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<br />- 2- <br /> <br />Table 1 <br />Proposed Lending Rates for FY 2003 <br /> <br />Tvpe of Loan Interest Rate <br />Commercial/Industrial 6.00% <br />Municipal High Income 4.75% <br />Municipal Middle Income 4.25% <br />Municipal Low Income 3.75% <br />Agricultural 2.75% <br /> <br />The following Table 2 summarizes the al1nuallending rates adopted by the Board since 1998. <br /> <br />Table 2 <br />30-Year Lending Rates, 1998 - 2002 <br /> <br />Type of Loan 1998 1999 2000 2001 2002 <br />Commercial/Industrial 6.25% 5.75% 6.00% 6.50% 5.75% <br />Municipal High 5.75% 5.25% 5.50% 6.00% 4.75% <br />Municipal Middle 5.00% 4.75% 5.00% 5.50% 4.25% <br />Municipal Low 4.00% 3.75% 4.00% 4.50% 3.75% <br />Agricultural 4.00% 3.75% 4.00% 3.50% 2.75% <br /> <br />Recommendation <br /> <br />Staff recommends that the Board adopt the schedule of 30-year lending rates based on the <br />Board approved Financial Policy #7, as shown in Table 1 for all loans recommended to the General <br />Assembly or approved by the Board from May 1,2002 through April 30, 2003. <br /> <br />Attachment <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />