Iowa Finance Authority Board of Directors Meeting Agenda May 2026
Fidelity Bank & Trust loan terms amended for beginning farmers
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Description
The Iowa Finance Authority will amend an existing $397,300 Beginning Farmer Loan with Fidelity Bank & Trust for Brandon Lee and Destiney Kann by reducing the interest rate to 4.00% through April 4, 2030, correcting annual payments, and advancing the loan maturity to April 4, 2051. All other loan terms with the Guttenberg-based lender remain unchanged.
Contract Details
Contract Amount
$397,300
Vendor
FIDELITY BANK & TRUST
Agency
Iowa Arts Council, IA
Contract Type
FINANCIAL_SERVICES
Document Date
May 6, 2026
Contract Term
Interest rate reduced to 4.00% until April 4, 2030; loan maturity April 4, 2051
Renewal Date
2051-04-04
Renewal Info
Interest rate reduced to 4.00% through 2030 with maturity shortened to April 4, 2051; amendment leaves other loan terms intact and supersedes the original amortization schedule.
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Iowa Finance Authority Board of Directors Meeting Agenda May 2026
Iowa Finance Authority Board of Directors Meeting Agenda May 2026
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