Federal Register / Vol. 62, No. 145 / Tuesday, July 29, 1997 / Notices 40555

recapture most of the operating margin

that is lost by factoring in the

instrument uncertainties in the

determination of the LTOP setpoint. The

net effect of using Code Case N–514 is

that the setpoint will not change

significantly with the next setpoint

analysis. Therefore, the licensee

proposed that in determining the

setpoint for LTOP events for Ginna, the

allowable pressure be determined using

the safety margins developed in an

alternate methodology in lieu of the

safety margins required by 10 CFR part

50, Appendix G. The alternate

methodology is consistent with the

ASME Code Case N–514. The content of

this Code Case had been incorporated

into Appendix G of Section XI of the

ASME Code and published in the 1993

Addenda to Section XI.

An exemption from 10 CFR 50.60 is

required to use the alternate

methodology for calculating the

maximum allowable pressure for LTOP

considerations. By application dated

June 12, 1997, the licensee requested an

exemption from 10 CFR 50.60 to allow

it to utilize the alternate methodology of

Code Case N–514 to compute its LTOP

setpoints.

Environmental Impacts of the Proposed

Action

Appendix G of the ASME Code

requires that the P/T limits be

calculated: (a) using a safety factor of

two on the principal membrane

(pressure) stresses, (b) assuming a flaw

at the surface with a depth of one

quarter (1⁄4) of the vessel wall thickness

and a length of six (6) times its depth,

and (c) using a conservative fracture

toughness curve that is based on the

lower bound of static, dynamic, and

crack arrest fracture toughness tests on

material similar to the Ginna reactor

vessel material.

In determining the PORV setpoint for

LTOP events, the licensee proposed the

use of safety margins based on an

alternate methodology consistent with

the proposed ASME Code Case N–514

guidelines. ASME Code Case N–514

allows determination of the setpoint for

LTOP events such that the maximum

pressure in the vessel will not exceed

110% of the P/T limits of the existing

ASME Appendix G. This results in a

safety factor of 1.8 on the principal

membrane stresses. All other factors,

including assumed flaw size and

fracture toughness, remain the same.

Although this methodology would

reduce the safety factor on the principal

membrane stresses, use of the proposed

criteria will provide adequate margins

of safety to the reactor vessel during

LTOP transients.

The change will not increase the

probability or consequences of

accidents, no changes are being made in

the types of any effluents that may be

released offsite, and there is no

significant increase in the allowable

individual or cumulative occupational

radiation exposure. Accordingly, the

Commission concludes that there are no

significant radiological environmental

impacts associated with the proposed

action.

With regard to potential

nonradiological impacts, the proposed

action does involve features located

entirely within the restricted area as

defined in 10 CFR Part 20. It does not

affect nonradiological plant effluents

and has no other environmental impact.

Accordingly, the Commission concludes

that there are no significant

nonradiological environmental impacts

associated with the proposed action.

Alternatives to the Proposed Action

Since the Commission has concluded

there is no measurable environmental

impact associated with the proposed

action, any alternatives with equal or

greater environmental impact need not

be evaluated. As an alternative to the

proposed action, the staff considered

denial of the proposed action. Denial of

the application would result in no

change in current environmental

impacts. The environmental impacts of

the proposed action and the alternative

action are similar.

Alternative Use of Resources

This action does not involve the use

of any resources not previously

considered in the ‘‘Final Environmental

Statement For the R. E. Ginna Nuclear

Power Plant’’ dated December 1975.

Agencies and Persons Consulted

In accordance with its stated policy,

on July 2, 1997, the staff consulted with

the Mr. Jack Spath of the New York

State Energy Research and Development

Authority, regarding the environmental

impact of the proposed action. The State

official had no comments.

Finding of No Significant Impact

Based upon the environmental

assessment, the Commission concludes

that the proposed action will not have

a significant effect on the quality of the

human environment. Accordingly, the

Commission has determined not to

prepare an environmental impact

statement for the proposed action.

For further details with respect to the

proposed action, see the licensee’s letter

dated June 12, 1997, which is available

for public inspection at the

Commission’s Public Document Room,

which is located at The Gelman

Building, 2120 L Street, NW.,

Washington, DC, and at the local public

document room located at the Rochester

Public Library, 115 South Avenue,

Rochester, New York.

Dated at Rockville, Maryland, this 23rd day

of July 1997.

For the Nuclear Regulatory Commission.

Guy S. Vissing,

Senior Project Manager, Project Directorate

I–1, Division of Reactor Projects I/II, Office

of Nuclear Reactor Regulation.

[FR Doc. 97–19931 Filed 7–28–97; 8:45 am]

BILLING CODE 7590–01–P

NUCLEAR REGULATORY

COMMISSION

Sunshine Meeting

DATE: Weeks of July 28, August 4, 11,

and 18, 1997.

PLACE: Commissioners’ Conference

Room, 11555 Rockville Pike, Rockville,

Maryland.

STATUS: Public and Closed.

MATTERS TO BE CONSIDERED:

Week of July 28

There are no meetings scheduled for

the week of July 28.

Week of August 4—Tentative

Monday, August 4

2:00 p.m. Briefing by International

Programs (Closed—Ex. 1)

3:00 p.m. Briefing on Investigative

Matters (Closed—Ex. 5 & 7)

Wednesday, August 6

9:30 a.m. Meeting with Northeast

Nuclear on Millstone (Public

Meeting) Contact: Bill Travers, 301–

415–1200)

2:00 p.m. Briefing on Shutdown Risk

Proposed Rule for Nuclear Power

Plants (Public Meeting) (Contact:

Tim Collins, 301–415–2897)

3:30 p.m. Affirmation Session (Public

Meeting) if needed)

Thursday, August 7

9:30 a.m. Meeting with NRC Executive

Council (Public Meeting) Contact:

James L. Blaha, 301–415–1703)

Week of August 11—Tentative

There are no meetings scheduled for

the week of August 11.

Week of August 18—Tentative

Friday, August 22

11:30 a.m. Affirmation Session (Public

Meeting) (if needed)

Note: The schedule for Commission

Meetings is subject to change on short notice.
40556 Federal Register / Vol. 62, No. 145 / Tuesday, July 29, 1997 / Notices

1No Trust will hold Contracts relating to the

Shares of more than one issuer. (p.5, n.3)

2A formula is likely to limit the Holder’s

participation in any appreciation of the underlying

Shares, and it may, in some cases, limit the Holder’s

exposure to any depreciation in the underlying

Shares. It is anticipated that the Holders will

receive a yield greater than the ordinary dividend

yield on the Shares at the time of the issuance of

the Securities, which is intended to compensate

Holders for the limit on the Holders’ participation

in any appreciation of the underlying Shares. In

some cases, there may be an upper limit on the

value of the Shares that a Holder will ultimately

receive. (p.6)

3The contracts may provide for an option on the

part of a counterparty to deliver Shares, cash, or a

combination of Shares and cash to the Trust at the

terminaiton of each Trust. (p.7, n.5)

To verify the status of meetings call

(recording)—(301) 415–1292. Contact person

for more information: Bill Hill (301) 415–

1661.

The NRC Commission Meeting

Schedule can be found on the Internet

at: http://www.nrc.gov/SECY/smj/

schedule.htm.

This notice is distributed by mail to

several hundred subscribers; if you no

longer wish to receive it, or would like

to be added to it, please contact the

Office of the Secretary, Attn: Operations

Branch, Washington, DC 20555 (301–

415–1661).

In addition, distribution of this

meeting notice over the Internet system

is available. If you are interested in

receiving this Commission meeting

schedule electronically, please send an

electronic message to wmh@nrc.gov or

dkw@nrc.gov.

Dated: July 25, 1997.

William M. Hill, Jr.,

Secy Tracking Officer, Office of the Secretary.

[FR Doc. 97–20073 Filed 7–25–97; 2:31 pm]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel No. IC–22758; 812–10626]

Merrill Lynch, Pierce, Fenner & Smith

Incorporated and Merrill Lynch

Government Securities, Inc.; Notice of

Application

July 22, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application for an

order under the Investment Company

Act of 1940 (the ‘‘Act’’).

APPLICANTS: Merrill Lynch, Pierce,

Fenner & Smith Incorporated (‘‘Merrill

Lynch’’) and Merrill Lynch Government

Securities, Inc. (‘‘GSI’’).

RELAVANT ACT SECTIONS: Order requested

under section 12(d)(1)(J) for an

exemption from section 12(d)(1), under

section 6(c) for an exemption from

section 14(a), and under section 17(b)

for an exemption from section 17(a).

SUMMARY OF APPLICATION: Applicants

request an order with respect to

Structured Yield Product Exchangeable

for Stock Trusts and future trusts that

are substantially similar and for which

Merrill Lynch will serve as a principal

underwriter (the ‘‘Trusts’’) that would

(a) permit other registered investment

companies to own a greater percentage

of the total outstanding voting stock (the

‘‘Securities’’) of any Trust than that

permitted by section 12(d)(1), (b)

exempt the Trusts from the initial net

worth requirements of section 14(a), and

(c) permit the Trusts to purchase U.S.

government securities from Merrill

Lynch and/or GSI at the time of a

Trust’s initial issuance of Securities.

FILING DATES: The application was filed

on April 21, 1997, and amended on July

18, 1997.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

heari8ng by writing to the SEC’s

Secretary and serving applicants with a

copy of the request, personally or by

mail. Hearing requests should be

received by the SEC by 5:30 p.m. on

August 15, 1997, and should be

accompanied by proof of service on

applicants, 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 SEC’s

Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

Street, N.W., Washington, D.C. 20549.

Applicants, World Financial Center,

North Tower, 250 Vesey Street, New

York, New York 10281–1318.

FOR FURTHER INFORMATION CONTACT:

Brian T. Hourihan, Senior Counsel, at

(202) 942–05267, or Mary Kay Frech,

Branch Chief, at (202) 942–0564

(Division of Investment Management,

Office of Investment Company

Regulation).

SUPPLEMENTARY INFORMATION: The

following is a summary of the

application. The complete application

may be obtained for a fee from the SEC’s

Public Reference Branch.

Applicants’ Representations

1. Each Trust will be a limited-life,

grantor trust registered under the Act as

a non-diversified, closed-end

management investment company.

Merrill Lynch will serve as a principal

underwriter (as defined in section

2(a)(29) of the Act) of the Securities

issued to the public by each Trust.

2. Each Trust will, at the time of its

issuance of Securities, (a) enter into one

or more forward purchase contracts (the

‘‘Contracts’’) with a counterparty to

purchase a formulaically-determined

number of a specified equity security or

securities (the ‘‘Shares’’) of one

specified issuer,1 and (b) in some cases,

purchase certain U.S. Treasury

securities (‘‘Treasuries’’), which may

include interest-only or principal-only

securities maturing at or prior to the

Trust’s termination. The Trusts will

purchase the Contracts from

counterparties that are not affiliated

with either the relevant Trust or

applicants. The investment objective of

each Trust will be to provide to each

holder of Securities (‘‘Holder’’) (a)

current cash distributions from the

proceeds of any Treasuries, and (b)

participation in, or limited exposure to,

changes in the market value of the

underlying Shares.

3. In all cases, the Shares will trade

in the secondary market and the issuer

of the Shares will be a reporting

company under the Securities Exchange

Act of 1934. The number of Shares, or

the value thereof, that will be delivered

to a Trust pursuant to the Contracts may

be fixed (e.g., one Share per Security

issued) or may be determined pursuant

to a formula, the product of which will

vary with the price of the Shares. A

formula generally will result in each

Holder of Securities receiving fewer

Shares as the market value of such

Shares increases, and more Shares as

their market value decreases.2 At the

termination of each Trust, each Holder

will receive the number of Shares per

Security, or the value thereof, as

determined by the terms of the

Contracts, that is equal to the Holder’s

pro rata interest in the Shares or amount

received by the Trust under the

Contracts.3

4. Securities issued by the Trusts will

be listed on a national securities

exchange or trade on the National

Association of Securities Dealers

Automated Quotation System. Thus, the

Securities will be ‘‘national market

system’’ securities subject to public

price quotation and trade reporting

requirements. After the Securities are

issued, the trading price of the

Securities is expected to vary from time

to time based primarily upon the price

of the underlying Shares, interest rates,

and other factors affecting conditions

and prices in the debt and equity

markets. Mrerrill Lynch currently