Federal Register / Vol. 60, No. 87 / Friday, May 5, 1995 / Notices 22425

10Supra note 4.

11Supra note 4.

12Supra note 3.

13 If DTC can not confirm that an MMI issuer is

insolvent before 3:00 p.m. E.S.T., DTC will not

reverse credits attributable to that issuer because

after 3:00 p.m. E.S.T. credits are no longer

provisional in DTC’s SDFS system.

14For a complete discussion of DTC’s proposed

changes, refer to Securities Exchange Act Release

No. 35613 (April 17, 1995), 60 FR 19971 [File No.

SR–DTC–95–06] (notice of proposed rule change).

DTC proposes to establish to all-cash participants

fund in an amount of $400 million and a fixed net

debit cap of $900 million. DTC has also proposed

to add the Largest Provisional Net Credit (‘‘LPNC’’)

calculation control which is to be applied to a

participant’s net settlement balance and collateral

monitor in order to protect DTC against the

combined failure of a MMI issuer and a participant.

Under the LPNC Control, DTC will subtract the

amount of a participant’s largest provisional net

credit due to transactions in any single issuer’s

MMIs from the participant’s collateral monitor

(‘‘simulated collateral monitor’’) and net debit or

credit balance (‘‘simulated balance’’). If a

transaction will cause the simulated collateral

monitor to turn negative (i.e., the participant’s

collateral would be insufficient to cover its

simulated net debit after the transaction) or the

resulting net debit balance to exceed the

participant’s net debit cap, the transaction will be

blocked. Blocked transactions will be recycled until

credits from other transactions in MMIs of issuers

other than those of the largest provisional net credit

cause the simulated collateral monitor to be

positive or the resulting net debit balance to be

within the net debit cap limits.

15 17 CFR 200.30–3(a)(12) (1994).

risk management features that are

employed in the SDFS system. The

Commission previously examined these

features with DTC first proposed the

SDFS system,10 when the CP program

was added,11 and when the Commission

granted temporary approval to the

expanded MMI program.12 At those

times, the Commission found, and

continues to believe, that these risk

management measures are consistent

with Section 17A of the Act and should

minimize the impact of a default by a

participant in the SDFS system.

The use of provisional credits and

unwind procedures if an MMI issuer

were to default, however, could increase

the risk of settlement gridlock in certain

circumstances. For example, if DTC

were to confirm the insolvency of an

MMI issuer before 3:00 p.m.,13 DTC

would reverse all participants’ credits

attributable to the insolvent issuer

without regard to any of the risk

management controls. Such reversals of

credits could result in a participant

having a net debit that exceeds the

participant’s net debit cap and DTC’s

liquidity resources. If such a participant

then failed to settle its net debit with

DTC, DTC could possibly have difficulty

completing other settlements.

As an interim solution to reduce these

risks, DTC has obtained additional lines

of credit dedicated to the completion of

settlement in the SDFS system in the

event a participant fails to settle after

application of the unwind procedures.

The additional lines of credit are

supported by securities pledged to the

SDFS fund and are not included as a

part of DTC’s liquidity resources when

determining a participant’s net debit

cap. DTC also continues to employ its

liquidity monitoring system which

simulates double default scenarios every

fifteen minutes beginning at 2:00 p.m.

E.S.T.

As discussed in the original order

granting temporary approval to DTC’s

MMI program, DTC proposed a long

term solution to reduce the risks

associated with the use of provisional

credits. The solution, which changes the

components of DTC’s liquidity

resources and seeks to implement new

risk management controls, was designed

after consulting with the Federal

Reserve Bank of New York and recently

has been filed with the Commission for

approval.14 However, because the

largest provisional net credit procedure

is not scheduled for implementation

until the third quarter of 1995, the

Commission believes that extension of

temporary approval of the rule change is

appropriate pending the full operational

capability of DTC’s system

enhancements.

III. Conclusion

On the basis of the foregoing, the

Commission finds that the proposal is

consistent with the requirements of the

Act and in particular with the

requirements of Section 17A of the Act

and the rules and regulations

thereunder.

Ir is therefore ordered, pursuant to

Section 19(b)(2) of the Act, that the

proposed rule change (File No. SR–

DTC–95–05) be, and hereby is, approved

on a temporary basis through April 30,

1996.

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.15

[FR Doc. 95–11130 Filed 5–4–95; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

Declaration of Disaster Loan Area #2768

Alabama; Declaration of Disaster Loan

Area

As a result of the President’s major

disaster declaration on April 21, 1995,

I find that the counties of Cullman,

DeKalb, Marion, Marshall and Winston

in the State of Alabama constitute a

disaster area due to damages caused by

severe storms, tornadoes, and flooding

which occurred February 15 through

February 20, 1995. Applications for

loans for physical damages may be filed

until the close of business on June 20,

1995, and for loans for economic injury

until the close of business on January

22, 1996, at the address listed below:

U.S. Small Business Administration,

Disaster Area 2 Office, One Baltimore

Place, Suite 300, Atlanta, GA 30308, or

other locally announced locations. In

addition, applications for economic

injury loans from small businesses

located in the contiguous counties of

Blount, Cherokee, Etowah, Fayette,

Franklin, Jackson, Lamar, Lawrence,

Madison, Morgan, and Walker in the

State of Alabama; Chatooga, Dade, and

Walker in the State of Georgia; and

Itawamba and Monroe in the State of

Mississippi may be filed until the

specified date at the above location.

The interest rates are:

Percent

For Physical Damage:

Homeowners with credit available elsewhere ...................... 8.000

Homeowners without credit

available elsewhere ............... 4.000

Businesses with credit available

elsewhere .............................. 8.000

Businesses and non-profit organizations without credit available elsewhere ...................... 4.000

Others (including non-profit organizations) with credit available elsewhere ...................... 7.125

For Economic Injury:

Businesses and small agricultural cooperatives without

credit available elsewhere ..... 4.000

The number assigned to this disaster

for physical damage is 276812. For

economic injury the numbers are

850100 for Alabama; 850200 for

Georgia; and 850300 for Mississippi.

Dated: April 28, 1995.

James E. Rivera,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 95–11106 Filed 5–4–95; 8:45 am]

BILLING CODE 8025–01–M

RESOLUTION TRUST CORPORATION

Coastal Barrier Improvement Act;

Property Availability; Kitty Hawk

Woods, Dare County, NC

AGENCY: Resolution Trust Corporation.

ACTION: Notice.

SUMMARY: Notice is hereby given that

the property known as Kitty Hawk
22426 Federal Register / Vol. 60, No. 87 / Friday, May 5, 1995 / Notices

Woods, located in Kitty Hawk, Dare

County, North Carolina, is affected by

Section 10 of the Coastal Barrier

Improvement Act of 1990 as specified

below.

DATES: Written notice of serious interest

to purchase or effect other transfer of all

or any portion of this property may be

mailed or faxed to the RTC until August

3, 1995.

ADDRESSES: Copies of detailed

descriptions of this property, including

maps, can be obtained from or are

available for inspection by contacting

the following person: Mr. Dan Hummer,

Resolution Trust Corporation, Atlanta

Field Office, 245 Peachtree Center

Avenue, NE, Marquis One Tower, 10th

Floor, Atlanta, GA 30303, (404) 230–

6594; Fax (404) 230–8159.

SUPPLEMENTARY INFORMATION: The Kitty

Hawk Woods property is located at

Woods Road (SR 1206), Kitty Hawk,

North Carolina; south of Southern

Shores, west of the Highway 158 ByPass, north of Kitty Hawk Bay and east

of the Currituck Sound. The site

consists of approximately 124.32 acres

of undeveloped land within a coastal

zone and undeveloped floodplain. This

property contains wetlands and a

Maritime Swamp Forest and Deciduous

Swamp Forest which are considered

Nationally Significant Natural Areas.

There is a Dedicated State Nature

Preserve consisting of approximately

460 acres east of Woods Road and the

Kitty Hawk Woods property is adjacent

to lands managed by the Town of Kitty

Hawk for natural resource conservation

purposes. This property is covered

property within the meaning of Section

10 of the Coastal Barrier Improvement

Act of 1990, P.L. 101–591 (12 U.S.C.

1441a–3).

Written notice of serious interest in

the purchase or other transfer of all or

any portion of this property must be

received on or before August 3, 1995 by

the Resolution Trust Corporation at the

appropriate address stated above.

Those entities eligible to submit

written notices of serious interest are:

1. Agencies or entities of the Federal

government;

2. Agencies or entities of State or local

government; and

3. ‘‘Qualified organizations’’ pursuant

to section 170(h)(3) of the Internal

Revenue Code of 1986 (26 U.S.C.

170(h)(3)).

Written notices of serious interest

must be submitted in the following

form:

Notice of Serious Interest

RE: [insert name of property]

Federal Register Publication Date:

lll [insert Federal Register

publication date]

1. Entity name.

2. Declaration of eligibility to submit

Notice under criteria set forth in the

Coastal Barrier Improvement Act of

1990, P.L. 101–591, section 10(b)(2), (12

U.S.C. 1441a–3(b)(2)), including, for

qualified organizations, a determination

letter from the United States Internal

Revenue Service regarding the

organization’s status under section

170(h)(3) of the U.S. Internal Revenue

Code (26 U.S.C. 170(h)(3)).

3. Brief description of proposed terms

of purchase or other offer for all or any

portion of the property (e.g., price,

method of financing, expected closing

date, etc.).

4. Declaration of entity that it intends

to use the property for wildlife refuge,

sanctuary, open space, recreational,

historical, cultural, or natural resource

conservation purposes (12 U.S.C.

1441a–3(b)(4)), as provided in a clear

written description of the purpose(s) to

which the property will be put and the

location and acreage of the area covered

by each purpose(s) including a

declaration of entity that it will accept

the placement, by the RTC, of an

easement or deed restriction on the

property consistent with its intended

conservation use(s) as stated in its

notice of serious interest.

5. Authorized Representative (Name/

Address/Telephone/Fax).

List of Subjects

Environmental protection.

Resolution Trust Corporation.

Dated: May 1, 1995.

William J. Tricarico,

Assistant Secretary.

[FR Doc. 95–11090 Filed 5–4–95; 8:45 am]

BILLING CODE 6714–01–M

DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Petition for Exemption or Waiver of

Compliance

In accordance with Title 49 CFR

Sections 211.9 and 211.41, notice is

hereby given that the Federal Railroad

Administration (FRA) has received

requests for exemptions from or waivers

of compliance with requirements of its

safety standards. The individual

petitions are described below, including

the party seeking relief, the regulatory

provisions involved, and the nature of

the relief being requested.

Interested parties are invited to

participate in these proceedings by

submitting written views, data, or

comments. FRA does not anticipate

scheduling a public hearing in

connection with these proceedings since

the facts do not appear to warrant a

hearing. If any interested party desires

an opportunity for oral comment, they

should notify FRA, in writing, before

the end of the comment period and

specify the basis for their request.

All communications concerning these

proceedings should identify the

appropriate docket number (e.g., Waiver

Petition Docket Number RSRM–94–1)

and must be submitted in triplicate to

the Docket Clerk, Office of Chief

Counsel, FRA, Nassif Building, 400

Seventh Street, S.W., Washington, D.C.

20590. Communications received within

45 days of the date of publication of this

notice will be considered by FRA before

final action is taken. Comments received

after that date will be considered as far

as practicable. All written

communications concerning these

proceedings are available for

examination during regular business

hours (9:00 a.m.–5:00 p.m.) in Room

8201, Nassif Building, 400 Seventh

Street, S.W., Washington, D.C. 20590.

The individual petitions seeking an

exemption or waiver of compliance are

as follows:

Birmingham Southern Railroad

Company (BS)

(Waiver Petition Docket Number

RSRM–94–1)

The BS has petitioned for relief from

the Rear End Marking Device

regulations, Title 49 CFR Part 221. The

railroad states that the use of a rear end

marking device is unnecessary on their

railroad due to their method of

operation on main tracks, which

requires an absolute block behind all

trains operated, and granting the

exemption is in the public interest and

will not adversely affect safety. The BS

is a Class 3 switching and terminal

railroad headquartered in Fairfield

(Birmingham), Alabama. It operates in

Birmingham, Alabama, and surrounding

area, over about 84 track miles. A

particular line segment known as the

Port Birmingham Main, a distance of

approximately 15 miles, is designated as

a main track.