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AFMD-91-32 1 (1990-11-02)

handle is hein.gao/gaobabqlv0001 and id is 1 raw text is: (3 United States GAO General Accounting Office Washington, D.C. 20548 Comptroller General of the United States B-159292 November 2, 1990 To the President of the Senate and the 142632 Speaker of the House of Representatives Section 408(b) (3) (I) of the Rural Electrification Act of 1936, as amended on December 22, 1987, by the Omnibus Budget Reconciliation Act of 1987 (Public Law 100-203), requires us to annually review the interest rate charged to borrowers, referred to as the cost of money rate, as determined by the Governor of the Rural Telephone Bank (RTB) for the preceding fiscal year. We are to report to the Congress on the accuracy of the interest rate determination within 15 days of receiving it. On October 19, 1990, we received RTB's rate determination, which established RTB's fiscal year 1990 cost of money rate at 5.00 percent, the minimum rate allowable by the Rural Electrification Act of 1936, as amended. We reviewed the rate determination and found it to be in accordance with the requirements of section 1411(c) of the Omnibus Budget Reconciliation Act of 1987 and 7 CFR Part 1610. We traced the dollar amounts and rates used in calculating the cost of money rate to RTB records and recomputed the calculation. Enclosed is a copy of RTB's interest rate notice along with the details of its calculation of the interest rate to be applied to loans issued during fiscal year 1990. We are sending copies of this report to the Director of the Office of Management and Budget, the Secretary of the Treasury, the Secretary of Agriculture, and the Board of Directors of the Rural Telephone Bank. Charles A. Bowsher Comptroller General of the United States Enclosure GAO/AFMD-91-32 cy~~Xcfl' 0 -A3c

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