Streamlining Electric Program Procedures

• Published date: 31 July 2019
• Citation: 84 FR 37059
• Record Number: 2019-15859
• Section: Rules and Regulations
• Court: Rural Utilities Service

Federal Register, Volume 84 Issue 147 (Wednesday, July 31, 2019)

[Federal Register Volume 84, Number 147 (Wednesday, July 31, 2019)]
                [Rules and Regulations]
                [Page 37059]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2019-15859]
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                Rules and Regulations
                 Federal Register
                ________________________________________________________________________
                This section of the FEDERAL REGISTER contains regulatory documents
                having general applicability and legal effect, most of which are keyed
                to and codified in the Code of Federal Regulations, which is published
                under 50 titles pursuant to 44 U.S.C. 1510.
                The Code of Federal Regulations is sold by the Superintendent of Documents.
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                Federal Register / Vol. 84, No. 147 / Wednesday, July 31, 2019 /
                Rules and Regulations
                [[Page 37059]]
                DEPARTMENT OF AGRICULTURE
                Rural Utilities Service
                7 CFR Part 1717
                RIN 0572-AC40
                Streamlining Electric Program Procedures
                AGENCY: Rural Utilities Service, USDA.
                ACTION: Correcting amendment.
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                SUMMARY: The Rural Utilities Service (RUS or Agency) published a final
                rule in the Federal Register on July 9, 2019, entitled ``Streamlining
                Electric Program Procedures,'' to make revisions to several regulations
                to streamline its procedures for Electric Program borrowers, including
                its loan application requirements, approval of work plans and load
                forecasts, use of approved contracts and system design procedures. The
                Agency found an error in this publication, after the published rule
                became effective. This document will correct the final regulation.
                DATES: Effective on July 31, 2019.
                FOR FURTHER INFORMATION CONTACT: Michele Brooks, Team Lead, Rural
                Development Innovation Center--Regulatory Team, USDA, 1400 Independence
                Avenue SW, Stop 1522, Room 4266, South Building, Washington, DC 20250-
                1522. Telephone: (202) 690-1078. Email [email protected].
                SUPPLEMENTARY INFORMATION:
                Need for Correction
                 On July 9, 2019 (84 FR 32607), the Rural Utilities Services (RUS)
                issued a final rule entitled ``Streamlining Electric Program
                Procedures,'' to revise several regulations to streamline its
                procedures for Electric Program borrowers, including its loan
                application requirements, approval of work plans and load forecasts,
                use of approved contracts and system design procedures.
                 Inadvertently, revisions were made to the entire paragraph (c) of
                section 1717.856, which resulted in eliminating paragraphs (c)(1)
                through (4) instead of revising the introductory text only of paragraph
                (c). This document corrects the final regulation to add those portions
                that were removed by mistake.
                List of Subject in 7 CFR Part 1717
                 Administrative practice and procedure, Electric power, Electric
                power rates, Electric Utilities, Intergovernmental relations,
                Investments, Loan program-energy, Reporting and recordkeeping
                requirements, Rural areas.
                PART 1717--POST-LOAN POLICIES AND PROCEDURES COMMON TO INSURED AND
                GUARANTEED ELECTRIC LOANS
                0
                1. The authority citation for part 1717 continues to read as follows:
                 Authority: 7 U.S.C. 901 et seq., 1921 et seq., 6941 et seq.
                Subpart R--Lien Accommodations and Subordinations for 100 Percent
                Private Financing
                0
                2. Amend Sec. 1717.856 by adding paragraph (c)(1) through (c)(4), to
                read as follows:
                Sec. 1717.856 Application contents: Normal review--100 percent
                private financing.
                * * * * *
                 (c) * * *
                 (1) The borrower is current on all of its financial obligations and
                is in compliance with all requirements of its mortgage and loan
                agreement with RUS;
                 (2) In RUS's judgment, granting a lien accommodation or
                subordination for the proposed loan will not adversely affect the
                repayment and security of outstanding debt of the borrower owed to or
                guaranteed by RUS;
                 (3) The borrower has achieved the TIER and DSC and any other
                coverage ratios required by its mortgage or loan contract in each of
                the two most recent calendar years; and
                 (4) The amount of the proposed loan does not exceed the lesser of
                $10 million or 10 percent of the borrower's current net utility plant;
                * * * * *
                Chad Rupe,
                Administrator, Rural Utilities Service.
                [FR Doc. 2019-15859 Filed 7-30-19; 8:45 am]
                 BILLING CODE 3410-15-P