[Federal Register Volume 62, Number 247 (Wednesday, December 24, 1997)]
[Notices]
[Pages 67330-67331]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-33566]


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DEPARTMENT OF AGRICULTURE

Rural Utilities Service


Interest Rate for FY 1998 RUS Cost-of-Money Loans and Maximum 
Amount of an RUS Cost-of-Money or Rural Telephone Bank Loan for FY 1998

AGENCY: Rural Utilities Service, USDA.

ACTION: Notice.

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SUMMARY: The Rural Utilities Service (RUS) announces that interest 
rates on cost-of-money loans approved during fiscal year (FY) 1998 may 
exceed the 7 percent per year statutory limit, and also announces the 
maximum loan amount that may be made available to a single borrower in 
FY 1998.

FOR FURTHER INFORMATION CONTACT: Ken B. Chandler, Acting Assistant 
Administrator-Telecommunications Program, Rural Utilities Service, STOP 
1590, Room 4056, South Building, 1400 Independence Avenue, SW., 
Washington, DC 20250-1590. Telephone (202) 720-9554, Facsimile (202) 
720-0810.

SUPPLEMENTARY INFORMATION: Notice is hereby given that under Title III 
of the Agriculture, Rural Development, Food and Drug Administration, 
and Related Agencies Appropriations Act of 1998 (Appropriations Act of 
1998) (Pub. L. 105-86, November 18, 1997), the interest rate for RUS 
cost-of-money loans approved during FY 1998 may exceed the 7 percent 
per year ceiling established by Pub. L. 103-129 (see 7 CFR 
1735.31(c)(1)). The Appropriations

[[Page 67331]]

Act of 1998 removes the 7 percent interest rate ceiling for loans made 
during FY 1998 only (October 1, 1997 to September 30, 1998).
    Further, in accordance with 7 CFR 1610.6(d) and 1735.31(d), RUS has 
determined the maximum amount of an application for an RUS cost-of-
money or Rural Telephone Bank loan that will be considered for funding 
during FY 1998 as $30,000,000 and $17,500,000, respectively.

    Dated: December 16, 1997.
Wally Beyer,
Administrator, Rural Utilities Service.
[FR Doc. 97-33566 Filed 12-23-97; 8:45 am]
BILLING CODE 3410-15-P