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<br />At its November 1997 Board meeting, the Board adopted a policy that "the Board and <br />the staff of the CWCB will attempt to maintain an overall, long-term rate of return of no <br />less than 4.0 percent on the aggregate amount of all loans and grants made through the <br />Construction Fund in order to offset the long-run impacts of price inflation and to <br />maintain the integrity of the Fund. " A procedure was developed based on detailed <br />rate-of-return calculations with the full repayment schedule for each loan and certain <br />simplifying assumptions to provide an estimate of the overall rate of return without <br />unnecessarily complicating the analysis. The analyses ofloans and grants included in SB <br />99-173 indicated an overall rate of return of approximately 4.43 percent for Construction <br />Fund loans only and 1.91 percent for loans and grants. <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />II <br />~ <br />;j <br />I <br />j <br />j <br />I <br />I <br /> <br />CWCB FY99 Annual Report, page 18 <br />