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<br />The Municipal Middle-Income and Low-Income lending rates were projected <br />using essentially the same relative differences as in previous years, i.e.; Middle <br />Income is 10 percent less than High Income while Low Income is 20 percent less <br />than Middle Income. <br /> <br />. <br /> <br />The lending rate for the CommerciallIndustrial category was projected at 20 <br />percent above the Municipal Middle-Income rate. <br /> <br />In September the Board adopted a lending rate of3.50 percent, subject to annual <br />review, for Agricultural loans <Agenda Item I3 a., September 2000 Board <br />meeting). <br /> <br />The procedure outlined above results in the rate structure shown in Table I. <br /> <br />Table 1. Recommended 30-Year Lending Rates <br />for November 2000 to October 2001 <br /> <br />Type of Loan Low Income Middle Income High Income <br />Municipal 4.50% 5.50% 6.00% <br />Agricultural 3.50% <br />CommerciallIndustrial 6.50% <br /> <br />The municipal lending categories are defined as follows: <br /> <br />Municipal low-income areas are those communities where median household <br />income (MHI) is less than 80 percent of the statewide MHL <br /> <br />. <br /> <br />Municipal high-income areas are those communities in which MHI is greater than <br />110 percent of the statewide MH!. <br /> <br />The municipal middle-income communities are those in which MHI falls between <br />80 and 110 percent of the statewide MHL <br /> <br />Table 2 summarizes the annual lending rate structures adopted by the Board since 1995. <br /> <br />Table 2. 30-Year Lending Rates, 1995 - 2000 <br /> <br />Type of Loan 1995 1996 1997 1998 1999 2000 <br />Municipal High 5.50% 5.75% 5.25% 5.75% 5.25% 5.50 <br />Municipal Middle 5,00% 5.25% 4.75% 5.00% 4.75% 5.00 <br />Municipal Low 4.00% 4,25% 3.75% 4.00% 3.75% 4.00 <br />Agricultural 4.00% 4.25% 3.75% 4.00% 3.75% 4.00 <br />CommerciallIndustrial 5.50% 5,75% 5.25% 6.25% 5.75% 6.00 <br /> <br />. <br /> <br />2 <br />