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<br />31 <br /> <br />. <br /> <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br /> <br />It's not a problem at this minute, but it will be <br /> <br />next year and thereafter where we tie up a relatively <br /> <br />large amount of money in some fairly long time frame for <br /> <br />one project. <br /> <br />And I'm not sure that's a policy that we should have. <br /> <br />I think if they've got a $300,000 portion, we should <br /> <br />talk about it and go ahead and do it, but this -- that <br /> <br />doesn't sit too well. <br /> <br />MR. McDONALD: Nick, do we know from the information <br /> <br />now available to us the price on, say, a first stage? <br /> <br />MR. IOANNIDES: Yes. The first stage, I think, is <br /> <br />$137,000 plus $25,000, which would be about <br /> <br />MR. McDONALD: $162,000. <br /> <br />MR. IOANNIDES: $162,000. Now, the final figure <br /> <br />they do not have as yet but that's a figure that they <br /> <br />gave us preliminarily at the last meeting. <br /> <br />MR. McDONALD: Okay. So $162,000 total cost first <br /> <br />stage: 50 percent presumably to come from ASCS. <br /> <br />MR. IOANNIDES: That's correct. <br /> <br />MR. McDONALD: What if this Board were to make the <br /> <br />recommendation that we would participate 50 percent and <br /> <br />we would recommend to the legislature that the project <br /> <br />be authorized to participate 50 percent in that $162,000 <br /> <br />repayable for 40 years at 3 percent. <br /> <br />MR. JACKSON: I think that's great. I'd so move. <br /> <br />. <br /> <br />. <br />