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<br />Town of Norwood <br />Water Project <br /> <br />1. In July, 1991 the Town raised the average monthly water bill from $15 to $35. <br />2. The per capita income in Norwood is 41 percent below the State average. <br />3. Even with a 0% loan the average water bill will increase by $3 per/month. <br />4. The Town still has to spend another $700,000 to complete this project. <br /> <br />Based on the above information the staff feels a 0% loan is justified and if granted <br />the Town would have to pay the CWCB $16,000 per year for 20 years for a total repayment <br />of $320,000. <br /> <br />Recommendation <br /> <br />It is recommended that this project be authorized by the General Assembly in the <br />amount of $320,000, subject to the proposed terms of financing set forth above and subject <br />to the Town demonstrating to the Board's satisfaction that it can meet its repayment <br />obligation. <br /> <br />FMA/bj <br /> <br />bj807.6al <br /> <br />2 <br /> <br />. <br /> <br />. <br /> <br />. <br />