[Federal Register Volume 66, Number 130 (Friday, July 6, 2001)]
[Notices]
[Page 35588]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-16972]


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DEPARTMENT OF AGRICULTURE

Rural Utilities Service


Treasury Rate Loan Program

AGENCY: Rural Utilities Service, USDA.

ACTION: Notice.

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SUMMARY: On December 22, 2000, the Rural Utilities Service (RUS), 
United States Department of Agriculture (USDA), published a Notice of 
Funding Availability (NOFA) in the Federal Register at 65 FR 80830 
announcing the availability of $500 million in direct Treasury rate 
electric loans for fiscal year (FY) 2001. RUS is distributing direct 
Treasury rate electric loans by offering those municipal rate electric 
loan applicants whose qualified applications were pending at the time 
of the enactment of Pub. L. 106-387 the option of selecting the direct 
Treasury rate in lieu of the municipal rate for their loans. RUS is 
contacting applicants in the order of priority that their applications 
for municipal rate loans would otherwise have been funded using the 
loan processing priorities published in 7 CFR 1710.119.
    The NOFA stated that RUS expected the $500 million in available 
funding would be exhausted on or before July 1, 2001. As of June 15, 
2001, RUS had approved $473 million of Treasury rate electric loans. 
Borrowers have committed to switch an additional $17 million of pending 
qualifying applications to the new program. It is anticipated that the 
remaining balance of funds available will come from the backlog of 
qualifying applications for loans from RUS under the Rural 
Electrification Act.
    As of May 31, 2001, the backlog for municipal rate loans is 
approximately $ 426 million. With this fact in mind, RUS fully 
anticipates to obligate loans for the full amount of the Treasury rate 
program by September 1, 2001, as stated in the NOFA. Therefore 
publication of regulations to allocate the small balance currently 
outstanding will not be necessary.

FOR FURTHER INFORMATION CONTACT: Robert O. Ellinger, Chief, Policy 
Analysis and Loan Management Staff, U. S. Department of Agriculture, 
Rural Utilities Service, Electric Program, Room 4023 South Building, 
Stop 1560, 1400 Independence Ave., SW., Washington, DC 20250-1560, 
Telephone: 202-720-0424, E-mail [email protected].

    Dated: June 28, 2001.
Blaine D. Stockton,
Acting Administrator, Rural Utilities Service.
[FR Doc. 01-16972 Filed 7-5-01; 8:45 am]
BILLING CODE 3410-15-P