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<br />. <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />7 <br /> <br />six percent service fees for those reasons. <br /> <br />Bill, will you tell us your thinking? We had some <br /> <br />discussion about them being much too low in comparison to <br /> <br />the rate of interest. We also considered that this wasn't <br /> <br />really an interest problem but a reimbursement of costs of <br /> <br />the services rendered by the staff of the Board. <br /> <br />(Off the record discussion reo State Engineer's <br /> <br />arrival at the head table.) <br /> <br />CHAIRMAN STAPLETON: That may give you some <br /> <br />indication of our warm respect for you, Bill. <br /> <br />(Laughter. ) <br /> <br />will you give us the thinking of the staff in this <br /> <br />regard? <br /> <br />HR. HcDONALD: Ben, as the Board well knows, the <br /> <br />authorizing legislation for the Board's Revolving and <br /> <br />Construction Funds provides that not only a capital cost be <br /> <br />recovered but a service charge may be recovered. The <br /> <br />service charges in the past have been assessed by the Board <br /> <br />on varying rates ranging from zero to fice percent. The <br /> <br />rate has never exceeded five percent, simply because that <br /> <br />is the highest rate that has historically and is presently <br /> <br />charged by the Farmers Home Administration, whose program <br /> <br />with respect to municipal and industrial supplies is similar <br /> <br />in purpose and scope to that of the Board's. <br /> <br />CHARLINE K. SCOGGIN <br /> <br />CERTIFIED SHORTHA.ND REPORTER <br />2~55 UNIVERSITY HEIGHTS AVENUE <br />BOULDER, COLORADO B0302 <br />