[Federal Register: August 15, 1997 (Volume 62, Number 158)]
[Rules and Regulations]
[Page 43642]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15au97-7]

=======================================================================
-----------------------------------------------------------------------

POSTAL SERVICE

39 CFR Part 3


Board of Governors Bylaws

AGENCY: Postal Service.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: The Board of Governors of the United States Postal Service has
approved an amendment to its bylaws. The amendment describes how the
cost of a development real estate project is determined for purposes of
applying the bylaw requirement for Board approval of capital investment
projects above $10 million.

EFFECTIVE DATE: August 15, 1997.

FOR FURTHER INFORMATION CONTACT: Thomas J. Koerber, (202) 268-4800.

SUPPLEMENTARY INFORMATION: The Board of Governors of the Postal Service
consists of nine Presidentially appointed Governors, and the Postmaster
General and Deputy Postmaster General. 39 U.S.C. 202. The bylaws of the
Board list certain matters reserved for action by the Board. 39 CFR
3.3. Among the matters reserved is the approval of each capital
investment project in excess of a dollar amount specified by annual
resolution of the Board each January, currently $10 million. At its
meeting on August 5, 1997, the Board approved an amendment to the bylaw
to explain how to compute the cost of developmental real estate
projects for purposes of determining whether the project is of
sufficient magnitude to come before the Board for approval under this
provision.
    The amendment provides that the cost of developmental real estate
projects is computed by combining three elements. These are the value
of the assets contributed by the Postal Service, the cash contributed
by the Postal Service, and any debt that would impact the Postal
Service investment.

List of Subjects in 39 CFR Part 3

    Administrative practice and procedure, Organization and functions
(Government agencies), Postal Service.

    Accordingly, 39 CFR Part 3 is amended as follows:

PART 3--[AMENDED]

    1. The authority citation for Part 3 continues to read as follows:

    Authority: 39 U.S.C. 202, 203, 205, 401 (2), (10), 402, 1003,
2802-2804, 3013; 5 U.S.C. 552b (g), (j); Inspector General Act, 5
U.S.C. app.

    2. Section 3.3 is amended by adding new paragraph (e)(3) to read as
follows:

Sec. 3.3  Matters reserved for decision by the Board.

* * * * *
    (e) * * *
    (3) The cost of a developmental real estate project shall be the
sum of:
    (i) The as-is value of the postal assets contributed to the
project;
    (ii) Cash contributed by the Postal Service; and
    (iii) Debt that impacts the Postal Service's investment.
* * * * *
Stanley F. Mires,
Chief Counsel, Legislative.
[FR Doc. 97-21589 Filed 8-14-97; 8:45 am]
BILLING CODE 7710-12-P