From:  MCALLISTER Larry

Sent:  Tuesday, June 16, 2009 12:36 PM

To:  JOHNDOHL Judy

Cc:  MCALLISTER Larry

Subject:  Draft Notice Package - SRF perm rules

Judy,

I have attached the draft documents for the SRF rulemaking. These are the drafts of the documents that will go out for public comment in July.

We are scheduled to meet and discuss these documents with Neil tomorrow afternoon. I expect he will want to focus on the changes made to the temporary rules.

So attached you will find the following docs:

Rulemaking Announcement

Notice that goes to SOS

LUES

Fiscal Statement

And the proposed rules themselves (6-16 draft version)

Rick worked with me amending the temporary rules to address what the priority use of the ARRA funds will be after Oct 2009. We decided any remaining funds should be used as stimulus first for new loans, and if any money still remained, to provide increases for projects originally funded with ARRA funds.

I see now we did not address how to reallocate ARRA funds committed to new projects this summer that aren’t able to make the Feb 2010 deadline.

It would be great if you and I could talk prior to our meeting with Neil. If that is not possible, we will work out any kinks with Neil.

Larry