28638 Federal Register / Vol. 61, No. 109 / Wednesday, June 5, 1996 / Notices

1The ICC Termination Act of 1995, Pub. L. No.

104–88, 109 Stat. 803 (ICCTA), which was enacted

on December 29, 1995, and took effect on January

1, 1996, abolished the Interstate Commerce

Commission (ICC) and transferred certain functions

and proceedings to the Surface Transportation

Board (Board). Section 204(b)(1) of ICCTA provides,

in general, that proceedings pending before the ICC

on the effective date of that legislation shall be

decided under the law in effect prior to January 1,

1996, insofar as they involve functions retained by

ICCTA. This decision relates to a proceeding that

was pending with the ICC prior to January 1, 1996,

and to functions that are subject to Board

jurisdiction pursuant to 49 U.S.C. 10704.

1The ICC Termination Act of 1995, Pub. L. No.

104–88, 109 Stat. 803, which was enacted on

December 29, 1995, and took effect on January 1,

1996, abolished the Interstate Commerce

Commission and transferred certain functions to the

Surface Transportation Board (Board). This notice

relates to functions that are subject to Board

jurisdiction pursuant to 49 U.S.C. 10901.

2LVR and C&G are owned by CAGY Industries,

Inc., a noncarrier that controls several class III rail

carriers. Because CAGY Industries owns other

carriers, it would require the prior approval of this

Board under 49 U.S.C. 11323(a)(5) and 11324(d), or

exemption therefrom under 49 U.S.C. 10502, to

continue in control of these other carriers when

LVR becomes a carrier by its acquisition of the line

in question. In STB Finance Docket No. 32968 (SubNo. 1), CAGY Industries has filed a petition for

exemption to permit such continuance in control.

Because LVR will connect with another carrier

controlled by CAGY Industries (C&G), CAGY

Industries cannot invoke the class exemption at 49

CFR 1180.2(d)(2) for continuance-in-control

transactions. Prior to closure of this transaction and

pending approval of the exemption sought in the

(Sub-No. 1) proceeding, LVR’s stock will be place

into an independent voting trust.

Saint Lawrence Seaway Development

Corporation

Advisory Board; Notice of Meeting

Pursuant to Section 10(a)(2) of the

Federal Advisory Committee Act (Public

Law 92–463; 5 U.S.C. App. I) notice is

hereby given of a meeting of the

Advisory Board of the Saint Lawrence

Seaway Development Corporation, to be

held at 2:00 p.m., June 20, 1996, at the

Corporation’s Washington, D.C. office,

400 7th Street, S.W., Suite 5424,

Washington, D.C. 20590. The agenda for

this meeting will be as follows: Opening

Remarks; Consideration of Minutes of

Past Meeting; Review of Programs;

Business; and Closing Remarks.

Attendance at meeting is open to the

interested public but limited to the

space available. With the approval of

the Administrator, members of the

public may present oral statements at

the meeting. Persons wishing further

information should contact not later

than June 17, 1996, Marc C. Owen,

Advisory Board Liaison, Saint Lawrence

Seaway Corporation, 400 Seventh

Street, S.W., Washington, D.C. 20590;

202–366–0091.

Any member of the public may

present a written statement to the

Advisory Board at any time.

Issued at Washington, D.C. on May 29,

1996.

Marc C. Owen,

Advisory Board Liaison.

[FR Doc. 96–14012 Filed 6–4–96; 8:45 am]

BILLING CODE 4910–61–M

Surface Transportation Board 1

[STB Ex Parte No. 523 (Sub-No. 1)]

Railroad Cost of Capital—1995

AGENCY: Surface Transportation Board.

ACTION: Notice of decision.

SUMMARY: On June 5, 1996, the Board

served a decision to update its estimate

of the railroad industry’s cost of capital

for 1995. The composite cost of capital

rate for 1995 is found to be 11.7%,

based on a current cost of debt of 7.4%,

a cost of common equity capital of

13.4%, a cost of preferred equity capital

of 3.2%, and a 26.0% debt, 72.8%

common equity, 1.2% preferred equity

capital structure mix. The cost of capital

finding made in this proceeding will be

used in a variety of Board proceedings.

EFFECTIVE DATE: This action is effective

June 6, 1996.

FOR FURTHER INFORMATION CONTACT:

Leonard J. Blistein, (202) 927–6171.

(TDD for the hearing impaired: (202)

927–5721.)

SUPPLEMENTARY INFORMATION: The cost

of capital finding in this decision shall

be used to evaluate the adequacy of

railroad revenues for 1995 under the

standards and procedures promulgated

in Standards for Railroad Revenue

Adequacy, 3 I.C.C.2d 261 (1986). This

finding may also be used in other Board

proceedings involving, for example, the

prescription of maximum reasonable

rate levels and proposed abandonments

of rail lines. Additional information is

contained in the Board’s decision. To

obtain a copy of the full decision, write

to, call, or pick up in person from: DC

NEWS & DATA, INC., Room 2229, 1201

Constitution Avenue, NW., Washington,

DC 20423. Telephone: (202) 289–4357/

4359. (Assistance for the hearing

impaired is available through TDD

services (202) 927–5721.)

Environmental and Energy

Considerations

This action will not significantly

affect either the quality of the human

environment or the conservation of

energy resources.

Regulatory Flexibility Analysis

Pursuant to 5 U.S.C. 605(b), we

conclude that our action in this

proceeding will not have a significant

economic impact on a substantial

number of small entities. The purpose

and effect of this action are to update

the annual railroad industry cost of

capital finding by the Board. No new

reporting or other regulatory

requirements are imposed, directly or

indirectly, on small entities.

Authority: 49 U.S.C. 10704(a).

Decided: May 22, 1996.

By the Board, Chairman Morgan, Vice

Chairman Simmons, and Commissioner

Owen.

Vernon A. Williams,

Secretary.

[FR Doc. 96–14088 Filed 6–4–96; 8:45 am]

BILLING CODE 4915–00–P

Surface Transportation Board 1

[STB Finance Docket No. 32968]

Luxapalila Valley Railroad, Inc.—

Acquisition and Operation

Exemption—Rail Lines of Norfolk

Southern Railway Co. and Columbus

and Greenville Railway Co.

Luxapalila Valley Railroad, Inc.

(LVR), a noncarrier, filed a verified

notice of exemption under 49 CFR

1150.31 to acquire and to operate

approximately 34.2 miles of connecting,

separately owned main rail lines in

Mississippi and Alabama. The lines to

be acquired are currently owned by

Norfolk Southern Railway Company

(NS) and Columbus and Greenville

Railway Company (C&G).2 The trackage

lies between NS milepost 884.9 at Belk,

AL, and NS milepost 919.1 at

Columbus, MS. NS currently owns and

operates the 24.5-mile Alabama portion,

lying between NS milepost 884.9 at Belk

and NS milepost 909.4 at the

Mississippi-Alabama state line. The 9.7-

mile Mississippi portion, lying between

NS milepost 909.4 and NS milepost

919.1 at Columbus, is owned by C&G

but has been operated by NS since 1926

under a lease that expired in 1995.

The transaction was intended to be

consummated shortly after May 30,

1996.

If the verified notice contains false or

misleading information, the exemption

is void ab initio. Petitions to reopen the

proceeding to revoke the exemption

under 49 U.S.C. 10502(d) may be filed

at any time. The filing of a petition to

reopen will not automatically stay the

transaction.

An original and 10 copies of all

pleadings, referring to STB Finance

Docket No. 32968, must be filed with
Federal Register / Vol. 61, No. 109 / Wednesday, June 5, 1996 / Notices 28639

1 The ICC Termination Act of 1995, Pub. L. No.

104–88, 109 Stat. 803 (the ICCTA), which was

enacted on December 29, 1995, and took effect on

January 1, 1996, abolished the Interstate Commerce

Commission (ICC) and transferred certain functions

and proceedings to the Surface Transportation

Board (Board). Section 204(b)(1) of the ICCTA

provides, in general, that proceedings pending

before the ICC on the effective date of that

legislation shall be decided under the law in effect

prior to January 1, 1996, insofar as they involve

functions retained by the ICCTA. This notice relates

to a proceeding that was pending with the ICC prior

to January 1, 1996, and to functions that are subject

to Board jurisdiction pursuant to 49 U.S.C. 10902

and 49 U.S.C. 11323–25. Therefore, this notice

applies the law in effect prior to the ICCTA, and

citations are to the former sections of the statute,

unless otherwise indicated.

the Surface Transportation Board, Office

of the Secretary, Case Control Branch,

1201 Constitution Avenue, NW.,

Washington, DC 20423. In addition, a

copy of each pleading must be served on

Patricia E. Kolesar, Esq., Slover &

Loftus, 1224 Seventeenth Street, NW.,

Washington, DC. 20036.

Decided: May 29, 1996.

By the Board, David M. Konschnik,

Director, Office of Proceedings.

Vernon A. Williams,

Secretary.

[FR Doc. 96–14086 Filed 6–4–96; 8:45 am]

BILLING CODE 4915–00–P

[Finance Docket No. 32691] 1

North Charleston Terminal Company—

Lease Exemption—South Carolina

Division of Public Railways, Cosgrove

Yard, North Charleston, SC

AGENCY: Surface Transportation Board.

ACTION: Notice of exemption.

SUMMARY: The Board, under 49 U.S.C.

10505, exempts from the prior approval

requirements of 49 U.S.C. 11343–45 the

lease by North Charleston Terminal

Company of South Carolina Division of

Public Railways’ Cosgrove Yard,

consisting of approximately 9.3 miles of

yard track and other railroad facilities,

in North Charleston, Charleston County,

SC, subject to standard labor protective

conditions.

DATES: This exemption will be effective

July 5, 1996. Petitions to stay must be

filed by June 20, 1996, and petitions to

reopen must be filed by July 1, 1996.

ADDRESSES: Send pleadings referring to

Finance Docket No. 32691 to: (1)

Surface Transportation Board, Office of

the Secretary, Case Control Branch,

1201 Constitution Avenue, NW.,

Washington, DC 20423, and (2)

Petitioner’s representative: Robert J.

Cooney, Norfolk Southern Corporation,

Three Commercial Place, Norfolk, VA

23510–2191.

FOR FURTHER INFORMATION CONTACT:

Beryl Gordon, (202) 927–7513. (TDD for

the hearing impaired: (202) 927–5721.)

SUPPLEMENTARY INFORMATION:

Additional information is contained in

the Board’s decision. To purchase a

copy of the full decision, write to, call,

or pick up in person from: DC News &

Data, Inc., Room 2229, 1201

Constitution Ave., NW., Washington,

DC 20423. Telephone: (202) 289–4357/

4359. (Assistance for the hearing

impaired is available through TDD

services (202) 927–5721.)

Decided: May 21, 1996.

By the Board, Chairman Morgan, Vice

Chairman Simmons, and Commissioner

Owen.

Vernon A. Williams,

Secretary.

[FR Doc. 96–14087 Filed 6–4–96; 8:45 am]

BILLING CODE 4915–00–P

DEPARTMENT OF THE TREASURY

Customs Service

[T.D. 96–47]

Petroleum Refineries in Foreign Trade

Subzones

AGENCY: Customs Service, Department

of the Treasury.

ACTION: General notice; modification of

T.D. 66–16.

SUMMARY: This document publishes an

attribution schedule approved in

accordance with the foreign trade zone

regulations for use by the Valero

Refining Company, operating as Foreign

Trade Subzone No. 122j, in Corpus

Christi, Texas, covering three feedstocks

not otherwise covered by a published

schedule, for the purpose of calculating

the amount of selected feedstock which

would be required to produce a given

category of product in the subzone, with

inventory accounting for feedstock and

product, as well as duty assessment for

any such product removed from or

consumed within the subzone, being

determined accordingly.

FOR FURTHER INFORMATION CONTACT:

Louis Hryniw, Office of Regulatory

Audit, (202) 927–0677.

SUPPLEMENTARY INFORMATION:

BACKGROUND

By a final rule document published in

the Federal Register as T.D. 95–35 (60

FR 20628) on April 27, 1995, Customs

amended its foreign trade zone

regulations (19 CFR part 146) to add

special procedures and requirements

governing the operation of petroleum

refineries approved as foreign trade

subzones, in implementation of § 9002

of the Technical and Miscellaneous

Revenue Act of 1988, codified as 19

U.S.C. 81c(d). These regulations, issued

as a new subpart H to part 146

(§§ 146.91–146.96), essentially establish

procedures to account for the various

products refined in a subzone as well as

the feedstocks that are used therein in

such refining operations, with duty

assessment being determined

accordingly.

Specifically in this connection,

§ 146.93(a) requires that all final

product refined in, and either removed

from or consumed within, a petroleum

refinery subzone, be attributed to

feedstock admitted into the subzone in

the current or prior manufacturing

period.

One method of attribution permits a

quantity of product to be attributed as

having been refined from a given

quantity of feedstock to the extent that

the quantity of such product was

producible (could have been produced)

from the stated quantity of feedstock. 19

CFR 146.95(a) (1) and (2). This method,

known as producibility, calls for the

establishment of objective production

standards to govern its application.

Such standards, called industry

standards of potential production on a

practical operating basis, have already

been established, adopted and

published in T.D. 66–16. 19 CFR

146.95(a)(2). In this regard, T.D. 66–16

lists several categories of products as

well as a number of different feedstocks,

together with the noted industry

standards expressed in percentages.

Section 146.95(a)(3)(i) deals with the

attribution of product to feedstock not

listed in T.D. 66–16, and requires in this

situation that the operator submit a

proposed attribution schedule,

supported by a technical memorandum,

to the appropriate port director. The

port director must refer the request to

the Director, Office of Regulatory Audit,

who is responsible for reviewing and

verifying the refiner’s records and

approving or denying the request,

following due coordination with the

Director, Office of Laboratories and

Scientific Services.

In the present case, Valero Refining

Company, operating as Foreign Trade

Subzone No. 122j, in Corpus Christi,

Texas, has submitted such a request,

which has since been evaluated by

Customs as described, and approved,

concerning the establishment of a

verified attribution schedule for

heretofore unlisted residual cracking

feedstocks of classes I, II, and III,

respectively. Section 146.95(a)(3)(i)