created under the laws of California by an agreement between the city of San Bernardino and the county of San Bernardino. Under this agreement the Authority is authorized to acquire land, construct public safety buildings (jail, juvenile hall, and related facilities) to be leased to and operated by the county and to issue bonds to finance such projects. The Authority is issuing these bonds to finance the construction of a juvenile hall. It is expected that bonds to finance jail facilities will be issued in 1969.

(2) The county, as required by its agreement with the city, has unconditionally promised in the lease rental agreement to pay annual rentals to the Authority in an amount sufficient to meet annual interest and principal payments on these bonds as well as other necessary expenses. The county which possesses general powers of taxation has thus committed its faith and credit in support of the bonds.

(c) Ruling. It is our conclusion that the $2,830,000 San Bernardino Public Safety Authority Revenue Bonds, First Issue, are general obligations of a State or political subdivision thereof under paragraph Seventh of 12 U.S.C. 24 and accordingly are eligible for purchase, dealing in, underwriting and unlimited holding by national banks. [SOURCE: Comptroller's letter dated July 26, 1968.]

$ 1.219 Merced County-Atwater Civic

Center Authority, City Building
Facilities 1968, Revenue Bonds.

(a) Request. The Comptroller of the Currency has been requested to rule on the eligibility of the $300,000 Merced CountyAtwater Civic Center Authority, City Building Facilities 1968, Revenue Bonds for purchase, dealing in, underwriting and unlimited holding by national banks under paragraph Seventh of 12 U.S.C. 24.

(b) Opinion. (1) The Merced CountyAtwater Authority is a public entity created under the laws of California by an agreement between the city of Atwater and the county of Merced. Under this agreement the Authority is authorized to acquire, construct and lease public buildings and to issue bonds to finance such projects. The Authority is issuing these bonds to finance the construction of administration and public safety buildings which will be leased to the city.

(2) The city has unconditionally agreed with the county to pay annual rentals to the Authority in an amount sufficient to meet annual interest and principal payments on these bonds as well as other necessary expenses. The city which possesses general powers of taxation has thus committed its faith and credit in support of the bonds.

(c) Ruling. It is our conclusion that the $300,000 Merced County-Atwater Civic Center Authority, City Building Facilities 1968, Revenue Bonds are general obligations of a State or a political subdivision thereof under paragraph Seventh of 12 U.S.C. 24 and accordingly are eligible for purchase, dealing in, underwriting and unlimited holding by national banks. [SOURCE: Comptroller's letter dated July 26, 1968.]

§ 1.220 Santa Barbara County Public

Safety Authority Revenue Bonds.

(a) Request. The Comptroller of the Currency has been requested to rule on the eligibility of the $4,100,000 Santa Barbara County Public Safety Authority Revenue Bonds for purchase, dealing in, underwriting and unlimited holding by national banks under paragraph Seventh of 12 U.S.C. 24.

(b) Opinion. (1) The Santa Barbara County Public Safety Authority is a public entity created under the laws of California by an agreement between the city of Santa Barbara and the county of Santa Barbara. Under this agreement the Authority is authorized to develop a site for and to acquire and construct public safety buildings and related facilities to be leased to and operated by the county and to issue bonds to finance this project. The Authority is issuing these bonds for that purpose.

(2) The county, as required by its agreement with the city, has unconditionally promised in the lease rental agreement to pay annual rentals to the Authority in an amount sufficient to meet annual interest and principal payments on the bonds as well as other necessary expenses. The county which possesses general powers of taxation has thus committed its faith and credit in support of the bonds.

(c) Ruling. It is our conclusion that the $4,100,000 Santa Barbara County Public Safety Authority Revenue Bonds are general obligations of a State or a political subdivision

thereof under paragraph Seventh of 12 U.S.C. 24 and accordingly are eligible for purchase, dealing in, underwriting and unlimited holding by national banks. [SOURCE: Comptroller's letter dated July 31, 1968.]

§ 1.221

Redevelopment Agency of the City of Vallejo Library Lease Revenue Bonds.

(a) Request. The Comptroller of the Currency has been requested to rule on the eligibility of the $1,950,000 Library Lease Revenue Bonds of the Redevelopment Agency of the City of Vallejo for purchase, dealing in, underwriting and unlimited holding by national banks under paragraph Seventh of 12 U.S.C. 24.

(b) Opinion. (1) The Redevelopment Agency of the city of Vallejo is a public body, corporate and politic, created under the Community Redevelopment Law of the State of California. Under the law, the Agency has power to issue bonds for any of its corporate purposes. It is engaged in the redevelopment of the Marina Vista project area of the city of Vallejo. The redevelopment plan for this area provides for a community civic center including a library. The Agency is issuing these bonds to finance a part of the cost of construction of the library which will be leased to the city. The The remainder of the cost, amounting to $1,182,370, will be paid for from Federal and State grants and from city funds.

(2) Under the lease rental agreement the city has unconditionally promised to pay annual rentals to the Agency in an amount sufficient to meet annual interest and principal payments on these bonds as well as other necessary expenses. The city which possesses general powers of taxation has thus committed its faith and credit in support of the bonds.

(c) Ruling. It is our conclusion that the $1,950,000 Library Lease Revenue Bonds of the Redevelopment Agency of the City of Vallejo are general obligations of a State or a political subdivision thereof under paragraph Seventh 12 U.S.C. 24 and accordingly are eligible for purchase, dealing in, underwriting and unlimited holding by national banks. [SOURCE: Comptroller's letter dated July 31, 1968.]

§ 1.222 Los Angeles County-Lawndale Building Authority.

(a) Request. The Comptroller of the Currency has been requested to rule on the eligibility of the $300,000 Building Authority Revenue Bonds of the Los Angeles CountyLawndale Building Authority for purchase, dealing in, underwriting and unlimited holding by national banks under paragraph Seventh of 12 U.S.C. 24.

(b) Opinion. (1) The Los Angeles County-Lawndale Building Authority is a public entity created under the laws of California by an agreement between the City of Lawndale and the County of Los Angeles. Under this agreement the Authority is authorized to acquire a site for, and to construct, a public building to house City and County offices to be leased to and operated by the City and to issue bonds to finance the project. The Authority is issuing these bonds for that purpose.

(2) The City, as required by its agreement with the County, has unconditionally promised in the lease rental agreement to pay annual rentals to the Authority in an amount sufficient to meet annual interest and principal payments on these bonds as well as other necessary expenses. The City which possesses general powers of taxation has thus committed its faith and credit in support of the bonds.

(c) Ruling. It is our conclusion that the $300,000 Building Authority Revenue Bonds of the Los Angeles County-Lawndale Building Authority are general obligations of a State or a political subdivision thereof under paragraph Seventh of 12 U.S.C. 24 and accordingly are eligible for purchase, dealing in, underwriting and unlimited holding by national banks. [SOURCE: Comptroller's letter dated Sept. 13, 1968.]

(b) Opinion. (1) Southeastern Pennsylvania Transportation Authority is a body corporate and politic created in 1964 in accordance with the Metropolitan Transportation Authorities Act of the Commonwealth of Pennsylvania with authority to exercise the public powers of the Commonwealth as an agency and instrumentality thereof. Under the Act the Authority is authorized to plan, acquire, construct, improve, maintain, operate, and lease, either as lessor or lessee, a transportation system in the Philadelphia metropolitan area, to borrow money and to issue bonds. The City of Philadelphia has long been authorized under the laws of Pennsylvania to purchase, construct, lease, and operate transit facilities and also to sell or lease such facilities for operation by others.

(2) The Authority is issuing these bonds to finance the purchase of the transit properties of the privately owned Philadelphia Transportation Company. Concurrently with the purchase the Authority will lease the properties thus acquired to the City of Philadelphia. The City will then lease back to the Authority the entire Philadelphia transit system consisting of the property acquired from Philadelphia Transportation Company and also the property owned by the City itself.

(3) Under the lease rental agreement the City has unconditionally promised to pay out of revenues of current and successive years a net rental on the dates and in the amounts necessary to meet the debt service requirements on the bonds. The City which possesses general powers of taxation has thus committed its faith and credit in support of the bonds.

(c) Ruling. It is our conclusion that the $55 million Southeastern Pennsylvania Transportation Authority, Rental Revenue Bonds (Philadelphia lease), Series of 1968, are general obligations of a State or a political subdivision thereof under paragraph Seventh of 12 U.S.C. 24 and accordingly are eligible for purchase, dealing in, underwriting and unlimited holding by national banks. [SOURCE: Comptroller's letter dated Sept. 17 1968].

Export-Import Bank of the United States are eligible for purchase, dealing in, underwriting, and unlimited holding by national banks under paragraph Seventh of 12 U.S.C. 24.

(b) Opinion. The Export-Import Bank of the United States (Eximbank) is authorized by law to borrow money in furtherance of its statutory functions. In an opinion of September 30, 1966, addressed to the Secretary of the Treasury, the Attorney General of the United States ruled that Eximbank's guaranties of participation certificates and the other contractural liabilities it is authorized to incur under its governing statute are valid general obligations of the United States. On this basis we concluded in our ruling of March 28, 1968 (Part 210 of this title) that promissory notes of the Export-Import Bank of the United States are obligations of the United States and eligible for purchase, dealing in, underwriting and unlimited holding by national banks under paragraph Seventh of 12 U.S.C. 24.

(c) Ruling. It is our conclusion that debentures of the Export-Import Bank of the United States are obligations of the United States and, accordingly, are eligible for purchase, dealing in, underwriting, and unlimited holding by national banks under paragraph Seventh of 12 U.S.C. 24 [SOURCE: Comptroltroller's letter dated Sept. 23, 1968].

§ 1.225 Merced County-Los Banos Public Safety Authority.

(a) Request. The Comptroller of the Currency has been requested to rule on the eligibility of the $400,000 Merced County-Los Banos Public Safety Authority, Public Safety Facilities, 1968 Revenue Bonds for purchase, dealing in, underwriting, and unlimited holding by national banks under paragraph Seventh of 12 U.S.C. 24.

(b) Opinion. (1) The Merced County-Los Banos Public Safety Authority is a public entity created under the laws of California by an agreement between the City of Los Banos and the County of Merced. Under this agreement the Authority is authorized to acquire a site for and to acquire, construct and lease public safety facilities for the City and the County and to issue bonds to finance such projects. The Authority is issuing these bonds to reimburse the City for a site for and to finance the

construction of a public safety building and related facilities which will be leased to the City. The building will house the City police department and will include space and facilities to be shared by the County sheriff.

(2) The City has unconditionally agreed with the County to pay annual rentals to the Authority in an amount sufficient to meet the annual interest and principal payments on these bonds as well as other necessary expenses. The City which possesses general powers of taxation has thus committed its faith and credit in support of the bonds.

(c) Ruling. It is our conclusion that the $400,000 Merced County-Los Banos Public Safety Authority, Public Safety Facilities, 1968 Revenue Bonds are general obligations of a State or a political subdivision thereof under paragraph Seventh of 12 U.S.C. 24 and accordingly are eligible for purchase, dealing in, underwriting and unlimited holding by national banks. [SOURCE: Comptroller's letter dated Oct. 4, 1968].

$ 1.226 Seal Beach Administration Building Authority.

(a) Request. The Comptroller of the Currency has been requested to rule on the eligibility of the $450,000 Seal Beach Administration Building Authority Revenue Bonds for purchase, dealing in, underwriting and un

limited holding by national banks under paragraph Seventh of 12 U.S.C. 24.

(b) Opinion. (1) The Seal Beach Administration Building Authority is a public entity created under the laws of California by an agreement between the City of Seal Beach and Orange County Sanitation District No. 4. Under this agreement the Authority is authorized to acquire and construct an administration building and related facilities for City and District services to be leased to and operated by the City and to issue bonds to finance this project. The Authority is issuing these bonds for that purpose.

(2) The City, as required by its agreement with the District, has unconditionally promised in the lease rental agreement to pay annual rentals to the Authority in an amount sufficient to meet annual interest and principal payments on the bonds as well as other necessary expenses. The City which possesses general powers of taxation has thus committed its faith and credit in support of the bonds.

(c) Ruling. It is our conclusion that the $450,000 Seal Beach Administration Building Authority Revenue Bonds are general obligations of a State or a political subdivision thereof under paragraph Seventh of 12 U.S.C. 24 and accordingly are eligible for purchase, dealing in, underwriting, and unlimited holding by national banks. [SOURCE: Comptroller's letter dated Oct. 7, 1968].

Pursuant to the authority conferred upon the Comptroller of the Currency by section 3 of the Bank Protection Act of 1968 (82 Stat. 295), the regulations contained in this part

(a) Establish minimum standards with which each national or district bank must comply with respect to the installation, maintenance, and operation of security devices and procedures to discourage robberies, burglaries, and larcenies and to assist in the identification and apprehension of persons who commit such acts;

(b) Establish time limits within which each such bank shall comply with such standards; and

(c) Require the submission of reports with respect to the installation, maintenance, and operation of security devices and procedures. $ 21.1

Definitions.

For purposes of this part

(a) “Bank” means a national banking association or a bank located in the District of Columbia and subject to the supervision of the Comptroller of the Currency.

(b) "Banking hours" means the time during which a banking office is open for the normal transaction of business with the banking public.

(c) "Banking office" means the main office of a bank or branch authorized under 12 U.S.C. section 36.

(d) "Teller's station or window" means a location in a banking office at which bank customers routinely conduct transactions with the bank which involve the exchange of funds, including a walkup or drive-in teller's station or window.

§ 21.2

Designation of security officer.

On or before February 15, 1969, or within 30 days after the opening of a new bank, the board of directors of each bank shall designate an officer or other employee of the bank who shall be charged, subject to the supervision by the bank's board of directors, with responsibility for the installation, maintenance, and operation of security devices and the development and administration of a security program which equal or exceed the standards prescribed by this part.

§ 21.3 Security devices.

(a) Installation, maintenance, and operation of appropriate security devices. Before January 1, 1970, or within 30 days after the opening of a new bank, the security officer of each bank, under such directions as shall be given him by the bank's board of directors, shall survey the need for security devices in each of the bank's banking offices and shall provide for the installation, maintenance, and operation, in each such office, of—

(1) A lighting system for illuminating, during the hours of darkness, the area around the vault, if the vault is visible from outside the banking office;

(2) Tamper-resistant locks on exterior doors and exterior windows designed to be opened;

(3) An alarm system or other appropriate device for promptly notifying the nearest responsible law enforcement officers of an attempted or perpetrated robbery or burglary; and

(4) Such other devices as the security officer, after seeking the advice of law enforcement officers, shall determine to be appropriate for discouraging robberies, burglaries, and larcenies, and for assisting in the identification and apprehension of persons who commit such acts.

(b) Considerations relevant to determining appropriateness. For the purposes of subpara