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Notice

Municipal Interest Rates for the First Quarter of 2002

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AGENCY:

Rural Utilities Service, USDA.

ACTION:

Notice of municipal interest rates on advances from insured electric loans for the first quarter of 2002.

SUMMARY:

The Rural Utilities Service hereby announces the interest rates for advances on municipal rate loans with interest rate terms beginning during the first calendar quarter of 2002.

DATES:

These interest rates are effective for interest rate terms that commence during the period beginning January 1, 2002, and ending March 31, 2002.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Gail P. Salgado, Management Analyst, Office of the Assistant Administrator, Electric Program, Rural Utilities Service, U.S. Department of Agriculture, Room 4024-S, Stop 1560, 1400 Independence Avenue, SW., Washington, DC 20250-1560. Telephone: 202-205-3660. FAX: 202-690-0717. e-mail: GSalgado@rus.usda.gov.

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SUPPLEMENTARY INFORMATION:

The Rural Utilities Service (RUS) hereby announces the interest rates on advances made during the first calendar quarter of 2002 for municipal rate electric loans. RUS regulations at § 1714.4 state that each advance of funds on a municipal rate loan shall bear interest at a single rate for each interest rate term. Pursuant to § 1714.5, the interest rates on these advances are based on indexes published in the “Bond Buyer” for the four weeks prior to the fourth Friday of the last month before the beginning of the quarter. The rate for interest rate terms of 20 years or longer is the average of the 20 year rates published in the Bond Buyer in the four weeks specified in § 1714.5(d). The rate for terms of less than 20 years is the average of the rates published in the Bond Buyer for the same four weeks in the table of “Municipal Market Data—General Obligation Yields” or the successor to this table. No interest rate may exceed the interest rate for Water and Waste Disposal loans.

The table of Municipal Market Data includes only rates for securities maturing in 2002 and at 5 year intervals thereafter. The rates published by RUS reflect the average rates for the years shown in the Municipal Market Data table. Rates for interest rate terms ending in intervening years are a linear interpolation based on the average of the rates published in the Bond Buyer. All rates are adjusted to the nearest one eighth of one percent (0.125 percent) as required under § 1714.5(a). The market interest rate on Water and Waste Disposal loans for this quarter is 5.125 percent.

In accordance with § 1714.5, the interest rates are established as shown in the following table for all interest rate terms that begin at any time during the first calendar quarter of 2002.

Interest rate term ends in (year)RUS rate (0.000 percent)
2023 or later5.125
20225.125
20215.000
20205.000
20194.875
20184.875
20174.875
20164.750
20154.625
20144.500
20134.375
20124.250
20114.125
20103.875
20093.750
20083.625
20073.500
20063.125
20052.625
20042.250
20031.875
Start Signature

Dated: December 21, 2001.

Hilda Gay Legg,

Administrator, Rural Utilities Service.

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[FR Doc. 02-1363 Filed 1-17-02; 8:45 am]

BILLING CODE 3410-15-P