RUS 2011 Loan/Grant Portfolio = $65B. Electric (1935) Telecommunications (1949) Broadband (2000/2002/2008) Water and Waste (1937)

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1 RUS 2011 Loan/Grant Portfolio = $65B Electric (1935) Telecommunications (1949) Broadband (2000/2002/2008) Water and Waste (1937)

2 Seventy Six Year History RUS is a rural policy, planning and lending agency which provides loan and grant financing to electric, telecommunications, broadband, water and sewer utilities serving rural Americans. Celebrating 76 years since the creation of the Rural Electrification Administration and 75 years since the signing of the Rural Electrification Act. 2

3 Incentive Lender RUS is an incentive lender, not a lender of last resort; No credit elsewhere test for telecomm or electric programs; Financial feasibility required; Solid history of repayment; Low interest rates encourage investment in areas where costs are high. 3

4 $4.5 Billion in Rural Broadband Investments Approximately $3.8 billion in principal outstanding for Telecom Infrastructure Loan Program borrowers (traditional program) with over 487 borrowers $513 million in principal outstanding for Farm Bill Broadband Loan Program borrowers with approximately 73 borrowers The remainder is the growing principal outstanding for Broadband Initiatives Program (BIP) loan and grant program under the American Recovery and Reinvestment Act of

5 Financing Broadband Capable Networks Since the 1990s Agency has been lending for broadband capable plant since the early 1990s Congress enacted State Modernization Planning (English Amendment) in 1993 which continues to guide the agency s lending policies Philosophy of build it right the first time Technological neutrality 5

6 RUS Telecommunications Program Three Major Loan Portfolios Telecommunications Infrastructure Program (1949) 487 borrowers; $5.3 billion loans approved (net) since 2001 Broadband Loan Program (2000, 2002, 2008) 62 borrowers; $1.1 billion loans approved (net) Broadband Initiatives Program (ARRA 2009) 300 borrowers/grantees; $1.2 billion loans approved (net)/$2.3 billion grants approved (net) 6

7 Interest Rates & Terms Loans are made at or near treasury rates of interest FFB Loan guarantees carry treasury rates +1/8%, but allow borrowers to take advantage of low short term rates Terms tied to composite life of equipment financed 7

8 Average Maturity/Repayment Term RUS Cost-of-Money, Hardship, FFB Loans Approved in: FY 2010: 20 years FY 2009: 19 years FY 2008: 19 years Broadband FY : 16 years ARRA Loans all FY 2010: 21 years 8

9 ARRA Implementation: BIP projects on schedule Slightly more than one year after completing the ARRA/BIP awards, the bulk of all projects are on track with active financial oversight from RUS; Over $1.7 billion of ARRA projects underway creating economic activity, broadband access and new high wage jobs in rural communities. 9

10 ARRA BIP Implementation, Con t All 19 TA awards drawn and underway More than ½ of $100 million satellite program drawn down Longer term infrastructure awards are on schedule Of the remaining 267 projects, nearly 90% have signed engineering contracts Reimbursements which lag construction are over $1 billion dollars 10

11 ARRA Implementation: BIP Investments translating into high tech jobs Administration focused on helping agencies break down barriers and work together to put Americans to work to build the foundation for future economic growth Secretary regularly checks on BIP Progress. BIP investments will create over 25,000 jobs. 11

12 Public Safety Broadband Network Expansion in Rural Areas Major Presidential Initiative Inter-agency coordination Narrow-banding mandate on RD radar NG 911 & Ubiquitous 4G Public Safety Network essential post 9/11 needs 12

13 RUS Funding for Expansion of E911 Access and Public Safety Broadband Eligible Loan Purposes 911 Access Integrated Interoperability Emergency Communications Homeland Security Communications Transportation Safety Communications Location technologies used outside an urbanized area 13

14 Substantially Underserved Trust Areas (SUTA) 2008 Farm Bill Provision Focus on underserved Native American, Alaska Native & Pacific Island Communities Currently in the rural BB loan program reg. Proposed as new rule for RUS water, electric and telecommunications infrastructure programs Projects must be financially feasible 14

15 Relationship Between RUS Borrowers & USF 99% (476/480) of Telecommunications Infrastructure Borrowers receive interstate high cost USF support 14% of Broadband borrowers receive interstate high cost USF support 65% of all BIP infrastructure awardees draw from state or interstate USF support mechanisms Over 70% of RUS telecomm program borrowers receive >25% of operating revenues from USF 15

16 USDA Ex Parte Recommendations to the FCC USDA Secretary met with the FCC Chairman on Tuesday, May 29 th to discuss the impact of the FCC s USF order on rural America and RUS borrowers who are building broadband networks. The secretary emphasized that: Consumers and lenders need certainty and predictability in their investment horizon; Regression analysis model can affect long term revenues and USF predictability Every RUS loan and grant dollar is scrutinized by program and field staff, and that each dollar spent is tied to specific purchases that are audited. Waiver process could be improved by tying the standard for relief to a default on an obligation to government, not the loss of voice service. 16

17 The Community Connect Grant Program 18

18 The Community Connect Grant Program A nationally competitive grant program to provide broadband service to the most rural and economically challenged communities Since inception, the program has provided 197 grants and invested $98 million 20,000 population or less RUS hosted two webinars for applications: both on website Deadline for application submission in June 18th 19

19 Distance Learning/Telemedicine Grant Program $479 million in DLT grants and loans have been awarded total. Just announced today for FY2012, USDA awarded $14 million in DLT projects across 29 states. Maximum award was $500k per application. 20

20 NY DLT Grantees for 2012 FY09 4 projects - $1,350,052 FY10 5 projects- $2,090,059 FY11 6 projects- $1,261,096 FY12-3 projects- $667, DLT Grants Adirondack Medical Center: $112,860 Finger Lakes Migrant Health Care Project, Inc: $215,650 Herkimer-Fulton-Hamilton-Otsego BOCES: $338,716 21

21 Rural Economic Development Loan and Grant Program The Rural Economic Development Loan and Grant (REDLG) program provides loan and grant funds to rural projects through local utility organizations. REDLoan Program - provides zero interest loans to local utilities which they, in turn, pass through to local businesses (ultimate recipients) for projects that will create and retain employment in rural areas. The ultimate recipients repay the lending utility directly. The utility is responsible for repayment to the Agency. REDGrant Program - provides grant funds to local utility organizations which use the funding to establish Revolving Loan Funds (RLF). Loans are made from the RLF for projects that will create or retain rural jobs. Revolving Loan Fund (RLF) consists of a USDA grant fund and the Intermediary s supplemental contributions (at least 20 percent of the grant amount), which may not be from other Federal Grants unless permitted by law. For example, if the Intermediary receives a REDG of $200,000, the Intermediary must deposit $40,000 of its funds into the RLF. The Intermediary makes loans, uses loan repayments, and interest earnings to make subsequent loans from the RLF. RLF are also available through our IRP, RBEG, and RMAP programs. 22

22 People to Know State Directors of Rural Development 47 State Offices and field staff ready to assist RUS General Field Representatives RUS Borrowers and grantees Stakeholders and others active in the rural investment arena (electric coops, rural water, farm bureau leaders, rural health education organizations) 23

23 24

24 Jessica Zufolo, Deputy Administrator Rural Utilities Service, USDA Rural Development 25

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