1. Regulations
  2. title 46
  3. chapter III
  4. part 404
  5. § 404.105

View all text of Part 404 [§ 404.1 - § 404.110]

§ 404.105 - Ratemaking step 5: Project working capital fund.

The Director calculates each pilotage association's allowed base working capital fund by adding the projected adjusted operating expenses from § 404.102 and the total target pilot compensation from § 404.104 of this part, multiplied by the preceding year's average annual rate of return for new issues of high grade corporate securities.

[USCG-2015-0497, 81 FR 11941, Mar. 7, 2016, as amended by USCG-2016-0268, 82 FR 41496, Aug. 31, 2017; 82 FR 43864, Sept. 20, 2017]

AUTHORITY: 46 U.S.C. 2103, 2104(a), 9303, 9304; DHS Delegation 00170.1, Revision No. 01.2, paragraphs (II)(92)(a), (f).

SOURCE: USCG-2015-0497, 81 FR 11941, Mar. 7, 2016, unless otherwise noted.

CITE AS: 46 CFR 404.105