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<br />I- <br /> <br />The Town has budgeted $106,900 for their portion of the project, and the money is <br />in place in the Utility Enterprise Fund for that purpose. <br /> <br />Table 3. Financial Summary <br /> <br />Proiect Cost $1,006,900 <br />Number of Residents 2,628 <br />Number of Water Taps (as of June, 2003) 1001 <br />CWCB Loan Amount (30 years) $700,000 <br />CWCB Loan Payment (includes 10% reserve) - Begin 2004 $47,271 <br />Current Monthly Water Rate (Average) <br /> $24.50 <br />Future Monthly Water Rate <br /> $28.58 <br />Monthly Per Tap Cost of CWCB Loan <br /> $4.08 <br />Annual Loan Cost per Acre-Foot (based on aver 400 ac.-ft. $118.18 <br />delivery) <br /> <br />Since all other funding for the project is in the form of grants, the Town would <br />have no other debt service on this project. Operation and maintenance costs can be <br />accommodated by the Town's Utility Fund Operations budget. <br /> <br />13 <br /> <br />CFLA902 <br />