SECTION 385:10-1-13. Interest rate

(a)   It is the policy of the Commissioners to charge the maximum competitive interest rate on first mortgage farm loans.

(b)   First Mortgage farm loans entered into by the Commissioners will bear a variable rate of interest subject to change monthly.

(c)   Review of interest rate charged by the Commissioners on first mortgage agricultural land loans shall be a permanent item of business on the agenda for each regular meeting of the Commissioners. Upon recommendation of Staff, interested parties, or any Commissioner, the Commissioners may consider adjusting the interest rate as they, in the exercise of their authority, may deem to be in the best interest of the trust estates. Any change in rate will be effective on date as established by the Commissioners.

(d)   The Commissioners may adopt as an interest rate, that which is published in the "Wall Street Journal" as "Prime Rate" under the heading "Money Rates" and defined as the base rate on corporate loans at large U.S. Money Center Commercial Banks. If two, or more, rates are published in the same paper, then the higher rate shall be used.