70618 Federal Register / Vol. 65, No. 227 / Friday, November 24, 2000 / Notices

‘‘General Wage Determinations Issued

Under The Davis-Bacon And Related

Acts,’’ shall be the minimum paid by

contractors and subcontractors to

laborers and mechanics.

Any person, organization, or

governmental agency having on interest

in the rates determined as prevailing is

encouraged to submit wage rate and

fringe benefit information for

consideration by the Department.

Further information and selfexplanatory forms for the purpose of

submitting this data may be obtained by

writing to the U.S. Department of Labor,

Employment Standards Administration,

Wage and Hour Division, Division of

Wage Determinations, 200 Constitution

Avenue, N.W., Room S–3014,

Washington, DC 20210.

Modifications to General Wage

Determination Decisions

The number of decisions listed in the

Government Printing Office document

entitled ‘‘General Wage Determinations

Issued Under the Davis-Bacon and

related Acts’’ being modified are listed

by Volume and State. Dates of

publication in the Federal Register are

in parentheses following the decisions

being modified.

Volume I

None

Volume II

Pennsylvania

PA000009 (Feb. 11, 2000)

PA000014 (Feb. 11, 2000)

PA000023 (Feb. 11, 2000)

PA000024 (Feb. 11, 2000)

PA000029 (Feb. 11, 2000)

PA000040 (Feb. 11, 2000)

Volume III

Georgia

GA000032 (Feb. 11, 2000)

GA000073 (Feb. 11, 2000)

Volume IV

Michigan

MI000001 (Feb. 11, 2000)

MI000002 (Feb. 11, 2000)

MI000003 (Feb. 11, 2000)

MI000004 (Feb. 11, 2000)

MI000005 (Feb. 11, 2000)

MI000007 (Feb. 11, 2000)

MI000008 (Feb. 11, 2000)

MI000010 (Feb. 11, 2000)

MI000011 (Feb. 11, 2000)

MI000012 (Feb. 11, 2000)

MI000015 (Feb. 11, 2000)

MI000016 (Feb. 11, 2000)

MI000017 (Feb. 11, 2000)

Volume V

None

Volume VI

None

Volume VII

None

General Wage Determination

Publication

General wage determinations issued

under the Davis-Bacon and related Acts,

including those noted above, may be

found in the Government Printing Office

(GPO) document entitled ‘‘General Wage

Determinations Issued Under The DavisBacon and Related Acts.’’ This

publication is available at each of the 50

Regional Government Depository

Libraries and many of the 1,400

Government Depository Libraries across

the country.

The general wage determinations

issued under the Davis-Bacon and

related Acts are available electronically

by subscription to the FedWorld

Bulletin Board System of the National

Technical Information Service (NTIS) of

the U.S. Department of Commerce at 1–

800–363–2068.

Hard-copy subscriptions may be

purchased from: Superintendent of

Documents, U.S. Government Printing

Office, Washington, D.C. 20402, (202)

512–1800.

When ordering hard-copy

subscription(s), be sure to specify the

State(s) of interest, since subscriptions

may be ordered for any or all of the

seven separate volumes, arranged by

State. Subscriptions include an annual

edition (issued in January or February)

which includes all current general wage

determinations for the States covered by

each volume. Throughout the remainder

of the year, regular weekly updates are

distributed to subscribers.

Signed at Washington, DC this 16th day of

November 2000.

Carl J. Poleskey,

Chief, Branch of Construction Wage

Determinations.

[FR Doc. 00–29846 Filed 11–22–00; 8:45 am]

BILLING CODE 4510–27–M

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 2000–

59; Exemption Application No. D–10770,

et al.]

Grant of Individual Exemptions;

Deutsche Bank and Its Affiliates

(Collectively, Deutsche Bank of the

Applicants)

AGENCY: Pension and Welfare Benefits

Administration, Labor.

ACTION: Grant of Individual Exemptions.

SUMMARY: This document contains

exemptions issued by the Department of

Labor (the Department) from certain of

the prohibited transaction restrictions of

the Employee Retirement Income

Security Act of 1974 (the Act) and/or

the Internal Revenue Code of 1986 (the

Code).

Notices were published in the Federal

Register of the pendency before the

Department of proposals to grant such

exemptions. The notices set forth a

summary of facts and representations

contained in each application for

exemption and referred interested

persons to the respective applications

for a complete statement of the facts and

representations. The applications have

been available for public inspection at

the Department in Washington, DC. The

notices also invited interested persons

to submit comments on the requested

exemptions to the Department. In

addition the notices stated that any

interested person might submit a

written request that a public hearing be

held (where appropriate). The

applicants have represented that they

have complied with the requirements of

the notification to interested persons.

No public comments and no requests for

a hearing, unless otherwise stated, were

received by the Department.

The notices of proposed exemption

were issued and the exemptions are

being granted solely by the Department

because, effective December 31, 1978,

section 102 of Reorganization Plan No.

4 of 1978, 5 U.S.C. App. 1 (1996),

transferred the authority of the Secretary

of the Treasury to issue exemptions of

the type proposed to the Secretary of

Labor.

Statutory Findings

In accordance with section 408(a) of

the Act and/or section 4975(c)(2) of the

Code and the procedures set forth in 29

CFR Part 2570, Subpart B (55 FR 32836,

32847, August 10, 1990) and based upon

the entire record, the Department makes

the following findings:

(a) The exemptions are

administratively feasible;

(b) They are in the interests of the

plans and their participants and

beneficiaries; and

(c) They are protective of the rights of

the participants and beneficiaries of the

plans.

Federal Register / Vol. 65, No. 227 / Friday, November 24, 2000 / Notices 70619

Deutsche Bank AG and Its Affiliates

(Collectively, Deutsche Bank or the

Applicants) Located in Frankfurt,

Germany

[Prohibited Transaction Exemption 2000–59;

Exemption Application No. D–10770]

Exemption

Section I—Retroactive Exemption for

the Acquisition, Holding and

Disposition of Deutsche Bank AG Stock

The restrictions of sections

406(a)(1)(D), 406(b)(1) and 406(b)(2) of

the Act, and the sanctions resulting

from the application of section 4975 of

the Code by reason of section

4975(c)(1)(D) and (E) of the Code, shall

not apply, as of June 4, 1999 until

Novmeber 24, 2000, to the acquisition,

holding and disposition of the common

stock of Deutsche Bank AG (the

Deutsche Bank AG Stock) by Index and

Model-Driven Funds managed by

Deutsche Bank, provided that the

following conditions and the general

conditions in Section III are met:

(a) The acquisition or disposition of

the Deutsche Bank AG Stock is for the

sole purpose of maintaining strict

quantitative conformity with the

relevant index upon which the Index or

Model-Driven Fund is based, and does

not involve any agreement, arrangement

or understanding regarding the design

or operation of the Fund acquiring the

Deutsche Bank AG Stock which is

intended to benefit Deutsche Bank or

any party in which Deutsche Bank may

have an interest.

(b) All aggregate daily purchases of

Deutsche Bank AG Stock by the Funds

do not exceed on any particular day the

greater of:

(1) 15 percent of the average daily

trading volume for the Deutsche Bank

AG Stock occurring on the applicable

exchange and automated trading system

(as described in paragraph (c) below) for

the previous five (5) business days, or

(2) 15 percent of the trading volume

for Deutsche Bank AG Stock occurring

on the applicable exchange and

automated trading system on the date of

the transaction, as determined by the

best available information for the trades

occurring on that date.

(c) All purchases and sales of

Deutsche Bank AG Stock occur either (i)

on a recognized securities exchange as

defined in Section IV(k) below, (ii)

through an automated trading system (as

defined in Section IV(j) below) operated

by a broker-dealer independent of

Deutsche Bank that is subject to

regulation and supervision by the

Deutsche Bundesbank and the

Bundesaufsichtsamt fuer das

Kreditwesen (the BAK), the

Bundesaufsichtsamt fur den

Wertpapierhandel (the BAWe), or

another applicable regulatory authority

(pursuant to the applicable securities

laws) that provides a mechanism for

customer orders to be matched on an

anonymous basis without the

participation of a broker-dealer, or (iii)

in a direct, arms-length transaction

entered into on a principal basis with a

broker-dealer, in the ordinary course of

its business, where such broker-dealer is

independent of Deutsche Bank and is

either registered under the Securities

Exchange Act of 1934 (the ’34 Act), and

thereby subject to regulation by the U.S.

Securities and Exchange Commission

(SEC), or subject to regulation and

supervision by the BAK, the BAWe, or

another applicable regulatory authority.

(d) No transactions by a Fund involve

purchases from, or sales to, Deutsche

Bank (including officers, directors, or

employees thereof), or any party in

interest that is a fiduciary with

discretion to invest plan assets into the

Fund (unless the transaction by the

Fund with such party in interest would

otherwise be subject to an exemption).

(e) No more than five (5) percent of

the total amount of Deutsche Bank AG

Stock issued and outstanding at any

time is held in the aggregate by Index

and Model-Driven Funds managed by

Deutsche Bank.

(f) Deutsche Bank AG Stock

constitutes no more than three (3)

percent of any independent third party

index on which the investments of an

Index or Model-Driven Fund are based.

(g) A plan fiduciary independent of

Deutsche Bank authorizes the

investment of such plan’s assets in an

Index or Model-Driven Fund which

purchases and/or holds Deutsche Bank

AG Stock, pursuant to the procedures

described in the notice of proposed

exemption published on September 19,

2000 (65 FR 56708, 56714), other than

in the case of an employee benefit plan

sponsored or maintained by Deutsche

Bank and/or an Affiliate for its own

employees (a Deutsche Bank Plan).

(h) A fiduciary independent of

Deutsche Bank directs the voting of the

Deutsche Bank AG Stock held by an

Index or Model-Driven Fund on any

matter in which shareholders of

Deutsche Bank AG Stock are required or

permitted to vote.

(i) No more than ten (10) percent of

the assets of any Fund that acquires and

holds Deutsche Bank AG Stock is

comprised of assets of any Deutsche

Bank Plan(s) for which Deutsche Bank

exercises investment discretion.

Section II—Prospective Exemption for

the Acquisition, Holding and

Disposition of Deutsche Bank Stock

The restrictions of sections

406(a)(1)(D), 406(b)(1) and 406(b)(2) of

the Act, section 8477(c)(2)(A) and (B) of

FERSA, and the sanctions resulting from

the application of section 4975 of the

Code by reason of section 4975(c)(1)(D)

and (E) of the Code, shall not apply to

the acquisition, holding and disposition

of Deutsche Bank AG Stock or the

common stock of an affiliate of Deutsche

Bank AG (Deutsche Bank Affiliate

Stock) by Index and Model-Driven

Funds managed by Deutsche Bank,

provided that the following conditions

and the general conditions in Section II

are met:

(a) The acquisition or disposition of

Deutsche Bank AG Stock or Deutsche

Bank Affiliate Stock (collectively,

Deutsche Bank Stock) is for the sole

purpose of maintaining strict

quantitative conformity with the

relevant index upon which the Index or

Model-Driven Fund is based, and does

not involve any agreement, arrangement

or understanding regarding the design

or operation of the Fund acquiring the

Deutsche Bank Stock which is intended

to benefit Deutsche Bank or any party in

which Deutsche Bank may have an

interest.

(b) Whenever Deutsche Bank Stock is

initially added to an index on which an

Index or Model-Driven Fund is based, or

initially added to the portfolio of an

Index or Model-Driven Fund, all

acquisitions of Deutsche Bank Stock

necessary to bring the Fund’s holdings

of such Stock either to its capitalizationweighted or other specified composition

in the relevant index, as determined by

the independent organization

maintaining such index, or to its correct

weighting as determined by the model

which has been used to transform the

index, occur in the following manner:

(1) Purchases are from, or through,

only one broker or dealer on a single

trading day;

(2) Based on the best available

information, purchases are not the

opening transaction for the trading day;

(3) Purchases are not effected in the

last half hour before the scheduled close

of the trading day;

(4) Purchases are at a price that is not

higher than the lowest current

independent offer quotation,

determined on the basis of reasonable

inquiry from non-affiliated brokers;

(5) Aggregate daily purchases do not

exceed 15 percent of the average daily

trading volume for the security, as

determined by the greater of either (i)

the trading volume for the security

70620 Federal Register / Vol. 65, No. 227 / Friday, November 24, 2000 / Notices

occurring on the applicable exchange

and automated trading system on the

date of the transaction, or (ii) an

aggregate average daily trading volume

for the security occurring on the

applicable exchange and automated

trading system for the previous five (5)

business days, both based on the best

information reasonably available at the

time of the transaction;

(6) All purchases and sales of

Deutsche Bank Stock occur either (i) on

a recognized securities exchange (as

defined in Section IV(k) below), (ii)

through an automated trading system (as

defined in Section IV(j) below) operated

by a broker-dealer independent of

Deutsche Bank that is either registered

under the ’34 Act, and thereby subject

to regulation by the SEC, or subject to

regulation and supervision by the BAK,

the BAWe, or another applicable

regulatory authority, which provides a

mechanism for customer orders to be

matched on an anonymous basis

without the participation of a brokerdealer, or (iii) through an automated

trading system (as defined in Section

IV(j) below) that is operated by a

recognized securities exchange (as

defined in Section IV(k) below),

pursuant to the applicable securities

laws, and provides a mechanism for

customer orders to be matched on an

anonymous basis without the

participation of a broker-dealer; and

(7) If the necessary number of shares

of Deutsche Bank Stock cannot be

acquired within 10 business days from

the date of the event which causes the

particular Fund to require Deutsche

Bank Stock, Deutsche Bank appoints a

fiduciary which is independent of

Deutsche Bank to design acquisition

procedures and monitor Deutsche

Bank’s compliance with such

procedures.

(c) Subsequent to acquisitions

necessary to bring a Fund’s holdings of

Deutsche Bank Stock to its specified

weighting in the index or model

pursuant to the restrictions described in

paragraph (b) above, all aggregate daily

purchases of Deutsche Bank Stock by

the Funds do not exceed on any

particular day the greater of:

(1) 15 percent of the average daily

trading volume for the Deutsche Bank

Stock occurring on the applicable

exchange and automated trading system

(as defined below) for the previous five

(5) business days, or

(2) 15 percent of the trading volume

for Deutsche Bank Stock occurring on

the applicable exchange and automated

trading system (as defined below) on the

date of the transaction, as determined by

the best available information for the

trades that occurred on such date.

(d) All transactions in Deutsche Bank

Stock not otherwise described in

paragraph (b) above are either: (i)

Entered into on a principal basis in a

direct, arms-length transaction with a

broker-dealer, in the ordinary course of

its business, where such broker-dealer is

independent of Deutsche Bank and is

either registered under the ’34 Act, and

thereby subject to regulation by the SEC,

or subject to regulation and supervision

by the BAK, the BAWe, or another

applicable regulatory authority, (ii)

effected on an automated trading system

(as defined in Section IV(j) below)

operated by a broker-dealer independent

of Deutsche Bank that is subject to

regulation by either the SEC, the BAK,

the BAWe, or another applicable

regulatory authority, or an automated

trading system operated by a recognized

securities exchange (as defined in

Section IV(k) below) which, in either

case, provides a mechanism for

customer orders to be matched on an

anonymous basis without the

participation of a broker-dealer, or (iii)

effected through a recognized securities

exchange (as defined in Section IV(k)

below) so long as the broker is acting on

an agency basis.

(e) No transactions by a Fund involve

purchases from, or sales to, Deutsche

Bank (including officers, directors, or

employees thereof), or any party in

interest that is a fiduciary with

discretion to invest plan assets into the

Fund (unless the transaction by the

Fund with such party in interest would

otherwise be subject to an exemption).

(f) No more than five (5) percent of the

total amount of either Deutsche Bank

AG Stock or any Deutsche Bank Affiliate

Stock, that is issued and outstanding at

any time, is held in the aggregate by

Index and Model-Driven Funds

managed by Deutsche Bank.

(g) Deutsche Bank Stock constitutes

no more than five (5) percent of any

independent third party index on which

the investments of an Index or ModelDriven Fund are based.

(h) A plan fiduciary independent of

Deutsche Bank authorizes the

investment of such plan’s assets in an

Index or Model-Driven Fund which

purchases and/or holds Deutsche Bank

Stock, pursuant to the procedures

described in the notice of proposed

exemption published on September 19,

2000 (65 FR 56708, 56714), other than

with respect to a Deutsche Bank Plan.

(i) A fiduciary independent of

Deutsche Bank directs the voting of the

Deutsche Bank Stock held by an Index

or Model-Driven Fund on any matter in

which shareholders of Deutsche Bank

Stock are required or permitted to vote.

(j) No more than ten (10) percent of

the assets of any Fund that acquires and

holds Deutsche Bank Stock is comprised

of assets of Deutsche Bank Plan(s) for

which Deutsche Bank exercises

investment discretion.

Section III—General Conditions

(a) Deutsche Bank maintains or causes

to be maintained for a period of six

years from the date of the transaction

the records necessary to enable the

persons described in paragraph (b) of

this Section to determine whether the

conditions of this exemption have been

met, except that (1) a prohibited

transaction will not be considered to

have occurred if, due to circumstances

beyond the control of Deutsche Bank,

the records are lost or destroyed prior to

the end of the six-year period, and (2)

no party in interest other than Deutsche

Bank shall be subject to the civil penalty

that may be assessed under section

502(i) of the Act or to the taxes imposed

by section 4975(a) and (b) of the Code

if the records are not maintained or are

not available for examination as

required by paragraph (b) below.

(b)(1) Except as provided in paragraph

(b)(2) and notwithstanding any

provisions of section 504(a)(2) and (b) of

the Act, the records referred to in

paragraph (a) of this Section are

unconditionally available at their

customary location for examination

during normal business hours by—

(A) Any duly authorized employee or

representative of the Department or the

Internal Revenue Service,

(B) Any fiduciary of a plan

participating in an Index or ModelDriven Fund who has authority to

acquire or dispose of the interests of the

plan, or any duly authorized employee

or representative of such fiduciary,

(C) Any contributing employer to any

plan participating in an Index or ModelDriven Fund or any duly authorized

employee or representative of such

employer, and

(D) Any participant or beneficiary of

any plan participating in an Index or

Model-Driven Fund, or a representative

of such participant or beneficiary.

(2) None of the persons described in

subparagraphs (B) through (D) of this

paragraph (b) shall be authorized to

examine trade secrets of Deutsche Bank

or commercial or financial information

which is considered confidential.

Section IV—Definitions

(a) The term ‘‘Index Fund’’ means any

investment fund, account or portfolio

sponsored, maintained, trusteed, or

managed by Deutsche Bank, in which

one or more investors invest, and—

Federal Register / Vol. 65, No. 227 / Friday, November 24, 2000 / Notices 70621

1According to section 3(26) of the Act, the term

‘‘current Value’’ means fair market value where

available and otherwise the fair market value as

determined in good faith by a trustee or a named

fiduciary pursuant to the terms of the plan and in

accordance with regulations of the Secretary [of

Labor], assuming an orderly liquidation at the time

of such determination.

(1) Which is designed to track the rate

of return, risk profile and other

characteristics of an independently

maintained securities Index, as

described in Section IV(c) below, by

either (i) replicating the same

combination of securities which

compose such Index or (ii) sampling the

securities which compose such Index

based on objective criteria and data;

(2) For which Deutsche Bank does not

use its discretion, or data within their

control, to affect the identity or amount

of securities to be purchased or sold;

(3) That contains ‘‘plan assets’’ subject

to the Act, pursuant to the Department’s

regulations (see 29 CFR 2510.3–101,

Definition of ‘‘plan assets’’—plan

investments); and,

(4) That involves no agreement,

arrangement, or understanding

regarding the design or operation of the

Fund which is intended to benefit

Deutsche Bank or any party in which

Deutsche Bank may have an interest.

(b) The term ‘‘Model-Driven Fund’’

means any investment fund, account or

portfolio sponsored, maintained,

trusteed, or managed by Deutsche Bank,

in which one or more investors invest,

and—

(1) Which is composed of securities

the identity of which and the amount of

which are selected by a computer model

that is based on prescribed objective

criteria using independent third party

data, not within the control of Deutsche

Bank, to transform an independently

maintained Index, as described in

Section IV(c) below;

(2) Which contains ‘‘plan assets’’

subject to the Act, pursuant to the

Department’s regulations (see 29 CFR

2510.3–101, Definition of ‘‘plan

assets’’—plan investments); and

(3) That involves no agreement,

arrangement, or understanding

regarding the design or operation of the

Fund or the utilization of any specific

objective criteria which is intended to

benefit Deutsche Bank or any party in

which Deutsche Bank may have an

interest.

(c) The term ‘‘Index’’ means a

securities index that represents the

investment performance of a specific

segment of the public market for equity

or debt securities in the United States

and/or foreign countries, but only if—

(1) The organization creating and

maintaining the index is—

(A) Engaged in the business of

providing financial information,

evaluation, advice or securities

brokerage services to institutional

clients,

(B) A publisher of financial news or

information, or

(C) A public stock exchange or

association of securities dealers; and,

(2) The index is created and

maintained by an organization

independent of Deutsche Bank; and,

(3) The index is a generally accepted

standardized index of securities which

is not specifically tailored for the use of

Deutsche Bank.

(d) The term ‘‘opening date’’ means

the date on which investments in or

withdrawals from an Index or ModelDriven Fund may be made.

(e) The term ‘‘Buy-up’’ means an

acquisition of Deutsche Bank Stock by

an Index or Model-Driven Fund in

connection with the initial addition of

such Stock to an independently

maintained index upon which the Fund

is based or the initial investment of a

Fund in such Stock.

(f) The term ‘‘Deutsche Bank’’ refers to

Deutsche Bank AG or an Affiliate, as

defined below in paragraph (g).

(g) The term ‘‘Affiliate’’ means, with

respect to Deutsche Bank AG, an entity

which, directly or indirectly, through

one or more intermediaries, is

controlled by Deutsche Bank AG.

(h) An ‘‘affiliate’’ of Deutsche Bank

includes:

(1) Any person, directly or indirectly,

through one or more intermediaries,

controlling, controlled by or under

common control with the person;

(2) Any officer, director, employee or

relative of such person, or partner of any

such person; and

(3) Any corporation or partnership of

which such person is an officer,

director, partner or employee.

(i) The term ‘‘control’’ means the

power to exercise a controlling

influence over the management or

policies of a person other than an

individual.

(j) The term ‘‘automated trading

system’’ means an electronic trading

system that functions in a manner

intended to simulate a securities

exchange by electronically matching

orders on an agency basis from multiple

buyers and sellers, such as an

‘‘alternative trading system’’ within the

meaning of the SEC’s Reg. ATS [17 CFR

Part 242.300], as such definition may be

amended from time to time, or an

‘‘automated quotation system’’ as

described in Section 3(a)(51)(A)(ii) of

the ‘‘34 Act [15 U.S.C. 78c(a)(51)(A)(ii)].

(k) The term ‘‘recognized securities

exchange’’ means a U.S. securities

exchange that is registered as a

‘‘national securities exchange’’ under

Section 6 of the ‘‘34 Act (15 U.S.C. 78f),

or a designated offshore securities

market, as defined in Regulation S of the

SEC [17 CFR Part 230.902(b)], as such

definition may be amended from time to

time, which performs with respect to

securities the functions commonly

performed by a stock exchange within

the meaning of definitions under the

applicable securities laws (e.g., 17 CFR

Part 240.3b–16).

EFFECTIVE DATE: This exemption is

effective as of June 4, 1999, for those

transactions described in Section I

above, and as of the date the exemption

is published in the Federal Register for

those transactions described in Section

II above.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption, refer to the notice of

proposed exemption published on

September 19, 2000 at 65 FR 56708.

FOR FURTHER INFORMATION CONTACT: Mr.

Gary H. Lefkowitz of the Department,

telephone (202) 219–8881. (This is not

a toll-free number.)

John L. Rust Co. Profit Sharing Plan

(the Plan) Located in Albuquerque, New

Mexico

[Prohibited Transaction Exemption 2000–60;

Exemption Application No. D–10877]

Exemption

The restrictions of sections 406(a),

406(b)(1) and (b)(2) of the Act and the

sanctions resulting from the application

of section 4975 of the Code, by reason

of section 4975(c)(1)(A) through (E) of

the Code, shall not apply to (1) The

purchases by the Plan of certain leases

of equipment (the Leases) from John L.

Rust Co. (Rust), the Plan sponsor and a

party in interest with respect to the

Plan, and (2) the agreement by Rust to

indemnify the Plan against any loss

relating to the Leases and also to

repurchase any Leases that are in

default in accordance with paragraph

(E) below, provided that the following

conditions are met:

A. Any sale of Leases to the Plan is

on terms at least as favorable to the Plan

as an arm’s length transaction with an

unrelated third party.

B. Subsequent to September 22, 2000,

the acquisition of a Lease from Rust

shall not cause the Plan to hold

immediately following the acquisition

(1) more than 25% of the current value

(as that term is defined in section 3(26)

of the Act) 1 of Plan assets in customer

notes (Notes) and Leases sold by Rust or

(2) more than 10% of Plan assets in the

70622 Federal Register / Vol. 65, No. 227 / Friday, November 24, 2000 / Notices

2 ‘‘Payout value’’ of a Lease is defined as the price

that the lessee would pay at any point in time to

obtain title to the leased property.

aggregate of Leases with and Notes of

any one entity.

C. Prior to the purchase of each Lease,

an independent, qualified fiduciary

determines that the purchase is

appropriate and suitable for the Plan

and that any Lease purchase is a fair

market value transaction.

D. The independent fiduciary, on

behalf of the Plan, monitors the terms of

the Leases and the exemption and takes

whatever action is necessary to enforce

the rights of the Plan.

E. Upon default by the lessee on any

payment due under a Lease, Rust

repurchases the Lease from the Plan at

the payout value 2 as of the date of the

default, without discount, and

indemnifies the Plan for any loss

suffered. The occurrence of any of the

following events shall be considered

events of default for purposes of this

section: (1) The lessee’s failure to pay

any amounts due hereunder within five

days after receipt of written notice from

the Plan’s independent fiduciary, or the

lessee’s failure to pay any amounts due

hereunder within 30 days after payment

becomes past due, if earlier; (2) the

lessee’s failure to perform any other

obligation under this agreement within

ten days of receipt of written notice

from the Plan’s independent fiduciary;

(3) abandonment of the equipment by

the lessee; (4) the lessee’s cessation of

business; (5) the commencement of any

proceeding in bankruptcy, receivership

or insolvency or assignment for the

benefit of creditors by the lessee; (6)

false representation by the lessee as to

its credit or financial standing; (7)

attachment or execution levied on

lessee’s property; or (8) use of the

equipment by third parties without

lessor’s prior written consent.

F. The Plan receives adequate security

for the Lease. For purposes of this

exemption, the term adequate security

means that the Lease is secured by a

perfected security interest in the leased

property which will name the Plan as

the secured party.

G. Insurance against loss or damage to

the leased property from fire or other

hazards is procured and maintained by

the lessee and the proceeds from such

insurance are assigned to the Plan.

H. The Plan maintains for the

duration of any Lease which is sold to

the Plan pursuant to this exemption,

records necessary to determine whether

the conditions of this exemption have

been met. The Plan continues to

maintain the records for a period of six

years following the expiration of the

Lease or the disposition by the Plan of

the Lease. The records referred to above

must be unconditionally available at

their customary location for

examination, for purposes reasonably

related to protecting rights under the

Plan, during normal business hours by

the Internal Revenue Service, the

Department, Plan participants, any

employee organization any of whose

members are covered by the Plan, or any

duly authorized employee or

representative of the above described

persons.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption, refer to the notice of

proposed exemption published on

September 22, 2000 at 65 FR 57394.

Temporary Nature of Exemption

EFFECTIVE DATES: This exemption is

temporary and will be effective from

September 21, 2000 through September

21, 2005 with respect to the Plan’s

purchases of Leases. The Plan may hold

the Leases acquired pursuant to the

terms of the exemption subsequent to

the end of the five year period.

FOR FURTHER INFORMATION CONTACT: Mr.

Gary Lefkowitz of the Department,

telephone (202) 219–8881. (This is not

a toll-free number.)

Maple Partners Financial Group, Inc.

(Maple) Located in Toronto, Ontario,

Canada

[Prohibited Transaction Exemption 2000–61;

Exemption Application No. D–10905]

Exemption

Section I—Transactions

A. The restrictions of section

406(a)(1)(A) through (D) of the Act and

the sanctions resulting from the

application of section 4975 of the Code,

by reason of section 4975(c)(1)(A)

through (D) of the Code, shall not apply,

effective May 31, 2000, to any purchase

or sale of securities between certain

non-U.S. affiliates of Maple, which are

foreign broker-dealers or banks (the

Foreign Affiliates, as defined below) and

employee benefit plans (the Plans) with

respect to which the Foreign Affiliates

are parties in interest, including options

written by a Plan, Maple, or a Foreign

Affiliate, provided that the following

conditions, and the General Conditions

of Section II, are satisfied:

(1) The Foreign Affiliate customarily

purchases and sells securities for its

own account in the ordinary course of

its business as a broker-dealer or bank;

(2) The terms of any transaction are at

least as favorable to the Plan as those

the Plan could obtain in a comparable

arm’s length transaction with an

unrelated party; and

(3) Neither the Foreign Affiliate nor

an affiliate thereof has discretionary

authority or control with respect to the

investment of the Plan assets involved

in the transaction, or renders investment

advice [within the meaning of 29 CFR

2510. 3–21(c)] with respect to those

assets, and the Foreign Affiliate is a

party in interest or disqualified person

with respect to the Plan assets involved

in the transaction solely by reason of

section 3(14)(B) of the Act or section

4975(e)(2)(B) of the Code, or by reason

of a relationship to a person described

in such sections. For purposes of this

paragraph, the Foreign Affiliate shall

not be deemed to be a fiduciary with

respect to a Plan solely by reason of

providing securities custodial services

for a Plan.

B. The restrictions of sections

406(a)(1)(A) through (D) and 406(b)(2) of

the Act and the sanctions resulting from

the application of section 4975 of the

Code, by reason of section 4975(c)(1)(A)

through (D) of the Code, shall not apply,

effective May 31, 2000, to any extension

of credit to the Plan by the Foreign

Affiliate, to permit the settlement of

securities transactions, regardless of

whether they are effected on an agency

or a principal basis, or in connection

with the writing of options contracts,

provided that the following conditions

and the General Conditions of Section

II, are satisfied:

(1) The Foreign Affiliate is not a

fiduciary with respect to the Plan assets

involved in the transaction, unless no

interest or other consideration is

received by the Foreign Affiliate or an

affiliate thereof, in connection with

such extension of credit; and

(2) Any extension of credit would be

lawful under the Securities Exchange

Act of 1934 (the 1934 Act) and any rules

or regulations thereunder, if the 1934

Act, rules, or regulations were

applicable.

C. The restrictions of section

406(a)(1)(A) through (D) of the Act and

the sanctions resulting from the

application of section 4975 of the Code,

by reason of section 4975(c)(1)(A)

through (D) of the Code, shall not apply,

effective May 31, 2000, to the lending of

securities to the Foreign Affiliates by the

Plans, provided that the following

conditions, and the General Conditions

of Section II, are satisfied:

(1) Neither the Foreign Affiliate nor

an affiliate thereof has discretionary

authority or control with respect to the

investment of the Plan assets involved

in the transaction, or renders investment

advice [within the meaning of 29 CFR

Federal Register / Vol. 65, No. 227 / Friday, November 24, 2000 / Notices 70623

3The Department notes the applicant’s

representation that dividends and other

distributions on foreign securities payable to a

lending Plan may be subject to foreign tax

withholdings and that the Foreign Affiliate will

always put the Plan back in at least as good a

position as it would have been in had it not loaned

the securities.

4PTE 81–6 provides an exemption under certain

conditions from section 406(a)(1)(A) through (D) of

the Act and the corresponding provisions of section

4975(c) of the Code for the lending of securities that

are assets of an employee benefit plan to a U.S.

broker-dealer registered under the 1934 Act (or

exempted from registration under the 1934 Act as

a dealer in exempt Government securities, as

defined therein) or to a U.S. bank, that is a party

in interest with respect to such plan.

2510. 3–21(c)] with respect to those

assets;

(2) The Plan receives from the Foreign

Affiliate (by physical delivery, by book

entry in a securities depository, wire

transfer, or similar means) by the close

of business on the day the loaned

securities are delivered to the Foreign

Affiliate, collateral consisting of cash,

securities issued or guaranteed by the

U.S. Government or its agencies or

instrumentalities, irrevocable U.S. bank

letters of credit issued by persons other

than the Foreign Affiliate or an affiliate

of the Foreign Affiliate, or any

combination thereof. All collateral shall

be in U.S. dollars, or dollardenominated securities or bank letters

of credit, and shall be held in the United

States;

(3) The collateral has, as of the close

of business on the preceding business

day, a market value equal to at least 100

percent of the then market value of the

loaned securities (or, in the case of

letters of credit, a stated amount equal

to same);

(4) The loan is made pursuant to a

written loan agreement (the Loan

Agreement), which may be in the form

of a master agreement covering a series

of securities lending transactions, and

which contains terms at least as

favorable to the Plan as those the Plan

could obtain in a comparable arm’s

length transaction with an unrelated

party;

(5) In return for lending securities, the

Plan either (a) receives a reasonable fee,

which is related to the value of the

borrowed securities and the duration of

the loan, or (b) has the opportunity to

derive compensation through the

investment of cash collateral. In the

latter case, the Plan may pay a loan

rebate or similar fee to the Foreign

Affiliate, if such fee is not greater than

what the Plan would pay in a

comparable arm’s length transaction

with an unrelated party;

(6) The Plan receives at least the

equivalent of all distributions on the

borrowed securities made during the

term of the loan, including, but not

limited to, cash dividends, interest

payments, shares of stock as a result of

stock splits, and rights to purchase

additional securities, that the Plan

would have received (net of applicable

tax withholdings) 3 had it remained the

record owner of such securities;

(7) If the market value of the collateral

as of the close of trading on a business

day falls below 100 percent of the

market value of the borrowed securities

as of the close of trading on that day, the

Foreign Affiliate delivers additional

collateral, by the close of business on

the following business day, to bring the

level of the collateral back to at least 100

percent. However, if the market value of

the collateral exceeds 100 percent of the

market value of the borrowed securities,

the Foreign Affiliate may require the

Plan to return part of the collateral to

reduce the level of the collateral to 100

percent;

(8) Before entering into a Loan

Agreement, the Foreign Affiliate

furnishes to the independent Plan

fiduciary (a) the most recent available

audited statement of the Foreign

Affiliate’s financial condition, (b) the

most recent available unaudited

statement of its financial condition (if

more recent than the audited statement),

and (c) a representation that, at the time

the loan is negotiated, there has been no

material adverse change in its financial

condition that has not been disclosed

since the date of the most recent

financial statement furnished to the

independent Plan fiduciary. Such

representation may be made by the

Foreign Affiliate’s agreeing that each

loan of securities shall constitute a

representation that there has been no

such material adverse change;

(9) The Loan Agreement and/or any

securities loan outstanding may be

terminated by the Plan at any time,

whereupon the Foreign Affiliate shall

deliver certificates for securities

identical to the borrowed securities (or

the equivalent thereof in the event of

reorganization, recapitalization, or

merger of the issuer of the borrowed

securities) to the Plan within (a) the

customary delivery period for such

securities, (b) three business days, or (c)

the time negotiated for such delivery by

the Plan and the Foreign Affiliate,

whichever is least, or, alternatively,

such period as permitted by Prohibited

Transaction Class Exemption (PTE) 81–

6 (46 FR 7527, January 23, 1981, as

amended at 52 FR 18754, May 19, 1987),

as it may be amended or superseded; 4

(10) In the event that the loan is

terminated and the Foreign Affiliate

fails to return the borrowed securities,

or the equivalent thereof, within the

time described in paragraph 9, the Plan

may purchase securities identical to the

borrowed securities (or their equivalent

as described above) and may apply the

collateral to the payment of the

purchase price, any other obligations of

the Foreign Affiliate under the Loan

Agreement, and any expenses associated

with the sale and/or purchase. The

Foreign Affiliate is obligated to pay,

under the terms of the Loan Agreement,

and does pay, to the Plan the amount of

any remaining obligations and expenses

not covered by the collateral, plus

interest at a reasonable rate.

Notwithstanding the foregoing, the

Foreign Affiliate may, in the event it

fails to return borrowed securities as

described above, replace non-cash

collateral with an amount of cash not

less than the then current market value

of the collateral, provided that such

replacement is approved by the

independent Plan fiduciary; and

(11) The independent Plan fiduciary

maintains the situs of the Loan

Agreement in accordance with the

indicia of ownership requirements

under section 404(b) of the Act and the

regulations promulgated under 29 CFR

2550.404(b)–1. However, in the event

that the independent Plan fiduciary

does not maintain the situs of the Loan

Agreement in accordance with the

indicia of ownership requirements of

Section 404(b) of the Act, the Foreign

Affiliate shall not be subject to the civil

penalty which may be assessed under

section 502(i) of the Act, or the taxes

imposed by section 4975(a) and (b) of

the Code.

If the Foreign Affiliate fails to comply

with any condition of the exemption in

the course of engaging in a securities

lending transaction, the Plan fiduciary

who caused the Plan to engage in such

transaction shall not be deemed to have

caused the Plan to engage in a

transaction prohibited by section

406(a)(1)(A) through (D) of the Act

solely by reason of the Foreign

Affiliate’s failure to comply with the

conditions of the exemption.

Section II—General Conditions

A. The Foreign Affiliate is a registered

broker-dealer or bank subject to

regulation by a governmental agency, as

described in Section III.B, and is in

compliance with all applicable rules

and regulations thereof in connection

with any transactions covered by this

exemption, if granted;

B. The Foreign Affiliate, in

connection with any transactions

covered by this exemption, is in

compliance with the requirements of

Rule 15a–6 (17 CFR 240.15a–6) of the

70624 Federal Register / Vol. 65, No. 227 / Friday, November 24, 2000 / Notices

1934 Act, and Securities and Exchange

Commission (SEC) interpretations

thereof, providing for foreign affiliates a

limited exemption from U.S. brokerdealer registration requirements;

C. Prior to any transaction, the

Foreign Affiliate enters into a written

agreement with the Plan in which the

Foreign Affiliate consents to the

jurisdiction of the courts of the United

States for any civil action or proceeding

brought in respect of the subject

transactions;

D. The Foreign Affiliate maintains, or

causes to be maintained, within the

United States for a period of six years

from the date of any transaction such

records as are necessary to enable the

persons described in paragraph E. to

determine whether the conditions of the

exemption have been met, except that—

(1) A party in interest with respect to

a Plan, other than the Foreign Affiliate,

shall not be subject to a civil penalty

under section 502(i) of the Act or the

taxes imposed by section 4975 (a) and

(b) of the Code, if such records are not

maintained, or not available for

examination, as required by paragraph

E; and

(2) A prohibited transaction shall not

be deemed to have occurred if, due to

circumstances beyond the Foreign

Affiliate’s control, such records are lost

or destroyed prior to the end of the six

year period; and

E. Notwithstanding any provisions of

subsections (a)(2) and (b) of section 504

of the Act, the Foreign Affiliate makes

the records referred to in paragraph D

unconditionally available during normal

business hours at their customary

location to the following persons or a

duly authorized representative thereof:

(1) The Department, the Internal

Revenue Service, or the SEC; (2) any

fiduciary of a Plan; (3) any contributing

employer to a Plan; (4) any employee

organization any of whose members are

covered by a Plan; and (5) any

participant or beneficiary of a Plan.

However, none of the persons described

in (2) through (5) of this subsection are

authorized to examine the trade secrets

of the Foreign Affiliate or commercial or

financial information which is

privileged or confidential.

Section III—Definitions

A. The term ‘‘affiliate’’ of another

person shall include: (1) Any person

directly or indirectly, through one or

more intermediaries, controlling,

controlled by, or under common control

with such other person; (2) any officer,

director, or partner, employee or relative

(as defined in section 3(15) of the Act)

of such other person; and (3) any

corporation or partnership of which

such other person is an officer, director

or partner. For purposes of this

definition, the term ‘‘control’’ means the

power to exercise a controlling

influence over the management or

policies of a person other than an

individual;

B. The term ‘‘Foreign Affiliate’’ shall

mean an affiliate of Maple that is subject

to regulation as a broker-dealer or bank

by (1) the Ontario Securities

Commission and the Investment Dealers

Association in Canada; (2) the Securities

and Futures Authority in the United

Kingdom; (3) the Deutsche Bundesbank

and the Federal Banking Supervisory

Authority, i.e., der Bundesaufsichtsamt

fu ̈r das Kreditwesen (the BAK) in

Germany, and the Federal Securities

Trading Supervisory Commission,

Bundesaufsichtsamt fu ̈r den

Wertpapierhandel (the BAWe); and

C. The term ‘‘security’’ shall include

equities, fixed income securities,

options on equity and on fixed income

securities, government obligations, and

any other instrument that constitutes a

security under U.S. securities laws. The

term ‘‘security’’ does not include swap

agreements or other notional principal

contracts.

EFFECTIVE DATE: This exemption is

effective as of May 31, 2000.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption, refer to the notice of

proposed exemption published on

September 19, 2000 at 65 FR 56732.

FOR FURTHER INFORMATION CONTACT:

Ekaterina A. Uzlyan of the Department,

telephone (202) 219–8883. (This is not

a toll-free number.)

Pembroke Construction Company, Inc.

Employees 401(k) Profit Sharing Plan

(the Plan) Located in Hampton, Virginia

[Prohibited Transaction Exemption 2000–62;

Exemption Application No. D–10915]

Exemption

The restrictions of sections 406(a),

406(b)(1) and (b)(2) of the Act and the

sanctions resulting from the application

of section 4975 of the Code, by reason

of section 4975(c)(1)(A) through (E) of

the Code, shall not apply to the sale of

a condominium (the Condo) by Thomas

N. Hunnicutt (Mr. Hunnicutt), and his

wife Ann N. Hunnicutt, to Mr.

Hunnicutt’s self-directed individual

account (the Account) in the Plan, with

respect to which the Hunnicutts are

parties in interest; provided that the

following conditions are satisfied:

(a) the proposed sale will be a onetime cash transaction;

(b) the Account will pay the current

fair market value for the Condo, as

established at the time of the purchase

by an independent qualified appraiser;

(c) the Account will pay no expenses

or commissions associated with the

purchase; and

(d) the purchase will enable the

Account to acquire the Condo, which is

expected to be a valuable asset that will

yield significant rental income.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption, refer to the notice of

proposed exemption published on

October 11, 2000 at 65 FR 60469.

FOR FURTHER INFORMATION CONTACT:

Ekaterina A. Uzlyan of the Department

at (202) 219–8883. (This is not a toll-free

number.)

General Information

The attention of interested persons is

directed to the following:

(1) The fact that a transaction is the

subject of an exemption under section

408(a) of the Act and/or section

4975(c)(2) of the Code does not relieve

a fiduciary or other party in interest or

disqualified person from certain other

provisions to which the exemptions

does not apply and the general fiduciary

responsibility provisions of section 404

of the Act, which among other things

require a fiduciary to discharge his

duties respecting the plan solely in the

interest of the participants and

beneficiaries of the plan and in a

prudent fashion in accordance with

section 404(a)(1)(B) of the Act; nor does

it affect the requirement of section

401(a) of the Code that the plan must

operate for the exclusive benefit of the

employees of the employer maintaining

the plan and their beneficiaries;

(2) These exemptions are

supplemental to and not in derogation

of, any other provisions of the Act and/

or the Code, including statutory or

administrative exemptions and

transactional rules. Furthermore, the

fact that a transaction is subject to an

administrative or statutory exemption is

not dispositive of whether the

transaction is in fact a prohibited

transaction; and

(3) The availability of these

exemptions is subject to the express

condition that the material facts and

representations contained in each

application accurately describes all

material terms of the transaction which

is the subject of the exemption.

Federal Register / Vol. 65, No. 227 / Friday, November 24, 2000 / Notices 70625

Signed at Washington, D.C., this 20th day

of November, 2000.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 00–29971 Filed 11–22–00; 8:45 am]

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Exemption Application D–10608 and D–

10609]

Withdrawal of Notice of Proposed

Exemption Involving the Millcraft

Industries Salaried Employees’

Pension Plan and the Millcraft

Products, Inc. Hourly Employees’

Pension Plan (collectively, the Plans);

Located in Canonsburg, PA

In the Federal Register dated October

6, 1998 (63 FR 53720), the Department

of Labor (the Department) published a

notice of proposed exemption from the

prohibited transaction restrictions of the

Employee Retirement Income Security

Act of 1974 and from certain taxes

imposed by the Internal Revenue Code

of 1986. The notice of proposed

exemption, for which retroactive relief

had been requested, concerned three

cash sales by the Plans of certain third

party common stock to Millcraft

Industries, Inc., (Millcraft), the sponsor

of the Plans and a party in interest.

By letter dated November 3, 2000,

Millcraft, its wholly owned subsidiary,

Millcraft, Products, Inc., and the

trustees of the Plans, informed the

Department that they wished to

withdraw the notice of proposed

exemption.

Accordingly the notice of proposed

exemption is hereby withdrawn.

Signed at Washington, D.C., this 20th day

of November, 2000.

Ivan L. Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 00–29972 Filed 11–22–00; 8:45 am]

BILLING CODE 4510–29–P

NATIONAL COMMISSION ON

LIBRARIES AND INFORMATION

SCIENCE

Public Meeting

Date, Time, and Place: Monday,

December 4, 2000 from 1:00 p.m. to 5:00

p.m., 342 Dirksen Senate Office

Building, First Street and Constitution

Avenue, NE., Washington, DC.

Matter To Be Discussed: The public is

invited to comment on the proposed

recommendations of the National

Commission on Libraries and

Information Science (NCLIS) resulting

from the comprehensive assessment of

public information dissemination

policies and practices. Information

about the assessment is available on the

Commission website at http://

www.nclis.gov/govt/assess/assess.html.

The Commission’s final report to

Congress must be completed by

December 15, 2000.

Written comments must be received

not later than 9 a.m. Monday, December

11, 2000. Comments may be submitted

to the Commission by mail at 1110

Vermont Avenue, NW., Washington, DC

20005–3552, Attn: F. Woody Horton,

Ph.D., by fax to 202–606–9203, or by email to whorton@nclis.gov.

Individuals and organizations

desiring to participate in the public

meeting should contact NCLIS Deputy

Director Judith C. Russell by fax at 202–

606–9203 or by e-mail to

jrussell@nclis.gov, identifying the

speaker and the organization(s)

represented by the speaker. Each

speaker should bring at least thirty

copies of their statement to the meeting

as well as providing an electronic copy

to the Commission, preferably by e-mail

to jrussell@nclis.gov. Oral presentations

will be limited to five minutes. There

will be an opportunity to respond to

questions from the Commission, and if

time permits, there will be an

opportunity for further comments from

the audience once all scheduled

speakers have made their presentations.

The Commission will select speakers

to represent the widest possible range of

organizations and points of view in the

available time. The Commission is

particularly interested in hearing from

end users of government information,

such as students from elementary school

through graduate school, senior citizens,

individuals with disabilities,

individuals from rural communities,

individuals who are economically

disadvantaged, researchers, employees

of state, local or tribal governments, and

small business owners. Other speakers

are also welcome, including

intermediaries who assist users with

government information, such as

librarians, information specialists and

value-added providers, and

representatives of Federal agency

information dissemination programs.

Background

The assessment was initiated by

NCLIS at the request of Senator John

McCain, Chairman, Senate Committee

on Commerce, Science, and

Transportation and Senator Joseph

Lieberman, Ranking Minority Member,

Senate Committee on Governmental

Affairs. The Commission was asked to

identify reforms necessary in the federal

government’s public information

dissemination policies and practices.

The Commission’s proposed strategic

recommendations were presented at the

Commission meeting on November 15,

2000. As a result of that meeting, the

Commission decided to hold a public

meeting on the December 4th to provide

for additional public comment.

In this report the Commission states

that the Federal government’s public

information is a critical national

resource that must be exploited to the

fullest extent possible. The Commission

contends that public information

resources are no less important to the

nation’s economic and social livelihood

than are its human, financial, capital,

and natural resources. However,

exploiting the full potential benefits and

values of this resource has not been

given top-level national focus, attention,

and support.

The Commission believes that there is

a missing building block in the nation’s

public information statutory foundation.

A new law is needed, not only to put

in place the concept of treating public

information as a strategic national asset,

but also to make clear the obligation of

all government agencies with respect to

their public information resources. To

that end, every mission agency’s

authorizing legislation should have a

standard clause mandating the

dissemination of information to the

public, and agencies should directly

budget for the cost of implementing that

recommendation in their annual

budgets.

Diffusing the government’s public

information resources proactively,

broadly, and pervasively throughout all

sectors of the economy and the society,

for the benefit of all Americans, is a

positive, social and moral construct

which must be crafted in crystal clear

terms in new legislation which spells

out both agency obligations and overall

national policy leadership and oversight

needs.

The complete draft report should be

available on the Commission website by

Monday, November 27, 2000. A draft

Executive Summary of the final report is

available at http://www.nclis.gov/govt/

assess/execsum.pdf.

The proposed legislation should be

read and evaluated in the context of the

strategic recommendations in the

Commission’s draft report. The purpose

of the proposed legislation is to bring