[Federal Register Volume 72, Number 14 (Tuesday, January 23, 2007)]
[Notices]
[Page 2880]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-903]


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FARM CREDIT ADMINISTRATION


Board Action Cancelling Charter of the Farm Credit System 
Financial Assistance Corporation

AGENCY: Farm Credit Administration.

ACTION: Notice.

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SUMMARY: The Farm Credit Administration (FCA or Agency), through the 
FCA Board, cancelled the charter of the Farm Credit System Financial 
Assistance Corporation (FAC or Corporation) at the January 11, 2007, 
Board meeting. The FCA chartered the FAC on January 11, 1988, to carry 
out a program to provide capital to Farm Credit System (System) 
institutions that were experiencing financial difficulties, and to 
assist in the repayment by System institutions to those that provided 
funds in connection with the program. The FAC discharged all of its 
responsibilities with respect to the repayment of FAC obligations 
during June 2005, and as a result, became eligible to terminate its 
corporate existence.

EFFECTIVE DATE: December 31, 2006.

FOR FURTHER INFORMATION CONTACT: Eric Howard, Senior Policy Analyst, 
Office of Regulatory Policy, Farm Credit Administration, McLean, 
Virginia 22102-5090, (703) 883-4481, TTY (703) 883-4056, or Rebecca 
Orlich, Senior Counsel, Office of General Counsel, Farm Credit 
Administration, McLean, Virginia 22102-5090, (703) 883-4020, TTY (703) 
883-4020.

SUPPLEMENTARY INFORMATION: On January 11, 2007, the FCA Board took 
action to cancel the charter and corporate existence of the FAC. The 
text of the Board action is set forth below:
    Whereas, on January 11, 1988, the Farm Credit Administration 
chartered the Farm Credit System Financial Assistance Corporation 
pursuant to section 6.20, title VI, subtitle B of the Farm Credit Act 
of 1971, as amended (Act), to carry out a program to provide capital to 
institutions of the Farm Credit System (System) that were experiencing 
financial difficulties and to assist in the repayment by System 
institutions to those that provided funds in connection with the 
program; and
    Whereas, section 6.31 of the Act provides that the Farm Credit 
System Financial Assistance Corporation will terminate upon the 
complete discharge of its statutory obligations, but in no event later 
than 2 years following the maturity and full payment of its debt 
obligations; and
    Whereas, on June 10, 2005, the last remaining debt obligation 
issued by the Farm Credit System Financial Assistance Corporation 
matured and was repaid; and
    Whereas, on June 10, 2005, all interest advanced by the U.S. 
Treasury was repaid; and
    Whereas, the final audit of the Farm Credit System Financial 
Assistance Corporation as of September 30, 2005, was completed by 
PricewaterhouseCoopers, an independent auditor; and
    Whereas, on November 14, 2005, the Farm Credit Administration 
issued to the Farm Credit System Financial Assistance Corporation a 
final Report of Examination as of September 30, 2005; and
    Whereas, the Farm Credit Administration has determined that the 
Farm Credit System Financial Assistance Corporation has effectively 
completed its statutory mission, complied with applicable laws and 
regulations, operated in a safe and sound manner, and thus has 
fulfilled its statutory obligations and discharged its responsibilities 
under sections 6.9 and 6.26 of the Act;
    Now, therefore, it is hereby ordered that:
    The charter of the Farm Credit System Financial Assistance 
Corporation is hereby cancelled retroactively to December 31, 2006.
    Signed by Nancy C. Pellett, Chairman, Farm Credit Administration 
Board on January 11, 2007.

    Dated: January 18, 2007.
Roland E. Smith,
Secretary, Farm Credit Administration Board.
 [FR Doc. E7-903 Filed 1-22-07; 8:45 am]
BILLING CODE 6705-01-P