67014 Federal Register / Vol. 60, No. 248 / Wednesday, December 27, 1995 / Notices

selected by the board of any Trust

involved in the loan who will serve as

arbitrator of disputes concerning

Interfund Loans. The arbitrator will

resolve any problem promptly, and the

arbitrator’s decision will be binding on

both Funds. The arbitrator will submit,

at least annually, a written report to the

boards setting forth a description of the

nature of any dispute and the actions

taken by the Funds to resolve the

dispute.

16. Each Fund will maintain and

preserve for a period of not less than six

years from the end of the fiscal year in

which any transaction of it under the

Credit Facility occurred, the first two

years in an easily accessible place,

written records of all such transactions

setting forth a description of the terms

of the transaction, including the

amount, the maturity, and the rate of

interest available at the time on shortterm repurchase agreements and

commercial bank borrowings, and such

other information presented to the

Trust’s board of trustees in connection

with the review required by conditions

13 and 14.

17. The Adviser will prepare and

submit to the boards for review an

initial special report on the ‘‘Design of

a System’’ with respect to the operations

of the Credit Facility prior to the facility

commencing operations, including a

report thereon of its independent public

accountants. A test program of modest

duration involving actual transactions

may be conducted prior to submission

of the initial report to the boards. An

appropriate single Trust which next

files its Form N–SAR after board review

of the initial report will file the report

with its Form N–SAR, and the other

Trusts will incorporate the report by

reference in their next N–SAR filings.

Thereafter, an annual report on the

‘‘Design of the System and Certain

Compliance Tests’’ with respect to the

accounting control procedures for the

Credit Facility which includes an

opinion of the independent public

accountants will be filed for two years

(measured from the commencement of

the Credit Facility subsequent to the test

program) with the Form N–SAR of an

appropriate single Trust which next

files its Form N–SAR, and the other

Trusts will incorporate each such

annual report by reference in their next

subsequent Form N–SAR filings.

The initial ‘‘Design’’ report and the

annual ‘‘Design and Compliance Tests’’

report will each be prepared in

accordance with the requirements of

Statement of Auditing Standards No. 70

(‘‘SAS 70’’) as it may be amended or

pursuant to similar auditing standards

as may be adopted by the American

Institute of Certified Public Accountants

from time to time, including reports of

independent accountants thereon. Each

SAS 70 report will include a description

of the Adviser’s principal procedures

used to monitor compliance with the

conditions to any order concerning the

application. The principal procedures

will include, at a minimum, procedures

that are designed to achieve the

following objectives: (a) The Interfund

Rate being higher than the Repo Rate

but lower than the Bank Loan Rate; (b)

the Funds’ compliance with the

Interfund Loan collateral requirements;

(c) the Funds’ compliance with the

percentage limitations on interfund

borrowing and lending; (d) the Funds’

allocation of interfund borrowing and

lending demand in accordance with

procedures established by the Funds’

boards of trustees; and (e) if a Fund, at

the time of its borrowing from another

Fund, also has outstanding third-party

borrowings, the interest rate on such

interfund borrowings not exceed the

interest rate on third-party borrowings.

After the final annual SAS 70 report,

compliance with the conditions to any

order issued concerning the application

will be considered by the external

auditors as part of their internal

accounting control procedures,

performed in connection with Fund

audit examinations, which form the

basis, in part, of the auditors’ report on

internal accounting controls in Form N–

SAR.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–31265 Filed 12–26–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Federal Highway Administration

Draft Environmental Impact Statement/

Section 4(f)/106 Evaluation; Athens

County, OH

AGENCY: Federal Highway

Administration (FHWA), DOT.

ACTION: Notice of availability.

SUMMARY: The FHWA is issuing this

notice to announce the availability of a

Draft Environmental Impact Statement/

Section 4(f)/106 Evaluation on the

proposed upgrading and relocation of

existing U.S. Route 50 between the City

of Athens and the Village of Coolville

from a two-lane highway to a controlled

access, four-lane highway. The

approximate length of the improvement

is 25.7 km (16 miles). The proposed

project would complete an unfinished

segment of the Appalachian Highway.

Comments are due February 5, 1996.

FOR FURTHER INFORMATION CONTACT:

William C. Jones, Division

Administrator, Federal Highway

Administration, 200 North High Street,

Room 328, Columbus, Ohio 43215,

Telephone: (614) 469–6896.

SUPPLEMENTARY INFORMATION: Pursuant

to the National Environmental Policy

Act of 1969 and in accordance with the

Council on Environmental Quality

Regulations, 40 CFR (Sec. 1506.9) for

implementing the Act, the Federal

Highway Administration submitted to

the U.S. Environmental Protection

Agency, Office of Federal Activities the

necessary information for the

publication of a Notice of Availability

for the Athens U.S. 50 Draft

Environmental Impact Statement/

Section 4(f)/106 Evaluation in the

December 22, 1995, Federal Register

which would establish a 45 day review

period. Due to circumstances beyond

FHWA’s control, the Notice of

Availability was not submitted to the

Federal Register for publication on

December 22, 1995. This notice is to

document that the DEIS/Section 4(f)/106

Evaluation has been made available on/

or prior to December 22, 1995, to the

involved Federal and the State of Ohio

permitting and resource agencies and to

the public through individual mailings,

State of Ohio legal notices published in

local newspapers, and through the State

Clearinghouse. All of the foregoing

notices established the expiration date

of the review period as February 5,

1996, which is based upon an 45 day

review period commencing on

December 22, 1995.

The FHWA will initiate coordination

with the U.S. EPA Office of Federal

Activities, pursuant to 40 CFR (Sec.

1506.10(d)) to reduce the prescribed 45

day availability period to coincide with

availability period as established

through other availability notices.

Issued on: December 20, 1995.

James J. Steele,

Assistant Division Administrator, Columbus/

[FR Doc. 95–31314 Filed 12–26–95; 8:45 am]

BILLING CODE 4910–22–P