Current interest rates

Effective as of September 22, 2009:

Public purpose loans excluding those used to refinance an unfunded pension liability:

Loans up to five years in term.	3.50%
Loans over five years and up to ten years in term.	4.50%
Loans over ten years, up to twenty years in term.	5.50%

Loans used to refinance an unfunded pension liability:

Loans up to five years in term.	4.25%
Loans over five years and up to ten years in term.	5.25%
Loans over ten years, up to twenty years in term.	6.25%

Current loan limits

The current loan application limit per calendar year is $1,000,000.

Municipalities and school districts may borrow additional sums in future years. There is no cumulative limit on the amount of loans that may be obtained.

Loan application limits and interest rates are set by the Board and may change due to market conditions and the availability of funds. Exceptions to the application limit must be approved by the Board.

Once a loan application is approved, the interest rate is guaranteed for all disbursements issued on that application.

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