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77 <br />Rev. 4 -8 -69 <br />there are 35 holdings in which ownership exceeds 160 acres per individual. <br />The excess portions of these holdings total 5,893.6 acres. <br />That portion of the Loan Obligation on which interest is payable is <br />determined as follows: <br />Total land being irrigated <br />Excess land being irrigated <br />Percentage of excess land = -_ 5 ,893.6 a 15.748% <br />37,424.7 <br />Total loan obligation <br />Less reimbursable fish and <br />wildlife and recreation costs <br />37,424.7 acres <br />5,893.6 acres <br />$1,355,700 <br />One -half of cost of facilities serving <br />fish and wildlife enhancement and <br />public recreation exclusively $108 <br />One -half of cost of joint use facilities <br />allocable to fish and wildlife enhance- <br />ment and public recreation 200,200 <br />Total reimbursable fish and <br />wildlife and recreation costs 308.700 <br />Total loan assessable to irrigation $1 047 000 <br />Portion of Loan Obligation assessable to <br />irrigation $1,047,000 a 77.2295 <br />$1,355,700 <br />Therefore, the interest bearing portion of the loan obligation would <br />be based on the percentage of: (1) excess land to be irrigated, (2) the <br />loan obligation assessable to irrigation, and (3) interest charged at the <br />rate determined by the Secretary of the Treasury for the period in which <br />repayment contract is signed. The interest rate for the period July 1, 1968, <br />through June 30, 1969, is 314 percent per annum. <br />Therefore, the equivalent interest rate to be applied each year to the <br />unpaid loan balance would be computed as follows: <br />Excess land .15748 <br />Irrigation portion of loan obligation x .772295 <br />Interest rate (current) x .03250 <br />Interest rate to be applied .00395 <br />The annual interest payments are shown in column (3) of Table VII -E. <br />