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.
19004 Federal Register / Vol. 61, No. 84 / Tuesday, April 30, 1996 / Proposed Rules

SUPPLEMENTARY INFORMATION: A notice

of proposed rulemaking was published

in the Federal Register on August 19,

1994 (59 FR 42787), inviting comments

for a proposed rulemaking which would

create a regulated area on the Ashley

River in Charleston, South Carolina for

the Festival on the Fourth celebration.

The day long event included personal

watercraft demonstrations, aerial

demonstration, ski jumping, and kite

skiing throughout the day.

The proposed rulemaking would have

created a regulated area between Brittle

Bank Park and the main river channel.

Entry into this regulated area would

have been prohibited to all nonparticipants annually on July 4, from 11

a.m. to 10:30 p.m. Eastern Standard

Daylight Time, unless otherwise

specified in the Seventh Coast Guard

District Local Notice to Mariners. Since

the publication of the Notice of

Proposed Rulemaking, the event has

been down-sized to such an extent that

no federal regulatory action is needed.

Therefore, this rulemaking is no longer

necessary, and the Coast Guard is

terminating further rulemaking under

docket number [CGD07–94–017].

Dated: April 22, 1996.

P.J. Cardaci,

Captain U.S. Coast Guard, Acting

Commander, Seventh Coast Guard District.

[FR Doc. 96–10659 Filed 4–29–96; 8:45 am]

BILLING CODE 4910–14–M

ENVIRONMENTAL PROTECTION

AGENCY

40 CFR Part 52

[CA153–2–7274b; FRL–5459–4]

Approval and Promulgation of State

Implementation Plans; California State

Implementation Plan Revision; Ventura

County Air Pollution Control District;

Sacramento Metropolitan Air Quality

Management Division; Placer County

Air Pollution Control District

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Proposed rule.

SUMMARY: EPA is proposing to approve

revisions to the California State

Implementation Plan (SIP) which

concern the control of oxides of nitrogen

(NOx) emissions from natural gas-fired

central furnaces, stationary internal

combustion engines, and biomass

boilers.

The intended effect of proposing

approval of these rules is to regulate

emissions of NOx in accordance with

the requirements of the Clean Air Act,

as amended in 1990 (CAA or the Act).

In the Final Rules Section of this

Federal Register, the EPA is approving

the state’s SIP revision as a direct final

rule without prior proposal because the

Agency views this as a noncontroversial

revision and anticipates no adverse

comments. A detailed rationale for this

approval is set forth in the direct final

rule. If no adverse comments are

received in response to this proposed

rule, no further activity is contemplated

in relation to this rule. If EPA receives

adverse comments, the direct final rule

will be withdrawn and all public

comments received will be addressed in

a subsequent final rule based on this

proposed rule. The EPA will not

institute a second comment period on

this document. Any parties interested in

commenting on this action should do so

at this time.

DATES: Comments on this proposed rule

must be received in writing by May 30,

1996.

ADDRESSES: Written comments on this

action should be addressed to: Daniel A.

Meer, Rulemaking Section (A–5–3), Air

and Toxics Division, U.S.

Environmental Protection Agency,

Region 9, 75 Hawthorne Street, San

Francisco, CA 94105–3901.

Copies of the rules and EPA’s

evaluation report of each rule are

available for public inspection at EPA’s

Region 9 office during normal business

hours. Copies of the submitted rules are

also available for inspection at the

following locations:

California Air Resources Board,

Stationary Source Division, Rule

Evaluation Section, 2020 ‘‘L’’ Street,

Sacramento, CA 95814.

Ventura County Air Pollution Control

District, Rule Development Section,

669 County Square Drive, Ventura,

CA 93003.

Sacramento Metropolitan Air Quality

Management District, Rule

Development Section, 8411 Jackson

Road, Sacramento, CA 95826.

Placer County Air Quality Management

District, Rule Development, 11464 B.

Avenue, Auburn, CA 95603.

FOR FURTHER INFORMATION CONTACT:

Wendy Colombo, Rulemaking Section

(A–5–3), Air and Toxics Division, U.S.

Environmental Protection Agency,

Region 9, 75 Hawthorne Street, San

Francisco, CA 94105–3901, Telephone:

(415) 744–1202.

SUPPLEMENTARY INFORMATION: This

document concerns the following

district rules:

• Ventura County Air Pollution

Control District (VCAPCD), Rule 74.22,

Natural Gas-Fired, Central Fan-Type

Furnaces;

• Sacramento Metropolitan Air

Quality Management District

(SMAQMD), Rule 412, Stationary

Internal Combustion Engines Located at

Major Stationary Sources; and

• Placer County Air Pollution Control

District (PCAPCD), Rule 233, Biomass

Boilers.

The rules were submitted to EPA on

February 11, 1994, June 16, 1995, and

October 19, 1994, respectively, by the

California Air Resources Board. For

further information, please see the

information provided in the Direct Final

action which is located in the Rules

Section of this Federal Register.

Authority: 42 U.S.C. 7401–7671q.

Dated: April 1, 1996.

Felicia Marcus,

Regional Administrator.

[FR Doc. 96–10567 Filed 4–29–96; 8:45 am]

BILLING CODE 6560–50–W

40 CFR Part 52

[CA–095–0006b; FRL–5455–1]

Approval and Promulgation of State

Implementation Plans; California State

Implementation Plan Revision, Placer

County Air Pollution Control District,

El Dorado County Air Pollution Control

District, Ventura County Air Pollution

Control District, Yolo-Solano Air

Quality Management District, and

Mojave Desert Air Quality Management

District

AGENCY: Environmental Protection

Agency (EPA).

ACTION: Proposed rule.

SUMMARY: EPA is proposing to approve

revisions to the California State

Implementation Plan (SIP) which

concern the control of volatile organic

compound (VOC) emissions from

organic solvent degreasing, surface

preparation and cleanup, motor vehicles

and mobile equipment coating

operations, wood coating operations,

and graphic arts.

The intended effect of proposing

approval of these rules is to regulate

emissions of VOCs in accordance with

the requirements of the Clean Air Act,

as amended in 1990 (CAA or the Act).

In the Final Rules Section of this

Federal Register, the EPA is approving

the state’s SIP revision as a direct final

rule without prior proposal because the

Agency views this as a noncontroversial

revision amendment and anticipates no

adverse comments. A detailed rationale

for this approval is set forth in the direct

final rule. If no adverse comments are

received in response to this proposed

rule, no further activity is contemplated