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<br />"~ ~ <br /> <br />Company in effect is aSking for a 100 percent financing of its <br />new loan. The Company is presently paying $13,511.87 on the <br />$l20,000 Coop loan, the remaining years on the loan are 27. <br />Payment on a $310,000 30 year loan is $20,155.90 at 5 percent. <br />The total yearly payment on a loan mix of $190,000 CWCB 40 year <br />at 5 percent and the Coop loan is $24,585. <br /> <br />Recommendation <br /> <br />It is recommended that this project be referred to the <br />General Assembly for approval in the amount of $3l0,000 and <br />that the money be repaid over a 30 year period. This financial <br />arrangement would increase the assessment per share for each <br />stockholder from $57.51 to $64.55. The feasibility study <br />indicates that the Company has adequate capacity to repay the <br />loan. <br /> <br />GKE/bj <br /> <br />-2- <br />