Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Proposed Rules 66951

pursuant to a construction contract, the

Engineer shall prepare and submit to the

Owner complete and detailed final

documents as specified in 7 CFR 1753 and

a statement of all amounts payable by the

Owner under the construction contract. The

final documents shall be in a format suitable

for approval by the Owner and subsequent

submission to the Administrator for

approval. These final documents shall be

submitted to the Owner within forty-five (45)

calendar days after the completion of

construction based on the date shown on the

certificate of completion covered by each

contract.

B. Force Account Construction. If the

Project or any portion thereof shall be

constructed by force account:

1. Within thirty (30) calendar days after

completion of construction of the Project, the

Owner shall furnish to the Engineer the

following data:

a. The cost of all materials used in

construction of the Project;

b. Cost of right-of-way clearing (direct labor

costs);

c. All direct labor costs chargeable to

construction exclusive of the right-of-way

clearing; and

d. A list of all items of overhead cost

applicable to the construction of the Project,

but excluding the cost of engineering, legal,

accounting and other professional services,

interest during construction and preliminary

survey charges.

2. Within forty-five (45) calendar days after

the completion of construction of the Project,

the engineer shall prepare and submit to the

Owner for approval complete and detailed

final documents in such form as the

Administrator may prescribe, including

without limitation, a final inventory of

construction and a final inventory of

retirements. The final documents shall

contain the labor and material unit costs

based on data supplied by the Owner.

C. Number of Copies. Copies of final

documents shall be furnished in accordance

with 7 CFR Part 1753.

Section 3. Plant Records.

A. Prior to Cutover. If the Owner shall have

notified the Engineer not later than ten (10)

days prior to of the start of construction in

a central office area that the Owner elects to

assign to the Engineer the preparation of any

of the following plant records, the Engineer

shall prepare and deliver these records to the

Owner, not later than fifteen (15) calendar

days prior to the start of Cutover of each

central office area included as a part of the

Project. These records cover the Cutover

work on facilities completed as of the date of

delivery of such records for each such area.

The following records shall be in such form

as the Owner, with the approval of the

Administrator, may prescribe:

1. Cable schematics, corrected to show ‘‘as

constructed’’ conditions of that portion of the

Project as of such date;

2. Cable records data, for completed line

segments as of such date;

3. Line and station data for completed line

segments as of such date; and

4. Terminal assignment records.

B. After Cutover. The Engineer shall

deliver to the Owner, within thirty (30)

calendar days after Cutover of facilities in

any completed exchange area or completed

section of the Project, the record drawings of

the following plant records covering such

Project area (excluding any of such records

that the Owner has previously elected to

prepare with its own forces):

1. Cable schematics, corrected to show ‘‘as

constructed’’ conditions of such Project area;

2. Cable record data, for all construction

completed in such Project area;

3. Line and station records for all lines

completed in such Project area as a part of

the Project;

4. Final maps, showing record drawings

facilities completed in such Project area; and

5. Final complete and detailed

construction sheets, showing facilities

completed in such Project area, including the

designation of assembly units of existing

plant retained in place along existing plant

lines segments on which modification work

was performed as a part of the Project.

Section 4. Inventory and Appraisal. When

requested by the Owner, the Engineer shall

prepare within thirty (30) calendar days after

completion of construction of the Project and

submit to the Owner an inventory and

appraisal of all existing telephone plant

retained as part of the Owner’s system. The

inventory and appraisal shall be in such form

and provide such data as the Owner, with the

approval of the Administrator, may prescribe.

Section 5. Compensation.

A. For Services Under sections 1, 3 and 4.

The Owner shall pay the Engineer ‘‘time and

expense’’ compensation, as defined and

detailed in current Table 2 of this Agreement

for all services performed under sections 1,

3 and 4. Compensation under this section

shall not exceed llll dollars ($llll)

unless said amount has been increased by a

contract amendment approved by the Owner

and the Administrator. Appropriate

documentation justifying the increase shall

accompany the contract amendment.

Compensation under paragraph A of this

section shall be due and payable as follows:

1. Ninety-five Percent (95%) thereof shall

be due and payable ten (10) days after

delivery each month of the invoice of the

Engineer;

2. The balance of such compensation shall

be due and payable ten (10) days after

delivery of a statement by the Engineer to the

Owner certifying that all final documents

prepared by the Engineer, for execution by

the Contractor, have been mailed or delivered

to the Contractor for execution.

B. For Services Under section 2. The

Owner shall pay the Engineer for all services

performed under section 2 as follows:

1. The sum of llll dollars ($llll)

for each service entrance to be installed,

replaced or modified during the construction

of the Project; plus

2. The sum of llll dollars ($llll);

or when the Project is divided into sections

for which separate outside plant plans and

specifications are prepared, the sum of

llll dollars ($llll) for each section

requiring final documents; plus the sum of

llll dollars ($llll) for each mile of

Project line facilities included in the final

documents. Ninety-five (95%) percent of the

compensation under this paragraph shall be

due and payable ten (10) days after approval

by the Owner and the Administrator of the

respective final documents and the balance

of the compensation under this paragraph

shall be due and payable ten (10) days after

completion of the Project as defined in the

Table 1.

C. Bi-weekly Statement. For compensation

covered by paragraph A this section, the

Engineer shall submit to the Owner a

biweekly statement showing the names of the

resident engineers and inspectors, and the

actual time spent on the Project by each

Resident Engineer and each Inspector during

the preceding period. The statement should

be prepared and submitted to the Owner in

a format similar to that shown in RUS Form

217, Exhibit A.

Section 6. Section Reference. Unless

otherwise specified or indicated, any

reference to ‘‘section’’ shall mean within this

attachment RUS Form 217g—Outside Plant

Construction-Project Direction, Inspection,

Testing and Contract Closeout.

[End of clause]

Dated: December 12, 1995.

Jill Long Thompson,

Under Secretary, Rural Economic and

Community Development.

[FR Doc. 95–31096 Filed 12–26–95; 8:45 am]

BILLING CODE 3410–15–P

FEDERAL DEPOSIT INSURANCE

CORPORATION

12 CFR Part 354

RIN 3064–AA92

Deposit Liabilities, Withdrawal of

Proposed Rule

AGENCY: Federal Deposit Insurance

Corporation (FDIC).

ACTION: Withdrawal of proposed rule.

SUMMARY: The FDIC is withdrawing a

proposal issued in 1988 prescribing by

regulation that certain liabilities of an

insured depository institution are

deposit liabilities by general usage. The

proposal would have found that an

institution’s liability on certain

obligations issued by the institution as

a means of obtaining funds constitutes

a deposit liability. The FDIC has

decided to withdraw the proposed rule

because an FDIC policy statement

recommends withdrawal of proposed

rules that have not been acted upon by

the Board of Directors within nine

months.

DATES: This withdrawal of the proposed

rule is made on December 27, 1995.
66952 Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Proposed Rules

1 53 FR 47723

2Statement of Policy on Development and Review

of FDIC Rules and Regulations, 44 FR 7288 (May

30, 1979).

FOR FURTHER INFORMATION CONTACT:

Jamey Basham, Counsel, (202) 898–

7265, Legal Division, FDIC, 550 17th

Street, N.W., Washington, D.C. 20429.

SUPPLEMENTARY INFORMATION:

The Proposed Rule

On November 25, 1988, the FDIC

published a proposed rule dealing with

the definition of the term ‘‘deposit.’’ 1 In

that rulemaking, the FDIC proposed that

an insured depository institution’s

liability on a promissory note, bond,

acknowledgement of advance, or similar

obligation that is issued or undertaken

by the institution as a means of

obtaining funds would be a deposit

liability. The proposed rule would have

allowed a number of enumerated

exceptions to the general provision.

The proposal was issued because the

FDIC had become aware over a period

of years that institutions were issuing

obligations generically known as

‘‘deposit notes,’’ which typically were

general credit obligations of the

institution; were represented to

customers as deposits; were designated

as deposits on the issuer’s report of

condition; and for which deposit

insurance assessments were paid. In

addition, institutions were issuing

instruments generally known as ‘‘bank

notes,’’ which were also general

obligations of the institution but were

not otherwise treated as deposits by the

institution and may or may not have

contained representations to the

customer about the instruments’ deposit

status. Although the FDIC believes that

many of these transactions fall within

section 3(l)(1) of the Federal Deposit

Insurance Act (Act), 12 U.S.C.

1813(l)(1), defining what constitutes a

‘‘deposit,’’ the FDIC proposed to use its

authority under section 3(l)(5) of the

Act, 12 U.S.C. 1813(l)(5), to determine

that certain liabilities are deposits by

general usage.

The Policy Statement

An FDIC Statement of Policy 2

provides that any regulation upon

which final action by the Board of

Directors has not been taken within nine

months from the date the regulation was

last proposed will be formally

withdrawn. If any proposed regulation

is so withdrawn, the Board of Directors

reserves the right to begin the

rulemaking process anew (i.e., republish

in the Federal Register, resolicit public

comments, etc.). The FDIC believes that

withdrawal of the proposed rule is

appropriate because no action has been

taken with respect to the proposal for

over nine months.

In consideration of the foregoing, the

FDIC hereby withdraws proposed new

part 354 of title 12 of the Code of

Federal Regulations.

By Order of the Board of Directors.

Dated at Washington, D.C., this 19th day of

December, 1995.

Federal Deposit Insurance Corporation.

Robert E. Feldman,

Deputy Executive Secretary.

[FR Doc. 95–31261 Filed 12–26–95; 8:45 am]

BILLING CODE 6174–01–P

NATIONAL CREDIT UNION

ADMINISTRATION

15 CFR Part 701

Supervisory Committee Audits and

Verifications

AGENCY: National Credit Union

Administration (NCUA).

ACTION: Proposed rule; extension of

comment period.

SUMMARY: On November 2, 1995 (60 FR

55663), the National Credit Union

Administration (NCUA) published for

public comment a proposed rule

regarding credit union supervisory

committee audits and verifications. The

comment period for this proposed rule

was to have expired on January 2, 1996.

A national trade association has

requested an additional two weeks to

respond. In view of this request, the

NCUA Board has decided to extend the

comment period on the proposed rule

for an additional sixteen days. The

extended comment period now expires

January 18, 1996.

DATES: The comment period has been

extended and now expires January 18,

1996. Comments must be received on or

before January 18, 1996.

ADDRESSES: Comments should be

directed to Becky Baker, Secretary of the

Board. Mail or hand-deliver comments

to: National Credit Union

Administration Board, 1775 Duke

Street, Alexandria, VA 22314–3428. Fax

comments to (703) 518–6319. Post

comments on NCUA’s electronic

bulletin board by dialing (703) 518–

6480. Please send comments by one

method only.

FOR FURTHER INFORMATION CONTACT:

Karen Kelbly, Accounting Officer, Office

of Examination and Insurance (703)

518–6360, or Michael McKenna,

Attorney, Office of General Counsel

(703) 518–6540, at the above address.

By the National Credit Union

Administration Board on December 19, 1995.

Becky Baker,

Secretary of the Board.

[FR Doc. 95–31315 Filed 12–26–95; 8:45 am]

BILLING CODE 7535–01–M

DEPARTMENT OF THE TREASURY

Customs Service

19 CFR Part 134

RIN 1515–AB82

Country of Origin Marking

AGENCY: U. S. Customs Service,

Department of the Treasury.

ACTION: Proposed rule; extension of

comment period.

SUMMARY: On November 16, 1995,

Customs published in the Federal

Register a document which proposed to

amend the Customs Regulations to ease

the requirement that whenever words

appear on an imported article indicating

the name of a geographic location other

than the true country of origin of the

article, the country of origin marking

always must appear in close proximity

to those words. Comments were to be

received on or before January 16, 1996.

This document extends for an

additional 30 days the period of time

within which interested members of the

public may submit comments on the

proposed amendments.

DATES: Comments must be received on

or before February 15, 1996.

ADDRESSES: Written comments

(preferably in triplicate) may be

addressed to the Regulations Branch, U.

S. Customs Service, Franklin Court,

1301 Constitution Avenue, NW.,

Washington, DC 20229. Comments

submitted may be inspected at the

Regulations Branch, Office of

Regulations and Rulings, Franklin

Court, 1099 14th Street, NW., Suite

4000, Washington, DC.

FOR FURTHER INFORMATION CONTACT:

Anthony Tonucci, Office of Regulations

and Rulings, 202–482–6980.

SUPPLEMENTARY INFORMATION:

Background

On November 16, 1995, Customs

published in the Federal Register (60

FR 57559) a notice of proposed

rulemaking which set forth proposed

amendments to part 134 of the Customs

Regulations (19 CFR Part 134) regarding

country of origin marking. The

document proposed to ease the

requirement that whenever words

appear on an imported article indicating