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Notice

Municipal Interest Rates for the Second Quarter of 2002

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Start Preamble

AGENCY:

Rural Utilities Service, USDA.

ACTION:

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

DATES:

These interest rates are effective for interest rate terms that commence during the period beginning April 1, 2002, and ending June 30, 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 4023-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.

End Further Info End Preamble Start Supplemental Information

SUPPLEMENTARY INFORMATION:

The Rural Utilities Service (RUS) hereby announces the interest rates on advances made during the second 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. Start Printed Page 16717

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 5.000 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 second calendar quarter of 2002.

Interest rate term ends in (year)RUS rate (0.000 percent)
2023 or later5.000
20225.000
20215.000
20205.000
20194.875
20184.875
20174.875
20164.750
20154.625
20144.500
20134.375
20124.250
20114.125
20104.000
20093.875
20083.625
20073.500
20063.000
20052.625
20042.125
20031.625
Start Signature

Dated: March 6, 2002.

Hilda Gay Legg,

Administrator, Rural Utilities Service.

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[FR Doc. 02-8429 Filed 4-5-02; 8:45 am]

BILLING CODE 3410-15-P