SA 3809. Mr. HARKIN submitted an amendment intended to be proposed to amendment SA 3500 proposed by Mr. Harkin (for himself, Mr. Chambliss, Mr. Baucus, and Mr. Grassley) to the bill H.R. 2419, to provide for the continuation of agricultural programs through fiscal year 2012, and for other purposes; which was ordered to lie on the table; as follows:

On page 755 after line 22, insert the following:
SEC. 60__. INTEREST RATES FOR WATER AND WASTE DISPOSAL FACILITIES LOANS.
Section 307(a)(3) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1927(a)(3)) is amended by adding at the end the following:
``(E) INTEREST RATES FOR WATER AND WASTE DISPOSAL FACILITIES LOANS.--Notwithstanding subparagraph (A), for loans (other than guaranteed loans) for water and waste disposal facilities--
``(i) in the case of a loan that would be subject to the 5 percent interest rate limitation under subparagraph (A), the Secretary shall set the interest rate equal to 60 percent of the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity of such loans, adjusted to the nearest one-eight of 1 per centum; and
``(ii) in the case of a loan that would be subject to the 7 percent limitation in subparagraph (A), the Secretary shall set the interest rate equal to 80 percent of the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity of such loans, adjusted to the nearest one-eight of 1 per centum.''.


(As printed in the Congressional Record for the Senate on Dec 6, 2007.)