March 24, 2015

VIA ECFS

Ms. Marlene H. Dortch Secretary Federal Communications Commission 445 12th Street SW Washington, DC 20554

Re: Connect America Fund, WC Docket No. 10-90; ETC Annual Reports and Certifications, WC Docket No. 14-58; Rural Broadband Experiments, WC Docket No. 14-259

Dear Ms. Dortch,

On Friday, March 20, Russell Laird, John List, Brad Captain, and Frank Vaughn of the National Rural Utilities Cooperative Finance Corporation (“CFC”); and Henry Shi and I of this firm, on behalf of CFC, met with Heidi Lankau, Alex Minard, and Ian Forbes of the Wireline Competition Bureau, and with Neil Dellar of the Office of General Counsel.

We discussed CFC’s Petition for Waiver of bank eligibility requirements for rural broadband experiment (“RBE”) projects to permit CFC to issue irrevocable stand-by letters of credit (“LOC”) to provisionally selected bidders. CFC submitted the attached presentation, and reiterated that its history of financial stability, its participation in other federal lending and guarantee programs, and the oversight provided by CFC’s commercial and government-agency counterparties, functionally satisfy the requirement that LOCs be issued by institutions insured by the Federal Deposit Insurance Corporation or the Farm Credit System Insurance Corporation. We also emphasized that granting the requested waiver would allow for more efficient use of funds by the winning bidder, who otherwise would be charged substantially higher amounts in fees by commercial banks for LOCs as compared to the fees charged by CFC.

Please contact me if you have any questions.

Sincerely,

John T. Nakahata Counsel to CFC

cc: Neil Dellar, Ian Forbes, Heidi Lankau, Alex Minard

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est f

or In

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as

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er o

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ned

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nanc

e C

orpo

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FC)

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urpo

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supp

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irect

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anci

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porti

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stan

din

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of N

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ated

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ned

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mer

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e N

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) with

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pur

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reem

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with

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of $

4.29

billi

on

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tand

ing

as o

f Nov

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r 201

4; a

dd

ition

al $

874

milli

on

avai

labl

e as

of N

ovem

ber 2

014

–St

rict a

dhe

renc

e to

Dep

artm

ent o

f Tre

asur

y re

gula

tions

an

d c

oven

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gree

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ts–

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spec

t boo

ks, r

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prem

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ond

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Cre

ated

and

Ow

ned

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mer

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s E

lect

ric C

oope

rativ

e N

etw

ork

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rogr

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ral A

gric

ultu

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ortg

age

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pora

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mer

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FC

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ins

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s fro

m F

arm

er M

ac:

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.5 b

illion

tota

l com

mitm

ent a

s of J

anua

ry 2

015

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and

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mer

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vaila

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nanc

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ank

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ated

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ned

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mer

ica’

s E

lect

ric C

oope

rativ

e N

etw

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dity

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e ac

cess

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oth

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m

and

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rm fu

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g op

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us li

quid

ity s

ourc

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ct to

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ket c

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d by

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mer

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.

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ched

uled

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loan

am

ortiz

atio

n an

d ot

her r

epay

men

ts o

ver t

he n

ext 1

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onth

s.

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hort-

term

deb

t mat

uriti

es in

clud

e lo

ng-te

rm d

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atur

ities

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r the

nex

t 12

mon

ths.

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es a

s of N

ov. 3

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014.

12

Cre

ated

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ned

by A

mer

ica’

s E

lect

ric C

oope

rativ

e N

etw

ork

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ic R

epor

ting

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uriti

es a

nd E

xcha

nge

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miss

ion

(SEC

)–

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ic re

porti

ng c

ompa

ny si

nce

1972

subj

ect t

o ap

plic

able

ru

les a

nd re

gula

tions

of t

he S

EC

•A

n iss

uer o

f sec

uriti

es re

gist

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er th

e ’3

4 A

ct•

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l-Kno

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er

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rban

es c

ompl

iant

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FC fi

les t

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llow

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repo

rts p

erio

dic

ally

with

the

SEC

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nual

ly–

10-Q

–qu

arte

rly–

8-K

–re

porta

ble

even

ts–

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er fi

lings

rela

ted

to p

ublic

deb

t iss

uanc

e, p

ublic

disc

losu

re, i

nsid

er tr

adin

g, e

tc.

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bjec

t to

sam

e SE

C sc

rutin

y an

d re

gula

tion

as a

ny p

arty

with

pu

blic

ly re

gist

ered

secu

ritie

s

13

Cre

ated

and

Ow

ned

by A

mer

ica’

s E

lect

ric C

oope

rativ

e N

etw

ork

Publ

ic R

epor

ting

New

Yor

k St

ock

Exch

ange

(NYS

E)–

CFC

has

pub

licly

liste

d d

ebt o

n N

YSE

–N

YSE

enfo

rces

CFC

’s c

ompl

ianc

e w

ith e

xcha

nge

rule

s an

d fe

der

al se

curit

ies r

equi

rem

ents

thro

ugh

del

istin

g au

thor

ity–

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itors

and

enf

orce

s CFC

’s c

ompl

ianc

e w

ith N

YSE

listin

g st

and

ard

s•

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pora

te g

over

nanc

e st

and

ard

s•

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epen

den

ce te

sts f

or d

irect

ors

•D

isclo

sure

requ

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