Federal Register / Vol. 63, No. 16 / Monday, January 26, 1998 / Notices 3781

authorized by shareholder vote.

Applicants request relief from section

13(a)(3) only with respect to Funds that

have a fundamental investment

restriction prohibiting investments in

securities of investment companies (the

‘‘Restriction Funds’’). Applicants submit

that it is appropriate to enable the

Restriction Funds to invest in

Underlying Securities without a

shareholder vote. Applicants note that

the value of the Underlying Securities is

expected to be de minimis in relation to

the total net assets of each Restriction

Fund. Furthermore, applicants state that

the value of the Underlying Securities

held by each Restriction Fund will at all

times equal the value of each Restriction

Fund’s obligations to pay deferred fees.

Accordingly, applicants submit that

changes in the value of the Underlying

Securities will not affect the value of

shareholders’ investments in the

Restriction Fund. Applicants also

represent that appropriate disclosure

regarding the Plan will be included in

the statement of additional information

of each Fund.

7. Rule 2a–7 imposes certain

restrictions on the investments of

money market funds that use the

amortized cost method or pennyrounding method of computing their per

share price. Applicants state that the

requested exemption would permit each

Money Market Fund in question to

achieve an exact matching of

Underlying Securities with the deemed

investments of the Deferred Fee

Accounts, thereby ensuring that the

deferred fee arrangements will not affect

net asset value. Applicants assert that

the amounts involved in all cases will

be de minimis in relation to total net

assets of each Money Market Fund and

will have no effect on the per share net

asset value of the Money Market Fund.

8. Sections 17(a) (1) and (2) generally

prohibit an affiliated person of a

registered investment company from

selling any security to, or purchasing

any security from, such company.

Section 2(a)(3)(C) provides that an

affiliated person of another person

includes any person directly or

indirectly controlling, controlled by, or

under common control with, such other

person. Applicants submit that because

the Funds share the same or an affiliated

investment manager, generally the same

Trustees, and many of the same officers,

each Fund might be deemed to be under

common control with all other Funds,

and therefore each Fund might be

deemed to be an affiliated person of

every other Fund. Applicants believe

that the sale of securities issued by the

Funds pursuant to the Plan does not

implicate Congress’s concerns in

enacting section 17(a). Applicants assert

that such sales of securities merely

would facilitate the matching of a

Fund’s liability for deferred Trustees’

fees with the Underlying securities that

would determine the amount of such

Fund’s liability.

9. Section 17(b) authorizes the SEC to

exempt a proposed transaction from

section 17(a) if evidence establishes

that: (1) the terms of the transaction,

including the consideration to be paid

or received, are reasonable and fair and

do not involve overreaching; (b) the

transaction is consistent with the policy

of each registered investment company

concerned; and (c) the transaction is

consistent with the general purposes of

the Act. Because section 17(b) may

apply only to a specific proposed

transaction, applicants also request an

order under section 6 (c) to permit a

series of transactions between Funds

contemplated by the Plan. Applicants

represent that their application meets

the standards of section 6(c) and 17(b).

10. Applicants state that because

purchases of shares of any open-end

Fund pursuant to the Plan are made at

net asset value, the terms of the deferred

fee arrangements are reasonable and fair

and do not involve overreaching on the

part of any person concerned.

Applicants also submit that, because the

purchase of shares of another Fund

would not be made for investment

purposes, but solely to match the Fund’s

liability for deferred fees, the purchase

of the shares would not be inconsistent

with the policies of each of the Funds.

Applicants assert that in addition,

because the number of shares pursuant

to the deferred fee arrangements will be

de minimis in relation to the size of

each Fund, none of the Act’s concerns

with affiliated sales and purchases of

Fund shares would be implicated.

11. Section 17(d) of the Act prohibits

affiliated persons of registered

investment companies, acting as

principal, from effecting any transaction

in which such registered investment

company is a joint or joint and several

participant with such person in

contravention of rules and regulations

prescribed by the SEC. Rule 17d–1

under the Act provides that the SEC

may approve a transaction subject to

section 17(d) after considering whether

the participation of such registered

investment company is consistent with

the provisions, policies, and purposes of

the Act and the extent to which such

participation is on a basis different from

or less advantageous than that of other

participants. Because the Plan may be

deemed to be a joint arrangement within

the meaning of rule 17d–1, applicants

request relief under section 17(d) and

rule 17d–1 to the extent that these

provisions may be applicable to the

Plan. Applicants submit that the

participating Trustee would neither

directly nor indirectly receive a benefit

that would otherwise inure to the Funds

or any of their shareholders. Applicants

submit that the effect of the Plan merely

would be to defer the payment of fees

that the Funds otherwise would be

obligated to pay on a current basis.

Applicants’ Condition

Applicants agree that the order

granting the requested relief shall be

subject to the following condition:

1. With respect to the requested relief

from rule 2a–7, any Money Market Fund

will buy and hold Underlying Securities

(other than its own shares) that

determine the performance of Deferred

Fee Accounts to achieve an exact match

between such Fund’s liability to pay

deferred fees and the assets that offset

that liability.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–1792 Filed 1–23–98; 8:45 am]

BILLING CODE 8010–01–M

TENNESSEE VALLEY AUTHORITY

Sunshine Act Meeting

AGENCY HOLDING THE MEETING: Tennessee

Valley Authority (Meeting No. 1500).

TIME AND DATE: 9 a.m. (CST), January 28,

1998.

PLACE: Centerville City Hall, 102 East

Swan, Centerville, Tennessee.

STATUS: Open.

Agenda

Approval of minutes of meeting held

on December 9, 1997.

New Business

C—Energy

C1. Contract with Foster Wheeler

Energy Corporation for pendant reheater

replacements for Cumberland Fossil

Plant, Units 1 and 2 boilers.

E—Real Property Transactions

E1. Abandonment of easement rights

affecting 2.76 acres of the HohenwaldMt. Pleasant 46–kV Transmission Line

easement in Lewis County, Tennessee

(Tract No. HMP–30).

E2. Abandonment of easement rights

affecting 5.03 acres of the Bull RunSolway and Bull Run-Solway No. 2

Transmission Line easements in Knox

County, Tennessee (Tract Nos. BRSW–
3782 Federal Register / Vol. 63, No. 16 / Monday, January 26, 1998 / Notices

36, –37, –38, and –39 and BAST–27,

–28, –29, and –30).

E3. Sale of noncommercial,

nonexclusive permanent easement to

Lea Anne Law for construction and

maintenance of recreational water-use

facilities affecting 0.30 acre of Tellico

Lake shoreline in Monroe County,

Tennessee (Tract No. XTELR–200RE).

E4. Grants of permanent easements to

the City of Decatur for highway

improvement projects affecting

approximately 4.26 acres of land on

Wheeler Lake in Morgan County,

Alabama (Tract Nos. XTWR–104H and

XTWR–105H).

E5. Sale of a nonexclusive permanent

easement to the Waterworks Board of

the Town of Section, Alabama, for a

road affecting approximately 0.51 acre

of land on Guntersville Lake in Jackson

County, Alabama (Tract No. XGR–

747H).

E6. Sale of a permanent easement to

Brooks Fiber Communications of

Tennessee, Inc., for installation and

maintenance of a fiber optic cable

affecting approximately 3 acres of land

on Melton Hill Lake in Anderson

County, Tennessee (Tract No. XMHR–

58E).

E7. Modification of a release and grant

of easement affecting approximately

0.03 acre of former TVA land on Norris

Lake in Union County, Tennessee (Tract

No. XNR–236:S–12).

E8. Grant of a permanent easement to

the State of Tennessee for State Route 1

(U.S. 70) highway improvement project

affecting approximately 0.36 acre of

land on Kentucky Lake in Humphreys

County, Tennessee (Tract No. XTGIR–

147H).

Unclassified

F1. Approval to file condemnation

cases in connection with permanent

easements and rights-of-way for the

following power transmission lines:

Pickwick Dam-Memphis, Fayette

County, Tennessee; and PortlandWestmoreland, Sumner County,

Tennessee; and Booneville-Plumrose,

Prentiss County, Mississippi.

Information Items

1. Amendments to the provisions of

the TVA Savings and Deferral

Retirement Plan and New Trust

Agreement between the TVA Retirement

System Board and Fidelity Management

Trust Company.

2. Approval of pricing arrangements

for the Real Time Pricing program.

3. Approval to file condemnation

cases for the following transmission

lines: Carriage House-Madison West

Section, Jackson, Tennessee; FreeportMiller, DeSoto County, Mississippi;

Freeport-Miller Tap to Mitchell, DeSoto

County, Mississippi; and Maury-Radnor

Tap to Rally Hill, Maury County,

Tennessee.

4. Approval for TVA Nuclear to enter

into a contract in which Westinghouse

Electric Corporation would purchase

from TVA a space reactor coolant pump

internals package located at the Watts

Bar Nuclear Plant Unit 2.

5. Approval to award a fixed-price

contract with Foster Wheeler Energy

Corporation for intermediate waterwalls

for the Cumberland Fossil Plant Units 1

and 2 boilers.

6. Approval of the Chief Financial

Officer’s proposed retention of new

power proceeds and nonpower proceeds

and payments to the U.S. Treasury in

March 1998, pursuant to Section 26 of

the TVA Act.

7. Approval of New Labor Relations

Agreements Between TVA and Local

544, Service Employees’ International

Union, AFL–CIO.

8. Approval of the Chief Financial

Officer’s proposed financial statements

for Fiscal Year 1997.

9. Approval of new Labor Relations

agreements between TVA and the

Engineering Association, Incorporated.

10. Approval of TVA contributions to

the cost of TVA-sponsored medical

coverage for TVA retirees—additional

interim payment for retirees over 65,

and delegation of authority to the Senior

Vice President, Human Resources, or a

designated representative, to take all

actions necessary to implement the

program.

11. Approval of revisions to the

Competitive Indexed Rate program.

12. Approval of revisions to the

Competitive Indexed Rate program at

Powell Valley Electric Cooperative.

13. Delegation of authority to publish

proposed and final regulations for TVA

to implement Title IX of the Education

Amendments of 1972.

14. Approval of revisions to the

Competitive Indexed Rate program and

of a contract for such arrangements with

a customer that has been served by the

City of Bristol, Virginia.

15. Approval for attainment of Fiscal

1997 Performance Incentive Plan Goals

and proposed Fiscal 1997 Performance

Incentive Plan awards for eligible

represented and excluded employees

and manager and specialist employees

in pay groups 1–11.

16. Approval of amendment to

Supplemental Executive Retirement

Plan.

17. Approval for the sale of TVA

Power Bonds and TVA subordinated

debt.

18. Approval of recommendations

resulting from the 62nd Annual Wage

Conference, 1997—Construction Project

Agreement Wage Rates.

19. Approval of amendment to the

Performance Incentive Plan.

20. Approval to purchase

subbituminous coal for various TVA

fossil plants and rail transportation

services.

For more information: Please call

TVA Public Relations at (423) 632–6000,

Knoxville, Tennessee. Information is

also available at TVA’s Washington

Office (202) 898–2999.

Dated: January 21, 1998.

Edward S. Christenbury,

General Counsel and Secretary.

[FR Doc. 98–1885 Filed 1–22–98; 10:18 am]

BILLING CODE 8120–08–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Reports, Forms and Recordkeeping

Requirements Agency Information

Collection Activity Under OMB Review

AGENCY: Office of the Secretary, DOT.

ACTION: Notice and request for

comments.

SUMMARY: In compliance with the

Paperwork Reduction Act of 1995 (44

U.S.C. 3501 et seq.), this notice

announces that the Information

Collection (ICR) abstracted below has

been forwarded to the Office of

Management and Budget (OMB) for

review and comment. The ICR describes

the nature of the information collection

and its expected burden. The Federal

Register Notice with a 60-day comment

period soliciting comments on the

following collection of information was

published on September 30, 1997, [62

FR 51175].

DATES: Comments must be submitted on

or before February 25, 1998.

FOR FURTHER INFORMATION CONTACT:

Judith Street, ABC–100; Federal

Aviation Administration; 800

Independence Avenue, SW.;

Washington, DC 20591; Telephone

number (202) 267–9895.

SUPPLEMENTARY INFORMATION:

Federal Aviation Administration (FAA)

Title: Certification: Pilots and Flight

Instructors.

OMB Control Number: 2120–0021.

Type of Request: Extension of

currently approved collection.

Affected Public: Individuals.

Form(s): 8710–1.

Abstract: The FAA is empowered to

issue airmen certificates to properly

qualified persons. This clearance