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## 100

§1942.19 (e) (2)(i)(Con.) RD Instruction 1942-A

Computation: 2016-1978 =

\$100,000.00 x .05929 = \$5,929.00 annual

payment due
(ii) Semiannual payments - Multiply by two the number of years between the due date of the last annual interest only installment and the due date of the final installment to determine the correct number of semiannual periods applicable. When there are no interest only installments, multiply by two the number of years over which the loan is amortized. Then multiply the amount of the note by the applicable amortization factor shown in Rural Development Amortization Tables and round to the next higher dollar.
Example of Computation of Semiannual Payment:
Date of Loan Closing: 7-5-1976

Amount of Loan: \$100,000.00

Interest Rate: 5%

Amortization Period: 40 years

Interest Only Installments: 7-5-1977 and

7-5-1978

First Regular Installment: 7-5-1979

Final Installment: 7-5-2016

Computation: 2016 - 1978 = 38 x 2 =

\$100,000.00 x .02952 = \$2,952.00 semiannual

payment due

(iii) Monthly payments - Multiply by twelve the number of years between the due date of the last annual interest only installment and the final installment to determine the number of monthly payments applicable. When there are no interest only installments, multiply by twelve the number of years over which the loan is amortized. Then multiply the amount of the note by the applicable amortization factor shown in Rural Development Amortization Tables and round to the next higher dollar.
Example of Computation of Monthly Payment:
Date of Loan Closing: 7-5-1976

Amount of the Loan: \$100,000.00

Interest Rate: 5%

Amortization Period: 40 years

Interest Only Installments: 7-5-1977 and

7-5-1978

## 101

(2-6-85, PN 956)

RD Instruction 1942-A

§1942.19 (e) (2) (iii) (Con.)

First Regular Installment: 7-5-1979

Final Installment: 7-5-2016

Computation: 2016 - 1978 =

38 x 12 = 456 monthly payments

\$100,000.00 x .00491 = \$491.00 monthly

payment due
(3) Third preference - single instrument with installments of principal plus interest. If a single instrument with amortized installments is not legally permissible, use a single instrument providing for installments of principal plus interest accrued on the unmatured principal balance. The principal should be in an amount best adapted to making principal retirement and interest payments which closely approximate equal installments of combined interest and principal as required by the first two preferences.
(i) The repayment terms concerning interest only installments described in paragraph (e)(2) of this section, "Second preference" applies.
(ii) The instrument shall contain in substance the following provisions:
(A) A statement of principal maturities and due dates.
(B) Payments made on indebtedness evidenced by this instrument shall be applied to the interest due through the next installment due date and the balance to principal in accordance with the terms of the bond. Payments on delinquent accounts will be applied in the following sequence:
(1) billed delinquent interest,
(2) past due interest installments,
(3) past due principal installments,
(4) interest installment due, and
(5) principal installment due.
Extra payments and payments made from security depleting sources shall be applied to the principal last to come due or as specified in the bond instrument.

## 102

§1942.19 (e) (Con.) RD Instruction 1942-A
(4) Fourth preference serial bonds with installments of principal plus interest. If instruments described under the first, second, and third preferences are not legally permissible, use serial bonds with a bond or bonds delivered in the amount of each advance. Bonds will be delivered in the order of their numbers. Such bonds will conform with the minimum requirements of paragraph (h) of this section. Rules for application of payments on serial bonds will be the same as those for principal installment single bonds as set out in the preceding paragraph (e)(3) of this section.
(f) Multiple advances of Rural Development funds using permanent instruments. Where interim financing from commercial sources is not available, Rural Development loan proceeds will be disbursed on an "as needed by borrower" basis in amounts not to exceed the amount needed during 30-day periods.
(g) Multiple advances of Rural Development funds using temporary debt instrument. When none of the instruments described in paragraph (e) of this section are legally permissible or practical, a bond anticipation note or similar temporary debt instrument may be used. The debt instrument will provide for multiple advances of Rural Development loan funds and will be for the full amount of the Rural Development loan. The instrument will be prepared by bond counsel (or local counsel if bond counsel is not involved and approved by the State Director and OGC. At the same time Rural Development delivers the last advance, the borrower will deliver the permanent bond instrument and the canceled temporary instrument will be returned to the borrower. The approved debt instrument will show at least the following:
(1) The date from which each advance will bear interest.
(2) The interest rate.
(3) A payment schedule providing for interest on outstanding principal at least annually.
(4) A maturity date which shall be no earlier than the anticipated issuance date of the permanent instrument(s).
(h) Minimum bond specifications. The provisions of this paragraph are minimum specifications only, and must be followed to the extent legally permissible.
(1) Type and denominations. Bond resolutions or ordinances will provide that the instrument(s) be either a bond representing the total amount of the indebtedness or serial bonds in denominations customarily accepted in municipal financing (ordinarily in multiples of not less than \$1000). Single bonds may provide for repayment of

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