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Federal Register / Vol. 70, No.

80 / Wednesday, April 27, 2005 / Proposed Rules 21685

compatibility rulemakings by both the • A consolidated draft of the 140, Accounting for Transfers and
NRC and the DOT. proposed TS–R–1 revision. Servicing of Financial Assets and
DATES: Proposed changes will be • A standard comment form for the Extinguishment of Liabilities (SFAS
accepted until July 1, 2005. Proposed proposed TS–R–1 revision. 140). Under conditions described in the
changes received after this date will be • Table of the advisory material rule, the FCSIC will not seek to recover
considered if it is practical to do so, but changes proposed by the IAEA. or reclaim certain financial assets in
the NRC is able to assure consideration • A consolidated draft of the exercising its authority to repudiate or
only for proposed changes received on proposed TS–G–1.1 revision. disaffirm contracts pursuant to 12 CFR
or before this date. • A standard comment form for the 627.2725(b)(2), (b)(14) and 627.2780(b)
proposed TS–G–1.1 revisions. and (d). The proposed rule also provides
ADDRESSES: Mail proposed changes to
Public comments on proposed that the FCSIC will not seek to enforce
Michael Lesar, Chief, Rules and the ‘‘contemporaneous’’ requirement of
changes must be submitted in writing
Directives Branch, Division of section 5.61(d) of the Farm Credit Act of
(electronic file on disk in Word format
Administrative Services, Office of 1971, as amended (Act) (12 U.S.C.
preferred) using the standard comment
Administration, U.S. Nuclear Regulatory 2277a–10(d)). The proposed rule is
forms referred to above. The NRC and
Commission, Washington, DC 20555– substantially identical to receivership
the DOT will review the public
0001. rules issued by the Federal Deposit
comments received by July 1, 2005.
Hand deliver proposed changes to Based in part on the information, the Insurance Corporation (FDIC) and the
Two White Flint North, 11545 Rockville agencies will determine the U.S. National Credit Union Administration
Pike (Mail Stop T6D59), Rockville, comments on the proposed changes to (NCUA).
Maryland 20852, between 7:30 a.m. and be submitted to IAEA by August 5, DATES: Please send your comments to us
4:15 p.m. Federal workdays. 2005. by June 27, 2005.
FOR FURTHER INFORMATION CONTACT: John Comments on the proposed changes ADDRESSES: You may send comments by
Cook, Office of Nuclear Material Safety from the U.S., other Member States and electronic mail to ‘‘reg-comm@fca.gov,’’
and Safeguards, U.S. Nuclear Regulatory International Organizations will be through the Pending Regulations section
Commission, Washington, DC 20555– considered at an IAEA Review Panel of FCA’s Web site, ‘‘http://
0001, telephone: (301) 415–8521; e-mail: Meeting to be convened by IAEA on www.fca.gov,’’ or through the
jrc1@nrc.gov. September 5–9, 2005, in Vienna, Governmentwide ‘‘http://
SUPPLEMENTARY INFORMATION: Austria. Note that future domestic www.regulations.gov’’ Web site. You
rulemakings, if necessary, will continue may also send comments to S. Robert
Background to follow established rulemaking Coleman, Director, Regulation and
The IAEA periodically revises its procedures, including the opportunity Policy Division, Office of Policy and
Regulations for the Safe Transport of to formally comment on proposed rules. Analysis, Farm Credit Administration,
Radioactive Material (TS–R–1) to reflect Dated in Rockville, Maryland, this 21st day 1501 Farm Credit Drive, McLean, VA
new information and accumulated of April 2005. 22102–5090 or by fax to (703) 734–5784.
experience. The DOT is the U.S. For the Nuclear Regulatory Commission. You may review copies of comments we
competent authority before the IAEA for David W. Pstrak, receive at our office in McLean,
radioactive material transportation Virginia, or from our Web site at http:/
Transportation and Storage Project Manager,
matters. The NRC provides technical Office of Nuclear Material Safety and /www.fca.gov. Once you are in the Web
support to the DOT in this regard, Safeguards. site, select ‘‘Legal Info,’’ and then select
particularly with respect to Type B and [FR Doc. 05–8371 Filed 4–26–05; 8:45 am] ‘‘Public Comments.’’ We will show your
fissile packages. comments as submitted, but for
BILLING CODE 7590–01–P
On April 7, 2005, the IAEA posted for technical reasons we may omit items
comment 28 proposed changes to TS–R– such as logos and special characters.
1. The IAEA’s review process calls for Identifying information you provide,
FARM CREDIT ADMINISTRATION
Member States and International such as phone numbers and addresses,
Organizations to provide comments to 12 CFR Part 627 will be publicly available. However, we
the IAEA by August 5, 2005. The will attempt to remove electronic-mail
proposed changes may be incorporated RIN 3052–AC26 addresses to help reduce Internet spam.
in a revised edition of the regulations in FOR FURTHER INFORMATION CONTACT:
2007, nominally to become effective Title IV Conservators, Receivers, and
Voluntary Liquidations; Receivership Robert E. Donnelly, Senior Accountant,
worldwide in 2009. To assure Office of Policy and Analysis, Farm
opportunity for public involvement in Repudiation Authorities
Credit Administration, McLean, VA
the international regulatory AGENCY: Farm Credit Administration. 22102–5090, 703–883–4498, TTY (703)
development process, the DOT and the ACTION: Proposed rule. 883–4434, or Rebecca S. Orlich, Senior
NRC are soliciting comments on the Attorney, Office of General Counsel,
proposed changes at this time. This SUMMARY: The Farm Credit Farm Credit Administration, McLean,
information will assist the DOT and the Administration (FCA) is proposing a VA 22102–5090, 703–883–4020, TTY
NRC in having a full range of views as rule on how the Farm Credit System (703) 883–4020.
the agencies develop comments the U.S. Insurance Corporation (FCSIC), as SUPPLEMENTARY INFORMATION:
will submit to the IAEA. receiver or conservator of a Farm Credit
The following documents are System (System) institution, will treat I. Objective
available for viewing and downloading financial assets transferred by the Our objective in proposing this rule is
on the Internet at: http:// institution in connection with a to give certainty to System institutions
hazmat.dot.gov/regs/files/ securitization or in the form of a regarding how participations and
IAEADraftChanges.htm. participation. The rule would resolve securitizations engaged in by a System
• Table of the regulatory changes issues raised by Financial Accounting institution will be treated by the FCSIC
proposed by the IAEA. Standards Board (FASB) Statement No. if the institution is subsequently placed

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21686 Federal Register / Vol. 70, No. 80 / Wednesday, April 27, 2005 / Proposed Rules

in conservatorship or receivership. The 627.2780(d), the FCSIC may take any receivership provisions in part 627 of
rule will achieve this by ensuring that action it considers appropriate or FCA’s regulations. The proposed rule
the FCSIC will not attempt to ‘‘pull expedient to carry on the business of the would apply only to those
back’’ the subject assets into the institution during the process of securitizations or participations in
conservatorship or receivership estate if liquidation or during the which the transfer of financial assets
the transaction meets specified conservatorship. Under meets all conditions for sale accounting
conditions. § 627.2725(b)(14), the FCSIC, when treatment under GAAP, other than the
acting as conservator or receiver of a ‘‘legal isolation’’ condition as it applies
II. Background
System institution, has the power to to institutions for which the FCSIC may
Under generally accepted accounting disaffirm or repudiate any contract or be appointed as conservator or receiver,
principles (GAAP), a transfer of lease to which the institution is a party, which would be addressed by the
financial assets is accounted for as a sale the performance of which the FCSIC proposed rule. The proposed rule
if the transferor surrenders control over determines to be burdensome. provides that, for these transfers, the
the assets. This principle is set forth in Repudiation of a contract relieves the FCSIC will not, by exercise of its
the SFAS No. 140, Accounting for FCSIC from performing any authority to repudiate contracts under
Transfers and Servicing of Financial unperformed obligations remaining § 627.2725(b)(2) or (b)(14), reclaim,
Assets and Extinguishment of under the contract. Section 5.61(d) of recover, or recharacterize as property of
Liabilities, issued by the FASB.1 One of the Act provides that no agreement that the institution or the receivership any
the conditions for determining that the tends to diminish or defeat the FCSIC’s financial assets transferred by a System
transferor has surrendered control is interest in an asset acquired by the institution in connection with a
that the assets have been isolated from FCSIC as conservator or receiver is securitization or in the form of a
the transferor, i.e., put presumptively enforceable against the FCSIC unless the participation. Although the repudiation
beyond the reach of the transferor, its agreement meets certain requirements. of a securitization or participation will
creditors, a trustee in bankruptcy, or a One of those requirements is that the not affect transferred financial assets,
receiver. This is known as the ‘‘legal agreement must be executed, by the repudiation will excuse the FCSIC from
isolation’’ condition. institution and by any person claiming performing any continuing obligations
Whether the legal isolation condition an adverse interest under it, imposed by the securitization or
has been met is determined primarily contemporaneously with the acquisition participation. If the FCSIC, in order to
from a legal perspective. This of the asset by the institution. This is terminate such continuing obligations or
determination involves considerations referred to as the ‘‘contemporaneous’’ duties, seeks to repudiate an agreement
of the kind of receivership into which requirement. or contract under which a System
the transferor may be placed and the The FDIC and the NCUA each institution has transferred financial
powers of the receiver to reach assets adopted a rule in 2000 3 to resolve the assets in connection with a
that were transferred prior to its issues discussed above in SFAS 140.4 securitization or in the form of a
appointment. If the available evidence Specifically, the two agencies addressed participation, the FCSIC will not seek to
provides reasonable assurance that the whether their authorities to repudiate reclaim, recover, or recharacterize as
transferred assets would be beyond the contracts would prevent a transfer of property of the institution or the
reach of the powers of a bankruptcy financial assets by an insured receivership such financial assets.
trustee or receiver for the transferor, depository institution or a credit union The definition of ‘‘participation’’ in
then a determination that the transferred in connection with a securitization or in the proposed rule is specifically limited
assets have been legally isolated is the form of a participation from to participations that are ‘‘without
appropriate. satisfying the ‘‘legal isolation’’ condition recourse’’ to the selling or ‘‘lead’’
Where the transferor is a System of SFAS 140. The Act and FCA institution. ‘‘Without recourse’’ would
institution for which the FCSIC may be regulations contain substantially similar mean that the participation must not be
appointed conservator or receiver, the provisions that apply when the FCSIC is subject to any agreement that requires
issue arises whether financial assets appointed conservator or receiver for a the selling or ‘‘lead’’ institution to
transferred in connection with a System institution, and we are repurchase the participant’s interest or
securitization or in the form of a proposing to resolve the issues in the to otherwise compensate the participant
participation would be put beyond the same way.5 As such, this preamble and upon the borrower’s default on the
reach of the FCSIC as conservator or proposed rule track the language of the underlying obligation. The term
receiver. This issue arises because of the FDIC’s and NCUA’s rules. We note that ‘‘without recourse’’ does not, however,
FCSIC’s authority to repudiate nothing in this proposed rule is preclude the lead institution from
burdensome contracts under intended to provide any System retaining a subordinated interest in the
§§ 627.2725(b)(2), (b)(14) and participated obligation, against which
institutions with the authority to engage
627.2780(b) and (d) of FCA regulations; losses are initially allocated.
in any transaction that is not otherwise
and because of section 5.61(d) of the The proposed rule would not apply
authorized. unless the System institution received
Act.2 Under §§ 627.2725(b)(2) and
III. Description of the Proposed Rule adequate consideration for the transfer
1 SFAS 140 replaced SFAS 125 (which had This proposal would add a new of financial assets at the time of the
covered the same issues and was identically titled)
§ 627.2726 to the conservatorship and transfer, and the documentation
in September 2000. SFAS 140 revised the standards effecting the transfer of financial assets
for accounting for securitizations and other
transfers of financial assets and collateral and 3 See 12 CFR 360.6 (65 FR 49189 (Aug. 11, 2000)) reflects the intent of the parties to treat
required certain disclosures, but it carried over and 12 CFR 709.10 (65 FR 55439 (Sept. 14, 2000)). the transaction as a sale, and not as a
most of the provisions of SFAS 125 without 4 These issues were originally raised in SFAS 125, secured borrowing, for accounting
reconsideration. The FDIC receivership issues and which was replaced by SFAS 140 as described in purposes.
its related rule 12 CFR 360.6, which are discussed footnote 1 above. The issues continue to be The proposed rule further provides
later in this preamble, are described in paragraphs discussed SFAS 140.
157–160 of SFAS 140. 5 See 12 U.S.C. 1821(e) for the law pertaining to that it will not be construed as waiving,
2 See 12 CFR 627.2725(b)(2), (b)(14) and the FDIC, and 12 U.S.C. 1787(b)(9) and 1788(a)(3) limiting, or otherwise affecting the
627.2780(b) and (d), and 12 U.S.C. 2277a–10(d). for the laws pertaining to the NCUA. rights or powers of the FCSIC to take

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Federal Register / Vol. 70, No. 80 / Wednesday, April 27, 2005 / Proposed Rules 21687

any action or to exercise any power not For the reasons stated in the from registration under such Act
specifically limited by this section. preamble, we propose to amend part pursuant to Regulation S thereunder (or
Such rights or powers include, but are 627 of Chapter VI, title 12, of the Code any successor regulation).
not limited to, any rights, powers or of Federal Regulations as follows: Special purpose entity means a trust,
remedies of the FCSIC regarding corporation, or other entity
transfers taken in contemplation of the PART 627—CONSERVATORS, demonstrably distinct from the Farm
institution’s insolvency or with the RECEIVERS, AND VOLUNTARY Credit institution that is primarily
intent to hinder, delay, or defraud the LIQUIDATIONS engaged in acquiring and holding (or
institution or the creditors of such transferring to another special purpose
1. The authority citation for part 627
institution, or that is a fraudulent entity) financial assets, and in activities
is revised to read as follows:
transfer under applicable law. related or incidental thereto, in
The proposed rule further provides Authority: Secs. 4.2, 5.9, 5.10, 5.17, 5.51, connection with the issuance by such
that the FCSIC will not seek to avoid an 5.58, 5.61 of the Farm Credit Act (12 U.S.C. special purpose entity (or by another
otherwise legally enforceable 2183, 2243, 2244, 2252, 2277a, 2277a–7, special purpose entity that acquires
2277a–10).
securitization agreement or financial assets directly or indirectly
participation agreement executed by a Subpart B—Receivers and from such special purpose entity) of
System institution solely because such Receiverships beneficial interests.
agreement does not meet the (b) The receiver shall not, by exercise
‘‘contemporaneous’’ requirement of 2. Add a new § 627.2726 to read as of its authority to repudiate contracts
section 5.61(d) of the Act. follows: under § 627.2725(b)(2) and (b)(14),
The FCA intends the proposed rule to reclaim, recover, or recharacterize as
apply to securitizations and § 627.2726 Treatment by the conservator property of the institution or the
or receiver of financial assets transferred in receivership any financial assets
participations engaged in by System
connection with a securitization or
institutions while the rule is in effect, participation.
transferred by a Farm Credit institution
even if the rule is later amended or in connection with a securitization or
repealed. Section 627.2726(g) provides (a) Definitions. participation, provided that such
that any repeal or amendment of the Beneficial interest means debt or transfer meets all conditions for sale
rule by the FCA will not apply to any equity (or mixed) interests or obligations accounting treatment under generally
transfer of financial assets made in of any type issued by a special purpose accepted accounting principles, other
connection with a securitization or entity that entitle their holders to than the ‘‘legal isolation’’ condition as it
participation that was in effect before receive payments that depend primarily applies to institutions for which the
such repeal or amendment. As a result on the cash flow from financial assets FCSIC may be appointed as receiver
of § 627.2726(g), where a transfer of owned by the special purpose entity. which is addressed by this section.
financial assets in connection with a Financial asset means cash or a (c) Paragraph (b) of this section shall
securitization or in the form of a contract or instrument that conveys to not apply unless the Farm Credit
participation is made by a System one entity a contractual right to receive institution received adequate
institution and the securitization or cash or another financial instrument consideration for the transfer of
participation was in effect before any from another entity. financial assets at the time of the
repeal or amendment of the rule by the Participation means the transfer or transfer, and the documentation
FCA, such transfer will continue to assignment of an undivided interest in effecting the transfer of financial assets
satisfy the legal isolation requirement all or part of a loan or a lease from a reflects the intent of the parties to treat
notwithstanding the repeal or seller, known as the ‘‘lead’’, to a buyer, the transaction as a sale, and not as a
amendment. known as the ‘‘participant’’, without secured borrowing, for accounting
We also propose a conforming change recourse to the lead, pursuant to an purposes.
to § 627.2780(h) to clarify that the agreement between the lead and the (d) Paragraph (b) of this section shall
provisions of this proposed rule apply participant. Without recourse means not be construed as waiving, limiting, or
to a conservatorship as well as to a that the participation is not subject to otherwise affecting the power of the
receivership. any agreement that requires the lead to receiver to disaffirm or repudiate any
repurchase the participant’s interest or agreement imposing continuing
IV. Regulatory Flexibility Act to otherwise compensate the participant obligations or duties upon the insured
Pursuant to section 605(b) of the due to a default on the underlying depository institution in receivership.
Regulatory Flexibility Act (5 U.S.C. 601 obligation. (e) Paragraph (b) of this section shall
et seq.), FCA hereby certifies that the Securitization means the issuance by not be construed as waiving, limiting or
proposed rule will not have a significant a special purpose entity of beneficial otherwise affecting the rights or powers
economic impact on a substantial interests: of the receiver to take any action or to
number of small entities. Each of the (1) The most senior class of which at exercise any power not specifically
banks in the Farm Credit System, the time of issuance is rated in one of limited by this section, including, but
considered together with its affiliated the four highest categories assigned to not limited to, any rights, powers or
associations, has assets and annual long-term debt or in an equivalent short- remedies of the receiver regarding
income in excess of the amounts that term category (within either of which transfers taken in contemplation of the
would qualify them as small entities. there may be sub-categories or institution’s insolvency or with the
Therefore, Farm Credit System gradations indicating relative standing) intent to hinder, delay, or defraud the
institutions are not ‘‘small entities’’ as by one or more nationally recognized institution or the creditors of such
defined in the Regulatory Flexibility statistical rating organizations, or institution, or that is a fraudulent
Act. (2) Which are sold in transactions by transfer under applicable law.
an issuer not involving any public (f) The receiver shall not seek to avoid
List of Subjects in 12 CFR Part 627 offering for purposes of section 4 of the an otherwise legally enforceable
Agriculture, Banks, Banking, Claims, Securities Act of 1933 (15 U.S.C. 77d), securitization agreement or
Rural areas. as amended, or in transactions exempt participation agreement executed by a

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21688 Federal Register / Vol. 70, No. 80 / Wednesday, April 27, 2005 / Proposed Rules

Farm Credit institution solely because 2005–20245] using any of the following and 135–95, Revisions to Cockpit Voice
such agreement does not meet the methods: Recorder and Digital Flight Data
‘‘contemporaneous’’ requirement of • DOT Docket Web Site: Go to Recorder Regulations (70 FR 9752)
section 5.61(d) of the Act. http://dms.dot.gov and follow the (February 28, 2005) (‘‘NPRM’’). The
(g) This section may be repealed or instructions for sending your comments comment period for the NPRM ends on
amended by the Farm Credit electronically. April 29, 2005.
Administration, but any such repeal or • Government-wide Rulemaking Web By letter dated April 1, 2005, the
amendment shall not apply to any Site: Go to http://www.regulations.gov Aerospace Industries Association (AIA)
transfers of financial assets made in and follow the instructions for sending asks the FAA to extend the NPRM’s
connection with a securitization or your comments electronically. comment period by thirty days. AIA
participation that was in effect before • Mail: Docket Management Facility; believes extensive coordination is
such repeal or modification. U.S. Department of Transportation, 400 necessary with the suppliers of ‘‘Buyer
Seventh Street, SW., Nassif Building, Furnished Equipment (BFE)’’ and
Subpart C—Conservators and Room PL–401, Washington, DC 20590–
Conservatorships ‘‘Supplier Furnished Equipment (SFE)’’
001. because of the significant and complex
3. Amend § 627.2780(b) by adding a • Fax: 1–202–493–2251. contents of the NPRM. AIA states an
second sentence to read as follows: • Hand Delivery: Room PL–401 on extension is necessary to provide a
the plaza level of the Nassif Building, meaningful, thorough set of comments.
§ 627.2780 Powers and duties of 400 Seventh Street, SW., Washington,
conservators. DC, between 9 a.m. and 5 p.m., Monday The FAA agrees with AIA’s request
* * * * * through Friday, except Federal holidays. for an extension of the comment period.
(b) * * * The provisions of For more information on the We recognize the NPRM’s contents are
§ 627.2726 shall also apply to the rulemaking process, see the significant and complex and that a
conservator of a Farm Credit SUPPLEMENTARY INFORMATION section of sixty-day comment period is
institution.* * * this document. insufficient. We also believe that
* * * * * Privacy: We will post all comments additional requests for extensions will
we receive, without change, to http:// be filed shortly based on the lack of
Dated: April 20, 2005.
dms.dot.gov, including any personal comments from those entities that will
Jeanette C. Brinkley,
information you provide. For more be affected by the proposals in the
Secretary, Farm Credit Administration Board. NPRM.
information, see the Privacy Act
[FR Doc. 05–8237 Filed 4–26–05; 8:45 am]
discussion in the SUPPLEMENTARY We have determined that an
BILLING CODE 6705–01–P
INFORMATION section of this document. additional sixty days will be enough for
FOR FURTHER INFORMATION CONTACT: potential commenters to collect the cost
Timothy W. Shaver, Avionics Systems and operational data necessary to
DEPARTMENT OF TRANSPORTATION provide meaningful comments to the
Branch, Aircraft Certification Service,
Federal Aviation Administration AIR–130, Federal Aviation NPRM. Absent unusual circumstances,
Administration, 800 Independence the FAA does not anticipate any further
14 CFR Parts 23, 25, 27, 29, 91, 121, Avenue, SW., Washington, DC 20591; extension of the comment period for
125, 129 and 135 telephone (202) 385–4686; facsimile this rulemaking.
(202) 385–4651; e-mail Extension of Comment Period
[Docket No. FAA–2005–20245; Notice No. tim.shaver@faa.gov.
23–56, 25–118, 27–41, 29–48, 91–286, 121–
308, 125–47, 129–40 and 135–95] SUPPLEMENTARY INFORMATION: In accordance with 14 CFR 11.47(c),
the FAA has reviewed the petition
RIN 2120–AH88 Comments Invited submitted by Aerospace Industries
The FAA continues to invite Association (AIA) for an extension of
Revisions to Cockpit Voice Recorder
interested persons to take part in this the comment period to the NPRM. The
and Digital Flight Data Recorder
rulemaking by submitting written FAA finds that an extension of the
Regulations
comments, data, or views about the comment period for Notice No. 23–56,
AGENCY: Federal Aviation NPRM we issued on February 28, 2005 25–118, 27–41, 29–48, 91–286, 121–308,
Administration (FAA), DOT. (Revisions to Cockpit Voice Recorder 125–47, 129–40 and 135–95 is
ACTION: Notice of proposed rulemaking and Digital Flight Data Recorder consistent with the public interest, and
(NPRM); extension of comment period. Regulations (70 FR 9752) (February 28, that good cause exists for taking this
2005). We also invite comments about action. The FAA also has determined
SUMMARY: This action extends the the economic, environmental, energy, or that AIA has a substantive interest in
comment period for an NPRM published federalism impacts that might result the proposed rule and has shown good
on February 28, 2005. In that document, from adopting the proposals in that cause for the extension.
the FAA proposed to amend the cockpit document. The most helpful comments
voice recorder and digital flight data Accordingly, the comment period for
reference a specific portion of the Notice No. 23–56, 25–118, 27–41, 29–
recorder regulations for certain air NPRM, explain the reason for any
carriers, operators, and aircraft 48, 91–286, 121–308, 125–47, 129–40
recommended change, and include and 135–95 is extended until June 28,
manufacturers. This extension is a result supporting data. We ask that you send
of a request from the Aerospace 2005.
us two copies of written comments.
Industries Association to extend the Issued in Washington, DC, on April 21,
comment period for the NPRM. Background 2005.
DATES: Send your comments on or On February 28, 2005, the Federal John J. Hickey,
before June 28, 2005. Aviation Administration (FAA) issued Director, Aircraft Certification Service.
ADDRESSES: You may send comments Notice No. 23–56, 25–118, 27–41, 29– [FR Doc. 05–8457 Filed 4–26–05; 8:45 am]
[identified by Docket Number FAA– 48, 91–286, 121–308, 125–47, 129–40 BILLING CODE 4910–13–P

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