Page:United States Statutes at Large Volume 101 Part 2.djvu/818

 101 STAT. 1330-24

PUBLIC LAW 100-203—DEC. 22, 1987 "(II) The amounts received by the telephone bank during the fiscal year from each issue of telephone debentures and other obligations of the telephone bank, multiplied, respectively, by the rates at which interest is payable during the fiscal year by the telephone bank to holders of each issue, each of which products is divided, respectively, by the aggregate of the amounts advanced by the telephone bank during the fiscal year. "(v)(1) The amount by which the aggregate of the amounts advanced by the telephone bank during the fiscal year exceeds the aggregate of the amounts received by the telephone bank from the issuance of class A stock, class B stock, class C stock, and telephone debentures and other obligations of the telephone bank during the fiscal year, multiplied by the historic cost of money rate as of the close of the fiscal year immediately preceding the fiscal year, which product is divided by the aggregate of the amounts advanced by the telephone bank during the fiscal year. "(II) For purposes of this clause, the term 'historic cost of money rate', with respect to the close of a preceding fiscal year, means the sum of the results of the following calculations: The amounts advanced by the telephone bank in each fiscal year during the period beginning with fiscal year 1974 and ending with the preceding fiscal year, multiplied, respectively, by the cost of money rate for the fiscal year (as set forth in the table in subparagraph (E)) for fiscal years 1974 through 1987, and as determined by the Governor under this subparagraph for fiscal years after fiscal year 1987), each of which products is divided, respectively, by the aggregate of the amounts advanced by the telephone bank during the period. "(E) For purposes of subparagraph (DXII), the cost of money rate for the fiscal years in which each advance was made shall be as set forth in the following table: "For advances made in— Fiscal year 1974 Fiscal year 1975 Fiscal year 1976 Fiscal year 1977 Fiscal year 1978 Fiscal year 1979 Fiscal year 1980 Fiscal year 1981 Fiscal year 1982 Fiscal year 1983 Fiscal year 1984 Fiscal year 1985 Fiscal year 1986 Fiscal year 1987

The cost of money rate shall be— 5.01 percent 5.85 percent 5.33 percent 5.00 percent 5.87 percent 5.93 percent 8.10 percent 9.46 percent 8.39 percent 6.99 percent 6.55 percent 5.00 percent 5.00 percent 5.00 percent.

For purposes of this subparagraph, the term 'fiscal year' means the 12-month period ending on September 30 of the designated year. "(F)(i) Notwithstanding subparagraph (B), if a borrower holds a commitment for a loan under this section made on or after October 1, 1987, and before the date of the enactment of this paragraph, part or all of the proceeds of which have not been advanced as of such date of enactment, the borrower may, until the later of the date the next advance under the loan commit-

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