This section of the FEDERAL REGISTER

contains notices to the public of the proposed

issuance of rules and regulations. The

purpose of these notices is to give interested

persons an opportunity to participate in the

rule making prior to the adoption of the final

rules.

Proposed Rules Federal Register

38577 

Vol. 76, No. 127 

Friday, July 1, 2011 

DEPARTMENT OF THE TREASURY 

Community Development Financial 

Institutions Fund 

12 CFR Chapter XVIII 

Bond Guarantee Program 

AGENCY: Community Development 

Financial Institutions Fund, U.S. 

Department of Treasury. 

ACTION: Request for public comment. 

SUMMARY: This notice invites comments 

from the public on issues regarding the 

Community Development Financial 

Institutions (CDFI) Bond Guarantee 

Program created by the Small Business 

Jobs Act of 2010. All materials 

submitted will be available for public 

inspection and copying. 

DATES: All comments and submissions 

must be received by August 15, 2011. 

ADDRESSES: Comments may be sent by 

mail to: Jodie Harris, Policy Specialist, 

CDFI Fund, U.S. Department of the 

Treasury, 601 13th Street, NW., Suite 

200 South, Washington, DC 20005; by 

e-mail to cdfihelp@cdfi.treas.gov; or by 

facsimile at (202) 622–7754. Please note 

this is not a toll free number. 

FOR FURTHER INFORMATION CONTACT: 

Information regarding the CDFI Fund 

and its programs may be downloaded 

from the CDFI Fund’s Web site at 

http://www.cdfifund.gov. 

SUPPLEMENTARY INFORMATION: The 

Community Development Financial 

Institutions Fund (CDFI Fund) was 

created for the purpose of promoting 

economic revitalization and community 

development through investment in and 

assistance to CDFIs. Its vision is to 

economically empower America’s 

underserved and distressed 

communities through the provision of 

low-cost capital to certified CDFIs. The 

CDFI Fund was established by the 

Riegle Community Development 

Banking and Financial Institutions Act 

of 1994. 

The CDFI Bond Guarantee Program 

(the program) was enacted through the 

Small Business Jobs Act of 2010 (Pub. 

L. 111–240) on September 27, 2010. The 

CDFI Fund will serve as the program 

administrator and must administer the 

program in accordance with sections 

1134 and 1703 of the Small Business 

Jobs Act, which amended the 

Community Development Banking and 

Financial Institutions Act of 1994, 12 

U.S.C. 4701 et seq. (the Act) by adding 

a new section 114A. 

Section 114A authorizes the Secretary 

of the Treasury (through the CDFI Fund) 

to guarantee the full amount of notes or 

bonds, including the principal, interest, 

and call premiums not to exceed 30 

years, issued by CDFIs to finance loans 

for eligible community or economic 

development purposes. The bonds or 

notes will support CDFI lending and 

investment by providing a source of 

long-term, patient capital to CDFIs. In 

accordance with Federal credit policy, 

moreover, the Federal Financing Bank 

(FFB), a body corporate and 

instrumentality of the United States 

Government under the general 

supervision and direction of the 

Secretary of the Treasury, finances 

obligations that are 100% guaranteed by 

the United States, such as the bonds or 

notes to be issued by CDFIs under the 

program. Because the FFB’s cost of 

funds is equivalent to the current 

Treasury rates for comparable 

maturities, the FFB can provide CDFIs 

the least expensive funds to generate 

loans and represents the most efficient 

way for CDFIs to finance 100% 

Federally guaranteed obligations. 

The CDFI Fund is required by statute 

to promulgate program regulations by 

September 27, 2011 and to implement 

the program by September 27, 2012. 

The CDFI Fund invites and 

encourages comments and suggestions 

germane to the mission, purpose, and 

implementation of the CDFI Bond 

Guarantee Program. The CDFI Fund is 

particularly interested in comments in 

the following areas: 

1. Definitions 

(a) Section 114A(a) of the Act 

provides certain definitions applicable 

to the CDFI Bond Guarantee Program. In 

particular, Section 114A(a)(2) of the Act 

defines eligible community or economic 

development purpose as any purpose 

described in section 108(b) [12 U.S.C. 

4707(b)] and includes the provision of 

community or economic development 

in low-income or underserved rural 

areas. The CDFI Fund is interested in 

comments regarding all definitions 

found in the Act as they relate to the 

program, including the following: 

(i) How should the term ‘‘lowincome’’ be defined as such term is used 

in Section 114A(a)(2)? 

(ii) How should the term ‘‘rural areas’’ 

be defined as such term is used in 

Section 114A(a)(2)? For example, is a 

rural community any census tract that is 

not located in a metropolitan statistical 

area (MSA)? Respondents should 

discuss how a particular definition 

would enable the program to target 

businesses and residents in rural areas, 

and discuss whether there are particular 

measures that should not be used 

because they may inadvertently 

disadvantage certain populations (i.e., 

provide examples of particular 

households or communities that would 

not qualify under specific definitions). 

(iii) How should the term 

‘‘underserved’’ be defined and/or 

measured? 

(iv) Should ‘‘eligible community or 

economic development purpose’’ be 

defined to allow a CDFI or its 

designated Qualified Issuer to only 

invest inside the CDFI Fund Target 

Market that it was certified to serve? 

2. Use of Funds 

(a) The Act defines a loan as any 

credit instrument that is extended under 

the CDFI Bond Guarantee Program for 

any eligible community or economic 

development purpose. Section 114A(b) 

of the Act states that the Secretary of the 

Treasury (the Secretary) shall guarantee 

payments on bonds or notes issued by 

a qualified issuer if the proceeds of the 

bonds or notes are used in accordance 

with this section to make loans to 

eligible community development 

financial institutions (CDFIs) 

(1) For eligible community or 

economic development purposes; or 

(2) To refinance loans or notes issued 

for such purposes. 

The CDFI Fund invites and 

encourages comments and suggestions 

germane to the criteria and use of funds. 

The CDFI Fund is particularly interested 

in comments including the following: 

(i) Should there be any limitations on 

the types of loans that can be financed 

or refinanced with the bond proceeds? 

Are there any uses of bond or note 

proceeds that should be excluded or 

deemed ineligible regardless of the fact 


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that the use was in a low-income or 

underserved rural area? 

(ii) Should the capitalization of: 

(1) Revolving loan funds; (2) credit 

enhancement of investments made by 

CDFIs and/or others; or (3) loan loss 

reserves, debt service reserves, and/or 

sinking funds in support of a Federally 

guaranteed bond, be included as eligible 

purposes? 

(iii) Should there be any limits on the 

percentage of loans or notes refinanced 

with the bond proceeds? If so, what 

should they be? 

(iv) Should CDFIs be allowed to use 

bond proceeds to purchase loans from 

other CDFIs? If so, should the CDFI that 

sells the loans be required to invest a 

certain portion of the proceeds from the 

sale to support additional community 

development activities? 

(v) Should the CDFI Fund place 

additional restrictions on the awardees’ 

loan products, such as a cap on the 

interest rate, fees and/or late payment 

penalties or on the marketing and 

disclosure standards for the products? If 

so, what are the appropriate 

restrictions? 

(b) Section 114A(c)(1) states that a 

capital distribution plan meets the 

requirements of the subsection if not 

less than 90 percent of the principal 

amount of guaranteed bonds or notes 

(other than the cost of issuance fee) are 

used to make loans for any eligible 

community or economic development 

purpose, measured annually, beginning 

at the end of the one-year period 

beginning on the issuance date of such 

guaranteed bonds or notes. The CDFI 

Fund welcomes comments regarding 

this provision, specifically regarding 

what penalties the CDFI Fund should 

impose if an issuer is out of compliance. 

(c) Section 114A(c)(2) states that not 

more than 10 percent of the principal 

amount of guaranteed bonds or notes –, 

multiplied by an amount equal to the 

outstanding principal balance of issued 

notes or bonds, minus the risk-share 

pool amount—may be held in a 

relending account and may be available 

for new eligible community or economic 

development purposes. 

(i) How should the CDFI Fund define 

‘‘relending’’ account as stated in Section 

114A(c)(2)? How should it differ from 

the loans made under Section 114(c)(1)? 

(ii) If the capitalization of revolving 

loan funds is deemed an allowable use 

of funds under Section 114A(a)(4), what 

activities would be eligible under the 

relending account? 

(iii) If additional reserves are held, 

should they be permitted to be funded 

from the relending account? 

(iv) Should a sinking fund, or any 

other reserve to allow for the payment 

of debt service, be permitted to be 

funded from the relending account? 

(d) Section 114A(d) states that each 

qualified issuer shall, during the term of 

a guarantee provided under the CDFI 

Bond Guarantee Program, establish a 

risk-share pool, capitalized by 

contributions from eligible community 

development financial institution 

participants, of an amount equal to three 

percent of the guaranteed amount 

outstanding on the subject notes and 

bonds. 

(i) In the event that the CDFI Fund 

determines that there is a risk of loss to 

the government for which Congress has 

not provided an appropriation, what 

steps should the CDFI Fund take to 

compensate for this risk? 

a. Should the interest rate on the 

bonds be increased? 

b. Should a larger risk-share pool be 

required? 

c. Should the CDFI Fund require 

restrictions, covenants and conditions 

(e.g., net asset ratio requirement, first 

loss requirements, first lien position; 

over-collateralization, replacement of 

troubled loans)? 

(ii) How should the CDFI Fund assess 

and compensate for different levels of 

risk among diverse proposals without 

unduly restricting the flexible use of 

funds for a range of community 

development purposes? For example: 

a. Should the CDFI Fund take into 

account the participation of a risksharing partner? What should be the 

parameters of any such risk-sharing? 

b. Should the Fund take into account 

an independent, third-party credit rating 

from a major rating agency? 

(iii) Are there restrictions, covenants, 

conditions or other measures the CDFI 

Fund should not impose? Please 

provide specific examples, if possible. 

(iv) Should the qualified issuer be 

allowed to set aside the three percent 

from the bond proceeds or should these 

funds be separate from the proceeds? 

3. Guarantee Provisions 

(a) Section 114A(a)(3) defines a 

guarantee as a written agreement 

between the Secretary and a qualified 

issuer (or trustee) pursuant to which the 

Secretary ensures repayment of the 

verifiable losses of principal, interest, 

and call premium, if any, on notes or 

bonds issued by a qualified issuer to 

finance or refinance loans to eligible 

CDFI. The CDFI Fund invites and 

encourages comments and suggestions 

relating to the guarantee provisions, 

especially: 

(i) How should the CDFI Fund define 

and determine ‘‘verifiable losses of 

principal, interest, and call premium’’? 

(ii) Should the CDFI Fund permit a 

call upon the guarantee at any point 

prior to the issuer liquidating the 

available assets? If so, under what 

condition should a call on the guarantee 

be permitted? 

(b) Section 114A(e)(1) indicates that 

the Treasury guarantee shall be for the 

full amount of a bond or note, including 

the amount of principal, interest, and 

call premiums not to exceed 30 years. 

The Treasury may not guarantee any 

amount less than $100 million per 

issuance. 

(i) Should the CDFI Fund set specific 

guidelines or prohibitions for the 

structure of the bond (e.g., callable, 

convertible, zero-coupon)? 

(ii) Should bonds that are used to 

fund certain asset classes be required to 

have specific terms or conditions? 

Should riskier asset classes or borrowers 

require additional enhancements? 

(c) Section 114A(e)(2) states 

limitations on the guarantees. 

(1) The Secretary shall issue not more 

than 10 guarantees in any calendar year 

under the program. 

(2) The Secretary may not guarantee 

any amount under the program equal to 

less than $100 million but the total of 

all such guarantees in any fiscal year 

may not exceed $1 billion. 

(i) Can qualified issuers apply for 

multiple issuances? Should there be a 

limit per qualified issuer? If so, what 

should that limit be? 

4. Eligible Entities 

(a) Section 114A(a)(1) defines an 

eligible entity as a CDFI (as described in 

section 1805.201 of title 12, Code of 

Federal Regulations, or any successor 

thereto) certified by the Secretary that 

has applied to a qualified issuer for, or 

that has been granted by a qualified 

issuer, a loan under the program. The 

CDFI Fund welcomes comments on 

issues relating to eligible entities, 

particularly with respect to the 

following questions: 

(i) Should the CDFI Fund require one 

qualified issuer (or appointed trustee) 

for all bonds and notes issued under the 

program? 

(ii) Should the CDFI Fund permit an 

entity not yet certified as a CDFI to 

apply for CDFI certification 

simultaneous with submission of a 

capital distribution plan? 

(iii) Should the CDFI Fund allow all 

existing CDFIs to apply, or should there 

be minimum eligibility criteria? 

(iv) The Act states that a qualified 

issuer should have ‘‘appropriate 

expertise, capacity, and experience, or 

otherwise be qualified to make loans for 

eligible community or economic 

development purposes.’’ How should 


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the CDFI Fund determine that a 

qualified issuer meets these 

requirements? 

(v) What penalties should be imposed 

in the event that a CDFI participating in 

the program ceases to be a certified 

CDFI? What remedies and cure periods 

should the CDFI Fund allow in the 

event of a lapse in CDFI certification? 

(b) Section 114A(a)(5) defines a 

master servicer as an entity approved by 

the Secretary in accordance with 

subparagraph (B) to oversee the 

activities of servicers, as provided in 

subsection (f)(4). 

(i) Should the CDFI Fund require one 

servicer for all bonds and notes issued 

under the program? 

(ii) Should the CDFI Fund require the 

master servicer and servicers to have a 

track record of providing similar 

services? How should the CDFI Fund 

evaluate the capabilities of prospective 

servicers and master servicers? 

(iii) Should the CDFI Fund pre-qualify 

servicers and make those groups known 

to CDFIs wishing to submit a capital 

distribution plan for consideration? 

(iv) Should a CDFI issuer be allowed 

to serve as its own servicer? 

(v) Should the master servicer be 

eligible to serve as a program 

administrator or servicer for a qualified 

issuer? If so, how should potential 

conflicts of interest be managed? 

(c) Section 114(a)(8) defines qualified 

issuers as a CDFI (or any entity 

designated to issue notes or bonds on 

behalf of such CDFI) that meets certain 

qualifications: (1) Have appropriate 

expertise, (2) have an acceptable capital 

distribution plan, and (3) be able to 

certify that the bond proceeds will be 

used for community development. 

(i) How should a CDFI demonstrate its 

expertise? 

(ii) Are there any institutions that 

should be prohibited from serving as 

qualified issuers? 

(iii) Should the CDFI Fund establish 

minimum criteria for serving as a 

qualified issuer? 

(iv) Should the CDFI Fund set a 

minimum asset size for CDFI 

participation as a qualified issuer? 

(v) Should the CDFI Fund require the 

issuer to have a minimum net capital 

(real equity capital) and require a set 

amount of net capital be held for the 

term of the bond? If so, what is a 

reasonable level to require? 

(vi) Should qualified issuers be 

required to obtain an independent, 

third-party credit rating from a major 

rating agency? 

5. Capital Distribution Plan 

(a) Section 114A(a)(8)(B)(ii)(II) states 

that a qualified issuer shall provide to 

the Secretary: (aa) an acceptable 

statement of the proposed sources and 

uses of the funds and (bb) a capital 

distribution plan that meets the 

requirements of subsection (c)(1). The 

CDFI Fund seeks comments relating to 

the capital distribution plan 

requirement, specifically: 

(i) What elements should be required 

in an acceptable statement of proposed 

sources and uses of the funds? How 

should the CDFI Fund measure 

acceptability? 

(ii) What elements should be required 

in a capital distribution plan? Are there 

examples of such plans, Federal or 

otherwise, upon which the CDFI Fund 

should model the CDFI Bond Guarantee 

Program’s capital distribution plan 

requirements and application materials? 

(iii) Should the CDFI Fund require 

specific intended uses of all the bond 

proceeds in the capital distribution plan 

or should the qualified issuers just be 

required to demonstrate an intended 

pipeline of underlying assets? 

(iv) Should the CDFI Fund set 

minimum underwriting criteria for 

borrowers? Should applicants be 

required to demonstrate satisfaction of 

those criteria in the capital distribution 

plan? 

6. Accountability of Qualified Issuers 

(a) The CDFI Fund welcomes 

comments on how to monitor the use of 

proceeds and financial performance of 

qualified issuers, particularly with 

respect to the following questions: 

(a) What tests should the CDFI Fund 

use to evaluate if 90 percent of bond 

proceeds have been invested in 

qualified loans? Should reports be 

required from the qualified issuer more 

frequently than on an annual basis? 

(c) What types of tests should the 

CDFI Fund use to evaluate satisfaction 

of the low-income or rural requirement 

set forth in Section 114A(a)(2)? 

(d) What support, if any, would 

applicants and awardees like to receive 

from the CDFI Fund after having issued 

a bond? 

(e) What specific industry standards 

for impact measures (businesses 

financed, units of affordable housing 

developed, etc.) should the CDFI Fund 

adopt for evaluating and monitoring 

loans financed or refinanced with 

proceeds of the guaranteed notes or 

bonds? 

(f) Should achievement of some 

standards or outcome measures be 

mandatory? 

(g) Are the approval criteria for 

qualified issuers as listed in Section 

114A(a)(8)(B) adequate? If not, what else 

should be included? 

7. Prohibited Uses 

(a) Section 114A(b)(5) provides 

certain prohibitions on use of funds 

including, ‘‘political activities, lobbying, 

outreach, counseling services, or travel 

expenses.’’ The CDFI Fund encourages 

comments and suggestions germane to 

prohibited uses established in the Act, 

specifically as to whether there are other 

prohibited uses that the CDFI Fund 

should include. 

8. Servicing of Transactions 

(a) Section 114A(f) states that, in 

general, to maximize efficiencies and 

minimize cost and interest rates, loans 

made under this section may be 

serviced by qualified program 

administrators, bond servicers, and a 

master servicer. This section further 

outlines the duties of the program 

administrator, servicers, and the master 

servicer. Comments regarding the 

servicing of transactions are welcome, 

specifically: 

(i) The Act lists certain duties of a 

program administrator. Should there be 

other requirements? 

(ii) The duties of a program 

administrator suggest that the CDFI 

Fund will serve as the program 

administrator for all issuances. Should 

the CDFI Fund require that each 

qualified issuer have a designated 

program administrator as suggested in 

section 114A(a)(7)? 

(iii) If so, should the servicer be 

eligible to serve as a program 

administrator for a qualified issuer? 

(iv) Who should be responsible for 

resolving troubled loans? 

(v) On what basis should servicers be 

compensated? 

(vi) Are there any duties not listed 

that should be included in sections 

114A(f)(2) through 114A(f)(4)? Are there 

any prohibitions or limitations that 

should be applied? 

9. General Compliance 

The CDFI Fund welcomes comments 

on general compliance issues related to 

monitoring the guarantee portfolio, 

particularly with respect to the 

following questions: 

(i) What types of compliance 

measures should be required by the 

CDFI Fund? Should the CDFI Fund 

mandate specific reports to be collected 

and reviewed by the servicer and 

ultimately the master servicer? If so, 

please provide examples. 

(ii) The Act states that ‘‘repayment 

shall be made on that portion of bonds 

or notes necessary to bring the bonds or 

notes that remain outstanding after such 

repayment into compliance with the 90 

percent requirement of paragraph (1).’’ 


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38580 Federal Register / Vol. 76, No. 127 / Friday, July 1, 2011 / Proposed Rules 

How should the CDFI Fund enforce this 

requirement? 

(iii) What penalties should the CDFI 

Fund impose if a qualified issuer is 

deemed noncompliant? 

(iv) The Act provides that the 

qualified issuer pay a fee of 10 basis 

points annually. What penalties should 

be imposed for failure to comply? 

10. General Comments 

The CDFI Fund is also interested in 

receiving any general comments and 

suggestions regarding the structure of 

the CDFI Bond Guarantee Program that 

are not addressed above. 

Authority: Pub. L. 111–240. 

Dated: June 23, 2011. 

Donna J. Gambrell, 

Director, Community Development Financial 

Institutions Fund. 

[FR Doc. 2011–16682 Filed 6–30–11; 8:45 am] 

BILLING CODE P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 71 

[Docket No. FAA–2011–0087; Airspace 

Docket No. 11–ASO–12] 

Proposed Amendment of Class D 

Airspace; Eglin AFB, FL 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Notice of proposed rulemaking 

(NPRM). 

SUMMARY: This action proposes to 

amend Class D Airspace in the Eglin Air 

Force Base (AFB), FL airspace area. The 

Destin Non-Directional Beacon (NDB) 

has been decommissioned and new 

Standard Instrument Approaches have 

been developed for Destin-Fort Walton 

Beach Airport that would enhance the 

safety and management of Instrument 

Flight Rules (IFR) operations at the 

airport. 

DATES: Comments must be received on 

or before August 15, 2011. The Director 

of the Federal Register approves this 

incorporation by reference action under 

title 1, Code of Federal Regulations, part 

51, subject to the annual revision of 

FAA, Order 7400.9 and publication of 

conforming amendments. 

ADDRESSES: Send comments on this rule 

to: U.S. Department of Transportation, 

Docket Operations, West Building 

Ground Floor, Room W12–140, 1200 

New Jersey Avenue, SE., Washington, 

DC 20590–0001; Telephone: 1–800– 

647–5527; Fax: 202–493–2251. You 

must identify the Docket Number FAA– 

2011–0087; Airspace Docket No. 11– 

ASO–12, at the beginning of your 

comments. You may also submit and 

review received comments through the 

Internet at 

http://www.regulations.gov. 

FOR FURTHER INFORMATION CONTACT: John 

Fornito, Operations Support Group, 

Eastern Service Center, Federal Aviation 

Administration, P.O. Box 20636, 

Atlanta, Georgia 30320; telephone (404) 

305–6364. 

SUPPLEMENTARY INFORMATION: 

Comments Invited 

Interested persons are invited to 

comment on this rule by submitting 

such written data, views, or arguments, 

as they may desire. Comments that 

provide the factual basis supporting the 

views and suggestions presented are 

particularly helpful in developing 

reasoned regulatory decisions on the 

proposal. Comments are specifically 

invited on the overall regulatory, 

aeronautical, economic, environmental, 

and energy-related aspects of the 

proposal. 

Communications should identify both 

docket numbers (FAA Docket No. FAA– 

2011–0087; Airspace Docket No. 11– 

ASO–12) and be submitted in triplicate 

to the Docket Management System (see 

ADDRESSES section for address and 

phone number). You may also submit 

comments through the Internet at 

http://www.regulations.gov. 

Annotators wishing the FAA to 

acknowledge receipt of their comments 

on this action must submit with those 

comments a self-addressed stamped 

postcard on which the following 

statement is made: ‘‘Comments to 

Docket No. FAA–2011–0087; Airspace 

Docket No. 11–ASO–12.’’ The postcard 

will be date/time stamped and returned 

to the commenter. 

All communications received before 

the specified closing date for comments 

will be considered before taking action 

on the proposed rule. The proposal 

contained in this notice may be changed 

in light of the comments received. A 

report summarizing each substantive 

public contact with FAA personnel 

concerned with this rulemaking will be 

filed in the docket. 

Availability of NPRMs 

An electronic copy of this document 

may be downloaded from and 

comments submitted through http:// 

www.regulations.gov. Recently 

published rulemaking documents can 

also be accessed through the FAA’s Web 

page at http://www.faa.gov/ 

airports_airtraffic/air_traffic/ 

publications/airspace_amendments/. 

You may review the public docket 

containing the proposal, any comments 

received and any final disposition in 

person in the Dockets Office (see the 

ADDRESSES section for address and 

phone number) between 9 a.m. and 

5 p.m., Monday through Friday, except 

Federal Holidays. An informal docket 

may also be examined during normal 

business hours at the office of the 

Eastern Service Center, Federal Aviation 

Administration, room 210, 1701 

Columbia Avenue, College Park, Georgia 

30337. 

Persons interested in being placed on 

a mailing list for future NPRMs should 

contact the FAA’s Office of Rulemaking, 

(202) 267–9677, to request a copy of 

Advisory circular No. 11–2A, Notice of 

Proposed Rulemaking distribution 

System, which describes the application 

procedure. 

The Proposal 

The FAA is considering an 

amendment to Title 14, Code of Federal 

Regulations (14 CFR) part 71 to amend 

Class D airspace in the Eglin AFB, FL 

area. The Destin NDB has been 

decommissioned, and the NDB 

approach cancelled. New standard 

instrument approach procedures have 

been developed for Destin-Fort Walton 

Beach Airport. The existing Class D 

airspace extending upward from the 

surface would be modified for the safety 

and management of IFR operations. 

Class D airspace designations are 

published in Paragraph 5000 of FAA 

order 7400.9U, dated August 18, 2010, 

and effective September 15, 2010, which 

is incorporated by reference in 14 CFR 

71.1. The Class D airspace designation 

listed in this document will be 

published subsequently in the Order. 

The FAA has determined that this 

proposed regulation only involves an 

established body of technical 

regulations for which frequent and 

routine amendments are necessary to 

keep them operationally current. It, 

therefore, (1) is not a ‘‘significant 

regulatory action’’ under Executive 

Order 12866; (2) is not a ‘‘significant 

rule’’ under DOT Regulatory Policies 

and Procedures (44 FR 11034; February 

26, 1979); and (3) does not warrant 

preparation of a Regulatory Evaluation 

as the anticipated impact is so minimal. 

Since this is a routine matter that will 

only affect air traffic procedures and air 

navigation, it is certified that this 

proposed rule, when promulgated, 

would not have a significant economic 

impact on a substantial number of small 

entities under the criteria of the 

Regulatory Flexibility Act. 

The FAA’s authority to issue rules 

regarding aviation safety is found in 


jlentini on DSK4TPTVN1PROD with PROPOSALS