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<br />~ Under this financing arrangement, charges would be levied by the <br /> <br /> <br />State at the rate of $183,582 per year for 40 years for a total <br /> <br /> <br />repayment of $7,343,280. The average charge per month for water <br /> <br />in Craig is $13.85 and for outside users it is $23.55. It is <br /> <br /> <br />anticipated that these charges, along with expected tap fees, <br /> <br /> <br />will finance this proposed project with a slight increase in the <br /> <br /> <br />present water rate. <br /> <br />It is recommended that this project be recommended by the <br /> <br /> <br />Board to the General Assembly for authorization in the amount of <br /> <br /> <br />$3,150,000 with the stipulation that the City of Craig furnish <br /> <br /> <br />additional financing to the extent of $3,150,000, the Board's <br /> <br /> <br />investment to be repaid per the terms set forth above. <br /> <br />gl <br /> <br />Revised 2/2/82 <br /> <br />. <br /> <br />-4- <br /> <br />- <br />