Hello to everyone. Here I am again. I have been asked to find what the
"maximum legal prevailing rate, as determined by the Treasurer of the
United States" is for certain dates in 1991 and 1992. This phrase is
contained in a document entitled "National Public Health Service Corps
Scholarship Program Contract School Year 1991-1992." This is a program
in which medical students have their school expenses paid or loans waived in
return for obligating themselves to a period of service in the
National Health Service.
In the event that the student defaults or otherwise breaches the
scholarship contract, the US government is entitled to recover three
times the amount of the scholarship funds paid to the student plus
interest. The interest is to be calculated as if the funds were loans
were bearing interest at the "maximum legal prevailing rate" at the time
the funds were disbursed.
Questions: How is this rate determined by the US Treasurer?
Where would the rate be published?
Is the rate tied to something like T-bills, notes, etc.?
Any thoughts?
I have a call into the Public Health Service Scholarship program in
Washington, but alas, they had another snowstorm and no one with
answers could make it into the office. So I had to leave a voice mail.
Still waiting.
Public library couldn't help. I even consulted by old business
information sources textbook from library school to no avail.
Thanks for your help.
Anne Kirkhope
Law Librarian
Eastman & Smith
One SeaGate, 24th Floor
P.O. Box 10032
Toledo, OH 43699-0032
419-241-6000
419-247-1777 (fax)
kiraab@sys1.openohio.com
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