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possible for feasibility studies to be funded through grants as <br />opposed to loans. <br />As I think you guys all know, the -- mostly the CW CB does <br />loans out of the Construction Fund. They do really occasional <br />grants, but not very often. The loans are a very nice deal in <br />terms of the cost of doing a loan typically is below market. <br />But, given that you've got this tax, seems to us that's a <br />w ay to deal with the issue of small entities, is to make it <br />possible to give grants out of the Perpetual Account. <br />And beyond that, with regard to environmental compliance, <br />I'm not exactly sure what Senator Isgar means with regard to <br />environmental compliance . We're concerned that project <br />beneficiaries consider when they're deciding the cost benefit <br />analysis of building a project the full cost of the project, <br />including mitigation and environmental compliance and all of <br />those things. I mean, we don't want to see the state take that <br />component out because that then messes up, if you will, the cost <br />benefit analysis and doesn't reflect the true cost of a project. <br />And we would like to see water project beneficiaries understand <br />the true cost of their project, inclu ding the adverse costs that <br />we would be mitigating. <br />Senator Isgar talks about -- I mean, that this is for small <br />water users and that it's for feasibility studies and <br />compliance. But in fact, the bill goes -- doesn't say that. It <br />- 7 - <br /> <br />