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<br />- <br /> <br />in town so they have no control over the usage of water. The proposed <br />4Ifroject would solve these problems. <br />The total project cost of $1,800,000 is more than the town can <br />finance without assistance by grant and loan funds from other agencies. <br /> <br />The proposed financing is therefore as follows: <br /> Federal Grants $ 900,000 <br /> State Funds (to be repaid by water use charges 900,000 <br /> Total $ 1,800,000 <br /> Under this financing arrangement, water use charges would be <br /> <br />levied by the state at the rate of $38,934 per year for 40 years, for <br />a total repayment of $1,557,360. <br />The current average water rates within the town are $7.50 per <br />month per tap. With the proposed construction, approximately a 100 <br />per cent increase in the present rates would have to be imposed and new <br />tap fees would be increased substantially. <br />It is recommended that the project as herein described be con- <br />structed by the board to the extent of $900,000 with the provision that <br />the town of Hudson furnish additional financing to the extent of <br />$900,000 and that the project be recommended and submitted to the Colo- <br />rado General Assembly during the 1978 session as priority number nine. <br /> <br />FLS :mm <br /> <br />. <br /> <br />-3- <br /> <br />