[Federal Register Volume 63, Number 184 (Wednesday, September 23, 1998)]
[Notices]
[Page 50864]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-25367]
========================================================================
Notices
Federal Register
________________________________________________________________________
This section of the FEDERAL REGISTER contains documents other than rules
or proposed rules that are applicable to the public. Notices of hearings
and investigations, committee meetings, agency decisions and rulings,
delegations of authority, filing of petitions and applications and agency
statements of organization and functions are examples of documents
appearing in this section.
========================================================================
Federal Register / Vol. 63, No. 184 / Wednesday, September 23, 1998 /
Notices
[[Page 50864]]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF AGRICULTURE
Rural Housing Service
Farm Service Agency
Rural Business-Cooperative Service
Rural Utilities Service
Notice of Request for Reinstatement of Information Collection
AGENCY: Rural Housing Service, Farm Service Agency, Rural Business-
Cooperative Service, and Rural Utilities Service, USDA.
ACTION: Proposed collection; comments request.
-----------------------------------------------------------------------
SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this
notice announces the Agencies' intention to reinstate the information
collection in support of the program for 7 CFR 1901-K.
DATES: Comments on this notice must be received by November 22, 1998 to
be assured of consideration.
FOR FURTHER INFORMATION CONTACT: Sandra Barnett, Rural Development,
Budget Division, 1400 Independence Avenue, SW., STOP 0722, Washington,
DC. 20250-0722; Telephone (202) 692-0143.
SUPPLEMENTARY INFORMATION:
Title: 7 CFR 1901 K, subpart K, ``Certificates of Beneficial
Ownership and Insured Notes.''
OMB Number: 0575-0064.
Type of Request: Reinstatement of an Information Collection.
Abstract: The mandate of Rural Development and the Farm Service
Agency is to serve as a temporary lender to rural America. In doing so,
Rural Development and the Farm Service Agency make three basic types of
loans. They are farm ownership and farm operating loans, home ownership
and repair loans and community facility and water system loans. These
loans are funded through the Congressional appropriations process.
They were formerly funded through mechanisms such as the sale of
Certificates of Beneficial Ownership (CBO) to private investors and the
Federal Financing Bank (FFB). A CBO is a debt instrument that allows
Rural Development and the Farm Service Agency to sell, to investors,
CBO's secured by loan assets and receive cash from the purchaser. Rural
Development and the Farm Service Agency agree to pay interest annually
on the CBO and to buy back the CBO after a certain period, usually 5 to
20 years. Until 1974, Rural Development and the Farm Service Agency
sold CBO's to the public and, the Federal Financing Bank (FFB). The FFB
is part of the U.S. Treasury that was created to buy CBO's from
government agencies. Today, Rural Development and the Farm Service
Agency no longer sell CBO's to the public or to the FFB but rely
instead on Federal appropriations. However, some of the CBO's are still
outstanding.
The policy for servicing of outstanding CBO's and insured notes
held by investors is found in the regulation, 7 CFR 1901-K. These
investors who transfer, sell, or request replacement of their insured
notes or CBO's are required to prepare or submit data to Rural
Development and the Farm Service Agency so that the appropriate changes
can be made in the applicable records. Rural Development and the Farm
Service Agency should also be notified in the event of the death of a
holder of an insured note or CBO.
Estimate of Burden: Public reporting burden for this collection of
information is estimated to average 0.6 hours per response.
Respondents: Individuals or households, business or other for-
profit, non-profit institutions, and small businesses or organizations.
Estimated Number of Respondents: 98.
Estimated Number of Responses per Respondent: 1.
Estimated Total Annual Burden on Respondents: 62 hours.
Copies of this information collection can be obtained from Barbara
Williams, Regulations and Paperwork Management Branch, Support Services
Division at (202) 692-0045.
Comments
Comments are invited on: (a) Whether the proposed collection of
information is necessary for the proper performance of functions of the
Agencies including whether the information will have practical utility;
(b) the accuracy of the Agencies' estimate of the burden of the
proposed collection of information including the validity of the
methodology and assumptions used; (c) ways to enhance the quality,
utility and clarity of the information to be collected; and (d) ways to
minimize the burden of the collection of information on those who are
to respond, including through the use of appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology. Comments may be sent to Barbara
Williams, Regulations and Paperwork Management Branch, Support Services
Division, U.S. Department of Agriculture, Rural Development, STOP 0742,
1400 Independence Ave., SW, Washington, DC 20250-0742. All responses to
this notice will be summarized and included in the request for OMB
approval. All comments will also become a matter of public record.
Dated: August 11, 1998.
Jan E. Shadburn,
Administrator, Rural Housing Service.
Dated: August 7, 1998.
Richard O. Newman,
Acting Administrator, Farm Service Agency.
Dated: August 13, 1998.
Dayton J. Watkins,
Administrator, Rural Business-Cooperative Service.
Dated: August 20, 1998.
Christopher A. McLean,
Acting Administrator, Rural Utilities Service.
[FR Doc. 98-25367 Filed 9-22-98; 8:45 am]
BILLING CODE 3410-XT-U
