indigenous People from 5:30 p.m. to

6:30 p.m.

Public Hearings

The public hearing on new entry

crtieria for the Mau Zone bottomfish

fishery will be held on Friday, June 16,

2000, at 9:30 a.m. The public hearing on

amendments to the Bottomfish and

Seamount Groundfish, Crustaceans, and

Precious Corals FMPs will be held on

June 16, 2000, at 2 p.m.

The agenda during the full Council

meeting will include the items listed. In

addition, the Council will hear

recommendations from its advisory

panels, plan teams, scientific and

statistical committee, and other ad hoc

groups. The order in which agenda

items are addressed may change. The

Council will meet as late as necessary to

complete scheduled business.

Agenda

1. Introductions

2. Approval of Agenda

3. Approval of 103rd Meeting Minutes

4. Island Reports

A. American Samoa

B. Guam

C. Hawaii

D. Commonwealth of the Northern

Mariana Islands (CNMI)

5. Fishery Agency and Organization

Reports

A. Department of Commerce

(1) NMFS

(a) Southwest Region, Pacific Island

Area Office

(b) Southwest Fisheries Science

Center, La Jolla and Honolulu

Laboratories

(2) NOAA General Counsel,

Southwest Region

B. Department of the Interior

(1) U.S. Fish and Wildlife Service

(FWS)