19002 Federal Register / Vol. 61, No. 84 / Tuesday, April 30, 1996 / Proposed Rules

AEA–530, F.A.A. Eastern Region,

Federal Building #100, John F. Kennedy

International Airport, Jamaica, NY

11430; telephone: (718) 553–4521.

SUPPLEMENTARY INFORMATION:

Comments Invited

Interested parties are invited to

participate in this proposed rulemaking

by submitting such written data, views,

or arguments as they may desire.

Comments that provide the factual basis

supporting the views and suggestions

presented are particularly helpful in

developing reasoned regulatory

decisions on the proposal. Comments

are specifically invited on the overall

regulatory, economic, environmental,

and energy-related aspects of the

proposal. Communications should

identify the airspace docket number and

be submitted in triplicate to the address

listed above. Commenters wishing the

FAA to acknowledge receipt of their

comments on this notice must submit

with those comments a self-addressed,

stamped postcard on which the

following statement is made:

‘‘Comments to Airspace Docket No. 96–

AEA–03.’’ The postcard will be date/

time stamped and returned to the

commenter. All communications

received on or before the closing date

for comments will be considered before

taking action on the proposed rule. The

proposal contained in this notice may

be changed in light of comments

received. All comments submitted will

be available for examination in the

Rules Docket both before and after the

closing date for comments. A report

summarizing each substantive public

contact with the FAA personnel

concerned with this rulemaking will be

filed in the docket.

Availability of NPRMs

Any person may obtain a copy of this

Notice of Proposed Rulemaking (NPRM)

by submitting a request to the Office of

the Assistant Chief Counsel, AEA–7,

F.A.A. Eastern Region, Federal Building

#100, John F. Kennedy International

Airport, Jamaica, NY 11430.

Communications must identify the

notice number of this NPRM. Persons

interested in being placed on a mailing

list for future NPRMs should also

request a copy of Advisory Circular No.

11–2A, which describes the application

procedure.

The Proposal

The FAA is considering an

amendment to part 71 of the Federal

Aviation Regulations (14 CFR part 71) to

amend the Class E airspace area at New

York, NY. A GPS RWY 19 SIAP has

been develop for the Lincoln Park

Airport, Lincoln Park, NJ. Additional

controlled airspace extending upward

from 700 feet above the surface is

needed to accommodate this SIAP and

for IFR operations at the airport. Class

E airspace designations for airspace

areas extending upward from 700 feet or

more above the surface are published in

paragraph 6005 of FAA Order 7400.9C,

dated August 17, 1995, and effective

September 16, 1995, which is

incorporated by reference in 14 CFR

71.1. The Class E airspace designation

listed in this document would be

published subsequently in the Order.

The FAA has determined that this

proposed regulation only involves an

established body of technical

regulations for which frequent and

routine amendments are necessary to

keep them operationally current.

Therefore, this proposed regulation—(1)

is not a ‘‘significant regulatory action’’

under Executive Order 12866; (2) is not

a ‘‘significant rule’’ under DOT

Regulatory Policies and Procedures (44

FR 11034; February 26, 1979); and (3)

does not warrant preparation of a

regulatory evaluation as the anticipated

impact is so minimal. Since this is a

routine matter that would only affect air

traffic procedures and air navigation, it

is certified that this proposed rule

would not have a significant economic

impact on a substantial number of small

entities under the criteria of the

Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

The Proposed Amendment

In consideration of the foregoing, the

Federal Aviation Administration

proposes to amend 14 CFR part 71 as

follows:

PART 71—[AMENDED]

1. The authority citation for part 71

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113,

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389; 14 CFR 11.69.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of the Federal Aviation

Administration Order 7400.9C, Airspace

Designations and Reporting Points,

dated August 17, 1995, and effective

September 16, 1995, is proposed to be

amended as follows:

Paragraph 6005 Class E airspace areas

extending upward from 700 feet or more

above the surface of the earth.

* * * * *

AEA NY E5 New York, NY

Lincoln Park Airport, Lincoln Park, NJ

(Lat. 40°56′51′′ N, long. 74°18′52′′ W)

That airspace extending upward from 700

feet above the surface within a 7-mile radius

of Lincoln Park Airport, Lincoln Park, NJ.

* * * * *

Issued in Jamaica, New York, on April 15,

1996.

John S. Walker,

Manager, Air Traffic Division, Eastern Region.

[FR Doc. 96–10675 Filed 4–29–96; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF THE TREASURY

Fiscal Service

31 CFR Part 344

[Department of the Treasury Circular, Public

Debt Series No. 3–72]

Regulations Governing United States

Treasury Certificates of Indebtedness,

Treasury Notes, and Treasury Bonds—

State and Local Government Series

AGENCY: Bureau of the Public Debt,

Fiscal Service, Department of the

Treasury.

ACTION: Advance Notice of Proposed

Rulemaking.

SUMMARY: The Department of the

Treasury is issuing this Advance Notice

of Proposed Rulemaking to advise

market participants in State and Local

Government Series (SLGS) securities

transactions of its intention to issue

regulations designed to make the SLGS

securities program more attractive and

flexible to investors while still

achieving policy and cost objectives of

the Department. Many of the changes

under consideration have been

requested by market participants and

state and local governments. We invite

comments, advice and

recommendations from interested

parties regarding the changes under

consideration as well as any additional

changes not specifically covered by this

notice.

DATES: Comments must be received on

or before May 30, 1996.

ADDRESSES: Copies of this Advance

Notice of Proposed Rulemaking have

been made available for downloading

from the Bureau of the Public Debt

home page at the following address:

http://www.ustreas.gov/treasury/

bureaus/pubdebt/pubdebt.hmtl

Comments should be sent to: Division of

Special Investments, Bureau of the

Public Debt, Department of the

Treasury, 200 3rd St., P.O. Box 396,

Parkersburg, WV 26101–0396.
Federal Register / Vol. 61, No. 84 / Tuesday, April 30, 1996 / Proposed Rules 19003

Comments received will be available for

public inspection and copying at the

Division of Special Investments and at

the Treasury Department Library, FOIA

Collection, Room 5030, Main Treasury

Building, 1500 Pennsylvania Avenue

NW, Washington, D.C. 20220. Persons

wishing to visit the library should call

202–622–0990 for an appointment.

Comments may also be sent through the

Internet to Fred Pyatt, Director, or

Howard Stevens, Supervisory Program

Analyst, Division of Special Investments

at fpyatt@bpd.treas.gov or

hstevens@bpd.treas.gov. When sending

comments by Internet, please provide

your full name and mailing address.

FOR FURTHER INFORMATION CONTACT: Fred

Pyatt, Director, or Howard Stevens,

Supervisory Program Analyst, Division

of Special Investments, at 304–480–

7752.

SUPPLEMENTARY INFORMATION:

I. Background

The Department of the Treasury,

Bureau of the Public Debt, desires to

make the SLGS securities program more

attractive and flexible for State and local

government issuers of debt obligations

that are subject to the arbitrage and

rebate rules of the Internal Revenue

Code. It is the Department’s intent to do

so in a manner consistent with tax

policy objectives and in a manner that

is cost effective.

In recent years, market participants

have advised the Department that

aspects of the existing SLGS securities

regulations impose burdens that are not

needed or cost-effective. Changes in the

Internal Revenue Code since the

inception of the SLGS securities

program, specifically changes in the

arbitrage and rebate restrictions under

Section 148, make it possible to

eliminate certain requirements that are

now contained in the SLGS securities

regulations. Section 148 restricts the use

of proceeds of tax-exempt State and

local bonds to acquire higher yielding

investments. For example, Section

148(a) provides generally that interest

on a State or local bond is tax-exempt

only if the issuer invests bond proceeds

at a yield that is not materially higher

than the yield on the bond issue.

Section 148(f) provides that interest on

a State or local bond is tax-exempt only

if the issuer rebates to the Federal

government certain arbitrage earnings

derived from investing gross proceeds at

a yield exceeding the yield on the bond

issue.

II. Set Forth Below Are Possible

Changes in the SLGS Program That the

Department is Studying

1. Eliminate the ‘‘all or nothing’’

certification which requires all yield

restricted investments be invested either

all in SLGS securities or all in open

market Treasury securities.

2. Allow subscriptions for time

deposit and special zero interest SLGS

securities in increments of less than

$100 above the $1,000 minimum

investment and permit partial

redemptions in multiples of less than

$100.

3. Reduce the minimum maturity for

zero interest time deposit and special

zero interest certificates of

indebtedness.

4. Reduce the time between the date

of subscription and the date of issue for

time deposit and special zero interest

SLGS securities.

5. Make SLGS securities pricing more

consistent with open market Treasury

securities pricing by reducing the 1/8 of

1% (12.5 basis points) differential that

now exists between SLGS securities

prices and the then current estimated

Treasury borrowing rate for a security of

comparable maturity.

6. Permit SLGS securities to be

purchased with funds subject to rebate

as well as yield restriction by removing

from the current SLGS securities

regulations certifications which limit or

prohibit investment. Certain of the

limitations would be incorporated into

the Internal Revenue Service

regulations.

7. Revise the demand deposit

program. Revisions being considered

include adjusting the rate formula and

eliminating certifications that are

duplicative of current tax regulations or

could be better administered through

the tax regulations.

8. Change the formula for determining

the redemption value of SLGS securities

to one where the remaining interest and

principal payments are discounted by

the Treasury borrowing rate for the

remaining term to maturity of the

security being redeemed. This would

result in a premium in cases where the

Treasury borrowing rate is lower than

the stated interest rate of the SLGS

security.

9. Zero interest time deposit SLGS

securities could be redeemed early at

par.

10. Permit the purchase of SLGS

securities with the proceeds of

previously redeemed SLGS securities or

open market Treasury securities.

These proposed changes to the SLGS

securities program could be omitted,

modified or additions made in light of

any comments received or as a result of

any internal Department decisions.

This advance notice of proposed

rulemaking is being issued to secure the

benefit of public comment. After receipt

and consideration of responses to this

advance notice of proposed rulemaking,

the Department may issue a notice of

proposed rulemaking or it may only

issue a final rule amending 31 CFR Part

344. However, because any proposed or

final rule will relate to matters of public

contract and procedures for United

States securities, as well as the

borrowing power and fiscal authority of

the United States, the notice, public

comment and delayed effective date

provisions of the Administrative

Procedure Act are inapplicable pursuant

to 5 U.S.C. 553(a)(2).

List of Subjects in 31 CFR Part 344

Bonds, Government securities,

Securities.

Authority: 31 U.S.C. 3102, et seq., Pub. L.

99–514, 100 Stat. 2654, Sec. 1301(d).

Dated: April 25, 1996.

Gerald Murphy,

Fiscal Assistant Secretary.

[FR Doc. 96–10726 Filed 4–26–96; 10:23 am]

BILLING CODE 4810–39–W

DEPARTMENT OF TRANSPORTATION

Coast Guard

33 CFR Part 100

[CGD07–94–017]

RIN 2115–AE48

Special Local Regulations; City of

Charleston, SC

AGENCY: Coast Guard, DOT.

ACTION: Notice of termination.

SUMMARY: This rulemaking project was

initiated to better serve the boating

public by providing advance notice of

the regulated area established for the

Festival On The Fourth celebrations in

Charleston Harbor, and to avoid the

reoccurring costs of publication related

with temporary regulations. Since the

publishing of the Notice of Proposed

Rulemaking, the sponsor of the Festival

on the Fourth has down-sized the event

to such an extent that no federal

regulations are required. Therefore, the

Coast Guard is terminating further

rulemaking under docket number

[CGD07–94–017].

FOR FURTHER INFORMATION CONTACT: ENS

M.J. DaPonte, project officer, Coast

Guard Group Charleston, SC at (803)

724–7621.