[Federal Register Volume 62, Number 115 (Monday, June 16, 1997)]
[Rules and Regulations]
[Pages 32477-32478]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-15757]
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DEPARTMENT OF AGRICULTURE
Rural Utilities Service
7 CFR Part 1786
RIN 0572-AB27
RUS Privatization Demonstration Prepayment Program for the State
of Alaska
AGENCY: Rural Utilities Service, USDA.
ACTION: Final rule.
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SUMMARY: The 1996 Farm Bill, signed into law on April 4, 1996, repealed
Section 311 of the Rural Electrification Act of 1936. Section 311
provided the legal authority for a privatization demonstration program
for the State of Alaska. Under that demonstration program, electric and
telecommunications borrowers in the state of Alaska could prepay
certain RUS loans on favorable terms. Borrowers who prepaid under this
demonstration program became ineligible for most types of loans from
RUS after the prepayment. Because the Farm Bill repealed the statutory
authority, regulations implementing this program have become obsolete.
Today's rule removes these obsolete regulations.
EFFECTIVE DATE: This rule is effective June 16, 1997.
FOR FURTHER INFORMATION CONTACT: Sue Arnold, Financial Analyst, U.S.
Department of Agriculture, Rural Utilities Service, Room 2230-S, 1400
Independence Avenue, SW., Stop 1522, Washington, DC 20250-1522.
Telephone: 202-720-0736. FAX: 202-720-4120. E-mail:
[email protected].
SUPPLEMENTARY INFORMATION: The Rural Utilities Service (RUS) is taking
this regulatory action as part of an ongoing project to eliminate
unnecessary regulations and improve those that remain in force. This
regulatory action has been determined not to be significant for the
purposes of Executive Order 12866, Regulatory Planning and Review, and,
therefore has not been reviewed by the Office of Management and Budget
(OMB).
The program described by this rule is listed in the Catalog of
Federal Domestic Assistance Programs under numbers 10.850, Rural
Electrification Loans and Loan Guarantees, 10.851 Rural Telephone Loans
and Loan Guarantees, and 10.852, Rural Telephone Bank Loans. This
catalog is available on a subscription basis from the Superintendent of
Documents, the United States Government Printing Office, Washington, DC
20402-9325.
Information Collection and Recordkeeping Requirements
This rule contains no information collection or recordkeeping
requirements.
Background
On October 30, 1986, an Act Making Continuing Appropriations for
Fiscal Year of 1987 and For Other Purposes (Pub.L. 99-591, 100 Stat.
3341-333) added a new section 311 (7 U.S.C. 940a) to the Rural
Electrification Act of 1936, as amended (7 U.S.C. 901 et seq.), (RE
Act). Section 311 established a privatization demonstration program
that allowed electric and telecommunications borrowers in the State of
Alaska to prepay, under favorable terms, certain loans made or
guaranteed by the Rural Electrification Administration (REA), the
predecessor to RUS. Borrowers who prepaid under this demonstration
program were required to prepay all outstanding loans made or
guaranteed under the RE Act, and, with a few exceptions, such borrowers
are ineligible for future loans or loan guarantees under the RE Act.
RUS rules implementing the Privatization Demonstration Program for
the State of Alaska were issued in 7 CFR 1786 subpart D.
On April 4, 1996, Section 780 of the Federal Agriculture
Improvement and Reform Act (Pub.L. 104-127) repealed Section 311. Since
RUS no longer has the statutory authority for the Privatization
Demonstration Program for the State of Alaska, today's rule removes the
now obsolete 7 CFR 1786 subpart D. Prepayment provisions established
elsewhere in 7 CFR part 1786, and in other RUS regulations are not
affected by today's amendment.
Because statutory authority for the Privatization Demonstration
Program for the State of Alaska has been repealed, no period of public
comment is needed for this conforming amendment to RUS regulations.
[[Page 32478]]
List of Subjects in 7 CFR Part 1786
Accounting, Administrative practice and procedure, Electric
utilities.
For the reasons set out in the preamble, and under the authority of
the Under Secretary for Rural Development, Title 7 of the Code of
Federal Regulations is amended as follows:
PART 1786--PREPAYMENT OF RUS GUARANTEED AND INSURED LOANS TO
ELECTRIC AND TELEPHONE BORROWERS
1. The authority citation for part 1786 continues to read as
follows:
Authority: 7 U.S.C. 901-950b; Title I, subtitle B, Pub.L. 99-
509; Pub.L. 101-624, 104 Stat. 4051; Pub.L. 103-354, 108 Stat. 3178
(7 U.S.C. 6941 et seq.), unless otherwise noted.
Subpart D 1786.75 through 1786.86 [Removed and Reserved]
2. Subpart D of Part 1786, consisting of sections 1786.75 through
1786.86, is removed and reserved.
Dated: June 9, 1997.
Jill Long Thompson,
Under Secretary, Rural Development.
[FR Doc. 97-15757 Filed 6-13-97; 8:45 am]
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