---
kind: "section"
citation: "49 C.F.R. § 80.23"
title: "49"
number: "80.23"
heading: "Loan terms."
url: "https://uscodex.org/cfr/49/80.23"
---

# §80.23. Loan terms.

- (a) The interest rate on a secured loan will be not less than the rate on United States Treasury securities of a similar maturity to the maturity of the secured loan on the date of the execution of the loan agreement, except as provided in [paragraph (b)](#b) of this section and 23 U.S.C. chapter 6.
- (b) If, on the date of the execution of the loan agreement, the United States Treasury does not post the rate of securities of a similar maturity to the maturity of the secured loan, the interest rate on any secured loan with both a final maturity date that is more than 35 years after the date of substantial completion of the project, and a loan term that is more than 40 years, will be equal to not less than the rate on thirty-to-forty year Treasury securities plus an annual interest rate adjustment. The annual interest rate adjustment will be, cumulatively:
- (i) 1.4 basis points for each year of the loan term after year 40 to, but not including, year 51;
- (ii) 0.4 basis points for each year of the loan term from year 51 to, but not including, year 71; and
- (iii) 0.2 basis points for each year of the loan term from year 71 to year 100.
- (c) For purposes of this section, “loan term” means the period beginning on the date of the execution of the loan agreement and ending on the final maturity date.

## Notes

### Amendments

[89 FR 45776, May 24, 2024]

### Authority

Authority: Secs. 1501 et seq., Pub. L. 105-178, 112 Stat. 107, 241, as amended; 23 U.S.C. 601-611 and 315; 49 U.S.C. 116.

### Source

Source: 64 FR 29750, June 2, 1999, unless otherwise noted.

### Amendments

[89 FR 45776, May 24, 2024]