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<br />. <br /> <br />. <br /> <br />. <br /> <br />For this reason, the Board recommends that the project be <br />authorized for construction even though the usual detailed <br />feasibility studies have not yet been completed. Authorization <br />would be in the amount of $7.5 million, with the Board's <br />investment to be repaid per the terms set forth above. It is <br />further recommended that this authorization, because of the unique <br />circumstances, be made subject to the following conditions: <br /> <br />(1) Of the $7.5 million of authorized Board expenditures, <br />100 percent of the cost of the necessary feasibility <br />studies would be borne by the Board, not to exceed $1 <br />million, such expenditures to be repaid only if the <br />project is actually constructed, and <br /> <br />(2) The Board would not fund construction of the project <br />until satisfied, in its sole discretion, of the <br />project's technical and financial feasibility. <br /> <br />gl <br /> <br />-5- <br />