Rural Telephone Bank – Federal Register Recent Federal Regulation Documents
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Determination of the 2007 Fiscal Year Interest Rate on Rural Telephone Bank Loans
In accordance with 7 CFR 1610.10, the Rural Telephone Bank (Bank) cost of money rate has been established as 5.84% for all advances made during fiscal year 2007 (the period beginning October 1, 2006 and ending September 30, 2007). All advances made during fiscal year 2007 were under Bank loans approved on or after October 1, 1992. These loans are sometimes referred to as financing account loans. The methodology required to calculate the cost of money rate is established in 7 CFR 1610.10(c). Because of the dissolution of the Bank, the only remaining component of the calculation of the Bank's cost of money rate for fiscal year 2007 is the rate paid by the Bank to the Treasury to borrower the funds advanced under financing account loans. Since the rate paid to the Treasury is greater than or equal to the minimum rate (5.00%) allowed under 7 U.S.C. 948(b)(3)(A), the cost of money rate is set at 5.84%.
Determination of the 2006 Fiscal Year Interest Rate on Rural Telephone Bank Loans
In accordance with 7 CFR 1610.10, the Rural Telephone Bank (Bank) cost of money rate has been established as 5.49% for all advances made during fiscal year 2006 (the period beginning October 1, 2005 and ending September 30, 2006). All advances made during fiscal year 2006 were under Bank loans approved on or after October 1, 1992. These loans are sometimes referred to as financing account loans. The calculation of the Bank's cost of money rate for fiscal year 2006 is provided in Table 1. Since the calculated rate is greater than or equal to the minimum rate (5.00%) allowed under 7 U.S.C. 948(b)(3)(A), the cost of money rate is set at 5.49%. The methodology required to calculate the cost of money rates is established in 7 CFR 1610.10(c).
Determination of the 2005 Fiscal Year Interest Rates on Rural Telephone Bank Loans
In accordance with 7 CFR 1610.10, the Rural Telephone Bank (Bank) fiscal year 2005 cost of money rates have been established as follows: 6.18% and 5.00% for advances from the liquidating account and financing account, respectively (fiscal year is the period beginning October 1 and ending September 30). All loan advances made during fiscal year 2005 under Bank loans approved in fiscal years 1988 through 1991 shall bear interest at the rate of 6.18% (the liquidating account rate). All loan advances made during fiscal year 2005 under Bank loans approved during or after fiscal year 1992 shall bear interest at the rate of 5.00% (the financing account rate). The calculation of the Bank's cost of money rates for fiscal year 2005 for the liquidating account and the financing account are provided in Tables 1 and 2. Since the calculated rates are greater than or equal to the minimum rate (5.00%) allowed under 7 U.S.C. 938(b)(3)(A), the cost of money rates for the liquidating account and financing account are set at 6.18% and 5.00%, respectively. The methodology required to calculate the cost of money rates is established in 7 CFR 1610.10(c).
Board Approval of Liquidation and Dissolution of the Bank
In a meeting held August 4, 2005, the Board of Directors (Board) of the Rural Telephone Bank (Bank) approved resolutions to liquidate and dissolve the Bank, subject to lifting of the current statutory restriction limiting the amount of Government-owned Class A stock that the Bank can redeem. This notice is being published to ensure that all interested parties are informed of the details of the resolutions approved by the Board.
Confirmation of Stock Ownership Records
The Rural Telephone Bank (Bank) has sent letters to all of its stockholders of record, asking them to confirm their stockholdings. This notice is being published to notify any persons who believe that they own shares of stock in the Bank but have not received a stock confirmation letter that they should contact the Bank immediately.
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