[Federal Register Volume 68, Number 15 (Thursday, January 23, 2003)]
[Notices]
[Page 3230]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-1454]


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DEPARTMENT OF AGRICULTURE

Rural Business-Cooperative Service


Maximum Dollar Amount on Awards Under the Rural Economic 
Development Loan and Grant Program for Fiscal Year 2003

AGENCY: Rural Business-Cooperative Service, USDA.

ACTION: Notice.

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SUMMARY: The Rural Business-Cooperative Service hereby announces the 
maximum dollar amount on loan and grant awards under the Rural Economic 
Development Loan and Grant (REDLG) program for fiscal year (FY) 2003. 
The maximum dollar award on zero-interest loans for FY 2003 is 
$450,000. The maximum dollar award on grants for FY 2003 is $200,000. 
The maximum loan and grant awards stated in this notice are effective 
for loans and grants made during the fiscal year beginning October 1, 
2002, and ending September 30, 2003. REDLG loans and grants are 
available to Rural Utilities Service electric and telephone utilities 
to assist in developing rural areas from an economic standpoint.

FOR FURTHER INFORMATION CONTACT: Patricia Wing, Loan Specialist, Rural 
Business-Cooperative Service, USDA, STOP 3225, Room 6866, 1400 
Independence Avenue, SW., Washington, DC 20250-3225. Telephone: (202) 
720-9558. FAX: (202) 720-2213.

SUPPLEMENTARY INFORMATION: The maximum loan and grant awards are 
determined in accordance with 7 CFR 1703.28. The maximum loan and grant 
awards are calculated as 3.0 percent of the projected program levels, 
rounded to the nearest $10,000; however, as specified in 7 CFR 
1703.28(b), regardless of the projected total amount that will be 
available, the maximum size may not be lower than $200,000. The 
projected program level during FY 2003 for zero-interest loans is 
$14.966 million, and the projected program level for grants is $4 
million. Applying the specified 3.0 percent to the program level for 
loans, rounded to the nearest $10,000, results in the maximum loan 
award of $450,000. Applying the specified 3.0 percent to the program 
level for grants results in an amount lower than $200,000. Therefore, 
the maximum grant award for FY 2003 will be $200,000. This notice will 
be amended should an appropriation in excess of projected levels be 
received.

    Dated: January 13, 2003.
John Rosso,
Administrator, Rural Business-Cooperative Service.
[FR Doc. 03-1454 Filed 1-22-03; 8:45 am]
BILLING CODE 3410-XY-P