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AFMD-89-30 1 (1988-11-10)

handle is hein.gao/gaobabpcl0001 and id is 1 raw text is: Itz Comptrolier General of the United States Wahitmoon, D.C. 20548 B-159292 November 10, 1988 To the President of the Senate and the 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 20, 1988, we received RTB's initial rate determination, which was subsequently revised on October 28, 1988. Both the initial and revised determinations resulted in establishing RTB's fiscal year 1988 cost of money rate at 5.00 percent. 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. Enclosure I provides specific information about our review of the rate determination, including our assessment of RTB's interpretation of one provision of the legislative formula for establishing the rate. Enclosure II is a copy of RTB's revised interest rate notice along with the details of its calculation of the interest rate to be applied to loans issued during fiscal year 1988. ACharles A. Bowsher Comptroller General 137298 of the United States Enclosures GAO/AFMD-89-30 /

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