[Federal Register Volume 85, Number 26 (Friday, February 7, 2020)]
[Notices]
[Pages 7326-7327]
[FR Doc No: 2020-02461]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2020-0002; Internal Agency Docket No. FEMA-B-2007]

Proposed Flood Hazard Determinations

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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SUMMARY: Comments are requested on proposed flood hazard
determinations, which may include additions or modifications of any
Base Flood Elevation (BFE), base flood depth, Special Flood Hazard Area
(SFHA) boundary or zone designation, or regulatory floodway on the
Flood Insurance Rate Maps (FIRMs), and where applicable, in the
supporting Flood Insurance Study (FIS) reports for the communities
listed in the table below. The purpose of this notice is to seek
general information and comment regarding the preliminary FIRM, and
where applicable, the FIS report that the Federal Emergency Management
Agency (FEMA) has provided to the affected communities. The FIRM and
FIS report are the basis of the floodplain management measures that the
community is required either to adopt or to show evidence of having in
effect in order to qualify or remain qualified for participation in the
National Flood Insurance Program (NFIP). In addition, the FIRM and FIS
report, once effective, will be used by insurance agents and others to
calculate appropriate flood insurance premium rates for new buildings
and the contents of those buildings.

DATES: Comments are to be submitted on or before May 7, 2020.

ADDRESSES: The Preliminary FIRM, and where applicable, the FIS report
for each community are available for inspection at both the online
location https://www.fema.gov/preliminaryfloodhazarddata and the
respective Community Map Repository address listed in the tables below.
Additionally, the current effective FIRM and FIS report for each
community are accessible online through the FEMA Map Service Center at
https://msc.fema.gov for comparison.
    You may submit comments, identified by Docket No. FEMA-B-2007, to
Rick Sacbibit, Chief, Engineering Services Branch, Federal Insurance
and Mitigation Administration, FEMA, 400 C Street SW, Washington, DC
20472,<PHONE_NUMBER>, or (email<EMAIL_ADDRESS>
FOR FURTHER INFORMATION CONTACT: Rick Sacbibit, Chief, Engineering
Services Branch, Federal Insurance and Mitigation Administration, FEMA,
400 C Street SW, Washington, DC 20472,

(202) 646-7659, or (email<EMAIL_ADDRESS>or visit the
FEMA Map Information eXchange (FMIX) online at https://www.floodmaps.fema.gov/fhm/fmx_main.html.

SUPPLEMENTARY INFORMATION: FEMA proposes to make flood hazard
determinations for each community listed below, in accordance with
section 110 of the Flood Disaster Protection Act of 1973, 42 U.S.C.
4104, and 44 CFR 67.4(a).
    These proposed flood hazard determinations, together with the
floodplain management criteria required by 44 CFR 60.3, are the minimum
that are required. They should not be construed to mean that the
community must change any existing ordinances that are more stringent
in their floodplain management requirements. The community may at any
time enact stricter requirements of its own or pursuant to policies
established by other Federal, State, or regional entities. These flood
hazard determinations are used to meet the floodplain management
requirements of the NFIP and are used to calculate the appropriate
flood insurance premium rates for new buildings built after the FIRM
and FIS report become effective.
    The communities affected by the flood hazard determinations are
provided in the tables below. Any request for reconsideration of the
revised flood hazard information shown on the Preliminary FIRM and FIS
report that satisfies the data requirements outlined in 44 CFR 67.6(b)
is considered an appeal. Comments unrelated to the flood hazard
determinations also will be considered before the FIRM and FIS report
become effective.
    Use of a Scientific Resolution Panel (SRP) is available to
communities in support of the appeal resolution process. SRPs are
independent panels of experts in hydrology, hydraulics, and other
pertinent sciences established to review conflicting scientific and
technical data and provide recommendations for resolution. Use of the
SRP only may be exercised after FEMA and local communities have been
engaged in a collaborative consultation process for at least 60 days
without a mutually acceptable resolution of an appeal. Additional
information regarding the SRP process can be found online at https://www.floodsrp.org/pdfs/srp_overview.pdf.
    The watersheds and/or communities affected are listed in the tables
below. The Preliminary FIRM, and where applicable, FIS report for each
community are available for inspection at both the online location
https://www.fema.gov/preliminaryfloodhazarddata and the respective
Community Map Repository address listed in the tables. For communities
with multiple ongoing Preliminary studies, the studies can be
identified by the unique project number and Preliminary FIRM date
listed in the tables. Additionally, the current effective FIRM and FIS
report for each community are accessible online through the FEMA Map
Service Center at https://msc.fema.gov for comparison.

(Catalog of Federal Domestic Assistance No. 97.022, ``Flood
Insurance.'')

Michael M. Grimm,
Assistant Administrator for Risk Management, Department of Homeland
Security, Federal Emergency Management Agency.

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                                             Community map repository
               Community                             address
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           Forrest County, Mississippi and Incorporated Areas
          Project: 16-04-8534S Preliminary Date: June 28, 2019
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City of Hattiesburg....................  City Hall, 200 Forrest Street,
                                          Hattiesburg, MS 39401.
City of Petal..........................  Building Department, 101 West
                                          8th Avenue, Petal, MS 39465.
Unincorporated Areas of Forrest County.  Forrest County Chancery
                                          Building, 641 Main Street,
                                          Hattiesburg, MS 39401.
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            Greene County, Mississippi and Incorporated Areas
          Project: 16-04-8534S Preliminary Date: June 28, 2019
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Town of McLain.........................  Town Hall, 106 South Church
                                          Avenue, McLain, MS 39456.
Unincorporated Areas of Greene County..  Greene County Emergency
                                          Management, 401 McInnis
                                          Avenue, Leakesville, MS 39451.
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            Jones County, Mississippi and Incorporated Areas
          Project: 16-04-8534S Preliminary Date: June 28, 2019
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City of Ellisville.....................  City Hall, 110 North Court
                                          Street, Ellisville, MS 39437.
City of Laurel.........................  City Hall, 401 North 5th
                                          Avenue, Laurel, MS 39440.
Unincorporated Areas of Jones County...  Jones County Circuit Court, 415
                                          North 5th Avenue, Laurel, MS
                                          39440.
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            Perry County, Mississippi and Incorporated Areas
          Project: 16-04-8534S Preliminary Date: June 28, 2019
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Town of Richton........................  City Hall, 206 Dogwood Avenue
                                          East, Richton, MS 39476.
Unincorporated Areas of Perry County...  Perry County Board of
                                          Supervisors Administration
                                          Building, 101 Main Street, New
                                          Augusta, MS 39462.
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[FR Doc. 2020-02461 Filed 2-6-20; 8:45 am]
BILLING CODE 9110-12-P


[Federal Register: October 6, 2010 (Volume 75, Number 193)]
[Notices]
[Page 61788-61790]
[DOCID:fr06oc10-145]

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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 29453; 812-13771]

Triangle Capital Corporation, et al.; Notice of Application

September 30, 2010.
AGENCY: Securities and Exchange Commission (the ``Commission'').

ACTION: Notice of an application to amend a prior order under sections
6(c), 12(d)(1)(J), and 57(c) of the Investment Company Act of 1940
(``Act'') granting exemptions from sections 12(d)(1)(A) and (C), 18(a),
21(b), 57(a)(1)-(a)(3), and 61(a) of the Act; under section 57(i) of
the Act and rule 17d-1 under the Act to permit certain joint
transactions otherwise prohibited by section 57(a)(4) of the Act; and
under section 12(h) of the Securities Exchange Act of 1934 (``Exchange
Act'') granting an exemption from section 13(a) of the Exchange Act.

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Applicants: Triangle Capital Corporation (``Triangle''), Triangle
Mezzanine Fund, LLLP (``TMF''), New Triangle GP, LLC (``General
Partner''), New Triangle GP, LLC (``GP II''), and Triangle Mezzanine
Fund II LP (``SBIC II'').

Summary of Application: Applicants request an order (``Amended Order'')
to amend a prior order permitting a parent business development company
(``BDC'') and its wholly-owned small business investment company
(``SBIC'') subsidiary to engage in certain transactions that otherwise
would be permitted if such parent BDC and such SBIC subsidiary were one
company and to file certain reports on a consolidated basis, and
permitting such parent BDC to adhere to a modified asset coverage
requirement (``Prior Order'').\1\ Applicants seek to amend the Prior
Order in order to permit such SBIC subsidiary, which is also a BDC, and
a newly formed SBIC subsidiary or any future SBIC subsidiary to engage
in certain transactions that otherwise would be permitted if such
parent BDC and the SBIC subsidiaries were one company and to permit
such parent BDC to adhere to a modified asset coverage requirement.
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    \1\ Triangle Capital Corporation, et al., Investment Company Act
Release Nos. 28383 (Sept. 19, 2008) (notice) and 28437 (Oct. 14,
2008) (order).

DATES: Filing Dates: The application was filed on May 11, 2010 and
amended on September 28, 2010. Applicants have agreed to file an
amendment during the notice period, the substance of which is reflected
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in this notice.

Hearing or Notification of Hearing: An order granting the application
will be issued unless the Commission orders a hearing. Interested
persons may request a hearing by writing to the Commission's Secretary
and serving applicants with a copy of the request, personally or by
mail. Hearing requests should be received by the Commission by 5:30
p.m. on October 21, 2010, and should be accompanied by proof of service
on applicants, in the form of an affidavit or, for lawyers, a
certificate of service. Hearing requests should state the nature of the
writer's interest, the reason for the request, and the issues
contested. Persons who wish to be notified of a hearing may request
notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street, NE., Washington, DC 20549-1090. Applicants, c/o Garland S.
Tucker III, Triangle Capital Corporation, 3700 Glenwood Avenue, Suite
530, Raleigh, NC 27612.

FOR FURTHER INFORMATION CONTACT: Jill Ehrlich, Attorney Adviser, at
(202) 551-6819, or Mary Kay Frech, Branch Chief, at<PHONE_NUMBER>
(Division of Investment Management, Office of Investment Company
Regulation).

SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's website by searching for the file number, or an applicant
using the Company name box, at http://www.sec.gov/search/search.htm or
by calling<PHONE_NUMBER>.

Applicants' Representations

    1. Triangle, a Maryland corporation, is an internally managed, non-
diversified, closed-end investment company that has elected to be
regulated as a BDC under the Act.\2\ Triangle operates as a specialty
finance company that provides customized financing solutions to lower
middle market companies that have annual revenues between $10 and $100
million. Triangle's investment objective is to seek attractive returns
by generating current income from debt investments and capital
appreciation from equity related investments. Triangle has an eight
member board of directors (``Triangle Board''), five of whom are not
``interested persons'' of Triangle within the meaning of section
2(a)(19) of the Act. Triangle is internally managed by its executive
officers under the supervision of the Triangle Board.
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    \2\ Section 2(a)(48) of the Act defines a BDC to be any closed-
end investment company that operates for the purpose of making
investments in securities described in sections 55(a)(1) through
55(a)(3) of the Act and makes available significant managerial
assistance with respect to the issuers of such securities.
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    2. TMF, a North Carolina limited liability limited partnership, is
an SBIC licensed by the Small Business Administration (``SBA'') to
operate under the Small Business Investment Act of 1958 (``SBA Act'').
TMF has elected to be regulated as a BDC under the Act. TMF has the
same investment objectives and strategies as Triangle. Triangle owns a
99.9% limited partnership interest in TMF, and the General Partner, a
wholly-owned subsidiary of Triangle, owns a 0.1% general partnership
interest in TMF. TMF, therefore, is functionally a 100% owned
subsidiary of Triangle because Triangle and the General Partner own all
of the equity and voting interest in TMF. TMF is consolidated with
Triangle for financial reporting purposes. TMF has a board of directors
(``TMF Board'') consisting of five persons who are not interested
persons of TMF within the meaning of section 2(a)(19) of the Act and
three persons who are interested persons of TMF.
    3. SBIC II, a Delaware limited partnership, is an SBIC licensed by
the SBA. Unlike TMF, SBIC II will not be registered under the Act based
on the exclusion from the definition of investment company contained in
section 3(c)(7) of the Act. Triangle directly owns a 99.9% limited
partnership interest in SBIC II. GP II, a wholly owned subsidiary of
Triangle, owns a 0.1% general partnership interest in SBIC II.
Therefore, SBIC II is functionally a 100% owned subsidiary of Triangle
because Triangle and GP II own all of the equity and voting interest in
SBIC II. SBIC II is consolidated with Triangle for financial reporting
purposes.
    4. Each of TMF and SBIC II has entered into a management services
agreement with Triangle, whereby Triangle provides management services
to TMF and SBIC II. The General Partner is a limited liability company
organized under the laws of North Carolina and the sole general partner
of TMF. GP II is a limited liability company organized under the laws
of Delaware and the sole general partner of SBIC II.
    5. The Prior Order permits Triangle and TMF to operate effectively
as one company. At the time of the Prior Order, TMF was Triangle's only
wholly-owned SBIC subsidiary. Subsequent to the Prior Order, Triangle
has formed SBIC II and may in the future create other direct or
indirect wholly-owned subsidiaries of Triangle (collectively, with TMF
and SBIC II, the ``Subsidiaries,'' and each a ``Subsidiary''). The
Subsidiaries may also be licensed by the SBA to operate

as SBICs (collectively, the ``SBIC Subsidiaries,'' and each an ``SBIC
Subsidiary'') or in some cases may not be SBICs.\3\
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    \3\ The terms and conditions of the Prior Order will continue to
apply to Triangle, TMF and the General Partner, except as described
in the current application. Any existing entities that currently
intend to rely on the Amended Order have been named as applicants,
and any other existing or future entities that may rely on the
Amended Order in the future would comply with its terms and
conditions.
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    6. Applicants seek the Amended Order to request the same exemptive
relief for SBIC II and any future Subsidiaries that was granted under
the Prior Order with respect to TMF, except to the extent that such
relief is not necessary due to the fact that SBIC II is not (and no
future Subsidiary will be) a BDC or a registered investment company
under the Act.

Applicants' Legal Analysis

    1. Applicants request the Amended Order under sections 6(c), 57(c)
and 57(i) of the Act and rule 17d-1 under the Act to permit TMF and
another Subsidiary to engage in certain transactions that otherwise
would be permitted if Triangle and its Subsidiaries were one company
and to permit Triangle to adhere to a modified asset coverage
requirement.
    2. Section 18(a) prohibits a registered closed-end investment
company from issuing any class of senior security or selling any such
security of which it is the issuer unless the company complies with the
asset coverage requirements set forth in that section. Section 61(a) of
the Act makes section 18 applicable to BDCs, with certain
modifications. Section 18(k) exempts an investment company operating as
an SBIC from the asset coverage requirements of section 18(a)(1)(A) and
(B) (with respect to senior securities representing indebtedness).
    3. Applicants state that a question exists as to whether Triangle
must comply with the asset coverage requirements of section 18(a) (as
modified by section 61(a)) solely on an individual basis or whether it
must also comply with the asset coverage requirements on a consolidated
basis because Triangle may be deemed to be an indirect issuer of any
class of senior security issued by any SBIC Subsidiary. Applicants
state that they wish to treat SBIC II (and any future SBIC Subsidiary)
as if it were a BDC subject to sections 18 and 61 of the Act.
Applicants state that companies operating under the SBA Act, such as
SBIC II (and future SBIC Subsidiaries), are subject to the SBA's
substantial regulation of permissible leverage in their capital
structure.
    4. The Prior Order granted relief under section 6(c) from sections
18(a) and 61(a) to permit Triangle to exclude from its consolidated
asset coverage ratio any senior security representing indebtedness
issued by TMF (not any future SBIC Subsidiary). Accordingly, applicants
request relief under section 6(c) of the Act from sections 18(a) and
61(a) of the Act to permit Triangle to exclude from its consolidated
asset coverage ratio any senior security representing indebtedness
issued by any SBIC Subsidiary.
    5. Section 6(c) of the Act, in relevant part, permits the
Commission to exempt any transaction or class of transactions from any
provision of the Act if, and to the extent that, such exemption is
necessary or appropriate in the public interest and consistent with the
protection of investors and the purposes fairly intended by the policy
and provisions of the Act. Applicants state that the requested relief
satisfies the section 6(c) standard. Applicants contend that, since
SBIC II (or any future SBIC Subsidiary) would be entitled to rely on
section 18(k) if it were a BDC itself, there is no policy reason to
deny the benefit of such exemption to Triangle.
    6. Sections 57(a)(1) and (2) of the Act generally prohibit, with
certain exceptions, sales or purchases of any security or other
property between BDCs and certain of their affiliates as described in
section 57(b) of the Act. Section 57(b) includes a person, directly or
indirectly, either controlling, controlled by or under common control
with the BDC. Applicants state that Triangle directly owns all of the
limited partnership interests in TMF and SBIC II and indirectly owns
all of the general partnership interests in TMF and SBIC II through its
100% ownership of the General Partner and GP II, respectively.
Accordingly, SBIC II and TMF would each be a person related to each
other in a manner described in section 57(b) because each is deemed to
be under the control of Triangle and thus under common control. In
addition, each future Subsidiary would also each be a person related to
each other Subsidiary in a manner described in section 57(b) as long as
they remain under the common control of Triangle.
    7. Applicants state that there may be circumstances when one or
more of Triangle, TMF, SBIC II or any future Subsidiary would purchase
all or a portion of the portfolio investments held by one of the others
in order to enhance the liquidity of the selling company or for other
reasons, subject in each case to the requirements of the SBA and the
regulations thereunder, as applicable. In addition, there may be
circumstances when a Subsidiary would invest in securities of an issuer
that may be deemed to be a person related to either Triangle or TMF in
a manner described in section 57(b), or for Triangle to invest in
securities of an issuer that may be deemed to be a person related to a
Subsidiary in a manner described in section 57(b).
    8. The Prior Order only extends relief from sections 57(a)(1) and
(2) to transactions between Triangle and TMF. Applicants therefore
request an exemption from sections 57(a)(1) and 57(a)(2) of the Act to
permit any transaction between TMF (as a BDC) and any other Subsidiary
with respect to the purchase or sale of securities or other property.
Applicants also seek an exemption from these provisions to allow any
transaction between TMF and a controlled portfolio affiliate of another
Subsidiary. Applicants state that the requested relief is intended only
to permit Triangle and its Subsidiaries to do that which they otherwise
would be permitted to do if they were one company.
    9. Section 57(c) provides that the Commission will exempt a
proposed transaction from the provisions of section 57(a)(1) and (2) of
the Act if the terms of the proposed transaction, including the
consideration to be paid or received, are reasonable and fair and do
not involve overreaching of any person concerned, and the proposed
transaction is consistent with the policy of the BDC concerned and the
general purposes of the Act.
    10. Applicants submit that the requested relief from section
57(a)(1) and (2) meets this standard. Applicants represent that the
proposed operations as one company will enhance efficient operations of
Triangle and its wholly owned subsidiaries, including TMF, and allow
them to deal with portfolio companies as if Triangle and such
Subsidiaries were one company. Applicants contend that the terms of the
proposed transactions are reasonable and fair and do not involve
overreaching of Triangle or TMF by any person, and that the requested
order would permit Triangle and the Subsidiaries to carry out more
effectively their purposes and objectives of investing primarily in
small business concerns. Finally, applicants note that the proposed
transactions are consistent with the policies of Triangle and TMF as
specified in filings with the Commission and Triangle's reports to
stockholders, as well as consistent with the policies and provisions of
the Act.
    11. Section 17(d) of the Act and rule 17d-1 under the Act (made
applicable

to BDCs by section 57(i)) prohibit affiliated persons of a registered
investment company, or an affiliated person of such person, acting as
principal, from participating in any joint transaction or arrangement
in which the registered company or a company it controls is a
participant, unless the Commission has issued an order authorizing the
arrangement. Section 57(a)(4) of the Act imposes substantially the same
prohibitions on joint transactions involving any BDC and an affiliated
person of such BDC, or an affiliated person of such affiliated person,
as specified in section 57(b) of the Act. Section 57(i) of the Act
provides that rules and regulations under section 17(d) of the Act will
apply to transactions subject to section 57(a)(4) in the absence of
rules under that section. The Commission has not adopted rules under
section 57(a)(4) with respect to joint transactions and, accordingly,
the standards set forth in rule 17d-1 govern applicants' request for
relief.
    12. The Prior Order only extends relief from section 57(a)(4) and
rule 17d-1 for joint transactions between Triangle and TMF.
Accordingly, applicants request relief under section 57(i) and rule
17d-1 to permit any joint transaction that would otherwise be
prohibited by section 57(a)(4), in which TMF (as a BDC) and another
Subsidiary participate, but only to the extent that the transaction
would not be prohibited if Triangle and the Subsidiaries were a single
company.
    13. In determining whether to grant an order under section 57(i)
and rule 17d-1, the Commission considers whether the participation of
the BDC in the joint transaction is consistent with the provisions,
policies, and purposes of the Act, and the extent to which such
participation is on a basis different from or less advantageous than
that of other participants. Applicants note that the proposed
transactions are consistent with the policy and provisions of the Act
and will enhance the interests of Triangle and TMF while retaining the
important protections afforded by the Act. In addition, because the
joint participants will conduct their operations as though they
comprise one company, the participation of one will not be on a basis
different from or less advantageous than the others. Accordingly,
applicants believe that the standard for relief under section 57(i) and
rule 17d-1 is satisfied.
    14. Applicants note that the conditions in the Prior Order will be
replaced by the conditions set forth herein. These conditions are the
same conditions as in the Prior Order, except that (a) the defined
terms have been revised to include all current and future Subsidiaries,
(b) condition 6 has been added in the event that a person serves or
acts as an investment adviser to SBIC II or a future Subsidiary, and
(c) the two conditions relating to consolidated reporting, which
applicants no longer believe to be necessary, will be deleted from the
Prior Order.

Applicants' Conditions

    Applicants agree that the Amended Order will be subject to the
following conditions:
    1. Triangle will at all times own and hold, beneficially and of
record, all of the outstanding equity interests in any Subsidiary,
including all of the outstanding membership interests in any general
partner of any Subsidiary, or otherwise own and hold beneficially, all
of the outstanding voting securities and other equity interests in such
Subsidiary.
    2. The SBIC Subsidiaries will have investment policies not
inconsistent with those of Triangle, as set forth in Triangle's
registration statement.
    3. No person shall serve as a member of any board of directors of
any Subsidiary unless such person shall also be a member of the
Triangle Board. The board of directors or the managers, as applicable,
of any Subsidiary will be appointed by the equity owners of such
Subsidiary.
    4. Triangle will not itself issue or sell any senior security, and
Triangle will not cause or permit any SBIC Subsidiary to issue or sell
any senior security of which Triangle or such SBIC Subsidiary is the
issuer except to the extent permitted by section 18 (as modified for
BDCs by section 61) of the Act; provided that immediately after the
issuance or sale of any such senior security by either Triangle or any
SBIC Subsidiary, Triangle individually and on a consolidated basis
shall have the asset coverage required by section 18(a) (as modified by
section 61(a)), except that, in determining whether Triangle and any
SBIC Subsidiary on a consolidated basis have the asset coverage
required by section 61(a), any borrowings by any SBIC Subsidiary shall
not be considered senior securities and, for purposes of the definition
of ``asset coverage'' in section 18(h), shall be treated as
indebtedness not represented by senior securities.
    5. Triangle will acquire securities of any SBIC Subsidiary
representing indebtedness only if, in each case, the prior approval of
the SBA has been obtained. In addition, Triangle and any SBIC
Subsidiary will purchase and sell portfolio securities between
themselves only if, in each case, the prior approval of the SBA has
been obtained.
    6. No person shall serve or act as investment adviser to SBIC II or
any future Subsidiary unless the Triangle Board and the stockholders of
Triangle shall have taken such action with respect thereto that is
required to be taken pursuant to the Act by the functional equivalent
of the board of directors of SBIC II or any future Subsidiary and the
stockholders of SBIC II or any future Subsidiary as if SBIC II or such
future Subsidiary were a BDC.

    For the Commission, by the Division of Investment Management,
pursuant to delegated authority.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-25073 Filed 10-5-10; 8:45 am]
BILLING CODE 8010-01-P