Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Notices 167

permit affiliated persons of the Trust to

purchase and redeem Creation Units.

14. Applicants contend that no useful

purpose would be served by prohibiting

affiliated persons from making ‘‘in

kind’’ purchases or ‘‘in kind’’

redemptions of Creation Units. The

composition of the Portfolio Deposit

deposited by a purchaser or given to a

redeemer will be the same regardless of

the investor’s identity, and will be

valued pursuant to the same objective

standards applied to valuing the Trust’s

portfolio securities. Thus, ‘‘in kind’’

purchases and redemptions will afford

no opportunity for affiliated persons to

effect a transaction detrimental to the

other holders of MID CAP SPDRs.

Applicants believe that ‘‘in kind’’

purchases and redemptions will not

result in abusive self-dealing or

overreaching by affiliated persons of the

Trust.

15. Applicants request an order

pursuant to rule 17d–1 that would

permit the Trust to reimburse the

Sponsor or the AMEX for the payment

by either such party to Standard &

Poor’s of the annual fee required under

a license agreement. The license

agreement allows applicants to use the

S&P MidCap 400 Index as a basis for

MID CAP SPDRs and to use certain of

Standard & Poor’s trademark rights.

Applicants believe that relief is

necessary because the Trust’s

undertaking to reimburse the Sponsor

(an affiliated person of the Trust) and/

or the AMEX (an affiliated person of the

Sponsor) may constitute a joint

enterprise or joint arrangement in which

the Trust is a participant, in

contravention of section 17(d) and rule

17d–1.

16. Applicants request a temporary

exemption from the requirement

imposed by section 22(e) of the Act to

provide payment or satisfaction of

redemptions within seven days

following tender of a Creation Unit for

redemption. Applicant represents that

the Trust’s clearing agent, NSCC,

currently clears all trades through its

system in five business days and short

settlement of trades will not be available

in connection with the MID CAP SPDR

clearing process. NSCC is closed for

business on certain holidays. Under the

present system, if a Beneficial Owner

were to tender a Creation Unit for

redemption during a seven day period

preceding such a holiday, NSCC’s five

business day settlement system would

result in a redemption on the eighth

calendar day following tender, resulting

in a technical violation of section 22(e).

Applicants request relief to permit

redemption in five business days

following a redemption request until the

effective date of rule 15c6–1 adopted

under the Securities Exchange Act,

which will shorten the settlement

period to three business days. The rule

provides for a transition period during

which securities may settle in four

business days. After the effective date of

the rule, the NSCC will settle in

accordance with the rule and relief from

22(e) will no longer be necessary.

17. Applicants assert that the NSCC is

the appropriate institution to provide

securities clearing services for the Trust.

It is the nation’s largest clearing agency,

clearing 95% of all domestic equity

trades, and has a well-established

reputation in the financial community.

In addition, the clearance and

settlement of four hundred separate

securities essentially as a single

transaction requires sophisticated

clearing services. Applicants have found

that NSCC is able to provide these

services and has enhanced its existing

clearing processes to handle purchases

and redemptions of Creation Units. The

use of NSCC will provide beneficial

owners of MID CAP SPDRs with stateof-the-art securities handling, clearance,

and transfer systems services, which,

given the complexity of mirroring the

component shares of the S&P MidCap

400 Index, is extremely important to all

such owners. Applicants also note that

the Sponsor has found the clearing

process efficient and reliable when

clearing SPDRS for the SPDR Trust.

Applicants’ Conditions

Applicants agree that the order

granting the requested relief will be

subject to the following conditions:

1. Applicants will not register a new

series of the Trust, whether identical or

similar to Series 1, by means of filing a

post-effective amendment to the Trust’s

registration statement or by any other

means, unless Applicants have

requested and received with respect to

such new series, either exemptive relief

from the SEC or a no-action position

from the Division of Investment

Management of the Commission.

2. The Trust’s prospectus and the

Product Description will clearly

disclose that, for purposes of the Act,

MID CAP SPDRs are issued by the Trust

and that the acquisition of MID CAP

SPDRs by investment companies is

subject to the restrictions of section

12(d)(1) of the Act.

By the Commission.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 94–32257 Filed 12–30–94; 8:45 am]

BILLING CODE 8010–01–M

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Pratt & Lambert United,

Inc., Common Stock, $.01 Par Value)

File No. 1–994

December 27, 1994.

Pratt & Lambert United, Inc.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

Exchange Act of 1934 (‘‘Act’’) and Rule

12d2–2(d) promulgated thereunder, to

withdraw the above specified security

(‘‘Security’’) from listing and

registration on the American Stock

Exchange, Inc. (‘‘Amex’’).

The reasons alleged in the application

for withdrawing the Security from

listing and registration include the

following:

According to the Company, in

addition to being listed on the Amex,

the Security from listing and registration

include the following:

According to the Company, in

addition to being listed on the Amex,

the Security is listed on the New York

Stock Exchange, Inc. (‘‘NYSE’’). The

Security commenced trading on the

NYSE at the opening of business on

December 7, 1994 and concurrently

therewith the Security was suspended

from trading on the Amex.

In making the decision to withdraw

the Security from listing on the Amex,

the Company considered the direct and

indirect costs and expenses attendant on

maintaining the dual listing of its

securities on the NYSE and on the

Amex. The Company does not see any

particular advantage in the dual trading

of the Security and believes that dual

listing would fragment the market for

the Security.

Any interested person may, on or

before January 18, 1995 submit by letter

to the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

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

bearing upon whether the application

has been made in accordance with the

rules of the exchange and what terms,

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 94–32307 Filed 12–30–94; 8:45 am]

BILLING CODE 8010–01–M
168 Federal Register / Vol. 60, No. 1 / Tuesday, January 3, 1995 / Notices

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Environmental Impact Statement:

Orange County, FL

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of Intent.

SUMMARY: The FHWA is issuing this

notice to advise the public that an

Environmental Impact Statement (EIS)

will be prepared for a proposed highway

project in Orange County, Florida.

FOR FURTHER INFORMATION CONTACT:

Jim Travis, Transportation Engineer,

Federal Highway Administration, 227

N. Bronough Street, Room 2015,

Tallahassee, Florida 32301, Telephone:

(904) 942–9587.

SUPPLEMENTARY INFORMATION: The

FHWA, in cooperation with the Florida

Department of Transportation, will

prepare an EIS for a proposal to develop

a new alignment for the Apopka Bypass,

Orange County, Florida. The proposed

improvement would involve the

development of a roadway within a

study area that begins at the intersection

of US 441 and the planned Maitland

Boulevard extension. The study area

extends in a westerly direction until

reaching the area of the intersection of

Keene Road and Ocoee-Apopka Road.

From this location, the study area

curves to the north ending at the

intersection of US 441 and CR 437 in

Orange County, Florida. The study area

will vary in width from approximately

1.2 kilometers (4,000 feet) at its eastern

terminus to 4 kilometers (21⁄2 miles) at

its northern terminus. The approximate

length is ±17.7 kilometers (±11 miles).

Improvements to the corridor are

considered necessary to provide for the

existing and projected traffic demand.

Alternatives under consideration

include: 1) taking no action, 2) alternate

corridors, and 3) alternate alignments.

Letters describing the proposed action

and soliciting comments will be sent to

appropriate Federal, State, and local

agencies, and to private organizations

and citizens who have expressed

interest in this proposal. A series of

public meetings are planned to be held

in Apopka, Orange County between

February and June, 1995. In addition, a

public hearing will be held. Public

notice will be given of the time and

place of the meetings and hearings. The

Draft EIS will be made available for

public and agency review and comment.

A formal scoping meeting is planned at

the project site during the early part of

1995.

To ensure that the full range of issues

related to the proposed action are

addressed and all significant issues

identified, comments and suggestions

are invited from all interested parties.

Comments or questions concerning this

proposed action and the EIS should be

directed to the FHWA at the address

provided above.

(Catalog of Federal Domestic Assistance

Program Number 20.205, Highway Research,

Planning and Construction. The regulations

implementing Executive Order 12372

regarding intergovernmental consultation on

Federal programs and activities apply to this

program.)

Issued on: December 20, 1994.

Melisa L. Ridenour,

Transportation Supervisor.

[FR Doc. 94–32200 Filed 12–30–94; 8:45 am]

BILLING CODE 4910–22–M

Intelligent Transportation Society of

America; Public Meeting

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of public meeting.

SUMMARY: The Intelligent Transportation

Society of America (ITS AMERICA) will

hold a meeting of its Coordinating

Council on January 27, 1995. The

session is expected to focus on: (1)

National Intelligent Transportation

Systems (ITS) Program Plan Approval;

(2) ITS Privacy Principles Approval; (3)

System Architecture Development

Update; (4) Standards Requirements

Process; (5) Telecommunications

Strategy; and (6) Report of the Futures

Group. ITS AMERICA provides a forum

for national discussion and

recommendations on ITS activities

including programs, research needs,

strategic planning, standards,

international liaison, and priorities. The

charter for the utilization of ITS

AMERICA establishes this organization

as an advisory committee under the

Federal Advisory Committee Act

(FACA), 5 USC app. 2, when it provides

advice or recommendations to DOT

officials on IVHS policies and programs.

(56 FR 9400, March 6, 1991).

DATES: The Coordinating Council of ITS

AMERICA will meet on January 27,

1995, from 8 a.m. to 12 noon e.t.

ADDRESSES: The Omni Shoreham Hotel,

2500 Calvert Street, N.W., Washington,

D.C. 20008, (202) 234–0700.

FOR FURTHER INFORMATION CONTACT:

Materials associated with this meeting

may be examined at the offices of ITS

AMERICA, 400 Virginia Avenue, SW.,

Suite 800, Washington, D.C. 20024.

Persons desiring further information or

to request to speak at this meeting

should contact Mr. Steve Hay at ITS

AMERICA by telephone at (202) 484–

4665, or by FAX at (202) 484–3483. The

DOT contact is Ms. Susan Lauffer,

FHWA, HTV–1, Washington, D.C.

20590, (202) 366–0372. Office hours are

from 7:45 a.m. to 4:15 p.m., e.t., Monday

through Friday, except for Federal

holidays.

(23 U.S.C. 315; 49 CFR 1.48)

Issued on: December 22, 1994.

Rodney E. Slater,

Federal Highway Administrator.

[FR Doc. 94–32312 Filed 12–30–94; 8:45 am]

BILLING CODE 4910–22–P

State Laws and Regulations Affecting

Interstate Motor Carrier Operations;

Establishment of a Compliance Date

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice; establishment of

compliance date.

SUMMARY: The FHWA is announcing the

date by which States must adopt and

enforce motor carrier safety regulations

that have the same effect as the Federal

Motor Carrier Safety Regulations

(FMCSRs) and are applicable to all

commercial motor vehicles (CMVs) used

in interstate commerce with a gross

vehicle weight rating (GVWR) or gross

combination weight rating (GCWR) of

greater than 10,000 pounds. A State’s

failure to comply within three years of

January 3, 1995 will subject the State to

the loss of Motor Carrier Safety

Assistance Program (MCSAP) funding.

DATES: Each State must adopt and

enforce compatible interstate weight

threshold requirements within three

years from January 3, 1995.

FOR FURTHER INFORMATION CONTACT: Mr.

Brad A. Trullinger, Office of Motor

Carrier Standards, (202) 366–4009, or

Mr. David Sett, Office of the Chief

Counsel, (202) 366–0834, Federal

Highway Administration, Department of

Transportation, 400 Seventh Street,

SW., Washington, DC 20590. Office

hours are from 7:45 a.m. to 4:15 p.m.,

e.t., Monday through Friday, except

legal Federal holidays.

SUPPLEMENTARY INFORMATION: The Motor

Carrier Safety Act of 1984 (The Act),

Pub. L. 98–554, 98 Stat. 2832, (codified

as amended at 49 U.S.C. 31111), seeks

to promote the safe operation of CMVs

in interstate commerce. The Act was

intended to assure consistency of State

laws and regulatory requirements as

they pertain to commercial vehicle

safety. The Congress found that there

was a need for more uniform CMV

safety measures between the State and