Like Santa, whose arrival is eagerly anticipated, but expected, the President's signature was not a surprise. The bill (H.R. 5419) was widely supported by the applicant and vendor communities as well as by both parties.

By the time the exemption expires on December 31, 2005, the SLD should be able to complete most FY 2004 funding and make substantial progress on FY 2005 funding. What will happen in 2006 is open for question, but E-rate funding for now is assured.

The first present to arrive, which probably would have been delivered even without the President's signature, missed Christmas by two days. Wave 36 for FY 2003 was released on Monday, December 27, 2004. Funding in this wave was over $23.1 million for 29 applications. Total funding for FY 2003 now stands at $2.6 billion.

The really big seasonal E-rate present, Wave 11 for FY 2004, is expected to arrive this week or next. With the ADA exemption in place, the SLD is in the position to commit hundreds of millions of dollars for applications that have been approved, but backlogged. This should include the resumption of Internal Connections commitments — at least at the 90% level and, perhaps, down to the 81% level if the FCC approves a recent SLD recommendation — which has been languishing in an "As Yet Unfunded" pile under the tree.

It should be, indeed: A Happy New Year to All!