14050 Federal Register / Vol. 60, No. 50 / Wednesday, March 15, 1995 / Notices

4. Applicants believe that the

statutory standards set forth above will

be satisfied with respect to the relief

requested. In this connection, applicants

believe that the structure of the

proposed transaction has been designed

to insure that the terms of the

transaction will be fair and reasonable,

will not involve overreaching on the

part of any person concerned, and will

eliminate the possibility of abuses of the

potential conflict of interest. The terms

of the proposed transaction provide that

MLVP II will only sell shares in an

underwritten offering in which Merrill

Lynch and/or DLJ are members of the

underwriting syndicate if certain

conditions are met. The Sub-Manager

for MLVP II must initially evaluate the

proposed transaction and determine to

recommend the sale of the investments.

5. The abuses that section 57(a)(2) is

designed to deter are limited with

respect to the proposed transactions.

The shares of Corporate Express are

traded on NASDAQ and the price to be

paid for shares in an underwritten

offering will approximate the trading

price of such shares on NASDAQ less an

underwriting discount. The

underwriting terms with respect to

MLVP II’s sale of shares must be on the

same terms applicable to any selling

shareholder participating in the offering,

including terms applicable to affiliates

of ML & Co. and/or DLJ. The

underwriting terms and arrangements,

including the underwriting discount,

will be reviewed and passed upon by

the Individual General Partners, and

separately by the Independent General

Partners.

6. Liquidity in portfolio investments

is becoming increasingly important as

MLVP II approaches the ninth year of its

ten year term. The ability to sell shares

in an underwritten offering in which

Merrill Lynch and/or DLJ are acting as

underwriters may provide liquidity not

otherwise available to MLVP II. Due to

its affiliation with Corporate Express

through Merrill Lynch, sales by MLVP

II in the public market of shares of

Corporate Express are subject to the

volume limitations contained in rule

144 under the Securities Act of 1933. In

addition, because DLJ acted as managing

underwriter for Corporate Express in its

initial public offering, it is likely that

DLJ will be the managing underwriter or

otherwise a member of the underwriting

syndicate in future offerings of such

company’s securities. Thus, in the

absence of the requested relief, MLVP II

will be at a substantial disadvantage

because it will be unable to liquidate its

holdings at a time when other

institutional investors in Corporate

Express are selling shares in an

underwritten offering for which Merrill

Lynch and/or DLJ are members of the

underwriting syndicate.

7. MLVP II believes that the relief

requested is consistent with its purpose,

its stated policies and the disclosure

made to its prospective investors.

Applicants also believe that the

proposed transactions are in the best

interests of MLVP II to the extent that

such transactions permit MLVP II to

liquidate portfolio securities on

favorable terms and in a more expedited

manner than would otherwise be

available.

Applicants’ Conditions

Applicants agree that the order

granting the requested relief shall be

subject to the following conditions:

1. If MLVP II is offered the

opportunity to sell shares of common

stock of Corporate Express in an

underwritten offering in which Merrill

Lynch and/or DLJ is a member of the

underwriting syndicate, the SubManager will review the terms of the

proposed offering. The Sub-Manager

will provide a written report to the

independent General Partners which

will set forth the Sub-Manager’s

recommendation as to whether MLVP II

should sell shares in such underwritten

offering based on the Sub-Manager’s

analysis of all factors it deems relevant,

including the terms of the proposed

underwritten offering.

2. MLVP II will be given the

opportunity to sell shares in such

underwritten offering on at least a

proportionate basis with affiliates of DLJ

and ML & Co. (if any), and on the same

terms applicable to any selling

shareholders participating in the

offering, including terms applicable to

affiliates of DLJ and ML & Co. (if any)

selling shares in such offering. In this

regard, the underwriting discount with

respect to such offering will be no larger

than the customary underwriting

discount charged by underwriters for

equity securities in similar transactions.

3. MLVP II will only participate in

such underwritten offering if the shares

to be sold continue to be traded on

NASDAQ or are listed on a national

securities exchange, as of the date of the

offering and if the offering price is

determined by reference to, and

approximates, the price of the shares on

NASDAQ, or a national securities

exchange, at the time the offering price

is determined.

4. The underwriting terms and

arrangements with respect to the

proposed transaction must be

determined by the Individual General

Partners, and a majority of the

Independent General Partners, to be fair

and reasonable.

5. If the Sub-Manager, on the basis of

its evaluation described above,

recommends that MLVP II sell shares in

such underwritten offering, the

Individual General Partners shall then

determine whether, in their view, it is

in the best interests of MLVP II to sell

shares in such underwritten offering.

MLVP II shall only sell shares in such

underwritten offering if the Individual

General Partners, including a majority of

the Independent General Partners,

determine that:

(i) the terms of the proposed

transaction, including the consideration

to be paid to MLVP II, are reasonable

and fair and do not involve

overreaching of MLVP II or its partners

on the part of any person concerned;

(ii) the proposed transaction is

consistent with the policies of MLVP II

as indicated in its filings under the

Securities Act of 1933 and the Securities

Exchange Act of 1934, and its reports to

its partners; and

(iii) participation by MLVP II in the

proposed transaction is in the best

interests of the partners of MLVP II.

6. MLVP II will maintain the records

required by section 57(f)(3) of the Act as

if each of the transactions permitted

under these conditions were approved

by the Independent General Partners

under section 57(f) of the Act.

For the SEC, by the Division of Investment

Management, under delegated authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 95–6356 Filed 3–14–95; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Notice of Public Meeting and Request

for Information on the Centralization

and Computerization of DOT Dockets

AGENCIES: The Office of the Secretary

(OST), the Federal Aviation

Administration (FAA), the Federal

Highway Administration (FHWA), the

Federal Railroad Administration (FRA),

the Federal Transit Administration

(FTA), the Maritime Administration

(MARAD), the National Highway Traffic

Safety Administration (NHTSA), the

Research and Special Programs

Administration (RSPA), and the United

States Coast Guard (USCG), DOT.

ACTION: Notice of public meeting.

SUMMARY: DOT is consolidating its nine

separate docket facilities into a single,

central office, and initiating a transition
Federal Register / Vol. 60, No. 50 / Wednesday, March 15, 1995 / Notices 14051

from a paper-based system to use of an

optical ‘‘imaging’’ technology for more

efficient storage, management, and

retrieval of docketed information. This

change also will address increasing

space limitations, provide better

security, and provide a platform for

eventual electronic filing and on-line

public access to the docket. The

ultimate objective is to make records

accessible from outside Washington, not

just at DOT headquarters. This notice

announces the date, time, location, and

procedures for a public meeting to

discuss this initiative.

DATES: The public meeting is scheduled

1:30 PM to 4:00 PM (local time) for:

March 29, 1995; Washington, D.C.

ADDRESSES: The public meeting will be

held at: U.S. Department of

Transportation, Room 2230, 400 7th

Street SW, Washington, D.C. 20590.

Individuals interested in attending the

meeting should contact Rasheed Tahir

at 202–366–9307, no later than March

24, 1995.

FOR FURTHER INFORMATION CONTACT: Neil

Eisner, Assistant General Counsel for

Regulation and Enforcement, Office of

General Counsel, Department of

Transportation, (202) 366–4723, 400 7th

Street SW, Washington, DC 20590.

SUPPLEMENTARY INFORMATION: The

Secretary of Transportation has directed

that the Office of the Secretary (OST)

and the DOT operating administrations

consolidate their separate paper-based

docket facilities into a single, central

office and convert to an electronic

image-based system. This change will

enable the Department to provide better

service and access to the public and to

government users. Currently, OST and

each operating administration has its

own separate docket facility and

performs many duplicative docketing

functions. Substantial building space is

inefficiently allocated for public access

to the dockets. On a given day, several

facilities may be empty and one

jammed, with public users waiting in

the hall outside. Increases in the

number and complexity of rulemakings

and adjudicatory proceedings have

generated a growing mountain of paper,

which, in turn, has created pressing

space and storage problems. The

dependence on paper also perpetuates

inefficiencies in information processing

and dissemination. Voluminous

dockets, in particular, make it difficult

for users to search for and organize

relevant information. Multiple copies of

docketed materials must be produced

and circulated to responsible offices in

the Department. These efforts consume

a substantial amount of time and

resources. The consolidation will

eliminate duplication, improve records

management, enhance docket security,

and provide easier public access by

creating a single point of entry. The

affected offices and agencies are

working together to develop the

consolidated docket facility and to

standardize docket procedures to the

extent possible.

As part of the consolidation effort,

DOT has initiated a phased transition

from a paper-based docket system to

storage of docket records in an

electronic format. This change responds

to five different needs: to (1) Store

increasing amounts of docketed

information; (2) provide users with

better, quicker, and easier access to that

information: (3) provide more efficient

ways to transmit information to and

from the dockets; (4) provide users with

the ability to perform electronic

searches of information in the dockets to

increase the efficiency and quality of

this review; and (5) provide better

security for docketed materials, which

now may get lost or misplaced.

To meet the legal requirements that

DOT maintain a record of all materials

submitted to the dockets and produce

certified true copies of docketed

information, the new system will store

docketed information as images on

optical disks. Images are like

photographs; when stored on read-only

optical disks, they are permanent and

unalterable, assuring 100 percent

accuracy of the records. The optical disk

system will allow more efficient storage

and management of docketed

information, because a single disk can

store hundreds of documents that are

easily available through the index. The

index will provide users with the

capability for rapid retrieval and more

sophisticated cross-referencing and

searching of docketed information.

The system will have controlled

access and security features to maintain

its integrity and to protect against

viruses and tampering. It will have

‘‘open architecture’’ to enable future

expansion and incorporation of

technological improvements. When

finally implemented, it will consist of

about 5.5 million imaged records, taking

into account the average annual amount

of material received and the orderly

retirement of records. The agencies plan

to backscan dockets that are currently

open and a limited amount of necessary

historical or precedential material to

optical disks that can be indexed for

research purposes. Suggestions on what

information would be useful to include

in the system are welcome, bearing in

mind that all existing paper dockets

cannot be scanned. The remainder of

the paper dockets will be sent to the

Federal Records Center consistent with

standard operating procedures.

The Department’s Docket

Management Facility initially will

accept only ‘‘hard’’ copy filings.

However, to facilitate review and

processing now, the formal paper filing

can be accompanied by floppy disks for

the action offices. The Department is

considering providing Optical Character

Recognition (OCR) capability in the

docket system as soon as it is feasible.

The Department’s priority, however, is

to optimize the document flow into,

within, and from the Department

through electronic transmission. When

the new system and its staff have the

capability to handle the change,

electronic filing will be encouraged.

Electronically-filed documents will not

need OCR translation. The Department

is considering adding future capabilities

to the system where possible, including:

(1) Use of government-approved

electronic signature; (2) electronic

transfer of documents to the Federal

Register and to the Federal Records

Center; (3) multi-media capability to

enable access by visually and hearing

impaired individuals; and (4) automatic

billing of public users (through credit

cards/bills) for filing fees and copying

services. The timing of the transition to

electronic transmission, OCR and the

availability of the future capabilities

will depend upon the readiness of the

new system to handle them and upon

budgetary constraints.

The Department plans a phased

transition to the new, centralized

facility. The Office of the Secretary’s

(OST) docket office has already been

relocated. During the transfer of OST’s

docket to the imaging system and the

internal connection of Department staff

to the dockets on-line, hard copies will

be maintained in the docket office until

the new system works smoothly.

Computer work stations in the new

docket office will be available to access

the information that is electronically

stored. These will have an easy-to-use

interface and docket staff will be

available to help users. The docket

offices of the other DOT agencies will be

sequentially consolidated into the new

facility. As part of this process, the

docket facility will eventually be

‘‘networked’’ to Department offices.

Ultimately, the public will have online access to the docket from outside of

DOT’s docket office. The system will

support both Macintosh and IBM

compatible equipment and provide an

easy-to-use interface with pull-down

menus. The architecture of the network

will enable real-time response for

accessing images, but acceptable speed

(comparable to turning the pages of a
14052 Federal Register / Vol. 60, No. 50 / Wednesday, March 15, 1995 / Notices

document) will require the use of at

least a 486DX2–66 machine or

Macintosh equivalent.

Not only should this effort result in a

much more efficient use of space,

personnel, equipment, and expertise,

but it should save the public and the

government time and money in

analyzing information submitted to the

docket.

Notice of Public Meeting

The Department believes that users

will benefit from an opportunity to hear

a more detailed description of the new

docket management system and to ask

questions about it. Therefore, we are

holding a public meeting beginning at

1:30 PM and ending no later than 4:00

PM (local time) on March 29, 1995, in

Washington, DC. We hope that as

people start using the system, they will

point out problems and bring us new

ideas on how to make the system more

responsive to their needs.

Seating will be restricted by available

room size and will be made available on

a first-come-first-served basis. If time

and the number of attendees permit, we

may be able to conduct one or more

short tours of the new docket facility. If

the interest expressed in the tour

exceeds the capacity of our docket

facility, we will schedule additional

tours. Persons interested in attending

should contact Rasheed Tahir at 202–

366–9307.

Since this meeting is intended to

inform the public about and to solicit

public views and questions on the new

docket management system, we will

conduct it in an informal manner.

Issued in Washington, D. C. on March 13,

1995.

Stephen H. Kaplan,

General Counsel.

[FR Doc. 95–6512 Filed 3–14–95; 8:45 am]

BILLING CODE 4910–62–P

Federal Aviation Administration

[Summary Notice No. PE–9521]

Petitions for Exemption; Summary of

Petitions Received; Dispositions of

Petitions Issued

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Notice of petitions for

exemption received and of dispositions

of prior petitions.

SUMMARY: Pursuant to FAA’s rulemaking

provisions governing the application,

processing, and disposition of petitions

for exemption (14 CFR Part 11), this

notice contains a summary of certain

petitions seeking relief from specified

requirements of the Federal Aviation

Regulations (14 CFR Chapter I),

dispositions of certain petitions

previously received, and corrections.

The purpose of this notice is to improve

the public’s awareness of, and

participation in, this aspect of FAA’s

regulatory activities. Neither publication

of this notice nor the inclusion or

omission of information in the summary

is intended to affect the legal status of

any petition or its final disposition.

DATES: Comments on petitions received

must identify the petition docket

number involved and must be received

on or before April 4, 1995.

ADDRESSES: Send comments on any

petition in triplicate to: Federal

Aviation Administration, Office of the

Chief Counsel, Attn: Rule Docket (AGC–

200), Petition Docket No. lllll,

800 Independence Avenue, SW.,

Washington, DC 20591.

The petition, any comments received,

and a copy of any final disposition are

filed in the assigned regulatory docket

and are available for examination in the

Rules Docket (AGC–200), Room 915G,

FAA Headquarters Building (FOB 10A),

800 Independence Avenue SW.,

Washington, DC 20591; telephone (202)

267–3132.

FOR FURTHER INFORMATION CONTACT: Mr.

D. Michael Smith, Office of Rulemaking

(ARM–1), Federal Aviation

Administration, 800 Indpendence

Avenue, SW., Washington, DC 20591;

telephone (202) 267–7470.

This notice is published pursuant to

paragraphs (c), (e), and (g) of § 11.27 of

Part 11 of the Federal Aviation

Regulations (14 CFR Part 11).

Issued in Washington, DC, on March 9,

1995.

Donald P. Byrne,

Assistant Chief Counsel for Regulations.

Petitions for Exemption

Docket No.: 27956

Petitioner: Air Line Pilots Association

Sections of the FAR Affected: 14 CFR

appendices I and J, part 121

Corrective Action: To withdraw the

notice of this petition published in

the Federal Register on February 17,

1995. Due to an inadvertent

administrative error, on January 31,

1995, the FAA responded to already

denied petitions and published this

response for comments.

Dispositions of Petitions

Docket No.: 24052

Petitioner: The Blue Angels

Sections of the FAR Affected: 14 CFR

91.117(a) and (b), 91.119(c), and

91.303(c) and (d)

Description of Relief Sought/

Disposition: To extend Exemption No.

4504, as amended, which permits the

Blue Angels pilots to conduct airshow

rehearsals involving low-level, highspeed, and aerobatic flight subject to

certain conditions and limitations.

GRANT, February 23, 1995,

Exemption No. 4504D

Docket No.: 25390

Petitioner: Airbus Industrie

Sections of the FAR Affected: 14 CFR

145.35

Description of Relief Sought/

Disposition: To permit the production

units and associated partners of

Airbus to be collectively certificated

under Airbus as a U.S. foreign repair

station to support the operation of

U.S.-registered A300, A310, A320,

A321, A330, and A340 aircraft.

GRANT, February 15, 1995,

Exemption No. 6029

Docket No.: 26976

Petitioner: United States Coast Guard

Sections of the FAR Affected: 14 CFR

91.119(c)

Description of Relief Sought/

Disposition: To extend Exemption No.

5614, which permits the Coast Guard

to operate over other than congested

areas at an altitude of less than 500

feet and, in the case of operations over

open water or sparsely populated

areas, at a distance closer than 500

feet to any person, vessel, vehicle, or

structure for the purpose of rescuing

and aiding persons and protecting and

saving property. GRANT, February 23,

1995, Exemption No. 5614A

Docket No.: 27086

Petitioner: Bombardier, Inc.

Sections of the FAR Affected: 14 CFR

61.55(b)(2); 61.56(c)(1); 61.57(c) and

(d); 61.58(c)(1) and (d); 61.63(c)(2)

and (d)(2) and (3); 61.65(c), (e)(2) and

(3), and (g); 61.67(d)(2); 61.157(d)(1)

and (2) and (e)(1) and (2); 61.191(c);

and appendix A, part 61

Description of Relief Sought/

Disposition: To extend Exemption No.

5617, which permits Bombardier to

use FAA-approved simulators to meet

certain flight experience requirements

of part 61 of the FAR. GRANT,

February 16, 1995, Exemption No.

5617A

Docket No.: 27951

Petitioner: Corning Incorporated

Sections of the FAR Affected: 14 CFR

25.562(b) and (c)

Description of Relief Sought/

Disposition: To allow Corning

Incorporated exemption from

performing the emergency landing

dynamic tests required by

§§ 25.562(b) and (c), for seating on

Corning’s Dornier 328–100 aircraft.