24662 Federal Register / Vol. 60, No. 89 / Tuesday, May 9, 1995 / Notices

amended, and dispose of the component

parts in accordance with its

decommissioning plan and the

Commission’s rules and regulations.

After completion of the dismantling

and disposal of component parts, the

licensee will submit a report on the

radiation survey it has performed to

confirm that radiation and surface

contamination levels in the facility area

satisfy the values specified in the

decommissioning plan and in the

Commission’s guidance. Following an

inspection by the representatives of the

Commission to verify the radiation and

contamination levels in the facility,

consideration will be given to issuance

of a further order terminating Facility

License No. R–73.

For further details with respect to this

action, see (1) the licensee’s application

for authorization to dismantle the

facility, dispose of component parts,

and terminate Facility License No. R–

73, dated August 2, 1994; (2) the

Commission’s Safety Evaluation; and (3)

the Environmental Assessment and

Finding of No Significant Impact. All of

these items are available for public

inspection at the Commission’s Public

Document Room, the Gelman Building,

2120 L Street NW, Washington, DC.

Copies of items (2) and (3) may be

obtained by request addressed to the

U.S. Nuclear Regulatory Commission,

Washington, DC 20555, Attention:

Director, Division of Project Support.

Dated at Rockville, MD, this 1st day of May

1995.

For the Nuclear Regulatory Commission.

B. D. Liaw,

Acting Director, Division of Project Support,

Office of Nuclear Reactor Regulation.

[FR Doc. 95–11366 Filed 5–8–95; 8:45 am]

BILLING CODE 7590–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. IC–21038; 812–9536]

1784 Funds and The First National

Bank of Boston; Notice of Application

May 3, 1995.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of Application for

Exemption under the Investment

Company Act of 1940 (the ‘‘Act’’).

APPLICANTS: 1784 Funds (the ‘‘Trust’’)

and The First National Bank of Boston

(‘‘FNBB’’).

RELEVANT SECTIONS OF THE ACT: Order

requested under section 17(d) of the Act

and rule 17d–1 thereunder.

SUMMARY OF APPLICATION: Applicants

request an order permitting all the

current and future series of the Trust

and any future management investment

company or series thereof which is

advised by FNBB or any entity

controlling, controlled by, or under

common control (as defined in section

2(a)(9) of the Act) with FNBB (a

‘‘Related Adviser’’) to deposit

uninvested cash balances into one or

more joint accounts (the ‘‘Accounts’’) to

be used to enter into short-term

repurchase agreements.

FILING DATE: The application was filed

on March 16, 1995.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be

issued unless the SEC orders a hearing.

Interested persons may request a

hearing 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

May 30, 1995, and should be

accompanied by proof of service on the

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 reasons for

the request, and the issues contested.

Persons who wish to be notified of a

hearing may request such notification

by writing to the SEC’s Secretary.

ADDRESSES: Secretary, SEC, 450 Fifth

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

1784 Funds, SEI Financial Services

Company, Wayne, Pennsylvania 19087;

The First National Bank of Boston, 100

Federal Street, Boston, Massachusetts

02110.

FOR FURTHER INFORMATION CONTACT: H.R.

Hallock, Jr., Special Counsel at (202)

942–0564, or C. David Messman, 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. The Trust is a registered, open-end

management investment company

organized in series form. FNBB provides

or arranges for the provision of

investment advisory, custodial and

accounting services for all of the series

of the Trust. The Trust and all existing

and future series thereof, and any future

management investment companies and

series thereof to which FNBB or any

Related Adviser thereof serves as

investment adviser, are referred to

hereinafter as the ‘‘Portfolios.’’ FNBB

and any Related Adviser that serves as

investment adviser to any of the

Portfolios are collectively referred to

hereinafter as the ‘‘Adviser.’’

2. Each Portfolio has, or may be

expected to have, from time to time cash

balances held by its custodian or a subcustodian bank (the ‘‘Custodian’’),

which otherwise would not be invested

in portfolio securities by the Adviser at

the end of the trading day. Ordinarily,

the Adviser would invest such cash in

short-term investments authorized by

the Portfolio’s investment policies to

provide liquidity and to earn additional

income for the portfolio. The Adviser

proposes to establish one or more new

Accounts for the investment of some or

all of the excess cash of the Portfolios

in repurchase agreements.

3. Under the proposed arrangement,

each repurchase transaction would be

entered into by the Adviser calling one

of the previously approved

counterparties of repurchase

agreements, indicating the size and

duration of the desired repurchase

transaction, and negotiating the rate of

interest. Master repurchase agreements

with the approved counterparties will

establish minimum collateral levels, the

securities eligible to be held as

collateral, and the maximum term of a

transaction. To facilitate repurchase

transactions and to help obtain more

attractive rates, the Custodian may enter

into third-party arrangements for

custody of assets and collateral

securities with other qualified banks.

The term of a repurchase transaction

would typically be overnight (or over a

holiday or weekend) and in no event

more than seven days.

4. After the Adviser has agreed to one

or more repurchase transactions, the

Custodian would be notified and, prior

to releasing funds, would be required to

verify that eligible collateral securities

of sufficient value had been received.

These securities would be either wired

to the account of the Custodian (or

third-party custodian) at the appropriate

Federal Reserve Bank or physically

transferred to a segregated account of

the Custodian (or third-party custodian).

The Portfolios will not enter into

repurchase agreements with the Adviser

or any of its affiliated persons (within

the meaning of section 2(a)(3) of the

Act).

5. Transactions in the Account will be

reported to the Portfolio’s Custodian

through a trade authorization that will

authorize the Custodian to settle the

transaction on a joint basis and will

state each Portfolio’s portion of the

investment. The Custodian will

reconcile the Account with the trading

authorizations on a daily basis. At least
Federal Register / Vol. 60, No. 89 / Tuesday, May 9, 1995 / Notices 24663

monthly, the assets held in the Account

will be reconciled to the Custodian’s

movement and control records and, in

addition, the Custodian will reconcile

each Portfolio’s security ownership

records.

6. FNBB, as the Adviser to the

Portfolios, believes that engaging in

repurchase agreements through the

Account, as contrasted with separate

transactions, could increase returns on

these types of investments by as much

as .05% (on an annualized basis)

because of reduced transaction costs

and the ability of the Adviser to

negotiate more favorable interest rates.

Applicants’ Legal Conclusions

1. Section 17(d) of the Act makes it

unlawful for an affiliated person of a

registered investment company or an

affiliated person of such person, acting

as principal, to effect any transaction in

which the registered investment

company is a joint or a joint and several

participant with such person in

contravention of rules and regulations

prescribed by the SEC. Rule 17d–1(a)

under the Act provides that an affiliated

person of a registered investment

company or an affiliated person of such

person, acting as principal, shall not

participate in, or effect any transaction

in connection with, any joint enterprise

or other joint arrangement in which the

registered investment company is a

participant unless the SEC has issued an

order approving the arrangement.

2. Each Portfolio, by participating in

the proposed Account, and the Adviser,

by managing the proposed Account,

could be deemed to be joint participants

in a transaction within the meaning of

section 17(d), and the proposed Account

could be deemed to constitute a joint

enterprise or other type of joint

arrangement within the meaning of rule

17d–1. Furthermore, under the

definition of ‘‘affiliated person’’ set forth

in section 2(a)(3), each Portfolio and

Adviser could be deemed an affiliated

person of any other Portfolio or Adviser.

3. Each Portfolio will participate in

the Account on the same basis as every

other Portfolio and in conformity with

its fundamental investment objectives,

policies and restrictions. The Adviser

will have no monetary participation in

the Account, but will be responsible for

investment amounts in the Account,

establishing accounting and control

procedures, and ensuring the equal

treatment of each participating Portfolio.

4. On the basis of information

considered by the Board of Trustees

(‘‘Board’’), the Board members have

satisfied themselves that the proposed

method of operating the Account would

not result in any conflict of interest

among any of the Portfolios, or between

a Portfolio and the Adviser. The Board

also has considered that there does not

appear to be any basis upon which to

predict greater benefits to one Portfolio

than to another, because the daily

uninvested cash balance of any one

Portfolio on any given day is neither a

function of the size of the Portfolio nor

the particular securities in which it

invests. Such daily cash balances rather

are a function of other factors, such as

portfolio management decisions,

security holder purchases and

redemptions, or the timing of settlement

of trades. Although the Adviser would

gain some benefit through

administrative convenience and some

possible reduction in clerical costs, the

primary beneficiaries would be the

Portfolios and their security holders.

5. The Board also has determined that

it would be desirable to permit

participation by future Portfolios

without the necessity of applying for an

amendment to the requested order.

Future Portfolios would be required to

participate in the Account on the same

terms and conditions as the existing

Portfolios.

6. Rule 17d–1(b) under the Act

provides that, in passing upon

applications under rule 17d–1, the SEC

will consider whether each party’s

participation in the proposed joint

arrangement 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. Applicants believe that, for

the reasons set forth above and in light

of the conditions set forth below, the

criteria for issuance of an order under

rule 17d–1 are met.

Applicants’ Conditions

Applicants agree that any order

granting the requested relief may be

made subject to the following

conditions:

1. The Account will be established as

one or more separate cash accounts on

behalf of the Portfolios with the

Custodian. The Portfolios could deposit

daily all or a portion of their uninvested

net cash balances into the Account. The

Account will not be distinguishable

from any other accounts maintained by

a Portfolio with the Custodian except

that monies from the various Portfolios

will be deposited in the Account on a

commingled basis. The Account will not

have any separate existence with the

indicia of a separate legal entity. The

sole function of the Account will be to

provide a convenient way of aggregating

individual transactions which will

otherwise require daily management

and investment by each Portfolio of its

cash balances.

2. Cash in the Account will be

invested solely in repurchase

agreements, ‘‘collateralized fully’’ as

defined in rule 2a–7 under the Act and

satisfying the uniform standards set by

the Portfolios for such investments.

3. All repurchase agreements entered

into by the Portfolios through the

Account will be valued on an amortized

cost basis. Each Portfolio relying upon

rule 2a–7 under the Act for valuation of

its net assets of amortized cost will use

the average maturity of the repurchase

agreements purchased by the Portfolios

participating in the account for the

purpose of computing the Portfolio’s

average portfolio maturity with respect

to the portion of its assets held in such

account on that day.

4. In order to assure that there will be

no opportunity for one Portfolio to use

any part of the balance of the Account

credited to another Portfolio, no

Portfolio will be allowed to create a

negative balance in the Account for any

reason, although each Portfolio will be

permitted to draw down its pro rata

share of the entire balance at any time.

Each Portfolio’s decision to invest

through the Account will be solely at

the Portfolio’s option, and no Portfolio

will be obligated to invest through, or to

maintain any minimum balance in, the

Account. In addition, each Portfolio will

retain the sole rights of ownership of

any of its assets, including interest

payable on such assets, invested in the

Account. Each Portfolio’s investment in

the Account will be documented daily

on the books of the Portfolio as well as

on the Custodian’s books.

5. Each Portfolio will participate in

the income earned or accrued in the

Account, including all investments held

by such Account, on the basis of the

percentage of the total amount in such

Account on any day represented by its

share of such Account.

6. The Adviser will administer,

manage and invest the cash balance in

the Account in accordance with and as

part of its duties under the existing or

any future investment advisory

contracts with each Portfolio, and will

not collect any additional or separate fee

for the administration of the Account.

7. Portfolios and the Adviser will

enter into an agreement to govern the

arrangements in accordance with the

foregoing representations.

8. The administration of the Account

will be within the fidelity bond

coverage required by section 17(g) of the

Act and rule 17g–1 thereunder.

9. The Board of the Trust, on behalf

of each Portfolio participating in the

Account, will evaluate the Account
24664 Federal Register / Vol. 60, No. 89 / Tuesday, May 9, 1995 / Notices

arrangements annually and will

authorize the continued participation in

the Account only if it determines that

there is a reasonable likelihood that

such continued participation will

benefit the Portfolio and its security

holders.

10. Substantially all repurchase

transactions will have an overnight,

over-the-weekend or over a holiday

maturity, and in no event would a

transaction have a maturity of more than

seven days.

11. All joint repurchase transactions

will be effected in accordance with

Investment Company Act Release No.

13005 (Feb. 2, 1983) and with other

existing and future positions taken by

the SEC or its staff by rule, interpretive

release, no action letter, any release

adopting any new rule, or any release

adopting any amendments to any

existing rule.

12. Any investment made through the

Account will satisfy the investment

policies or criteria of all Portfolios

participating in that investment.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–11359 Filed 5–8–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Coast Guard

[CGD08–95–008]

Lower Mississippi River Waterway

Safety Advisory Committee

AGENCY: Coast Guard, DOT.

ACTION: Notice of meeting.

SUMMARY: The Lower Mississippi River

Waterway Safety Advisory Committee

will meet to discuss various navigation

safety matters affecting the Lower

Mississippi River area. The meeting will

be open to the public.

DATES: The meeting will be held from 9

a.m. to approximately 11 a.m. on

Tuesday, June 13, 1995.

ADDRESSES: The meeting will be held in

the 11th floor conference room of the

Hale Boggs Federal Building, 501

Magazine Street, New Orleans,

Louisiana.

FOR FURTHER INFORMATION CONTACT:

LTJG Dave Seris, USCG, Recording

Secretary, Lower Mississippi River

Waterway Safety Advisory Committee,

c/o Commander, Eighth Coast Guard

District (oan), Room 1211, Hale Boggs

Federal Building, 501 Magazine Street,

New Orleans, LA 70130–3396,

telephone (504) 589–2353.

SUPPLEMENTARY INFORMATION: Notice of

this meeting is given pursuant to the

Federal Advisory Committee Act, 5

U.S.C. App. 2 § 1 et seq. The meeting is

open to the public. Members of the

public may be present written or oral

statements at the meeting. The agenda

for the meeting consists of the following

items:

(1) Presentation of the minutes from

the February 7, 1995 full Committee

meeting.

(2) Subcommittee Reports.

(3) 46 CFR part 5, Marine

Investigation Regulations—Personnel

Action.

Dated: April 24, 1995.

R.C. North,

Rear Admiral, U.S. Coast Guard, Commander,

Eighth Coast Guard District.

[FR Doc. 95–11299 Filed 5–8–95; 8:45 am]

BILLING CODE 4910–14–M

[CGD08–95–007]

Lower Mississippi River Waterway

Safety Advisory Committee, Gaming

Vessel Subcommittee

AGENCY: Coast Guard, DOT.

ACTION: Notice of meeting.

SUMMARY: The Lower Mississippi River

Waterway Safety Advisory Committee’s

Gaming Vessel Subcommittee will meet

to discuss navigation safety matters

affecting the Lower Mississippi River

area. The meeting will be open to the

public.

DATES: The meeting will be held from 10

a.m. to approximately 11 a.m. on

Wednesday, June 7, 1995.

ADDRESSES: The meeting will be held in

room 1830 of the World Trade Center,

2 Canal Street, New Orleans, Louisiana.

FOR FURTHER INFORMATION CONTACT:

LTJG Dave Seris, USCG, Recording

Secretary, Lower Mississippi River

Waterway Safety Advisory Committee,

c/o Commander, Eighth Coast Guard

District (oan), Room 1211, Hale Boggs

Federal Building, 501 Magazine Street,

New Orleans, LA 70130–3396,

telephone (504) 589–2353.

SUPPLEMENTARY INFORMATION: Notice of

this meeting is given pursuant to the

Federal Advisory Committee Act, 5

U.S.C. App. 2 § 1 et seq. The meeting is

open to the public. Members of the

public may present written or oral

statements at the meeting. The agenda

for the meeting consists of the following

items:

(1) Introduction of new members.

(2) Discussion on the present and

future operation of Gaming Vessels on

the Lower Mississippi River.

(3) Presentation of any additional new

items for consideration of the

Committee.

Dated: April 24, 1995.

R.C. North,

Rear Admiral, U.S. Coast Guard, Commander,

Eighth Coast Guard District.

[FR Doc. 95–11298 Filed 5–8–95; 8:45 am]

BILLING CODE 4910–14–M

Federal Aviation Administration

Acceptance of Noise Exposure Maps

for Meadows field, Bakersfield, CA

AGENCY: Federal Aviation

Administration, DOT.

ACTION: Notice.

SUMMARY: The Federal Aviation

Administration (FAA) announces its

determination that the noise exposure

maps submitted by the Kern County,

California for Meadows Field under the

provisions of Title I of the Aviation

Safety and Noise Abatement Act of 1979

(Public Law: 96–193) and 14 CFR part

150 are in compliance with applicable

requirements.

EFFECTIVE DATE: The effective date of the

FAA’s determination on the noise

exposure maps is April 14, 1995.

FOR FURTHER INFORMATION CONTACT:

Bahman H. Tash, Airport Planner,

AWP–611.5 Planning Section, WesternPacific Region, Federal Aviation

Administration, Mailing Address: P.O.

Box 92007, Worldway Postal Center, Los

Angeles, California 90009–2007. Street

Address: 15000 Aviation Boulevard,

Room 3012, Hawthorne, California

90261, Telephone: (310) 297–1508.

SUPPLEMENTARY INFORMATION: This

notice announces that the FAA finds

that the noise exposure maps submitted

for Meadows Field are in compliance

with applicable requirements of Part

150, effective April 14, 1995. Under

section 103 of the Aviation Safety and

Noise Abatement Act of 1979

(hereinafter referred to as ‘‘the Act’’), an

airport operator may submit to the FAA

noise exposure maps which meet

applicable regulations and which depict

noncompatible land uses as of the date

of submission of such maps, a

description of projected aircraft

operations, and the ways in which such

operations will affect such maps. The

Act requires such maps to be developed

in consultation with interested and

affected parties in the local community,

government agencies, and persons using

the airport.