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<br />YAMCOLO PROJECT, continued <br />The project as originally adopted and authorized by the <br />legislature would not change. However, for the reasons stated <br />above, the District is requesting an additional $500,000 to cover <br />the. extra expenses. <br />RECOMMENDATION <br />Overruns are usually allowed fOr the final estimate of the <br />proj~ct. In this case, most of the overruns that are now expected <br />could not have been foreseen. <br />It is anticipated that the extra $500,000 will take care of <br />all additional costs., so that the project can be finally completed <br />as planned. <br />The proposed overall financing of the project is as follows: <br />Federal loans (from FmHA) $ 980,000 <br />Local money 3,900,000 <br />state funds already allocated 1,000,000 <br />Additional state funds 500,000 <br />Total $6,380,000 <br />Under. the existing financing, the District has already agreed <br />to repay the state $43,260 per year fOr 40 years. The first install- <br />ment would be payable in September, 1981. <br />Under the proposed revised financing, the District would have <br />to repay the state $72,400 Or an additional $29,140 per year fOr <br />40 years. Thus the revised obligation of the District would be <br />$2,896,000 total. <br />It is therefore recommended that the project be funded by the <br />Board with an additional $500,000 ($1,500,000 total) and be sub". <br />mitted to the ColoradO General Assembly for authorization. <br />JWMcD:tam <br /> <br />-2- <br />