iowa-finance-authority-board-of-directors-meeting-agenda-october-1-2025_1f0.pdf
Interest Rate Cut on $420K Hills Bank Farm Loan
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Description
The Iowa Finance Authority approved Resolution AG 19-048M reducing the interest rate on a $420,000 Beginning Farmer Loan held by Hills Bank & Trust Company to 4.81% through 2035 and lowering annual payments. The amendment retains all other existing loan terms.
Contract Details
Contract Amount
$420,000 (original bond principal)
Vendor
HILLS BANK & TRUST COMPANY
Agency
Iowa Finance Authority, IA
Contract Type
FINANCIAL_SERVICES
Document Date
October 1, 2025
Contract Term
Interest rate 4.81% until August 15, 2035; then adjusts every 5 years
Renewal Date
2035-08-15
Renewal Info
Loan carries a reduced 4.81% rate until 2035-08-15, after which it adjusts to 80% of the 5-year Treasury plus 3.00% and resets every five years; maturity is unchanged in the amendment.
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iowa-finance-authority-board-of-directors-meeting-agenda-october-1-2025_1f0.pdf
iowa-finance-authority-board-of-directors-meeting-agenda-october-1-2025_1f0.pdf
iowa-finance-authority-board-of-directors-meeting-agenda-october-1-2025_1f0.pdf
iowa-finance-authority-board-of-directors-meeting-agenda-october-1-2025_1f0.pdf
iowa-finance-authority-board-of-directors-meeting-agenda-october-1-2025_1f0.pdf
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