130th MAINE LEGISLATURE
LD 204 LR 326(03)
An Act To Amend the Law Regarding the Interest Rate for State Loans under the Potato Marketing Improvement Fund
Fiscal Note for Bill as Engrossed with:
C "A" (S-23)
Committee: Agriculture, Conservation and Forestry
             
Fiscal Note
Reduction in interest earnings - Potato Marketing Improvement Fund 
Fiscal Detail and Notes
Changing the interest rate on loans made through the Potato Marketing Improvement Fund from a fixed rate of 5% to the federal prime rate at the time of the loan commitment up to a maximum of 5% will reduce the amount of interest paid on the loan and deposited into the fund for future use. The reduction in interest earnings will depend on the number of loans issued at an interest rate that is lower than the current 5% rate.